Business
FBR removes ‘estimated market value’ column from 2025 tax return form | The Express Tribune
The Federal Board of Revenue has removed the “estimated fair market value” column from the 2025 income tax return form following directions from Prime Minister Shehbaz Sharif to ease the filing process.
A committee led by Federal Law Minister Senator Azam Nazeer Tarar was formed by the prime minister to review the column, which required filers to declare the estimated market value of their movable and immovable assets.
Members included the federal petroleum minister, minister of state for finance, attorney general, secretary finance, FBR chairman and senior officials.
Read: FBR sets new system for Customs
After meeting on September 26, the committee recommended dropping the column to simplify tax returns. The prime minister approved the recommendation, prompting the Federal Board of Revenue (FBR) to remove the requirement.
The FBR clarified that the column had been introduced only for data collection to support the Economic Survey and had no impact on income assessment or tax liability.
Taxpayers are urged to file accurate returns before the September 30, 2025, deadline.
Earlier, FBR clarified misleading social media claims, stating the requirement was part of the original return form notified on July 7. Officials noted that many filers had entered ‘0’ as the asset value, a practice that was later restricted.
Read more: FBR scans social media for evasion
Crucially, the FBR confirmed that taxpayers who have already filed their returns will not need to re-file them, as the asset value entries will be disregarded for tax purposes. No tax notices will be issued for errors in that specific column.
The board urges all eligible citizens to file their returns before the deadline of September 30, 2025.
Business
India’s Global Lending: Which Countries India Lends To; Which One Receives The Most Assistance
India’s Global Lending: India has evolved from being primarily a recipient of foreign aid to a provider of economic support and loans to several countries across Asia, Africa and Latin America. Its financial assistance has become an important instrument of foreign policy, reflecting India’s growing role as a responsible regional and global partner.
Recent budget provides a clear picture of which countries benefit the most from Indian aid and how India balances lending with managing its own foreign debt.
According to the Union Budget 2024-25, the Ministry of External Affairs has been allocated Rs 22,155 crore. This is an increase over the budget estimate of Rs 18,050 crore for 2023-24, though it falls short of the revised estimate of Rs 29,121 crore. The allocation for foreign aid in 2024-25 is projected at Rs 5,667.56 crore.
Bhutan Tops The List Of Indian Aid Recipients
Budget data shows that Bhutan receives the largest share of India’s financial support. In 2024-25, the country is expected to receive around Rs 2,068.56 crore, slightly lower than the revised figure of Rs 2,398.97 crore in 2023-24.
Following Bhutan, Nepal, the Maldives and Mauritius rank among the top recipients of Indian assistance.
Breakdown Of Indian Assistance By Country
Bhutan – Rs 2,068.56 crore
Nepal – Rs 700 crore
Maldives – Rs 400 crore
Mauritius – Rs 370 crore
Myanmar – Rs 250 crore
Sri Lanka – Rs 245 crore
Afghanistan – Rs 200 crore
Selected African countries – Rs 200 crore
Bangladesh – Rs 120 crore
Seychelles – Rs 40 crore
Selected Latin American countries – Rs 30 crore
India’s Own Foreign Debt
While India provides loans to various countries, it also manages its own foreign debt. By the end of March 2020, the country’s total external debt had reached approximately $558.5 billion, comprising commercial borrowings and NRI deposits as key components.
During the COVID-19 crisis, India also borrowed from institutions such as the World Bank and the Asian Development Bank to support sectors like MSMEs, healthcare and education.
Today, India extends financial assistance to more than 65 countries in various forms, including lines of credit, grants, technical cooperation and humanitarian aid. It reinforces its position as a responsible and influential player on the global stage.
Business
Aviation oversight: Civil aviation ministry activates 24×7 passenger control room; aims faster grievance redressal – The Times of India
The civil aviation ministry has operationalised a round-the-clock Passenger Assistance Control Room (PACR) to address air travellers’ grievances more promptly, amid recent flight disruptions caused by operational issues and weather-related delays, PTI reported. The control room, which became functional on December 10, brings together officials from the ministry, the Directorate General of Civil Aviation (DGCA), airlines and the Airports Authority of India (AAI) to monitor flight operations, attend to passenger complaints and coordinate real-time assistance. The PACR was set up in the aftermath of large-scale operational disruptions faced by IndiGo earlier this month and continuing challenges such as fog-related delays at several airports. Civil Aviation Secretary Samir Kumar Sinha said the initiative has led to a marked improvement in grievance redressal and has received a positive response from passengers and other stakeholders. “Over 13,000 passenger grievances, received through AirSewa, social media and call channels, have been resolved, with cases expedited and prioritised through close monitoring at the Passenger Assistance Control Room (PACR),” Sinha said in a statement. According to the ministry, grievances raised across multiple platforms are now being channelled through the PACR in New Delhi, enabling quicker resolution through close coordination with airline representatives. Explaining the rationale for the initiative, Sinha said persistent issues such as frequent flight delays, inadequate or delayed refunds, long queues, poor passenger facilities at airports and incidents of lost baggage had continued to affect passenger experience across the aviation ecosystem. “These concerns highlighted the need for a structured, systematic and coordinated response rather than ad-hoc interventions,” he said. During a visit to the control room, officials and airline representatives said complaints handled at the centre range from flight cancellations and delays to lost baggage and onboard service issues. IndiGo’s Director of Customer Experience Pratik Arjun Sen said the airline receives a mixed set of passenger queries at the PACR and efforts are made to resolve grievances at the earliest. Since the disruptions earlier this month, Sen said IndiGo’s customer experience team has been working to address issues such as ticket refunds, with noticeable improvement. Ajeet Tiwari, Assistant Manager of Operations at SpiceJet, said flight delays are among the most common grievances flagged by passengers, adding that workflow at the control room has been smooth. Lisa Agarwal from Air India Express’s Customer Happiness Team said complaints often relate to lost or damaged baggage and meals not being served onboard, with most issues targeted for resolution within 72 hours. Akasa Air’s Senior Customer Service Agent Shahbaj Alam said the airline receives around 15–16 passenger queries daily at the centre, largely related to service issues, flight cancellations and refunds. Ministry official Ravneet Kaur said enquiries primarily concern ticket refunds and baggage-related issues, and are being addressed promptly through the PACR, which operates on a 24×7 basis.
Business
Clean farming: BIS notifies India’s first testing standard for electric tractors; aims to boost adoption – The Times of India
India has taken a step towards cleaner farm mechanisation with the Bureau of Indian Standards (BIS) rolling out the country’s first testing standard for electric agricultural tractors. The new standard, IS 19262:2025 titled Electric Agricultural Tractors – Test Code, was released on December 24 by Union Minister for Consumer Affairs, Food and Public Distribution Pralhad Joshi at Bharat Mandapam on the occasion of National Consumer Day, PTI reported. Developed by BIS, the standard lays down uniform testing protocols to assess the safety, reliability and performance of electric tractors, a segment seen as key to reducing emissions and operating costs in agriculture. The test code covers evaluation of power take-off (PTO), drawbar power, belt and pulley performance, vibration levels, and inspection of critical components and assemblies. It draws from existing standards for conventional diesel tractors and electric vehicles, suitably adapted for agricultural applications. “The implementation of this standard through authorised testing institutes would facilitate wider adoption of electric agricultural tractors, promote innovation in clean technologies, and contribute to reduced emissions,” an official statement said. Electric tractors, which run on battery packs instead of diesel engines, are seen as offering lower operating and maintenance costs, reduced noise and improved energy efficiency, while eliminating tailpipe emissions at the farm level due to fewer moving parts. The standard was framed following a request from the Ministry of Agriculture’s Mechanisation and Technology Division, with inputs from tractor manufacturers, testing agencies, research bodies and technical experts. Contributors included the ICAR-Central Institute of Agricultural Engineering, Central Farm Machinery Training and Testing Institute, Tractor and Mechanisation Association, and the Automotive Research Association of India. Although voluntary, the standard provides a scientific framework for evaluating the performance and safety of electric tractors. It is expected to support future acceptance criteria and conformity assessment schemes, while giving farmers greater confidence in adopting electric tractors as their use expands.
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