A delayed ITR could prompt greater scrutiny, document requests or processing delays.
The Income Tax Department in Mumbai has inducted 97 accomplished sportspersons under its sports quota, including cricketer Tejal Hasabnis and para shooter Akash, to strengthen its commitment to recognising sporting excellence and nurturing talent in public service.
The number of individuals who declared a gross income of Rs 100 crore or more in their income-tax returns had risen to 301 in 2022-23, moderated slightly to 284 in 2023-24, then climbed to 415 in 2024-25.
The income tax department has significantly reduced refund processing times over the past few years. But while some taxpayers receive refunds within days, others may wait several weeks or even longer. Here's why.
The number of individuals reporting a gross total income of 100 crore or more in their income tax returns has quadrupled to 576 in Assessment Year 2025-26, up from 142 in AY 2021-22, according to data shared in Parliament.
Public-sector banks (PSBs) have reported a substantial increase in non-interest income for Q1FY27, primarily driven by the sale of Priority Sector Lending Certificates (PSLCs) backed by their rapidly expanding gold loan portfolios. This strategy has allowed several lenders to book significant profits by exceeding priority sector lending targets.
ArcelorMittal reported a significant 62 per cent year-on-year decline in its net income, reaching USD 683 million in the June 2026 quarter, despite a quarter-on-quarter increase in sales and improved performance from its Indian joint venture, AMNS India.
State Bank of India (SBI) reported a 13.73 per cent increase in its June quarter consolidated net profit, reaching Rs 24,113 crore, primarily due to improved core income and a decline in provisions for non-performing assets.
The CBI has arrested an Income Tax superintendent in Odisha, Ramesh Kumar Mohanty, for allegedly accepting a bribe of Rs 4,000 to delete a duplicate PAN card record. He was caught red-handed after a complaint was filed, and a case has been registered under the Prevention of Corruption Act.
Over 5.9 crore Income Tax Returns (ITRs) were filed for Assessment Year 2026-27 by the July 31 deadline, according to the income tax department.
For millions of Indians, this number has become one of the most important financial indicators. It can influence not only whether a bank approves a loan but also the interest rate you pay, the credit limit you receive and, in some cases, how quickly your application is processed.
The Indian government has approved the introduction of one billion polymer banknotes in Rs 10 and Rs 20 denominations for field trials, aiming to enhance durability. This move comes as the Finance Minister also addressed Parliament on declining retail inflation, GST reforms, and other fiscal measures taken to support the economy and household consumption.
A court in Thane acquitted a suspended Income Tax Officer and his wife in a 2007 disproportionate assets case, criticising the CBI for a flawed investigation.
A special CBI court in Thane acquitted an Income-Tax officer accused of demanding a bribe, citing lack of proof of illegal demand and contradictory evidence.
A new study projects that by the end of the century, hot days could experience an additional four hours of extreme heat, with low and middle-income countries being disproportionately affected. The research highlights that traditional daily temperature metrics often overlook shorter, intense periods of heat, and hourly assessments are crucial for effective heat risk management and public health planning in a warming climate.
The World Bank's "World Development Report 2026" urges developing countries to adopt low-cost AI tools to accelerate progress in healthcare, education, and judicial services. The report highlights AI's potential to boost productivity and improve public services, while noting that jobs in high-income countries are more at risk from automation than those in developing nations.
Sridhar Vembu, Zoho Corporation Founder, states that the IT industry is not generating new jobs due to funds being redirected towards the escalating costs of AI and data centre infrastructure. He highlights a structural economic challenge where advanced technology, while making goods affordable, creates income distribution issues and suggests that solutions like Universal Basic Income might gain traction, especially in countries like India.
Bajaj Finance, India's largest private-sector NBFC, reported a 29 per cent year-on-year increase in standalone net profit to 5,346 crore for Q1FY27, propelled by robust growth in net interest income and assets under management, which surpassed 4 trillion.
A new report by FICCI, BCG, and IBA outlines that India's banking sector must grow significantly faster than nominal GDP to support a USD 30 trillion economy by 2047, requiring banking assets of USD 45 trillion. The report highlights the sector's current strength, challenges in digitisation, and the need to enhance resilience against fraud and cyber threats, proposing a 13-point agenda for stakeholders.
The Lok Sabha has passed a Bill to amend the Payment and Settlement Systems Act, 2007, authorising the government to permit banks and service providers to levy charges on UPI and other electronic payment modes. This move aims to create a sustainable revenue model for the digital payments ecosystem, shifting from the current exemption of UPI transactions from such charges.
'Where is the official record? Media bytes are not parliamentary records. What matters is what is recorded on the floor of Parliament. I am not denying that we had a heated exchange.'
MNS president Raj Thackeray has alleged that Rs 18 crore is siphoned off annually from Mumbai's Siddhivinayak Temple and Rs 1,400 crore was stolen from the Ram Temple in Ayodhya. He demanded PM Modi address the issue, while the Siddhivinayak Temple Trust chairman confirmed arrests and increased income post-theft.
The Centre has informed the Supreme Court that the 'creamy layer' principle, which excludes affluent individuals from reservation benefits, does not apply to Scheduled Castes (SCs) and Scheduled Tribes (STs). This stance opposes Public Interest Litigations (PILs) seeking to implement such a principle for SC/ST reservations and to direct the government to formulate policies for more equitable distribution of reservation benefits.
Jharkhand has partnered with CSC eStore to create a digital marketplace for products made by women's self-help groups (SHGs). This initiative aims to expand market access, boost income for rural women, and strengthen the rural economy through e-commerce and digital governance. The state also plans to extend Aadhaar services to all panchayats by November 15.
Finance Minister Nirmala Sitharaman has urged income tax authorities to significantly accelerate the adjudication of taxpayer appeals.
Generative artificial intelligence (AI) is beginning to alter hiring patterns in South Asia, with multinational companies (MNCs) and firms integrated into global value chains (GVCs) reducing recruitment more sharply than domestic firms, signalling the technology's early impact on the region's export-oriented services sector, according to the World Bank's World Development Report 2026.
Seventeen-year-old Janmoni Konwar from Assam won a gold medal at the National Karate Championship in Delhi, a remarkable achievement given her family lost their home and livelihood to devastating floods just weeks before the competition.
Passenger vehicle dispatches in the domestic Indian market are estimated to have surged by 33 per cent to approximately 4.7 lakh units in July, with market leaders Maruti Suzuki and Hyundai reporting record sales, alongside significant growth from Tata Motors and Mahindra & Mahindra.
FICCI FLO and UP BJP MLA Rajeshwar Singh are collaborating to train 100 women as 'drone pilots' in Lucknow. This initiative aims to provide employment and entrepreneurship opportunities in the burgeoning drone economy. The announcement was made at an event where MLA Singh also highlighted his efforts in public grievance redressal and establishing women's empowerment centres in his constituency.
Rajya Sabha proceedings were adjourned following an uproar over an alleged derogatory 'lungiwala' remark made by BJP MP Sushmita Dev against CPI(M)'s John Brittas, who had moved a privilege motion. Dev denied the accusation, stating she had not cast aspersions on any state's attire.
Lodha Developers plans to generate approximately 10,000 crore in sales over the next three to four years by monetising about 150 acres of land at its data centre park in Palava, part of the Mumbai metropolitan region (MMR). This strategy is a planned recurring pillar of their business, funding the build-out of 1 gigawatt of powered shell capacity and aiming for over 2,000 crore in annual rental income by FY32.
State Bank of India (SBI) is extensively using artificial intelligence to underwrite nearly Rs 1 lakh crore in MSME loans and automate the processing of cheques up to Rs 10,000. This AI adoption aims to enhance efficiency, free up employee bandwidth, and improve customer service across various banking functions.
'Users should protect their savings goals before allocating money to discretionary expenditure.'
The data may include details of foreign bank accounts, investment accounts, certain financial investments, interest income, dividends and other specified financial income held by Indian tax residents abroad.
'Chandrasekaran wanted a five-year extension, but the Tata Group has a policy of 65 years as the retirement age for its executive chairman.'
Tata Chemicals reported an 81 per cent decline in consolidated net profit to Rs 60 crore for the quarter ended June, primarily attributed to higher expenses, despite an increase in total income.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries
A group of experts has voiced significant concerns regarding India's ethanol-blended fuel policy, citing potential negative impacts on land-use, agriculture patterns, food security, groundwater levels, and household incomes. They recommend a return to E10 fuel and a review of the policy's overall benefits versus costs to consumers and the environment.
Bajaj Finance reported a strong Q1 FY27 performance with 24 per cent year-on-year AUM growth and a 28 per cent rise in consolidated profit after tax, driven by significant increases in consumer financing, gold loans, and commercial vehicle loans, alongside a strategic focus on digital transformation and AI.
Mohammed Siraj is poised to lead India's pace attack in the upcoming two-Test series against Sri Lanka, stepping into the crucial role in the absence of Jasprit Bumrah.
