The Indian rupee experienced its sharpest single-day decline in eight weeks, settling at 94.83 per dollar, primarily due to escalating crude oil prices and persistent risk-off sentiment driven by heightened geopolitical tensions and limited foreign inflows.
The Delhi government has notified detailed guidelines for the Delhi Lakshmi Yojana, outlining strict provisions for beneficiaries found ineligible, including discontinuation of financial assistance, recovery of disbursed funds, and potential fraud charges. The scheme provides Rs 2,500 monthly to eligible women, with specific rules for fund disbursement via RD/FD accounts and CBDC wallets, along with clear eligibility and exclusion criteria.
The Supreme Court has emphasised the need for timely investigations and conclusions of criminal cases involving illicit money in elections. Observing that black money compromises democracy and the rule of law, the court issued several directives, including reporting seizures to competent authorities within 24 hours, completing investigations within a year, and submitting quarterly status reports to the Election Commission. The ruling also mandates High Courts to designate special courts for expeditious disposal of cases against candidates and requires High Court approval for withdrawing cases.
A farmer in Budaun, Uttar Pradesh, received tax notices for Rs 14.66 crore due to a fraudulent firm operating in his name in Delhi, prompting an official investigation.
The government on Friday extended he deadlines for various income tax compliances and said the amount paid by an employer to employees for Covid-19 treatment would be tax exempt.
'Since the category has a limited track record, assess the fund manager's experience across equity and debt market cycles rather than relying only on past returns.'
The preliminary processing of tax returns is already undertaken with the help of technology. There is now greater scope of using more technology to reduce the human interface even further, notes A K Bhattacharya.
The Allahabad High Court has barred four advocates from entering any court premises in Lucknow and ordered a confidential inquiry by the Intelligence Bureau (IB) into their background and activities following an alleged assault on a litigant and Delhi lawyers.
The cabinet also gave its nod to a proposal to amend the Madhya Pradesh Minister (Salary and Allowance) Amendment Bill, 2024, and make a provision for state ministers to deposit their income tax instead of the government bearing such burden.
The Enforcement Directorate has seized Rs 3.45 crore in cash during searches against Karnataka PWD Minister Satish Jarkiholi, his family, and associates in a FEMA investigation. The probe concerns alleged undisclosed overseas investments, cross-border business links, and collection of bribes from PWD contractors, with the minister denying wrongdoing and alleging political targeting.
Taxability in property transactions depends on the actual source of funds and beneficial ownership, not on whose name appears in the purchase agreement.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries
Salaried taxpayers should not use these forms blindly to file their income-tax returns.
States could then stop complaining about the Centre and fashion their own economic destinies, says T C A Srinivasa Raghavan.
rediffGURUS Mihir Tanna, Vipul Bhavsar, T S Khurana, Vivek Lala and Anil Rego will answer your tax queries related to the Union Budget 2026-2o27.
Taxpayers with old, outstanding taxes will benefit from the CBDT's new scheme.
BJP sources said the government would introduce a fresh Bill on the issue and has reached out to parties that opposed the earlier legislation.
Urban Indian millennials are caught in an algorithmically amplified consumption spiral where social media normalises spending patterns that systematically undermine retirement security.
India's domestic passenger vehicle sales experienced a robust 24.6 per cent year-on-year increase in June, propelled by favourable government policies like income tax relief and repo rate cuts, alongside resilient rural demand, even as global crude oil prices pose potential cost pressures.
With Income Tax Act 2025 in force, your tax choice can quietly cost you big money if you're not paying attention. Ramalingam Kalirajan explains how
'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.'
Seven of them posted losses, led by Air India, with their combined net loss widening to Rs 31,823 crore in FY26 from Rs 17,553 crore a year earlier and Rs 1,555 crore in FY20.
rediffGURU T S Khurana answers readers' personal income tax queries
As the world's most populous country, India's economy looks large in the aggregate even as its average incomes stay modest.
Cognizant reported a 1.4 per cent year-on-year dip in net profit for the April-June quarter to $636 million, while revenue grew 4.5 per cent to $5.5 billion. The company has also cut the top end of its annual guidance, citing a slowdown in macroeconomic conditions and rising uncertainty.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
Finance Minister Pranab Mukherjee wants the income tax forms to be simple so that a taxpayer can understand his liability without consulting experts or chartered accountants.
Tax treatment depends on the activity and manner of earning income.
The income tax department on Wednesday conducted a survey operation at Hinduja Global Solutions, an entity of the Hinduja Group, in Mumbai and some other cities, official sources said.
As India marks a decade of the Goods and Services Tax (GST), the focus is shifting towards enhancing efficiency through artificial intelligence, data sharing, and process simplification. The reform, which unified India's indirect tax system, has significantly broadened the tax base and boosted revenues, with future plans including a streamlined two-tier rate structure and continued technological integration to reduce compliance costs and combat evasion.
In a relief for the Congress, the Income Tax department on Monday told the Supreme Court that it will not take any coercive action against the opposition party for tax demand notices of Rs 3,500 crore approximately in view of Lok Sabha elections.
Finance Minister Pranab Mukherjee has revised the Income Tax rates.
The investigation pertains to alleged irregularities in CMRL's financial transactions and its links with Veena's now-defunct company Exalogic Solutions Private Limited.
DBS Bank India has launched a direct tax payment facility after authorisation from the Central Board of Direct Taxes (CBDT). Utkarsh Small Finance Bank partners with Mumbai Indians as banking partner for T20 League 2026.
Many people invest in insurance with a view to saving taxes. So what are the tax rebates available to an individual in respect of premium paid on life insurance policies?
Those conducting their businesses predominantly in cash and evading income tax have reasons to worry.
Police in Chhattisgarh's Mahasamund district seized 7.5 kilograms of gold worth Rs 9.17 crore from a car. The occupants of the car could not provide satisfactory answers about the gold's origin or produce relevant documentation.
