Income Tax offices in India will remain open from March 29 to March 31, despite the weekend and Eid-al-Fitr, to assist taxpayers before the fiscal year ends. The CBDT and RBI have directed all tax offices and banks involved in government business to stay operational to facilitate completion of tax tasks and government payments.
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Revenue secretary Sanjay Malhotra's transfer to Mumbai has left a key position vacant weeks before the Union Budget. This isn't unprecedented, but the new appointee will need to quickly grasp complex tax issues. The situation is further complicated by recent leadership changes within the finance ministry, with several secretaries experiencing their first budget preparation.
Geopolitical tensions, trade policy uncertainty, and fluctuating commodity prices threaten economic growth in the near future. Despite these risks, domestic private sector investments, fiscal measures, and monetary policy support are expected to drive India’s economy, with projected growth of 6.5% in 2024-25.
Sukanya Samriddhi Yojana (SSY) is a government savings scheme for the girl child. It offers an 8.2% interest rate and tax benefits under Section 80C. Parents can invest up to Rs 1.5 lakh annually.
In a significant shake-up of the tech industry, Nvidia's shares dropped by nearly 17% after a new Chinese generative AI model by DeepSeek emerged as a formidable competitor. The AI model, developed at a fraction of the cost, challenges US dominance in the AI sector, causing widespread market reactions.
India's industrial output hit a six-month high in November driven by manufacturing, capital goods, and consumer durables. The index of industrial production rose 5.2% with significant contributions from a 9% rise in capital goods and a 13.1% rise in consumer durables, indicating strong festive demand.
ASCI has issued an advisory to LinkedIn influencers to disclose connections with brands they promote, aiming to maintain adherence to regulatory standards. In the past week, 60 cases were flagged for non-disclosure, with 56 under investigation. This advisory seeks to prevent misleading practices, ensuring transparency and the integrity of influencer marketing.
Haldiram, India's largest packed snacks company, has partnered with Singapore-based investment firm Temasek, which will acquire a 10% equity stake at a USD 10 billion valuation. This deal aims to expand Haldiram's global reach, with PwC advising on the transaction. The partnership will help Haldiram enhance its position in the competitive global snacks market.
DGCA fined Air India Rs 30 lakh for allowing a first officer to fly without fulfilling the mandatory recency requirement of three take-offs and landings. The violation occurred on July 7, and multiple alerts were ignored by rostering controllers. Air India has been ordered to take action against three senior rostering officials and inform DGCA within 15 days.
Yes Bank disclosed that it has received a demand notice for Rs 2,209 crore from the income tax department for the 2019-20 assessment year. Although the reassessment confirmed the original income assessment without additional changes, an unexpected demand including interest has been raised against the bank.
Gold prices soared to a record Rs 91,250 per 10 grams in Delhi, driven by strong buying from stockists and retailers, and heightened international market trends. Growing fears of a US recession and geopolitical tensions have boosted gold's appeal as a safe-haven asset. Meanwhile, silver held steady at Rs 1,02,500 per kg, reaching historic highs.