The rise in direct tax collections is seen as a positive indicator for the government's fiscal health and its ability to fund various developmental and welfare programmes.
The Income Tax Department has already outlined that the processing of ITR refunds starts only after the taxpayer electronically verifies the returns.
India's retail inflation eased to 3.54 per cent in July, falling below the Reserve Bank of India's 4 per cent target for the first time in years.
Indian equity markets opened lower on Monday as investor sentiment was shaken by a Hindenburg Research report. Major indices Sensex and Nifty saw significant declines, with Adani group stocks being among the hardest hit.
The Reserve Bank of India (RBI) has decided to keep the repo rate unchanged. As a result, banks are offering higher interest rates on fixed deposits (FDs). This is an excellent opportunity to secure attractive returns on FDs.
Adani Group's statement comes a day after Sebi chairman Madhabi Puri Buch and her husband denied allegations levelled against them by short seller Hindenburg, terming them as baseless and asserted that their finances are an open book.
Finance Minister Nirmala Sitharaman urged banks to prioritise their core business activities, emphasising the necessity of collecting deposits and lending with increased strictness.
The Bank of Baroda said it has hiked its 3-month MCLR from 8.45 per cent to 8.50 per cent, its 6-month MCLR from 8.70 per cent to 8.75 per cent, and the benchmark 1-year MCLR from 8.90 per cent to 8.95 per cent. It is a 5 bps hike on each tenure.
The HDFC Bank in a statement said that senior citizens can get extra interest for FDs upto Rs 5 crore in all of its domestic term deposits scheme.
Closing market news: On the Bombay Stock Exchange (BSE), 2,345 shares closed in the green, 1,562 shares in the red, and 99 shares with no change. The reason for the rise in the market is being attributed to the greater-than-expected decline in the number of jobless claims in the US.
The HDFC bank in a statement said that the financial and non-financial transactions for HDFC Bank Current & Savings Account (CASA) holders will not be available during the maintaince time.
The stock market opened with a strong bullish trend on Friday, with the Sensex rising by 800 points and the Nifty crossing the 24,350 mark. IT stocks led the gains, and broader markets also showed significant strength.
RBI Governor Shaktikanta Das made several significant announcements today. Let's understand how these changes might impact the general public.
RBI Governor Shaktikanta Das also proposed creating a public repository of digital lending apps to curb unauthorized players and expressed concerns over the rising disbursals of top-up home loans.
This marks the ninth consecutive time the MPC has held the repo rate at 6.5%, maintaining its stance of 'withdrawal of accommodation' to steer inflation towards the desired target. The decision received majority support, with four out of six members in favour.
Centre has brought an amendment to the Finance Bill 2024, to allow taxpayers to select either a 12.5 per cent long-term capital gains tax rate without indexation or a 20 per cent rate with indexation for property acquired before July 23 this year.
The stock markets witnessed a strong early trade recovery, with Sensex and Nifty showing substantial gains. The Sensex rose by 1,046.13 points to 79,639.20, while the Nifty surged by 313.9 points to 24,306.45, indicating positive investor sentiment and market momentum.
Air India released helpline numbers for its passengers travelling to and from violence-hit Bangladesh. "Please connect with our Contact Centre at 011 69329333 , 011 69329999 or visit our website," Air India post on X read.
Since joining the company in 2016, Tiwary is said to have played a crucial role in shaping Amazon’s trajectory in one of its most important markets, ensuring its continued expansion and success in a competitive landscape.
ITR 2024: The Income Tax Department sends notices to taxpayers under various sections of the Income Tax Act, 1961.
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