Official data from the Central Board of Direct Taxes (CBDT) shows that net non-corporate tax collections have exceeded net corporate tax collections since FY 2022–23. The chart compares net collections over the last five financial years.
The Delhi ITAT has ruled that the Income Tax Department cannot deny a genuine tax refund solely because an ITR was e-verified after the prescribed time, if the delay has already been condoned by the CPC.
In this case, the taxpayer had filed the ITR within the due date but missed the e-verification deadline due to personal circumstances. The CPC later accepted the condonation request and treated the return as valid. Even then, the refund was denied on procedural grounds.
The Tribunal held that once the delay had been condoned, the department could not continue to reject the refund on the same ground. It also observed that retaining TDS despite there being no tax liability would be contrary to Article 265 of the Constitution, and directed the AO/CPC to process the refund in accordance with law.
>Source: ITAT Delhi Bench "E" – Gurcharan Singh Bhatia v. ACIT, ITA No. 7471/Del/2025 (Pronounced: 16 June 2026)
Note: This ruling is based on the specific facts of the case. It should not be interpreted to mean that every delayed e-verification will automatically result in a refund.
During his visit to Trinidad and Tobago, India's External Affairs Minister S. Jaishankar announced that the country has agreed to roll out the Unified Payments Interface (UPI), making it the first Caribbean nation to adopt the platform. NPCI International has already held multiple rounds of discussions with local authorities, and the rollout is expected to happen as implementation progresses.
Russia accounted for around 19.5% of India's crude imports in February, rising to 50%+ in June, according to Kpler.
India's merchandise trade deficit with China rose from US$48.64 billion in FY20 to a record US$112.16 billion in FY26, according to Ministry of Commerce data. Imports from China continued to outpace exports despite growth in bilateral trade.
India and Seychelles have signed a Memorandum of Understanding (MoU) to explore cooperation in digital payments, including potential integration of India’s Unified Payments Interface (UPI).
The agreement is part of broader bilateral cooperation between the two countries covering digital infrastructure and financial technology collaboration.
While UPI is already live in several countries, this MoU represents another step toward expanding India’s digital payments ecosystem internationally.
According to Deloitte's latest State of Financial Services in India report, only 14% of India's MSMEs receive institutional credit despite significant progress in digital finance. The report estimates the sector's credit gap at over ₹25 lakh crore and argues that expanding formal credit access remains a key challenge for financial inclusion and economic growth.
Filing your ITR for AY 2026–27? Here's a quick guide to Section 87A, who can claim it, how much rebate is available, and when it doesn't apply.
What is Section 87A?
Section 87A sort of gives a tax rebate to eligible resident individuals. It differs from deductions and exemptions because this rebate doesn’t really touch your taxable income, it rather lowers your final tax liability. So even when your taxable amount stays the same, the tax you actually end up paying becomes less, due to that credit.
How much rebate can you claim?
| Criteria | Old Tax Regime | New Tax Regime |
|---|---|---|
| Taxable Income | Up to ₹5 Lakh | Up to ₹12 Lakh |
| Maximum Rebate | ₹12,500 | ₹60,000 |
>The rebate is applied before adding the 4% Health & Education Cess.
| Eligible Taxpayer | Eligibility ? |
|---|---|
| Resident Individuals | Yes |
| Non-Resident Indians (NRIs) | No |
| Hindu Undivided Families (HUFs) | No |
| Companies | No |
Important restrictions
The rebate generally cannot be claimed against tax on:
Process of Claiming it:
While filing your ITR:
Bonus: Marginal Relief
If your income is a sightly more than ₹12 lakh in the new tax regime, you might get marginal relief, and that can tone down your overall tax dues,so that the extra tax is not more than the figure by which your income goes past ₹12 lakh.
India's retail diesel prices have risen 8.3% since the Iran war began, compared with significantly larger increases in many other countries.
A recent ruling by the Income Tax Appellate Tribunal (ITAT) highlights a very common issue:
The tax officer treated ₹1.28 crore of cash deposits in a scrap dealer’s bank account as unexplained money under Section 69A and taxed the entire amount.
He has been running the same scrap business for years. Similar income was accepted as business turnover in earlier and later years. In those years, income was taxed by applying ~8% profit, not on total deposits
The ITAT did not fully accept either side and sent the case back for fresh examination.
Key takeaway from ITAT is that bank deposits are not automatically considered unexplained income.
If linked to an existing business, they may represent turnover, but this must be properly verified.
If you want deposits to be treated as business receipts, these factors matter:
Why this matters
This is relevant for small businesses and cash-heavy sectors where deposits can look suspicious in isolation. The tax treatment can change drastically depending on the classification.
Important
This is still fact-specific. The ITAT did not approve a flat 8% taxation and did not delete the addition. It only asked the Assessing Officer to re-evaluate the case properly.
The Rs 100 fee will only apply to users who have not made any wallet transactions for a year. Simply opening the PhonePe app or making UPI payments will not count as wallet activity. Users will need to complete a wallet transaction to reactivate their account and avoid the charge.