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    TCS shares jump nearly 6 pc post December quarter earnings; market valuation soars Rs 82,818 cr
    IDFC FIRST Bank Goes Live on Direct Tax Collection System of CBDT
    TCS Q3 net profit jumps 12 pc to Rs 12,380 cr; employee base dips by 5,000
    TCS Q3 net profit rises 11.95 pc to Rs 12,380 cr, employee base dips
    Finance Secretary Shri Tuhin Kanta Pandey takes charge as Secretary, Department of Revenue, Ministry of Finance, today
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    Sensex, Nifty tumble nearly 1 pc on unabated foreign fund outflows; TCS earnings in focus
    Delhi elections: I-T dept sets up control room to keep vigil on movement of unaccounted wealth
    Man held for duping 40 job seekers of Rs 2 crore by posing as I-T dept official
    Netrack Successfully Hosted Pan-India System Integrator Event in Almaty, Kazakhstan
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January 10, 2025
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Earnings-driven market reaction: quarterly profit surge lifts stock price and accelerates company market valuation ahead.
TCS's quarterly financial results prompted a pronounced market reaction, with the company's stock registering a notable intraday rise and a sharp increase in market valuation following a nearly twelve percent year on year rise in December quarter net profit. The report highlights net profit growth, revenue comparisons, and expanded order bookings, and notes management's view that diversified new orders and early signs of discretionary spending recovery improve long term visibility despite macro headwinds.
January 10, 2025
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Direct tax collection authorisation enables taxpayers to pay via IDFC FIRST Bank's online and branch channels with downloadable challans.
IDFC FIRST Bank is authorised by the CBDT and RBI to collect Direct Taxes through integration with the Income Tax portal; taxpayers may select IDFC FIRST Bank as the e payment option when creating a challan, complete payment via the bank's Retail or Corporate Internet Banking or at branches using cash, cheque or demand draft, and download the paid challan as proof. The bank is collaborating with CBDT to introduce additional payment options including UPI and card payments, subject to technical and regulatory approvals.
January 9, 2025
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Profit growth signals stronger order momentum and dividend payout despite workforce reduction and seasonal revenue softness.
Quarterly results showed higher net profit and year-on-year revenue growth supported by broad-based new orders, despite sequential revenue decline in a seasonally soft quarter. Operating margin remained stable with slight sequential improvement due to efficiency and utilisation gains. The workforce was reduced by over five thousand, with attrition rising, while management maintained campus hiring plans and noted generative AI's growing role in deals. The board approved a substantial per-share dividend and the company completed a land acquisition from a group entity.
January 9, 2025
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Dividend declaration signals shareholder payout after quarterly profit rise and concurrent land acquisition and workforce reduction.
The board approved a shareholder dividend including a special component and purchased a Bengaluru land bank from a group company, reflecting cash allocation and strategic real-estate investment. Quarterly results showed higher net profit and year-on-year revenue growth, increased new order bookings and a slight improvement in operating margin, offset by sequential revenue decline. The company reduced overall headcount and reported continued attrition in IT services while planning increased campus hiring.
January 9, 2025
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Appointment of Secretary: concurrent designation retained as Finance Secretary with charge of the Department of Revenue.
The executive appointment places the incumbent Finance Secretary in charge of the Department of Revenue while he retains the designation as Finance Secretary, formalising a concurrent secretarial posting within the Ministry of Finance. The appointee brings extensive central and state administrative experience in finance-related departments and senior management qualifications relevant to fiscal governance.
January 9, 2025
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Quarterly profit rise signals stronger revenue and margin trends for major IT exporter; workforce reduction also reported.
The article reports quarterly financial results for a leading IT services exporter, highlighting an increase in net profit and revenue alongside rising expenses. Net profit rose year-on-year in the December quarter, with total income also increasing compared with the year-ago period and the preceding quarter; overall expenses grew by a smaller proportion. The company's share price declined modestly on the reporting day, and the employee base decreased by over five thousand to just above six hundred thousand by quarter end.
January 9, 2025
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Market volatility driven by foreign fund outflows and bond yield moves pressures equity benchmarks ahead of earnings season.
Equity benchmarks declined about one percent led by heavy selling in large-cap stocks, with foreign institutional investor net selling identified as a principal driver. Weak Chinese inflation data and a rise in US Treasury yields compounded pressure, while the start of a major corporate quarterly earnings season was noted as an immediate focal point for market participants.
January 8, 2025
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Election integrity measures: tax department control room monitoring unaccounted cash and valuables to prevent electoral misuse.
The Income Tax (Investigation) Directorate has set up a 24x7 control room at Civic Centre to monitor suspected movement or distribution of unaccounted cash, bullion and precious metals during the Model Code of Conduct for the Delhi Assembly elections, operating for the MCC period and accepting anonymous tips via a toll-free number with assurances of informant confidentiality.
January 8, 2025
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Impersonation of public official used to solicit jobs, leading to arrest and criminal charges for cheating and forgery.
A man posing as an Income Tax Commissioner allegedly induced over forty job seekers to pay money for promised government appointments, employing a car displaying department insignia, fake ID cards and a forged appointment letter; police recovered multiple counterfeit identity cards and registered an FIR under offences addressing cheating, personation of a public servant and forgery, and have arrested the suspect while the investigation continues.
January 8, 2025
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Absence of legal obligations: corporate press release details Netrack's promotional event and partner engagement outcomes.
No operative legal or regulatory obligations are asserted; the document is a promotional press release describing Netrack's commercial event, presentations on data center and network infrastructure solutions, and participant engagement, and it does not disclose contractual commitments, regulatory filings, compliance measures, or legal liabilities.
January 6, 2025
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Housing loan interest deduction increase urged to boost affordable housing incentives and access to infrastructure financing.
Proposals seek to raise the allowable deduction for housing loan interest to expand tax incentives and improve fund flow into affordable housing, and to accord infrastructure status to housing to access infrastructure financing. Additional recommendations focus on promoting rental housing, remedying capital gains tax anomalies when reinvesting sale proceeds into multiple residential properties, and securing greater government support for infrastructure companies working offshore.
January 3, 2025
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E-auction consolidation centralises distressed asset listings, streamlining bank recovery efforts and improving investor access to properties.
A centralised e-auction portal consolidates property listings from Public Sector Banks-residential, commercial, industrial, agricultural and movable assets-into a single platform covering pre-auction, auction and post-auction workflows. The portal aims to support the recovery process by enhancing transparency and efficiency through integrated payment and KYC, microservices with open APIs, analytics dashboards, helpdesk support and training for bank and recovery officers; over 122,500 properties have been migrated for auction.
January 3, 2025
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Complaint driven scrutiny of welfare beneficiaries uses inter agency verification to target alleged ineligible recipients and adjust benefits accordingly.
Complaint driven scrutiny will target alleged bogus beneficiaries of a state cash transfer scheme using inter agency data from tax and transport authorities to identify recipients exceeding the income threshold or holding disqualifying vehicles; verification will address Aadhaar mismatches, duplicate applications, false documents and domicile changes after marriage, with administrative adjustments such as offsetting other scheme benefits and allowing voluntary withdrawal after securing government employment.
January 2, 2025
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Beneficiary scrutiny based on complaints: verification sought from tax and transport departments to address ineligible claimants.
Scrutiny of Mukyamantri Majhi Ladki Bahin Yojana beneficiaries will be complaint-driven, with the state seeking data from the Income Tax and Transport Departments to verify eligibility. Reported issues include Aadhaar mismatches, duplicate applications, domicile changes after marriage, and alleged false documents. The ministry will cross-verify complaints from specified districts and apply gap funding where beneficiaries receive other scheme support, with removals or adjustments contingent on verification results and pending data.
January 1, 2025
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Currency swap arrangement expands INR swap window to strengthen regional liquidity and promote rupee internationalisation.
The Framework on Currency Swap Arrangement for SAARC Countries (2024-27) renews a regional short term FX backstop and introduces a separate INR swap window to promote rupee internationalisation alongside existing USD/Euro facilities. Parallelly, recent Bilateral Investment Treaties with the UAE and Uzbekistan establish investor protections, expropriation safeguards, transparency, national treatment, and arbitration based dispute settlement (with local remedies exhaustion provisions). Domestic measures include the National Infrastructure Readiness Index and regulatory amendments-overseas investment rules, foreign exchange rules enabling cross border share swaps and FDI in white label ATMs, compounding rules, and securities listing reforms-to streamline cross border investment and boost ease of doing business.
January 1, 2025
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Capital restructuring guidelines enhance CPSE flexibility and shareholder value through IPOs, OFS, and calibrated disinvestment.
DIPAM advanced a public asset management strategy prioritising capital restructuring, market-based monetisation via IPOs and OFS (including green shoe and employee participation mechanisms), and a consistent dividend policy balancing shareholder returns and CPSE reinvestment. Revised Capital Restructuring Guidelines supersede prior guidance to improve CPSE value, operational and financial flexibility, and broaden investor participation, while disinvestments and strategic sales follow multi-layered consultative approval and contract-based completion mechanisms.
January 1, 2025
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Delegation of powers expands CPSE autonomy, streamlining JV and subsidiary formation and simplifying categorisation upgradation processes.
DPE strengthened oversight of capital investment across select CPSEs by monitoring CAPEX, reporting a year on year increase and significant mid year attainment of fiscal targets. It conferred Maharatna and multiple Navratna classifications to expand CPSE autonomy, and issued revised guidelines simplifying board level exercise of delegated powers for establishing financial joint ventures and wholly owned subsidiaries and procedures for CPSE categorisation upgradation.
December 31, 2024
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Deadline extension for belated and revised income tax returns gives resident taxpayers extra time to reconcile books before filing.
The Central Board of Direct Taxes extended the last date for resident individuals to furnish belated or revised returns of income for Assessment Year 2024-25, shifting the deadline from the prior year end date to a later date in mid January, allowing taxpayers additional time to reconcile books and make rectifications before filing.
December 27, 2024
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Direct Benefit Transfer via PFMS strengthens transparent beneficiary payments alongside procurement, borrowing and pension reforms.
The Department of Expenditure expanded PFMS enabled Direct Benefit Transfer coverage and operational tools, integrated 117 external systems, and reduced credit failures; fixed the states' net borrowing ceiling at 3% of GSDP with an additional 0.5% GSDP borrowing window for power sector performance; enacted procurement reforms reducing performance security to 5%, raising monetary thresholds and issuing a revised Goods Procurement Manual; introduced Delegation of Financial Powers Rules, 2024; and approved the Unified Pension Scheme to commence 1 April 2025 with assured pension, family pension, minimum pension and inflation indexing.
December 27, 2024
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Administrative appointment: Secretary, Department of Revenue assumes charge, bringing extensive finance and international economic experience.
Dr. Arunish Chawla assumed charge as Secretary, Department of Revenue, Ministry of Finance, following appointment by the Appointments Committee of the Cabinet. The release records his 1992-batch IAS (Bihar cadre) background, immediate prior tenure as Secretary, Department of Pharmaceuticals from 1 November 2023, earlier roles including Managing Director of the Metro Rail Project Patna, senior economic postings on foreign assignment (including at the IMF and as Minister (Economic) in Washington), service as Joint Secretary in the Department of Expenditure, and academic credentials of a Master's and Doctorate in Economics from the London School of Economics.

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Man held for duping 40 job seekers of Rs 2 crore by posing as I-T dept official

January 8, 2025

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Palghar, Jan 8 (PTI) Police have arrested a man from Navi Mumbai for allegedly duping over 40 persons to the tune of Rs 2 crore by posing as an Income Tax official, and promising jobs to them in the department, an official said on Wednesday.

The accused has been identified as Rinku Sharma (33), he said.

"From 2021, Sharma posed himself as an Income Tax Commissioner and moved around in a car with the I-T department written on it and amber light fixed atop it. He offered to give a job to the complainant's daughter as an I-T Inspector and took Rs 15 lakh from him," Assistant Commissioner of Police (Crime) Madan Ballal told reporters.

He also issued a fake appointment letter, although the victim never got the job, the official said.

Based on the complaint, the police launched a probe. They zeroed in on Sharma (33) and nabbed him on Tuesday, he added.

As many as 28 fake ID cards, including those with designations of Income Tax Assistant Commissioner, I-T Inspector, Assistant Commissioner in Home Department, Central Bureau of Investigation (CBI) Police Commissioner, were recovered from him, the official said.

Senior inspector Pramod Badakh, who led the probe, said the accused conned more than 40 persons of over Rs 2 crore.

"This is the primary estimate and further probe into the crime will reveal the extent of the fraud," he said.

An FIR has been registered at the Pelhar police station under Bharatiya Nyaya Sanhita (BNS) sections 318 (4) (cheating), 204 (personating a public servant), 319 (2) (cheating by personation), 338 (forgery) and others, the police said. PTI COR NP

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Acts Income Tax