Tax administration must deliver timely lawful service, protect public assets, and uphold integrity in tax collection.
Tax administration should assist common citizens by handling matters within departmental authority without unnecessary delay, while remaining within applicable rules. Government departments should protect public land from illegal occupation and expedite lawful land transfers, permissions, construction arrangements and procurement for departmental premises and accommodation. Integrity is the essential principle for officials performing tax-collection functions.

Tax certainty and taxpayer-centric administration drive simplified compliance, reduced litigation, digital service delivery, and stronger voluntary tax compliance.
Tax administration reform under the Income-tax Act, 2025, rules and forms is directed toward a simpler, transparent and taxpayer-centric system. Key priorities include reducing compliance costs and litigation through tax certainty, faster return processing, refunds, grievance redressal, voluntary compliance and timely appeal disposal. Digital initiatives, including PAN 2.0, ITBA 2.0, IEC 3.0, Kar Saathi and SAKSHAM NUDGE, are intended to simplify compliance and improve taxpayer experience. Capacity building in technology, international taxation, transfer pricing, digital assets and cybersecurity supports this reform agenda.

Responsive tax governance promotes taxpayer convenience, correction of bona fide errors, tax certainty, prompt refunds and prevention of avoidable litigation.
Responsive tax governance requires convenience for honest taxpayers, correction of bona fide errors and firm consequences for deliberate tax evasion. The Income Tax Act, 2025 is intended to simplify the legal framework, reduce uncertainty and lower compliance costs, supported by stronger electronic filing infrastructure and prompt refund processing. Tax certainty should promote voluntary compliance and shift the focus from litigation management to litigation prevention through consistent guidance, simplified procedures, technology, standardised processes, effective grievance resolution and reduction of recurring taxpayer difficulties.

Chief executive succession plan appoints a CEO designate, subject to shareholder approval, for an AI-led corporate leadership transition.
Corporate leadership succession at Infosys is proposed through the appointment of Ashiss Kumar Dash as Managing Director and Chief Executive Officer designate from 1 April 2027. The five-year appointment is subject to shareholder approval and follows a recommendation of the Board's Nomination and Remuneration Committee. The incumbent will remain in office until the transition date and support an orderly transfer of responsibilities. The succession plan identifies the CEO designate's business, technology-delivery, client and global operations experience as relevant to AI-led transformation.

Joint Home Loan Eligibility and Shared Repayment Liability Shape Borrowing Capacity, Tax Claims, Documentation, and Exit Planning.
Joint home loans allow eligible applicants to combine income for a single housing loan, while making every co-applicant fully responsible for repayment. Eligibility depends on each applicant's income, financial obligations, credit history, age, repayment capacity and property criteria. Applicants should agree on EMI sharing, ownership proportions and exit arrangements before applying, as removal of a co-applicant requires lender approval and reassessment. Co-owner borrowers may claim applicable interest and principal repayment deductions subject to ownership, contribution and income-tax requirements. Each applicant must provide separate identity, income and banking documentation.

Disproportionate-assets investigation examines property, bank accounts, tax returns and investments linked to a power company official and relatives.
Disproportionate-assets investigation concerns allegations that a power distribution company official and close relatives acquired movable and immovable assets beyond known sources of income. Lokayukta Police conducted searches, identified assets and bank deposits linked to the official, family members and associated business entities, and sought freezing of account transactions. The inquiry includes verification of property acquisitions, income-tax returns, and stock-market and mutual-fund investments, with further investigation pending.

Same-day gifting delivery expands access to cakes, flowers and curated gifts through an integrated pan-India online platform.
Archies Online has introduced a pan-India same-day delivery service for cakes, flowers, gifts and hampers across major cities. Its integrated online platform offers greeting cards, personalised gifts, chocolates, soft toys and curated hampers for personal, professional and festive occasions. Same-day options include Rakhi and Friendship Day collections, supported by product curation, fresh sourcing and a delivery network intended to provide timely and dependable gifting services.

Foreign investor tax exemptions on government securities are proposed to continue, supporting sovereign debt market liquidity and capital inflows.
Income-tax exemption for foreign investors in government securities is proposed to continue through the Income-tax (Amendment) Bill, 2026, replacing the corresponding ordinance. The ordinance exempted interest income and capital gains from the sale, exchange or transfer of government securities by foreign investors, effective from 1 April. The measure seeks to attract foreign capital, deepen the sovereign debt market and improve liquidity amid global economic volatility. The legislative agenda also includes MSME reforms concerning delayed-payment redressal, enforcement of arbitral awards and State flexibility in constituting facilitation councils.

Foreign asset reporting requires complete Schedule FA and Schedule FSI disclosures despite limited information displayed in the Annual Information Statement.
Annual Information Statement records for eligible taxpayers include foreign assets and foreign-source income information received through the Automatic Exchange of Information framework. The information is intended to facilitate accurate tax compliance and is not a scrutiny or investigation mechanism. As the displayed data is limited to information received from partner jurisdictions and is not exhaustive, taxpayers must correctly and completely disclose all foreign assets and foreign-source income in Schedule FA and Schedule FSI, whether or not such information appears in the Annual Information Statement.

Agentic AI innovation centre enables consumer businesses to co-create, test and scale enterprise AI solutions across operational functions.
TCS launched a Gemini Experience Centre in Kolkata with Google Cloud to enable consumer businesses to co-create, test and scale AI-led solutions. The centre showcases agentic AI applications for store operations, supply-chain management, omni-channel retail and customer service, serving retail, consumer packaged goods, travel, tourism and hospitality enterprises. The initiative uses Gemini Enterprise-based industry- and context-aware AI agents and seeks to accelerate agentic AI adoption and support movement from AI pilots to enterprise-scale deployment.

Cost Inflation Index enables inflation-adjusted long-term capital gains calculations through indexed acquisition cost for eligible capital asset transfers.
The Cost Inflation Index for financial year 2026-27 is 384 for computing inflation-adjusted long-term capital gains on transfers of capital assets, including immovable property, securities and jewellery. It is used to determine indexed cost of acquisition by adjusting purchase cost for inflation. Long-term classification generally requires holding exceeding 36 months, with stated periods of 24 months for immovable property and unlisted shares and 12 months for listed securities.

Corporate tax growth strengthens direct tax collections, reflecting resilient profitability, advance tax payments, and improving compliance
Net direct tax collections rose by 16.40 per cent to over Rs 6.51 lakh crore up to July 13, driven mainly by a 22 per cent increase in net corporate tax collections. Net non-corporate tax collections also increased, while Securities Transaction Tax collections grew by 48 per cent. Gross direct tax collections rose by 16.11 per cent, and refunds increased by 14.57 per cent. The collection trend was associated with resilient corporate profitability, stronger corporate advance tax payments, continued compliance and increasing formalisation.

Language-policy challenges and religious-practice arrangements highlight legal developments alongside deportation reform and criminal investigation measures.
The Supreme Court sought responses on challenges to the CBSE three-language requirement for Class 9 students and directed that Muslims be provided a separate open space adjacent to the disputed Bhojshala site for Friday prayers. A special NIA court issued a non-bailable warrant against Hafiz Saeed in connection with an investigation into the Pahalgam terror attack. The United Kingdom initiated a legislative change intended to remove an obstacle to deporting a grooming-gang leader to Pakistan.

Direct tax collections rise as corporate and non-corporate tax receipts grow, alongside increased refunds during the fiscal year
Net direct tax collection increased by 16.40 per cent to over Rs 6.51 lakh crore up to July 13 of the fiscal year. Net corporate tax collection rose by 22 per cent, while net non-corporate tax collection, covering individuals, Hindu undivided families and firms, increased by about 12 per cent. Refunds of Rs 1.22 lakh crore were issued, and gross direct tax collection increased by 16.11 per cent to over Rs 7.73 lakh crore.

Excess GST collection requires promoter refund or direct GST claims by eligible homebuyers after credit-note deadlines expire
Registered real estate promoters must collect GST from homebuyers only at notified rates and refund any excess collection or issue a credit note where legally permissible. If a project is cancelled, an agreement terminated, or an allotment revoked after the statutory credit-note period expires, an eligible unregistered allottee may seek a direct GST refund by obtaining temporary registration through a PAN and filing Form GST RFD-01 with proof of tax payment, supporting documents, and a promoter-issued certificate. Claims must be filed within two years and remain subject to GST verification.

Identity theft in loan fraud rackets highlights misuse of Aadhaar, PAN and mule accounts to obtain fraudulent credit.
Cyber fraud syndicate allegedly obtained personal loans by misusing Aadhaar and PAN details, including by changing Aadhaar-linked mobile numbers without the victims' knowledge. Police investigation indicates the use of mule accounts to route fraud proceeds and shows misuse of documents of around 50 victims to obtain loans from private non-banking financial companies.

Equity market rally gains strength as IT earnings, easing crude prices and banking stocks lift sentiment across sectors.
Indian equity markets extended gains for a second straight session, closing higher on broad-based buying led by information technology, banking and realty stocks. Sentiment improved on easing crude oil prices, positive global cues, stability in the rupee and better-than-expected quarterly results from TCS, which lifted confidence in the IT sector and improved demand outlook. All sectoral indices ended in positive territory, while market breadth remained positive despite continued foreign institutional investor selling.

AI-driven demand and backlog recovery shape TCS quarterly growth outlook amid margin pressure and strong deal wins.
TCS reported a rise in June-quarter net profit and revenue, while saying demand was sluggish because of geopolitical disruption and some client deferrals. Management expects demand to resume in the ongoing quarter as customers work through a technology backlog. The company also cited AI-related investments, strong deal conversion, wage-driven margin pressure, continued hiring and attrition trends, and growth in India revenues alongside weaker performance in some geographies and business segments.

AI-led transformation and strong deal wins drive TCS quarterly growth despite margin pressure and mixed geographic performance.
TCS reported higher quarterly net profit, revenue and net income for the June 2026 quarter, while operating margin declined due to wage hikes and fresh investments. The company said growth was supported by demand for AI-led transformation, modernisation, cybersecurity, sovereign cloud and platform simplification, and disclosed new deals with a total contract value of USD 9.5 billion, including a major AI-led transformation engagement.

Quarterly profit growth at TCS reflects rising revenues, stronger net income and continued employee expansion despite headwinds.
TCS reported a rise in quarterly net profit for the June 2026 quarter, with net profit, net income and revenues all showing year-on-year growth. The company also recorded a sequential increase in revenue from the previous quarter and added over 9,200 employees during the three-month period ending 30 June 2026.