ED searches of political consultancy I-PAC ignite clash over alleged money laundering and obstruction of probe.
The central agency conducted searches of a political consultancy and its director's residence in a money laundering probe tied to alleged coal smuggling, alleging hawala-linked payments to the consultancy and seizure of physical and electronic materials; it asserts that the state chief minister and police removed evidence, amounting to obstruction under the Prevention of Money Laundering Act, while the consultancy challenged the legality of the searches and both sides moved high court filings amid electoral sensitivity over party IT and campaign data.

Indian economy expected to grow 7.4% in FY26 driven by GST rationalisation, income tax relief and demand-side support.
The First Advance Estimates project real GDP growth of 7.4% in FY26 and inform Union Budget preparation; policy measures cited as underpinning this include GST rationalisation, income tax relief, implemented labour reforms, and accommodative monetary settings. Sectoral GVA gains are led by services and manufacturing, with moderated agricultural growth. Nominal GDP is estimated to rise 8.0%, affecting revenue expectations and fiscal space through non-tax receipts and potential expenditure savings that together influence fiscal deficit management and budgetary calibration.

India GDP projected to grow 7.4% in FY26, led by services and manufacturing and supported by consumption and investment.
Real GDP is projected to grow 7.4 per cent in FY2025 26 with GVA at 7.3 per cent, led by services ( 9.1%) and manufacturing ( 7.0%), nominal GDP up about 8%, and First Advance Estimates used for Union Budget preparation; consumption and investment (PFCE 7.0%, GFCF 7.8%) underpin the demand side, while tax relief and GST reductions form part of the fiscal context.

Param Raksha Life Pro+ offers NRIs market-linked ULIP returns with life, accidental and terminal illness payouts, and tax-linked benefits.
Param Raksha Life Pro+ combines unit linked life insurance with market linked investment funds, providing lump sum death benefits, accidental disability and enhanced accidental death benefits for certain transport accidents, and an advance payout for terminal illness. Investment risk is borne by the policyholder, and linked units are illiquid until the end of the fifth year. The plan offers flexible premium terms, entry ages 18-65, coverage to age 100, wellness services, and potential Indian tax advantages subject to applicable conditions and individual tax advice.

Income tax transition to new direct tax law effective April 1; officials asked to prepare for implementation and compliance.
CBDT instructed income tax officials to be administratively prepared for implementation of a new direct tax law from April 1, directing clarity of purpose and operational readiness to transition tax administration processes to the revised legal framework.

Income Tax Department preparing for rollout of the New Income Tax Act with training, rules and tech-driven compliance measures.
Preparation for implementation of the New Income Tax Act requires completion of transitional rules, procedures and forms and focused training so officials can understand the law's intent and guide taxpayers. The administration's role shifts toward facilitation, trust and service with technology and automation central, and adoption of the NUDGE Framework to use data-driven communication to encourage voluntary compliance.

Cigarettes and pan masala face new excise duties, a health cess, 40% GST, and packing-machine CCTV and disclosure rules.
The government restructured taxation effective February 1 by imposing an additional excise duty on cigarettes based on length (Rs 2,050-8,500 per 1,000 sticks) over and above 40% GST, levying a Health and National Security Cess on pan masala manufacturing capacity, and setting specific excise percentages for chewing tobacco and gutkha; packing-machine rules require CCTV, 24-month footage retention, disclosure of machine capacities, and permit abatement for machines non-functional 15 consecutive days.

Pan masala and tobacco will face new cess and additional excise duty on top of GST from February 1.
A Health and National Security Cess will apply to pan masala and an Additional Excise Duty will apply to tobacco and related products, charged in addition to GST; the compensation cess on these goods will cease. Specified GST rates: pan masala, cigarettes, tobacco and similar products 40% GST; bidis 18% GST. The Finance Ministry issued rules for capacity determination and duty collection on packing machines for chewing tobacco, jarda-scented tobacco and gutkha, and the government set February 1 as the implementation date.