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September 1, 2026
Show AI Summary
Personal guarantor insolvency: repayment plan stayed pending majority determination, with restraint on direct or indirect asset alienation.
Personal-guarantee insolvency proceedings involve a stay on implementation of a repayment plan because the earlier members' views did not produce a clear majority capable of taking effect. The personal guarantor has been restrained from directly or indirectly alienating assets pending further hearing. The dispute follows split views on approval of the plan, claim admission and voting, followed by a third-member opinion that did not resolve the absence of a determinative majority. Creditors dispute the proposed recovery, claim treatment and declared net worth relevant to the guarantees.
September 1, 2026
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Rupee exchange-rate movement reflects portfolio inflows, growth data and possible central-bank support, while crude oil prices constrain gains.
Foreign-exchange market conditions strengthened the rupee by 28 paise to 94.94 against the US dollar, supported by domestic growth, controlled fiscal slippage and portfolio inflows. Possible Reserve Bank of India intervention was also identified as supportive. Higher crude oil prices, weak domestic equities and hawkish US monetary-policy signals were identified as constraints on further appreciation. Foreign investment flows, stronger-than-expected domestic growth and the fiscal-deficit position remained material factors affecting currency conditions.
September 1, 2026
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Money-laundering probe into public service recruitment irregularities examines alleged question-paper leaks, selection manipulation, and laundering through purported CSR donations.
Money-laundering investigation under the Prevention of Money Laundering Act concerns alleged irregularities in Public Service Commission recruitment examinations. Allegations include question-paper leaks, manipulation of candidate selection, and illegal gratification for securing appointments of relatives and favoured candidates. Recruitment rules were allegedly amended to facilitate selection of relatives. Alleged proceeds of crime were collected in cash and routed through layered banking transactions, including through a family-controlled samiti presented as receiving corporate social responsibility donations for a non-existent college.
September 1, 2026
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Personal guarantor settlement scrutiny intensifies as asset alienation is restrained pending review of a disputed creditor repayment proposal.
A five-member special bench found that no clear majority view existed under section 419(5) of the Companies Act and stayed the third member's order that had permitted the proposed recovery. Notices were directed to all parties, and the guarantor was restrained from directly or indirectly alienating property pending further consideration. The dispute concerns approval of a personal guarantor's repayment proposal, treatment of guarantee claims, creditor voting support, assessment of the personal estate, and scrutiny of declared net worth.
September 1, 2026
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Personal insolvency proceedings restrict property alienation while notices issue to parties in the debtor's case.
A five-member special National Company Law Tribunal bench hearing Subhash Chandra's personal insolvency matter issued notices to all parties and restrained him from alienating property directly or indirectly. The restraint applies during the continuing insolvency proceedings and concerns dealings with the relevant property. The procedural measure requires the interested parties to participate in the matter.
September 1, 2026
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Aadhaar authentication alternatives enable eligible farmers with failed fingerprint verification to access loan-waiver benefits after identity verification.
Elderly farmers whose fingerprints cannot be captured for Aadhaar authentication may approach an Aaple Sarkar Seva Kendra with their Aadhaar card and bank passbook. Loan-account details are verified on the scheme portal before authentication is initiated. If authentication fails, the concerned tehsildar verifies identity using the Aadhaar card, bank passbook and 7/12 land record extract. Eligible farmers receive loan-waiver benefits directly in their bank accounts after authentication, identity verification and satisfaction of the scheme's eligibility criteria.
September 1, 2026
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GST collection growth reflected higher domestic and import revenue, while increased refunds moderated net collections during August.
GST collections recorded year-on-year growth in August, with gross receipts reaching about Rs 2 lakh crore. Domestic transaction revenue increased to over Rs 1.37 lakh crore, while import-related revenue rose to Rs 62,604 crore. Refunds increased to Rs 31,795 crore, and net GST collections stood at Rs 1.68 lakh crore after refunds.
September 1, 2026
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Personal insolvency repayment plan faces fresh hearing after a split bench prevents enforcement and restrains guarantor property transfers.
Personal insolvency proceedings were reopened before a five-member special bench after a split view on a repayment plan. As no majority view existed, including that of the third member, no final order was in force and the repayment-plan determination could not be acted upon. Notices were issued to all parties, including dissenting creditors, and the guarantor was restrained from directly or indirectly alienating property pending further consideration. Dissenting creditors also challenged the repayment-plan determination before the appellate tribunal.
September 1, 2026
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Equity market sentiment weakens as higher crude prices, geopolitical tensions and tighter monetary policy expectations curb risk appetite.
Equity-market sentiment weakened as higher crude oil prices, renewed US-Iran tensions, and expectations of prolonged tight US monetary policy reduced emerging-market risk appetite. The Sensex and Nifty declined, while domestic GDP growth above projections offered partial support. Weakness in several Asian markets, a lower US market close, and net foreign institutional equity sales reinforced cautious trading conditions.
September 1, 2026
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Money laundering investigation triggers searches linked to alleged Public Service Commission irregularities, including premises of a former chief minister's assistant.
A money-laundering investigation under the Prevention of Money Laundering Act has led to searches at seven locations in Chhattisgarh in connection with alleged irregularities at the Chhattisgarh Public Service Commission. The search operation includes the premises of K. K. Chandrakar, personal assistant to former Chief Minister Bhupesh Baghel. The investigation remains at the search and inquiry stage.
September 1, 2026
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Income-tax return filing: non-audit business and professional taxpayers use applicable forms by prescribed due dates.
August 31, 2026 was the due date for taxpayers having business or professional income who were not subject to audit. Such non-audit taxpayers may use ITR-3, ITR-4, ITR-5 or ITR-7, as applicable. ITR-3 applies to individuals and Hindu Undivided Families with proprietary business or professional income, while ITR-4 is intended for small and medium taxpayers. ITR-5 applies to firms, limited liability partnerships and cooperative societies, and ITR-7 applies to trusts and charitable institutions.
September 1, 2026
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Gold smuggling enforcement targets transit abuse, concealed carriage, and border routes through coordinated seizures and arrests nationwide.
Intelligence-led enforcement against organised gold smuggling resulted in the seizure of over 42 kg of foreign-origin gold and around 10 kg of foreign-origin silver, collectively valued at more than Rs. 65 crore, and the arrest of 25 persons. Operations targeted networks using airport transit routes, airport personnel, land-border corridors, coastal routes, and domestic road transport. Gold was concealed in wax, compound, paste, raw-chain and bar forms, including through body concealment, internally secreted capsules, clothing, and specially created cavities.
September 1, 2026
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Predictive consumption-expenditure framework will use household survey data to support poverty estimation, consumption analysis, and economic planning.
MoSPI and Thapar Institute of Engineering & Technology have entered into a memorandum of understanding for a research study to develop a predictive and analytical framework for monthly consumption expenditure in India. The study will use Household Consumption Expenditure Survey data to estimate Monthly Per Capita Consumption Expenditure at national and state levels, analyse household consumption patterns, and generate evidence relevant to poverty estimation and broader economic planning.
August 31, 2026
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Personal insolvency repayment plans: conflicting views on binding dissenting creditors prompted reconsideration through an expanded adjudicatory bench.
National Company Law Tribunal constituted a five-member bench after conflicting views on a personal insolvency repayment plan left no majority position for a formal order. The central issue is whether creditor approval of the plan binds dissenting creditors and extinguishes their claims against the personal guarantor. One view preserved dissenting creditors' independent recovery rights, while another applied the creditor-approved plan uniformly to all creditors. Disagreement also concerns the Adjudicating Authority's power to examine the resolution professional's report of the creditors' meeting.
August 31, 2026
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Personal insolvency repayment plans raise unresolved questions on dissenting creditors' rights and uniform extinguishment of claims.
Personal insolvency proceedings were referred for fresh adjudication because no majority emerged on the repayment plan. The Technical Member rejected the plan; the Judicial Member confined it to consenting creditors while preserving dissentents' recovery rights; and the Third Member approved it with uniform extinguishment of all creditors' claims. The dispute concerns whether creditor approval under section 115(1) binds dissenting creditors, the effect of section 79(2)(g), and the Adjudicating Authority's power to examine the Resolution Professional's creditors' meeting report.
August 31, 2026
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Rupee exchange-rate support through suspected intervention and FCNR(B) inflows offset pressure from dollar strength and higher crude prices.
Rupee exchange-rate movement reflected a recovery from early losses to close stronger against the US dollar, amid market expectations of Reserve Bank of India support at lower trading levels. Pressure arose from higher US Treasury yields, possible US rate-hike expectations and a broad dollar rally. Suspected intervention, FCNR(B)-related foreign-currency flows and the special USD-INR forex swap facility supported sentiment, while rising crude prices, geopolitical supply risks and foreign institutional equity outflows remained adverse factors.
August 31, 2026
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Income-tax return filing for non-audit business and professional taxpayers closes at midnight, requiring use of applicable forms.
Income-tax return filing for Assessment Year 2026-27 reaches its due date on 31 August 2026 for taxpayers having business or professional income who are not subject to audit. Such taxpayers may file the applicable ITR-3, ITR-4, ITR-5 or ITR-7. ITR-3 applies to individuals and Hindu Undivided Families with proprietary business or professional income, ITR-4 to small and medium taxpayers, and ITR-5 to firms, limited liability partnerships and cooperative societies.
August 31, 2026
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Monthly fiscal accounts track receipt composition, expenditure allocation, tax devolution, interest payments, and major subsidy outgo through July.
Union Government monthly accounts through July 2026 record total receipts comprising net tax revenue, non-tax revenue and non-debt capital receipts, with tax devolution transferred to State Governments. Total expenditure is divided between revenue and capital expenditure. Revenue expenditure includes interest payments and major subsidies.
August 31, 2026
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Personal guarantor insolvency distinguishes guarantee liability from borrower debt while creditor voting challenges question repayment-plan approval.
Personal insolvency proceedings concerning personal guarantees distinguish a guarantor's liability from the underlying borrowing entities' debts. Claims against the guarantor arise from guarantees furnished for loans obtained by Essel Group-associated entities, while the borrowers' repayment obligations remain enforceable and creditors may pursue corporate assets and securities. Dissenting lenders have challenged the resolution-plan voting process, alleging that family-linked associates or related parties should have been excluded from committee of creditors voting.
August 31, 2026
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National accounts revisions align GDP and sectoral estimates with updated price, production and banking service indicators.
National Accounts Statistics-2026 incorporates updated Producer Price Index, Index of Industrial Production and Banking Services Price Index series with base year 2022-23 into annual and quarterly GDP estimates. The revised indicators expand coverage, update weights and improve price mapping for national-account activities. GDP and gross value added estimates from 2022-23 onwards are revised at current and constant prices, with sector-specific effects in mining and quarrying, manufacturing, trade services, general government and departmental enterprises. Supply and Use Tables for 2022-23 and 2023-24 are also updated.

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Direct Taxes Code : Tax Tables

August 31, 2010

Contents
Summary
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I. TAX PAYABLE AT VARIOUS LEVELS OF INCOME BY INDIVIDUALS (OTHER THAN WOMEN AND SENIOR CITIZENS) AND HUFs 

Income

Tax liability under the Act (excluding EC and SHEC) (Rs.)

Tax liability under the Code (excluding EC and SHEC)(Rs.)

Tax savings(Rs.)

200000

4,000

0

4000

300000

14,000

10,000

4000

400000

24,000

20,000

4,000

500000

34,000

30,000

4000

600000

54,000

50,000

4000

700000

74,000

70,000

4000

800000

94,000

90,000

4000

900000

124,000

110,000

14000

1000000

154,000

130,000

24000

1100000

184,000

160,000

24000

1200000

214,000

190,000

24000

1300000

244,000

220,000

24000

1400000

274,000

250,000

24000

1500000

304,000

280,000

24000

1600000

334,000

310,000

24000

1700000

364,000

340,000

24000

1800000

394,000

370,000

24000

1900000

424,000

400,000

24000

2000000

454,000

430,000

24000

2100000

484,000

460,000

24000

2200000

514,000

490,000

24000

2300000

544,000

520,000

24000

2400000

574,000

550,000

24000

2500000

604,000

580,000

24000

2600000

634,000

610,000

24000

2700000

664,000

640,000

24000

2800000

694,000

670,000

24000

2900000

724,000

700,000

24000

3000000

754,000

730,000

24000

3100000

2,854,000

2,830,000

24000

 II. TAX PAYABLE AT VARIOUS LEVELS OF INCOME BY WOMEN RESIDENT IN INDIA AND NOT ATTAINED THE AGE OF 65 YEARS DURING THE FINANCIAL YEAR 

Income

Tax liability under the Act (excluding EC and SHEC)(Rs.)

Tax liability under the Code (excluding EC and SHEC)(Rs.)

Tax savings(Rs.)

1,90,000

0

0

0

2,00,000

1,000

0

1000

3,00,000

11,000

10,000

1000

4,00,000

21,000

20,000

1000

5,00,000

31,000

30,000

1000

6,00,000

51,000

50,000

1000

7,00,000

71,000

70,000

1000

8,00,000

91,000

90,000

1000

9,00,000

121,000

110,000

11000

10,00,000

151,000

130,000

21000

11,00,000

181,000

160,000

21000

12,00,000

211,000

190,000

21000

13,00,000

241,000

220,000

21000

14,00,000

271,000

250,000

21000

15,00,000

301,000

280,000

21000

16,00,000

331,000

310,000

21000

17,00,000

361,000

340,000

21000

18,00,000

391,000

370,000

21000

19,00,000

421,000

400,000

21000

20,00,000

451,000

430,000

21000

21,00,000

481,000

460,000

21000

22,00,000

511,000

490,000

21000

23,00,000

541,000

520,000

21000

24,00,000

571,000

550,000

21000

25,00,000

601,000

580,000

21000

26,00,000

631,000

610,000

21000

27,00,000

661,000

640,000

21000

28,00,000

691,000

670,000

21000

29,00,000

721,000

700,000

21000

30,00,000

751,000

730,000

21000

1,00,00,000

2,851,000

2,830,000

21000

 III. TAX PAYABLE AT VARIOUS LEVELS OF INCOME BY SENIOR CITIZENS (I.E. INDIVIDUALS RESIDENT IN INDIA AND ATTAINED THE AGE OF 65 YEARS OR MORE ANYTIME DURING THE FINANCIAL YEAR) 

Income

Tax liability under the Act (excluding EC and SHEC)(Rs.)

Tax liability under the Code (excluding EC and SHEC)(Rs.)

Tax savings(Rs.)

2,40,000

0

0

0

2,50,000

1,000

0

1000

3,00,000

6,000

5,000

1000

4,00,000

16,000

15,000

1000

5,00,000

26,000

25,000

1000

6,00,000

46,000

45,000

1000

7,00,000

66,000

65,000

1000

8,00,000

86,000

85,000

1000

9,00,000

116,000

105,000

11000

10,00,000

146,000

125,000

21000

11,00,000

176,000

155,000

21000

12,00,000

206,000

185,000

21000

13,00,000

236,000

215,000

21000

14,00,000

266,000

245,000

21000

15,00,000

296,000

275,000

21000

16,00,000

326,000

305,000

21000

17,00,000

356,000

335,000

21000

18,00,000

386,000

365,000

21000

19,00,000

416,000

395,000

21000

20,00,000

446,000

425,000

21000

21,00,000

476,000

455,000

21000

22,00,000

506,000

485,000

21000

23,00,000

536,000

515,000

21000

24,00,000

566,000

545,000

21000

25,00,000

596,000

575,000

21000

26,00,000

626,000

605,000

21000

27,00,000

656,000

635,000

21000

28,00,000

686,000

665,000

21000

29,00,000

716,000

695,000

21000

30,00,000

746,000

725,000

21000

1,00,00,000

2,846,000

2,825,000

21000

 

 

Topics

Acts Income Tax