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    ITR filing for AY27 touches record 7.8 cr
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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.
August 31, 2026
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Trade facilitation and pharmaceutical market access advance through regulatory cooperation, preferential trade modernisation, and reciprocal agricultural access.
India and Brazil are advancing bilateral trade, investment and economic cooperation through a diversified partnership focused on pharmaceuticals, chemicals, engineering goods and machinery. India-MERCOSUR engagement is being pursued through early finalisation of Terms of Reference for expansion and modernisation of the Preferential Trade Agreement. Pharmaceutical market access is supported by regulatory cooperation under the CDSCO-ANVISA MoU. Agricultural trade facilitation includes phytosanitary processes, reciprocal market access work and mutual recognition of Electronic Certificates of Origin, alongside multilateral coordination through BRICS, the G20 and the WTO.
August 31, 2026
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Cross-border UPI merchant acceptance enables Indian travellers to make UZQR payments at merchants throughout Uzbekistan.
Cross-border UPI merchant acceptance in Uzbekistan allows Indian travellers to make instant person-to-merchant payments through UPI-enabled applications by scanning the interoperable UZQR code. Integration with the Unified National QR infrastructure extends acceptance across retail, hospitality and service merchants. Regulatory approvals support HUMO's role as NIPL's authorised partner for cross-border merchant acceptance, reducing reliance on international cards and cash.
August 31, 2026
Show AI Summary
Mobile-first aviation education supports accessible, self-paced certification-led learning and career awareness across aviation roles and geographic locations.
Flymore Aviation LLP operates a mobile-first aviation learning platform intended to make specialised aviation education more accessible and affordable for aspiring pilots, cabin crew and other aviation-sector professionals. The app provides structured, self-paced aviation courses aimed at building industry knowledge, supporting certification-led skill development, improving career awareness and assisting employment readiness across aviation functions. Course delivery through a digital platform is positioned as an alternative to location-dependent and high-cost classroom training.
August 31, 2026
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Indigenous defence technology and exports anchor the annual performance review of public sector defence enterprises.
Annual performance review of 16 Defence Public Sector Undertakings is scheduled with emphasis on indigenous technology, innovation, self-reliance and enhancement of defence exports. Chairpersons and managing directors of seven specified undertakings will present dividends attributable to the Government's equity shareholding. Publications cover self-reliance, student awareness of defence technologies, and modernisation and indigenisation roadmaps. Reported performance includes growth in turnover, profit after tax and defence exports.
August 31, 2026
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Employee provident fund and gratuity dues remain protected outside the liquidation estate despite competing financial creditor claims in insolvency proceedings.
Employee provident fund and gratuity dues of former Jet Airways workmen and employees were required to be paid in full by the liquidator. The NCLAT position upheld treats statutory employee dues relating to provident fund, gratuity and pension funds as outside the liquidation estate, protecting them from competing creditor claims. Financial creditors had argued that such dues should be distributed through the liquidation estate unless dedicated funds existed at the commencement of liquidation. The underlying questions of law remain open for an appropriate case.
August 31, 2026
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Rupee exchange-rate support amid dollar strength and oil risks as foreign-currency deposit flows bolster market sentiment.
Foreign-exchange market conditions saw the rupee recover from early losses amid possible Reserve Bank of India intervention to contain significant depreciation. Higher US Treasury yields, a broader dollar rally, rising crude oil prices and geopolitical supply risks pressured the currency. The special USD-INR forex swap facility for FCNR(B) deposits, Overseas Foreign Currency Borrowings and External Commercial Borrowings mobilised foreign-exchange inflows supported by non-resident Indian participation, strengthening market sentiment.
August 31, 2026
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Financial confidence gaps persist when opaque financial journeys, dark patterns and unclear communication deter informed consumer participation.
Financial-service digitisation may expand access without ensuring consumer confidence where customers cannot understand processes, assess risks or feel secure in financial decisions. Opaque claims, redemptions, eligibility criteria and approval stages can weaken trust and discourage insurance, investment and credit participation. Hidden charges, complex documentation, forced bundling and target-driven sales practices may further impair informed choice. Greater transparency, simplified communications, real-time process visibility and AI-assisted guidance are identified as measures to reduce cognitive friction and strengthen consumer control.
August 31, 2026
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NBFC licensing enables Hyundai Capital India to begin wholesale dealer financing while preparing retail finance and risk-management infrastructure.
Hyundai Capital India has commenced financial services operations after obtaining a non-banking financial company licence from the Reserve Bank of India. Initial operations concentrate on wholesale financing for local automotive dealers. Operations are intended to expand the dealer-financing network, sales infrastructure and risk-management systems across India, supporting a subsequent phased introduction of retail financing for individual customers.
August 31, 2026
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Personal insolvency resolution approval faces criticism over low creditor recovery and alleged family-linked voting influence in the resolution process.
Personal insolvency resolution approval concerning Subhash Chandra involved a repayment plan of Rs 6.5 crore against admitted creditor claims exceeding Rs 22,000 crore. Objections were raised regarding the voting influence exercised by entities linked to the debtor's family in relation to the resolution process. Pinarayi Vijayan criticised the approval, alleging preferential treatment of powerful corporate interests.
August 31, 2026
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Foreign exchange market intervention seeks to limit rupee depreciation amid oil-price pressure, dollar strength, and capital outflows.
Foreign exchange market conditions put the rupee under depreciation pressure amid higher crude oil prices, geopolitical risks, stronger US dollar conditions, expectations of tighter US monetary policy and foreign equity outflows. RBI market intervention was reported to contain significant depreciation. Improved foreign-currency non-resident bank deposit flows and higher foreign exchange reserves supported investor sentiment and the external liquidity position.

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Grok AI obscene content issue: X accepts mistake, removes 600 accounts; assures compliance

January 11, 2026

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New Delhi, Jan 11 (PTI) Microblogging platform X admitted its mistake and removed about 3,500 pieces of content, as well as deleted over 600 accounts, after the IT Ministry raised concerns over obscene content linked to Elon Musk-backed AI chatbot Grok, government sources said on Sunday.

X has assured the authorities that it would comply with Indian laws.

The action comes amid mounting pressure on Grok from governments worldwide, as regulators intensify scrutiny of the generative AI engine over content moderation, data safety and non-consensual sexually-explicit images that have flooded X over the last few days.

According to Indian government sources, X has accepted its mistake and assured it will comply with Indian laws. Accordingly, it has blocked around 3,500 pieces of content, and over 600 accounts have been deleted. It has also assured that going forward, it won't allow obscene imagery, sources said.

Last Sunday, X's 'Safety' handle said it takes action against illegal content on its platform, including Child Sexual Abuse Material (CSAM), by removing it, permanently suspending accounts, and working with local governments and law enforcement as necessary.

"Anyone using or prompting Grok to make illegal content will suffer the same consequences as if they upload illegal content," X had said, echoing the stance taken by Musk on illegal content.

X is facing a global backlash over the 'digital undressing' of images through user prompts on the xAI chatbot Grok. It has come under fire from governments across the world, including in Europe and Asia, warning it of consequences if the platform failed to adhere to online safety norms, while public calls for action on both X and Grok over the issue have been growing.

On January 2, the IT Ministry had pulled up X and directed it to immediately remove all vulgar, obscene and unlawful content generated by Grok or face action under the law.

In the directive, the ministry asked the US-based social media firm to submit a detailed action taken report (ATR) within 72 hours, spelling out specific technical and organisational measures adopted or proposed in relation to the Grok application, the role and oversight exercised by the Chief Compliance Officer, actions taken against offending content, users and accounts, as well as mechanisms to ensure compliance with the mandatory reporting requirement under Indian laws.

The IT Ministry's missive had noted that Grok AI, developed by X and integrated on the platform, is being misused by users to create fake accounts to host, generate, publish or share obscene images or videos of women in a derogatory or vulgar manner.

"Importantly, this is not limited to creation of fake accounts but also targets women who host or publish their images or videos, through prompts, image manipulation and synthetic outputs," the ministry had said, asserting that such conduct reflects a serious failure of platform-level safeguards and enforcement mechanisms, and amounts to gross misuse of artificial intelligence (AI) technologies in violation of stipulated laws.

The government had made it clear to X that compliance with the IT Act and rules is not optional, and that the statutory exemptions under section 79 of the IT Act (which deals with safe harbour and immunity from liability for online intermediaries) are conditional upon strict observance of due diligence obligations.

The government warned X in clear terms that any failure to observe due diligence obligations will result in the loss of the exemption from liability (under section 79 of the IT Act), and that the platform will also be liable for consequential action under other laws, including the IT Act and Bharatiya Nyaya Sanhita.

It asked X to enforce user terms of service and AI usage restrictions, including ensuring strong deterrent measures, such as suspension, termination and other enforcement actions against violating users and accounts.

X was also asked to remove or disable access "without delay" to all content already generated or disseminated in violation of applicable laws, in strict compliance with the timelines prescribed under the IT Rules, 2021, without, as such, vitiating the evidence.

The initial response by X to the notice, though detailed, was seen as a mere reiteration by the platform that it respects Indian laws and stipulated guidelines, and that India is a big market for the platform.

In its response, X also outlined the strict content takedown policies it abides by when it comes to misleading posts and those related to non-consensual sexualised images.

Although that reply was long and detailed, the IT Ministry was of the opinion that it "missed" key information, including takedown details and specific action that had been taken on the Grok AI obscene content issue, and to prevent it in future.

The response fell short of expectations, prompting the government to toughen its stance and ask for more details, including specific action taken on obscene content linked to its Grok AI and measures to prevent a repeat in future.

X has now accepted its mistake and told the government that it will comply with Indian laws and regulations, sources said.

Apart from India, the UK and the EU have also mounted pressure on X over the Grok deepfake image issue. British Prime Minister Keir Starmer termed it "disgusting", while the European Commission has reportedly asked X to retain all documents relating to the AI chatbot Grok for longer.

Ofcom, the UK's independent communications regulator, in a recent social media post, said: "We are aware of serious concerns raised about a feature on Grok on X that produces undressed images of people and sexualised images of children".

"We have made urgent contact with X and xAI to understand what steps they have taken to comply with their legal duties to protect users in the UK. Based on their response, we will undertake a swift assessment to determine whether there are potential compliance issues that warrant investigation," Ofcom had said.

During the week, three Democratic US senators, in an open letter, called on Apple and Google to suspend X and Grok from their app stores for violating terms of service. PTI MBI ANZ BAL BAL

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