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    Rupee gains 20 paise to close at 95.08 against US dollar post-RBI policy decision
    TN Budget: Revenue deficit at Rs 55,775 crore, fiscal deficit estimated at Rs 1,21,819 crore
    Tatkare slams ‘gungi gudiya’ jibe against Sunetra; Cong says row being exploited for political gains
    RBI invites public comments on Draft Guidelines for ‘on tap’ Licensing of Urban Co-operative Banks
    Pakistan-origin dry dates, routed through UAE, seized at Kandla port
    RBI keeps rates unchanged, retains neutral stance; outlook uncertain on El Nino, geopolitical risks
    Government Notifies Inventory-based Cross-border E-Commerce Export Framework under Foreign Trade Policy 2023
    Customs official among 5 held for smuggling gold of Rs 1.44 crore at Indore airport
    Lok Sabha passes Bankers' Books Evidence Bill to replace colonial-era law
    Sensex gains 152 pts in volatile session as RBI keeps policy rates unchanged
    DRI seizes 364 metric tonne (MT) banned Pakistan-origin dry dates imports worth Rs. 3 crore
    Rupee gains 13 paise to close at 95.15 against US dollar post-RBI policy decision
    ED raids premises linked to ex-Andhra MLA Malla Vijaya Prasad in chit fund scam
    'Gungi gudiya' remark against Sunetra shows Cong's 'ideological bankruptcy': NCP leader Tatkare
    RBI holds interest rates for fourth straight meeting, awaits clearer inflation outlook
    Highlights of RBI's August monetary policy
    RBI targeting polymer currency notes launch in early FY28: Guv Malhotra
    Two women held at Delhi airport with 1 kg gold concealed as silver-coated armlet
    Sensex trades higher, Nifty flat post RBI policy
    India's services sector growth hits four-and-a-half-year low in July on weak demand: PMI
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    August 5, 2026
    Show AI Summary
    Rupee appreciation followed unchanged monetary policy, lower crude prices, weaker dollar and expectations of orderly exchange-rate management.
    The rupee strengthened after the central bank maintained its policy rate and neutral monetary-policy stance. Lower crude oil prices, a weaker US dollar and declining US Treasury yields supported investor sentiment. Earlier measures to attract capital inflows remained part of the framework supporting the rupee, while the central bank stressed its endeavour to preserve an orderly currency trajectory. Future movement was linked to geopolitical de-escalation, global risk sentiment and US economic data.
    August 5, 2026
    Show AI Summary
    Fiscal consolidation through revenue mobilisation and leakage control aims to reduce deficits while expanding capital expenditure capacity.
    Tamil Nadu's Revised Budget Estimates for 2026-27 project a revenue deficit and fiscal deficit, with outstanding liabilities comprising public debt and public-account liabilities. Revenue mobilisation is proposed through improved tax administration, collection efficiency, closure of leakages, liquor-manufacturer privilege fees, and eligible Union grants. The strategy projects gradual deficit reduction to create room for capital expenditure, supported by expenditure reforms aimed at eliminating leakages, optimising expenditure, and improving service delivery.
    August 5, 2026
    Show AI Summary
    Political criticism of public office-holders raises debate over media accountability, personal remarks, and acceptable public discourse.
    Political criticism followed a social-media post describing Maharashtra Deputy Chief Minister Sunetra Pawar as "gungi gudiya" in connection with a press interaction on law-and-order issues in Beed district. Congress representatives stated that the post was not a personal insult, had been deleted after adverse reactions, and was followed by an expression of regret. NCP representatives termed the expression inappropriate and stressed that the principal dignitary should conduct media interactions. Shiv Sena (UBT) representatives described the phrase as not unparliamentary and linked it to criticism of a guardian minister's public responsibilities.
    August 5, 2026
    Show AI Summary
    On-tap licensing for Urban Co-operative Banks enters public consultation through draft guidelines inviting stakeholder feedback.
    Draft guidelines for 'on tap' licensing of Urban Co-operative Banks have been issued for public and stakeholder consultation. Comments and feedback may be submitted until September 05, 2026, through the designated online consultation facility or by written or email submission to the specified regulatory department.
    August 5, 2026
    Show AI Summary
    Prohibition on indirect Pakistan-origin imports targets alleged origin misdeclaration and UAE routing used to circumvent trade restrictions.
    Import prohibition on goods originating in Pakistan applies to direct and indirect imports under the Foreign Trade Policy, 2023. Pakistan-origin dry dates routed through the UAE were allegedly declared as UAE-origin goods for import, and were intercepted under the Customs Act, 1962. Investigation indicated that the goods were first sent from Pakistan to Dubai, re-containerised, and then exported to India. A separate interception involved Pakistan-origin guggul resin allegedly declared as Somali natural resin and routed through Dubai.
    August 5, 2026
    Show AI Summary
    Neutral monetary policy stance keeps benchmark rates unchanged while inflation risks, liquidity management and consumer-protection reforms remain under review.
    Monetary policy maintains the benchmark policy rate unchanged and retains a neutral stance, with future decisions guided by incoming data. The central bank remains committed to aligning headline inflation with its medium-term target while monitoring food, fuel and other input-cost risks. Surplus liquidity will be managed through two-way operations, and the regulatory framework for interest rates on advances is proposed to be harmonised and standardised across regulated entities to improve transparency and consumer protection.
    August 5, 2026
    Show AI Summary
    Export-only e-commerce inventory framework enables seller exports through registered exporters while requiring traceability, timely payments and domestic-diversion controls.
    The export-only inventory framework permits eligible e-commerce entities to export through a registered Exporter-on-Record, which procures goods from Indian Sellers-on-Record against confirmed overseas orders and assumes export and destination-country compliance responsibilities. Inventory must be segregated, digitally traceable and cannot be diverted to domestic sale. The framework requires timely seller payments, visibility of overseas sales and shipment information, proportional pass-through of export rebates and refunds, annual compliance certification and digital records.
    August 5, 2026
    Show AI Summary
    Gold smuggling enforcement targets concealed foreign-origin gold, airport control evasion, and illicit railway transport under customs law.
    Gold smuggling enforcement operations under the Customs Act, 1962 involved alleged concealment and unlawful movement of foreign-origin gold. At an international airport, an alleged syndicate used an airline employee to transfer gold received from arriving passengers outside Customs and immigration controls, with gold disguised as silver-coloured bracelets. A separate railway operation concerned gold concealed in a specially made cloth waist belt and intended for delivery to a jeweller. The actions addressed concealment, evasion of Customs controls, and illicit transport of foreign-origin gold.
    August 5, 2026
    Show AI Summary
    Digital bank-record evidence gains a technology-neutral framework through expanded admissibility, certified authentication, and regulated production of bankers' books.
    The Bankers' Books Evidence Bill, 2026, modernises the evidentiary treatment of banking records by extending "bankers' books" to physical, electronic, digital, virtual and cloud-based records. It recognises electronic bank records as admissible evidence, allows production in physical or electronic form, and provides for standardised certificates authenticated by manual, digital or electronic signatures. The Bill also defines "special cause" for compelling bank officers to produce records or testify where the bank is not a party, and permits extension to specified financial-sector entities subject to conditions.
    August 5, 2026
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    Closing auction price discovery and unchanged policy rates shaped volatile equity trading amid inflation and geopolitical uncertainty.
    The Monetary Policy Committee retained the policy repo rate and neutral policy stance while seeking greater clarity on inflation risks from higher energy costs. Stock exchanges introduced the Closing Auction Session for eligible futures and options shares in the equity cash segment to determine closing prices through a more transparent and robust auction-based price-discovery mechanism. Equity markets showed volatile, limited gains amid geopolitical uncertainty, energy-price concerns, profit booking and the new mechanism's introduction.
    August 5, 2026
    Show AI Summary
    Pakistan-origin import prohibition covers third-country routing, false origin declarations, forged documents, and trans-shipment arrangements used to evade restrictions.
    The prohibition on direct or indirect import or transit of goods originating in or exported from Pakistan extends to goods routed through third countries and falsely declared as having another origin. Misdeclaration of country of origin, false descriptions, forged documentation, and trans-shipment arrangements may contravene that prohibition and invite action under the Customs Act, 1962. Dry dates declared as UAE-origin and Guggul resin declared as Somalia-origin were investigated as goods of Pakistan origin routed through Dubai.
    August 5, 2026
    Show AI Summary
    Foreign exchange stability measures support the rupee as policy continuity, capital inflows and global risk sentiment shape currency expectations.
    Foreign exchange market movement reflected a rupee appreciation against the US dollar following the monetary policy decision to retain the repo rate and neutral stance. Market sentiment was supported by softer crude oil prices, weakness in the US dollar, lower US Treasury yields and foreign equity inflows. The monetary policy framework sought to support capital inflows and maintain an orderly rupee trajectory, with geopolitical developments and US economic data remaining relevant to near-term exchange-rate expectations.
    August 5, 2026
    Show AI Summary
    Money-laundering investigation examines alleged proceeds from chit fund operations following searches linked to a former company managing director.
    A money-laundering investigation concerns alleged proceeds of crime arising from a multi-state chit fund operation associated with Welfare Building and Estates Pvt Ltd. The company is alleged to have collected investor deposits through investment schemes promising high returns before defaulting. Searches at premises linked to its former managing director form part of the inquiry into alleged laundering. The underlying alleged fraud had previously resulted in a CBI case and multiple police FIRs.
    August 5, 2026
    Show AI Summary
    Political restraint in public communications was urged, alongside adherence to principal-speaker protocol during press conferences and media interactions.
    Political restraint in public communications was urged after a social-media remark directed at Sunetra Pawar was criticised as ideologically irresponsible. It was stated that regret alone was insufficient and that leaders should exercise care in public comments. Press-conference protocol was also emphasised: the principal dignitary should respond to media questions, and those seated alongside should not participate in the interaction. Party colleagues were expected to act more responsibly in future media engagements.
    August 5, 2026
    Show AI Summary
    Neutral monetary policy stance continues as inflation clarity is awaited, alongside cooperative banking and lending-rate transparency measures.
    Monetary policy maintained the benchmark policy repo rate and a neutral stance pending clearer evidence that energy-cost pressures will generate broad-based inflation. Inflation is expected to rise temporarily due principally to food and fuel prices before moderating, while core inflation remains benign. The approach remains data-dependent, supported by two-way liquidity operations. Proposed measures include resuming urban cooperative bank licensing, revising rural cooperative bank credit-monitoring directions, and harmonising interest-rate regulation on advances across regulated entities to improve transparency and consumer protection.
    August 5, 2026
    Show AI Summary
    Repo rate stability preserves the policy stance amid lower inflation projections, stronger growth expectations and external-sector resilience.
    Monetary policy maintained the repo rate at 5.25 per cent following a unanimous policy committee decision. The growth forecast for FY27 was marginally increased, while the inflation projection was lowered. Inflation conditions remain uncertain because of monsoon, El Nino and geopolitical developments. Liquidity remained in surplus, and external-sector indicators reflected a current-account surplus, buoyant foreign direct investment inflows, renewed foreign portfolio investment inflows, and adequate foreign-exchange reserves.
    August 5, 2026
    Show AI Summary
    Polymer currency notes target improved durability as monetary policy remains data-dependent and rupee management pursues an orderly trajectory.
    Polymer currency notes are targeted for circulation at the beginning of the next financial year, subject to implementation proceeding as planned. They are intended to improve durability, especially for lower-denomination notes with high circulation velocity. Monetary policy decisions will remain data-dependent and focused on aligning headline inflation with its medium-term target. Foreign Currency Non-Resident (Bank) scheme inflows are expected to remain healthy until closure, with no proposal for premature termination. Rupee management aims to maintain an orderly exchange-rate trajectory.
    August 5, 2026
    Show AI Summary
    Customs anti-smuggling enforcement targets gold concealed as silver-coated armlets following passenger profiling and personal search at airport.
    Customs officers intercepted two passengers arriving from Istanbul after Advance Passenger Information System profiling and their activation of the Door Frame Metal Detector. A personal search recovered approximately one kilogram of gold, silver-coated and concealed as traditional armlets worn on the upper arms. The gold was seized under the Customs Act, a smuggling case was registered, and investigation was initiated into the source and any wider smuggling network.
    August 5, 2026
    Show AI Summary
    Closing auction price discovery for eligible derivatives shares begins as monetary policy retains the repo rate and neutral stance.
    The Reserve Bank retained the repo rate with a neutral stance amid uncertainty over energy prices and supply disruptions. Stock exchanges introduced the Closing Auction Session in the equity cash segment for eligible shares with futures and options contracts. This auction-based mechanism determines closing prices of eligible stocks and aims to make price discovery more transparent and robust.
    August 5, 2026
    Show AI Summary
    Services-sector growth slowed as weaker demand, competition and postponed orders moderated business activity, while employment improved modestly.
    Services-sector growth slowed as domestic and export orders moderated amid weaker demand, competitive pressures, softer market conditions and postponed orders. Output continued to expand, but at its weakest pace in more than four years. Employment growth improved modestly, while input costs rose and firms increased selling prices. Business confidence remained positive but declined, and the composite output indicator weakened due principally to the sharp slowdown in services activity.

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      List of Amended Provisions of Income Tax Act, 1961 and Wealth Tax Act, 1957 vide Finance (No. 2) Act, 2009

      August 12, 2009

      Contents
      Acts
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      List of Amended Sections of Income Tax Act, 1961 and Wealth Tax Act, 1957 vide Finance (No. 2) Act, 2009

      (As amended)

      Act

      Section

      Particular

       

      Income-tax Act, 1961

      2 Part A

      Definitions [Clause (1) to Clause (15)]

      View

      Income-tax Act, 1961

      2 Part B

      Definitions [Clause (15A) to Clause (30)]

      View

      Income-tax Act, 1961

      2 Part C

      Definitions [Clause (31) to Clause (48)]

      View

      Income-tax Act, 1961

      10 Part A

      Incomes not included in total income [Clause (1) to Clause (10D)]

      View

      Income-tax Act, 1961

      10 Part B

      Incomes not included in total income [Clause (11) to Clause (17)]

      View

      Income-tax Act, 1961

      10 Part C

      Incomes not included in total income [Clause (17A) to Clause (23C)]

      View

      Income-tax Act, 1961

      10 Part D

      Incomes not included in total income [Clause (23D) to Clause (44)]

      View

      Income-tax Act, 1961

      10A

      Special provision in respect of newly established undertakings in free trade zone, etc.

      View

      Income-tax Act, 1961

      10AA

      Special provisions in respect of newly established Units in Special Economic Zones.

      View

      Income-tax Act, 1961

      10B

      Special provisions in respect of newly established hundred per cent export-oriented undertakings

      View

      Income-tax Act, 1961

      17

      Salary, perquisite and profits in lieu of salary defined

      View

      Income-tax Act, 1961

      28

      Profits and gains of business or profession

      View

      Income-tax Act, 1961

      32

      Depreciation

      View

      Income-tax Act, 1961

      35

      Expenditure on scientific research

      View

      Income-tax Act, 1961

      36

      Other deductions

      View

      Income-tax Act, 1961

      40

      Amounts not deductible

      View

      Income-tax Act, 1961

      40A

      Expenses or payments not deductible in certain circumstances

      View

      Income-tax Act, 1961

      43

      Definitions of certain terms relevant to income from profits and gains of business or profession

      View

      Income-tax Act, 1961

      44AA

      Maintenance of accounts by certain persons carrying on profession or business

      View

      Income-tax Act, 1961

      44AB

      Audit of accounts of certain persons carrying on business or profession

      View

      Income-tax Act, 1961

      44AE

      Special provision for computing profits and gains of business of plying, hiring or leasing goods carriages

      View

      Income-tax Act, 1961

      44AF

      Special provisions for computing profits and gains of retail business

      View

      Income-tax Act, 1961

      49

      Cost with reference to certain modes of acquisition

      View

      Income-tax Act, 1961

      50B

      Special provision for computation of capital gains in case of slump sale

      View

      Income-tax Act, 1961

      50C

      Special provision for full value of consideration in certain cases

      View

      Income-tax Act, 1961

      44AD

      Special provision for computing profits and gains of business on presumptive basis.

      View

      Income-tax Act, 1961

      56

      Income from other sources

      View

      Income-tax Act, 1961

      57

      Deductions

      View

      Income-tax Act, 1961

      80A

      Deductions to be made in computing total income

      View

      Income-tax Act, 1961

      80CCD

      Deduction in respect of contribution to pension scheme of Central Government

      View

      Income-tax Act, 1961

      80DD

      Deduction in respect of maintenance including medical treatment of a dependant who is a person with disability

      View

      Income-tax Act, 1961

      80E

      Deduction in respect of interest on loan taken for higher education

      View

      Income-tax Act, 1961

      80IA

      Deductions in respect of profits and gains from industrial undertakings or enterprises engaged in infrastructure development, etc.

      View

      Income-tax Act, 1961

      80GGC

      Deduction in respect of contributions given by any person to political parties

      View

      Income-tax Act, 1961

      80GGB

      Deduction in respect of contributions given by companies to political parties or an electoral trust

      View

      Income-tax Act, 1961

      80G

      Deduction in respect of donations to certain funds, charitable institutions, etc.

      View

      Income-tax Act, 1961

      80IB

      Deduction in respect of profits and gains from certain industrial undertakings other than infrastructure development undertakings

      View

      Income-tax Act, 1961

      80U

      Deduction in case of a person with disability

      View

      Income-tax Act, 1961

      89

      Relief when salary, etc., is paid in arrears or in advance

      View

      Income-tax Act, 1961

      90

      Agreement with foreign countries or specified territories

      View

      Income-tax Act, 1961

      92C

      Computation of arms length price

      View

      Income-tax Act, 1961

      115BBC

      Anonymous donations to be taxed in certain cases

      View

      Income-tax Act, 1961

      115JA

      Deemed income relating to certain companies

      View

      Income-tax Act, 1961

      115JAA

      Tax credit in respect of tax paid on deemed income relating to certain companies

      View

      Income-tax Act, 1961

      115JB

      Special provision for payment of tax by certain companies

      View

      Income-tax Act, 1961

      115O

      Tax on distributed profits of domestic companies

      View

      Income-tax Act, 1961

      115WE

      Assessment

      View

      Income-tax Act, 1961

      131

      Power regarding discovery, production of evidence, etc.

      View

      Income-tax Act, 1961

      132

      Search and seizure

      View

      Income-tax Act, 1961

      132A

      Powers to requisition books of account, etc.

      View

      Income-tax Act, 1961

      139A

      Permanent account number

      View

      Income-tax Act, 1961

      140

      Return by whom to be signed

      View

      Income-tax Act, 1961

      143

      Assessment

      View

      Income-tax Act, 1961

      145A

      Method of accounting in certain cases

      View

      Income-tax Act, 1961

      147

      Income escaping assessment

      View

      Income-tax Act, 1961

      194A

      Interest other than Interest on securities

      View

      Income-tax Act, 1961

      194C

      Payments to contractors and sub-contractors

      View

      Income-tax Act, 1961

      194I

      Rent

      View

      Income-tax Act, 1961

      197A

      No deduction to be made in certain cases

      View

      Income-tax Act, 1961

      200

      Duty of person deducting tax

      View

      Income-tax Act, 1961

      201

      Consequences of failure to deduct or pay

      View

      Income-tax Act, 1961

      203A

      Tax deduction and collection account number

      View

      Income-tax Act, 1961

      206A

      Furnishing of quarterly return in respect of payment of interest to residents without deduction of tax

      View

      Income-tax Act, 1961

      206C

      Profits and gains from the business of trading in alcoholic liquor, forest produce, scrap, etc.

      View

      Income-tax Act, 1961

      208

      Conditions of liability to pay advance tax

      View

      Income-tax Act, 1961

      246A

      Appealable orders before Commissioner (Appeals)

      View

      Income-tax Act, 1961

      253

      Appeals to the Appellate Tribunal

      View

      Income-tax Act, 1961

      271

      Failure to furnish returns, comply with notices, concealment of income, etc

      View

      Income-tax Act, 1961

      272A

      Penalty for failure to answer questions, sign statements, furnish information, returns or statements, allow inspections, etc.

      View

      Income-tax Act, 1961

      281B

      Provisional attachment to protect revenue in certain cases

      View

      Income-tax Act, 1961

      282

      Service of notice generally

      View

      Income-tax Act, 1961

      SCHEDULE 01

      INSURANCE BUSINESS

      View

      Income-tax Act, 1961

      SCHEDULE 04

      Recognised Provident Funds

      View

      Income-tax Act, 1961

      SCHEDULE 13

      List of articles or things

      View

      Wealth Tax Act, 1957

      3

      Charge of wealth-tax

      View

      Wealth Tax Act, 1957

      44A

      Agreement for avoidance or relief of double taxation with respect to wealth-tax

      View

       

       

       

       

      Finance (No. 2) Act, 2009 as passed by Lok Sabha and Rajya Sabha

      Topics

      ActsIncome Tax