income tax collections

IT Rajasthan launches awareness campaign to enrich stakeholders on New Income tax Act

In a significant ruling, a Spanish court has mandated a £48 million reimbursement to global sensation Shakira, clearing her of allegations of tax fraud dating back to 2011. The court concluded that the tax authorities did not provide sufficient evidence to establish her residency status during that time.

Neighbouring Andhra Pradesh has an even more layered structure, according to data from the Petroleum Planning & Analysis Cell

GFX Matter Below

In a dramatic turn of events, Rajasthan police halted a high-end vehicle coming from Uttar Pradesh, uncovering an astonishing Rs 2.24 crore believed to be linked to hawala operations. Two individuals from Gujarat were apprehended as they struggled to explain the large sum concealed in hidden compartments.

Experts believe that the RBI’s record surplus transfer will offer only partial support to the government’s strained fiscal position amid the continuing crisis in West Asia.

Investment adviser Barrett Linburg proposed a tax strategy for Elon Musk to defer gains from potential SpaceX share sales post-IPO. The plan involves reinvesting profits into a Qualified Opportunity Fund to build infrastructure at Starbase or finance the Terafab site, potentially deferring taxes until 2032 and eliminating future appreciation taxes.

Former India captain MS Dhoni has been revealed as the highest individual taxpayer from Jharkhand and Bihar combined for the 2025-26 financial year. The Principal Chief Commissioner of Income Tax confirmed Dhoni's top position, though the exact tax amount remains undisclosed. This achievement highlights Dhoni's significant financial contribution to the region.

Government's net direct tax collections for FY26 reached over Rs 23.4 lakh crore, a 5.1% increase, though it fell short of the revised target. Corporate tax saw a healthy 11.4% rise, while non-corporate tax remained flat. Refunds saw a slight dip. These collections follow recent income tax cuts.

Conor McGregor's estimated net worth is projected to reach $200 million by 2026, fueled by his UFC earnings, the Floyd Mayweather fight, and the successful sale of Proper No. Twelve whiskey. His business empire, including real estate and fitness ventures, alongside lucrative endorsement deals, solidifies his status as one of MMA's wealthiest athletes.

Tamil cinema's top brass has presented a wish list to Chief Minister Vijay, seeking tax relief, streamlined shoot permits, and robust anti-piracy measures. Producers and theatre owners are pushing for abolished local body taxes, lower electricity tariffs, and a single-window system for approvals, aiming to revitalize the industry amidst digital challenges.

Facing a widening trade deficit, India's Prime Minister urges reduced gold purchases. Industry bodies propose tapping into the nation's vast household gold reserves. Their plan involves using refined household gold for domestic demand and channeling imported gold into jewellery exports via gold metal loans, aiming to boost working capital and cut imports.

India's economy has faced significant challenges from global oil price surges over the past fifty years. From the 1973 Arab embargo to the recent Hormuz disruption, these shocks have impacted inflation and foreign exchange reserves. Policymakers have continuously adapted strategies to manage these crises, balancing economic stability with consumer needs.

Uttar Pradesh has transformed significantly over nine years, moving from a state plagued by poor law and order and migration to a model of development and security. Chief Minister Yogi Adityanath highlighted improvements in infrastructure, investment, agriculture, and welfare, emphasizing a generational shift in governance and opportunity for its citizens.

Scotland stands on the brink of a financial crisis, yet election rhetoric largely sidesteps the approaching budget difficulties. Analysts predict that challenging times lie ahead due to the relentless growth of public spending that outpaces revenue streams. This dilemma is intensified by mounting pressures for higher public sector salaries and the skyrocketing costs in health and social services.

Analysts are bullish on Adani Ports, Indus Tower, and Voda Idea, citing strong performance and growth prospects. Kotak Bank shows solid operating metrics, though RoE lags peers. Bharti Airtel's outlook remains positive despite potential tariff hike delays, with industry repair seen as intact.

Every week TOI+ subscribers send in legal questions and our panel of leading experts offers well-considered, practical, and actionable opinions on every query. From property disputes to inheritance matters, divorce queries to income tax issues, My Lawyer connects you directly with experts you can trust

Bihar and Jharkhand’s Income Tax department is rolling out an innovative outreach initiative to demystify the new Income Tax Act, 2025, while rejuvenating tax collections that saw a decline last year. Aiming to foster understanding and streamline compliance, the program will target the region's expansive pool of seven crore PAN holders, which includes a large workforce and burgeoning entrepreneurial sectors.