Business

New Delhi: Taxpayers who own foreign assets but fail to report them in their Income Tax Returns (ITR) are now under strict scrutiny. The Income Tax Department has identified over 25,000 high-risk individuals for the assessment year 2025-26 who did not disclose their overseas holdings. The Central Board of Direct Taxes (CBDT) will alert these taxpayers through SMS and email, giving them an opportunity to file revised returns including details of their foreign assets by 31 December 2025. Failure to comply will invite penalties and legal action under existing tax laws. A government source stated, “In the first phase, around 25,000 high-risk cases will be targeted. Notifications will advise taxpayers to update their returns with foreign asset information before or by 31 December. From ar...

New Delhi: People often forget about funds lying unclaimed in bank deposits, pension funds, shares, dividends, or insurance policies. Currently, separate portals exist to claim these funds. But soon, this process is set to become much simpler with a single unified portal. The Ministry of Finance and the Reserve Bank of India (RBI) are jointly preparing a platform that will allow savers and small investors to easily track and claim their unclaimed money. On Thursday, M. Nagaraju, Secretary of the Department of Financial Services (DFS), said the portal will help locate funds lying idle across banks, pension schemes, shares, and dividends. He added that the portal is expected to be launched soon, with oversight provided by the RBI. Current SystemAt present, unclaimed funds are manage...

New Delhi: A foreign property belonging to the late industrialist Ratan Tata is now up for sale. The property is a luxurious seaside villa located on Mahe Island, the largest island in Seychelles. While the villa has been valued at approximately ₹85 lakh, it has reportedly received an offer of ₹55 crore. According to sources, the offer comes from C. Shivshankaran, the founder of the now-defunct telecom company Aircel, along with his family and associates. The villa was bequeathed by Ratan Tata to his Singapore-based fund, RNT Associates, which invests in Indian startups. When approached for comment, Shivshankaran reportedly said, “I don’t know what you are talking about,” though sources confirmed that discussions have taken place, but no final agreement has been reached yet. Notably,...

New Delhi: India’s most valuable company, Reliance Industries, has received a notice from the GST department demanding a payment of ₹56.44 crore. The notice was issued by the Joint Commissioner, CGST, Ahmedabad, on 25 November 2025. Reliance informed the stock exchanges that the notice is related to ‘blocked input tax credit’, which cannot be claimed as a tax benefit. The company stated that the order did not take into account how the service provider had classified the services. Reliance Industries has announced that it plans to appeal against the order. The notice was received via email on 27 November at 11:04 AM. The fine has been levied under Section 74 of the Central Goods and Services Tax Act, 2017 and Gujarat GST Act, 2017. The company clarified that this penalty will not impa...

Mumbai: Pharmaceutical company Sudeep Pharma made a spectacular debut on the stock market on Friday, rewarding its IPO investors with handsome gains. Shares listed at a significant premium, reflecting strong investor enthusiasm. On the BSE, the stock opened at ₹733.95 per share against its issue price of ₹593, marking a 23.77% gain. Meanwhile, on the NSE, it started at ₹730, up 23.10% from the issue price. This listing largely met expectations set by the grey market premium (GMP), which was around 20% prior to listing. Strong Investor ResponseSudeep Pharma’s IPO witnessed overwhelming demand. Open for subscription from 21 to 25 November, the IPO was subscribed 93.71 times overall. Qualified Institutional Buyers (QIBs) bid 213.08 times, marking one of the most aggressively sought entr...

New Delhi: In a major move aimed at widening access to India’s growing financial market, the Securities and Exchange Board of India (SEBI) has relaxed educational requirements for Investment Advisors (IAs) and Research Analysts (RAs). Effective immediately, graduates from any discipline can now apply for these professional roles, marking a significant shift from the earlier restrictions. Key Highlights of the New Rules Eligibility: Previously, only graduates or postgraduates in Finance, Business Management, Commerce, Economics, or Capital Markets could register. Under the new regulations, even graduates in Engineering, Law, Arts, or any other discipline are eligible. Certification Requirement: Applicants must continue to pass the NISM certification exam, which evaluates market kn...

New Delhi: India’s domestic stock markets soared to all-time highs on Thursday, with the BSE Sensex crossing 86,000 points for the first time and the NSE Nifty50 climbing past 26,300 points. Investor confidence was buoyed by expectations of interest rate cuts in the US and India next month, along with optimism over improving corporate earnings and global geopolitical developments. Market Highlights Sensex: Rose over 400 points to surpass 86,000, breaching its previous all-time high of 85,978.25 points. Nifty50: Reached a fresh record 26,300+, surpassing last year’s September peak of 26,277.35 points. Top Movers: Bajaj Finance, Axis Bank, Larsen & Toubro, Bajaj Finserv, and Asian Paints led the rally, gaining between 0.8% and 1.5%. Midcap & Smallcap: Indices also edg...

New Delhi: Once labeled as India’s underperforming “BIMARU” states, Bihar, Uttar Pradesh, Rajasthan, and Assam are now emerging as engines of the nation’s economic growth. A recent HSBC report highlights that post-pandemic, low-income states are catching up rapidly with wealthier states, marking a new phase of economic convergence. Emerging States Lead Economic Recovery According to the report, the growth pattern of these states differs significantly from the pre-COVID era (FY13–FY19), when richer states expanded faster. This new “growth convergence” is driven by increased income and strategic public capital expenditure (CapEx) rather than population factors. States like Bihar, UP, Rajasthan, and Assam have boosted infrastructure development through higher CapEx, signaling stable ...

Mumbai: Shares of Reliance Infrastructure, a company led by Anil Ambani, surged sharply on Thursday, hitting the upper circuit limit of 5% at ₹165.85 on the BSE. This marks the second consecutive day the stock has been capped at the upper circuit after a prolonged six-day decline. Stock Performance Overview Despite the recent rebound, Reliance Infrastructure’s one-month performance remains weak, with the share price down by approximately 27% over the period. The company’s market capitalization stands at around ₹6,454 crore, with a 52-week high of ₹423.40 and a low of ₹149.16, indicating that the stock is still roughly 60% below its yearly peak. Valuation and Technical Outlook P/E Ratio: 2.11 P/B Ratio: 0.26 These low multiples suggest the stock may be undervalued but co...

Visakhapatnam, Andhra Pradesh: Following the major data center announcements by tech giants Google and Meta, Reliance Industries is set to make a landmark investment in Andhra Pradesh. Reliance’s joint venture, Digital Connexion, has signed a deal to develop a massive $11 billion data center in Visakhapatnam. Digital Connexion’s Ambitious Plan Digital Connexion, a joint venture of Reliance Industries, Brookfield, and Digital Realty, has inked an MoU with the Andhra Pradesh Economic Development Board (APEDB) to establish a cutting-edge data center campus. The project envisions: A 400-acre campus with 1 gigawatt (GW) data center capacity Investment totaling ₹98,000 crore (~$11 billion) by 2030 State-of-the-art AI-compatible racks, power substations, and connectivity infrastru...