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.

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.

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.

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.

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.

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.

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.

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.