While the I-T Act can be used to claim tax on 10-year old undisclosed income, the Black Money (BM) Act empowers the tax department to go after assets that were acquired decades ago but discovered now.

Indian economy likely grew 15.1% in Q1 of FY23 aided by a favourable base and revival in services as all Covid restrictions were removed.

In a press release, RBI said that the investment in State Government Stocks will be reckoned as an eligible investment in Government Securities by banks for the purpose of Statutory Liquidity Ratio (SLR) under Section 24 of the Banking Regulation Act, 1949.

India's gem and jewellery exports declined marginally to Rs 24,913.99 crore (USD 3,129.91 million) in July compared to the year-ago month, the Gem and Jewellery Export Promotion Council (GJEPC) said on Thursday.

"The roadmap stands to inform and guide the way for India to become a higher-income country by 2047. It proposes policy goals, principles and approaches to further drive India’s economy in the direction of sustainability and resilience, embedded in social progress and shared prosperity," a press release issued by the govt read.

The Budget presented by the Union government this year in February permitted taxpayers to update their ITRs within two years of filing, subject to payment of taxes, a move aimed at helping correct any discrepancy or omissions. A taxpayer would be permitted to file only one updated return per assessment year. The CBDT chief said the department is looking at all such businesses including online betting and gaming and cited the example of raids conducted by the taxman against a Mumbai-based group engaged in online cricket betting and gaming in February.

“The ICS needs to cover lost ground in the next ten days to ensure that it does not post a contraction during August. If it fails to rally adequately, August would turn out to be the first month in 2022 to register a fall in consumer sentiments,” CMIE cautioned.

Hafed, which used to procure wheat only for Food Corporation of India at the minimum support price, had for the first time purchased the grain at market rate this year for the sole purpose of exports. It had procured 1,80,000 tonnes of wheat, paying more than the MSP for exports.

With the successful rollout of PLI schemes for 14 sectors to create national manufacturing champions, discussions are on to have similar incentives for some more job-creating sectors, officials said. "Talks to include toys, bicycles and lab-grown gems within the PLI umbrella are going on," said an official.