The Income Tax Act, 2025 came into force from April 1, marking a major overhaul of India’s tax framework, with the Central Board of Direct Taxes (CBDT) describing it as a step towards simplified compliance and a “new chapter” in tax administration, according to PTI.The new law replaces the six-decade-old Income Tax Act, 1961, and significantly reduces the volume of legislation while retaining the underlying tax policy.“It marks a shift towards greater clarity and ease of compliance through simple language, a streamlined structure and a reader-friendly presentation, without altering the underlying tax policy,” the CBDT said in a statement.“With its coming into force from April 1, 2026, the Income-Tax Act 2025 marks a new chapter in India’s tax administration and an important step towards Viksit Bharat,” it added.The new framework introduces a single “tax year” system, eliminating the earlier distinction between assessment year and previous year, aimed at simplifying tax timelines.It also allows taxpayers to claim TDS refunds even if income tax returns are filed after the deadline, without any penal charges.The Income Tax Department said its e-filing portal will support compliance under both the old and new laws during the transition phase. Assessments, appeals and other proceedings related to earlier years will continue under the old Act until completion.Taxpayers filing returns for assessment year 2026-27 in July 2026 will continue to use forms under the old Act, while advance tax payments for the tax year 2026-27, beginning June 2026, will be governed by the new law.The CBDT said the changes aim to make the tax system more accessible and efficient, while maintaining continuity during the transition period.

TOI correspondent from Washington: In a scene without precedent in the 237-year history of the American judiciary, US President Donald Trump on Wednesday attended the Supreme Court hearing in the birthright citizenship case, highlighting the profound significance of the outcome even as critics saw his appearance as an attempt to intimidate the nine justices.At the heart of the case is Trump’s January 2025 executive order that seeks to dismantle the long-standing interpretation of the 14th Amendment, denying automatic citizenship to approximately 250,000 children born annually in the US to undocumented parents or temporary visa holders. The administration’s architect for the argument, Solicitor General John Sauer, contended that the phrase “subject to the jurisdiction thereof” excludes those without “full allegiance” or permanent domicile in the United States.The bench, however, appeared skeptical as they grilled Sauer. Justice after justice probed whether an executive order could overrule 160 years of settled law. Representing the challengers, ACLU National Legal Director Cecillia Wang argued that birthright citizenship is an “indefeasible” right, applying to nearly everyone born on US soil except for the children of foreign diplomats or invading forces.While Wang held the podium, the intellectual “blueprint” for the opposition’s case was visible in the research of Indian-American legal scholar Smita Ghosh. As a lead author of the “Brief of Scholars of Constitutional Law and Immigration,” Ghosh’s historical evidence—asserting that the 14th Amendment was explicitly intended to be status-blind—formed the backbone of the respondents’ defense.The President’s presence in the court – unprecedented in its history – cast a foreboding shadow in the chamber where six of the nine justices are conservative, and three of them his nominees. Still, the hearing appeared to lean towards the respondents with at least two conservative justices sounding skeptical of the government’s case. Outside, the SC plaza was a cacophony of protesters and supporters, reflecting a nation divided over the definition of “American.” With lower courts having already blocked the order, the nation now waits for a final ruling, expected by early summer.

Parliament on Wednesday passed amendments to the Insolvency and Bankruptcy Code (IBC) aimed at expediting resolution of stressed companies and reducing case backlogs, with Finance Minister Nirmala Sitharaman underlining that the objective is to revive firms rather than liquidate them, according to PTI.The Rajya Sabha cleared the Insolvency and Bankruptcy Code (Amendment) Bill, 2026 by voice vote, after it was passed by the Lok Sabha on March 30.Replying to a discussion in the Upper House, Sitharaman said the IBC is designed to preserve enterprise value and resolve financial stress in a market-driven manner.“It (IBC) was never intended to be a debt recovery tool. Recovery values are incidentally a by-product. The IBC process is market-driven.“Recoveries are reflective of underlying asset quality and commercial viability of the distressed enterprise,” she said, responding to concerns over haircuts and recovery rates.As of December 2025, the IBC has facilitated resolution of 1,376 companies, enabling recovery of Rs 4.11 lakh crore, with financial creditors recovering over 34 per cent of their claims.Sitharaman said recoveries depend on sectoral conditions and asset quality, adding that the code realises 94.95 per cent of fair value at admission, while recoveries exceeding 171.54 per cent of liquidation value reflect the distressed nature of firms entering the process rather than shortcomings of the framework.She said the IBC has strengthened the banking sector by enabling asset recovery and improving balance sheets.“One concrete thing that I can say for India is that the Code actually has contributed to improving the health of our banking sector. One of the reasons why India’s banking sector has actually gotten better in itself is because of the way in which IBC has recovered assets and gone through the process and given back money to the banks,” PTI quoted her as saying.Banks have recovered Rs 1,04,099 crore through various channels, of which Rs 54,528 crore, or 52.3 per cent, came via the IBC route.Citing a World Bank report, Sitharaman said reforms in India’s insolvency regime improved creditor recovery rates from 26.5 cents to 71.6 cents per dollar.“Even just after a few years of its introduction, it has been recognised world over,” she said.The minister said the amendments are aimed at making the law more responsive to evolving economic needs.“IBC was not brought with the intention of liquidating companies. It was brought in to address the stress that the companies are facing and give a resolution which will make them come back to some form and then attain the status that they were earlier running with quite a few guardrails,” she said.Key changes include faster admission of insolvency applications, with adjudication limited to establishing default and increased reliance on information utilities.Applications will need to be admitted within 14 days if default is established, while appeals before the National Company Law Appellate Tribunal (NCLAT) must be resolved within three months.The amendments also aim to strengthen the liquidation process through greater creditor oversight, ensure independence of liquidators and remove procedural overlaps.An enabling framework for group insolvency and cross-border insolvency has been introduced to improve investor confidence and align with global best practices.The bill replaces the underutilised fast-track process with a creditor-initiated insolvency framework that allows out-of-court initiation and follows a debtor-in-possession and creditor-in-control model, with safeguards.Stricter timelines and penalties have also been proposed to deter frivolous litigation and delays.Sitharaman noted that MSMEs have been exempted from disqualification under Sections 29A, 29AC and 29AH, allowing promoters to participate in the resolution process and helping preserve smaller businesses.The Insolvency and Bankruptcy Code, enacted in 2016, has undergone seven amendments so far as the government seeks to refine the framework in line with industry requirements.

NEW DELHI: Iran on Wednesday mocked US President Donald Trump’s claim of “new regime” in Tehran as an “April Fools'” joke and denied his remarks that Tehran had sought a ceasefire, calling it “false and baseless.““On April Fools’ Day, it’s almost poetic that Donald #Trump still manages to outdo the jokes; talking about a “new” #Iran #president when Dr Pezeshkian has been in office all along,” the Consulate General of Iran in Mumbai said in a post on X.“Reality check: presidents aren’t replaced by tweets… that’s what elections are for,” it added.Separately, Iran’s foreign ministry firmly rejected Trump’s assertion that Tehran had requested a ceasefire. “Trump’s statements about Iran’s request for a ceasefire are false and baseless,” spokesperson Esmaeil Baqaei was quoted as saying by state television.

Trump’s claim and warning

The response came hours after Trump said Iran had approached the US for a ceasefire and that Washington would consider it only if the Strait of Hormuz was reopened.In a post on Truth Social, he wrote, “Iran’s New Regime President, much less Radicalized and far more intelligent than his predecessors, has just asked the United States of America for a CEASEFIRE!”“We will consider when Hormuz Strait is open, free, and clear. Until then, we are blasting Iran into oblivion or, as they say, back to the Stone Ages!!!”Iranian lawmaker Ebrahim Azizi also warned earlier that access to the Strait would be restricted under new rules, signalling continued tensions over the key waterway.The ongoing conflict has significantly disrupted global energy markets. The Strait of Hormuz through which nearly one-fifth of the world’s oil and liquefied natural gas supplies pass, has been effectively choked, fueling fears of a broader economic fallout.In the United States, average gas prices crossed $4 a gallon for the first time since 2022, with analysts warning that higher fuel costs could soon push up prices of everyday goods.Even as tensions remain high, Trump has offered mixed signals on the duration of the conflict. In an interview, he said the US would exit Iran “quickly” but did not provide a timeline, adding that Washington could monitor Iran’s nuclear sites “by satellite.”Earlier this week, he also said fuel prices would “come tumbling down” once the war ends a move he suggested could happen within “two to three weeks.”Trump is expected to deliver what the White House described as “an important update on Iran” in a speech later on Wednesday in Washington, as pressure mounts domestically over the conflict and its economic impact.

Unified Payments Interface (UPI) transactions touched a record high in March, with both value and volume hitting new peaks, driven by festive spending and financial year-end activity, according to PTI.Data released by the National Payments Corporation of India (NPCI) showed that UPI transactions totalled Rs 29.53 lakh crore in value during March, up 19 per cent from Rs 24.77 lakh crore in the same month last year.On a month-on-month basis, transaction value rose 10 per cent from Rs 26.84 lakh crore recorded in February.In volume terms, UPI registered 22.64 billion transactions during the month, marking a 24 per cent increase from 18.3 billion transactions a year ago. The volume was 20.39 billion in February.Average daily transactions stood at 730 million, with an average daily value of Rs 95,243 crore, as spending picked up during festivals such as Holi and Eid.“The sustained growth in the digital payment ecosystem in India is an affirmation of the penetration of real-time payment systems in the day-to-day life of the people. UPI processed 22.64 billion transactions worth 29.53 lakh crore in March 2026, marking its emergence as one of the trusted payment systems in the country,” said Anand Kumar Bajaj, MD & CEO of PayNearby.UPI now accounts for around 85 per cent of all digital transactions in India and contributes nearly 50 per cent of global real-time digital payments.The platform is operational in seven countries, including the UAE, Singapore, Bhutan, Nepal, Sri Lanka, France and Mauritius, with its entry into France marking its first expansion into Europe.NPCI, an initiative of the Reserve Bank of India and the Indian Banks’ Association, operates UPI, enabling real-time peer-to-peer and merchant payments across the country.

US stock markets traded higher on Wednesday, tracking a global rally as easing oil prices and hopes of a potential end to the Iran war lifted investor sentiment, according to AP.The S&P 500 rose 0.6%, adding to its sharp gains from the previous session, while the Dow Jones Industrial Average was up 292 points, or 0.6%, as of 10 a.m. Eastern time. The Nasdaq Composite advanced 1%, led by gains in technology stocks.The rally followed strong gains across global markets, with South Korea’s Kospi surging 8.4% and Japan’s Nikkei 225 jumping 5.2%, while key European indices in France, Germany and the United Kingdom rose more than 1%.Investor optimism was driven by comments from US President Donald Trump, who said Iran had “just asked the United States of America for a CEASEFIRE!” shortly before markets opened. “We will consider when Hormuz Strait is open, free, and clear. Until then, we are blasting Iran into oblivion or, as they say, back to the Stone Ages!!!”Trump had also said earlier that the US military campaign could end within two to three weeks, adding to hopes of de-escalation. These remarks followed earlier signals, including a report quoting Iran’s president as saying the country has “the necessary will to end the war” under certain conditions, including guarantees against future aggression.Oil prices eased on these developments, with Brent crude trading at around $101.16 per barrel, down from recent highs but still significantly above pre-war levels of about $70.Despite the gains, markets remain volatile as the conflict continues to disrupt energy supplies. Iran maintains control over the Strait of Hormuz, a critical route through which about one-fifth of global oil flows during peacetime.US gasoline prices also rose further, with the national average reaching $4.06 per gallon, according to AAA.“The worry on Wall Street has been that the war may last a long time and keep oil and natural gas from the Persian Gulf out of global markets, which could create a brutal blast of inflation,” the report said.Analysts cautioned that the impact of the conflict may persist even if hostilities ease.“De-escalation hopes have given markets a lift, but we think the effects of the war would, in many cases, persist even if the war did end soon,” said Thomas Mathews, head of markets, Asia Pacific at Capital Economics, AP quoted.“It’s worth thinking through how markets might fare if the war were to end ‘very soon’… Do markets have further to recover if sentiment continues to improve? The answer is almost certainly yes,” he added.On Wall Street, most stocks traded higher, with Big Tech leading gains. Alphabet rose 2.8% and Nvidia gained 0.8%, providing strong support to the S&P 500.Among other stocks, Nike dropped 13.1% despite reporting better-than-expected quarterly profit, as weak financial forecasts weighed on investor sentiment. Hasbro declined 3.6% after reporting unauthorised access to its computer network.In the bond market, US Treasury yields were largely stable. The 10-year yield edged up to 4.32% from 4.30% late Tuesday, supported by stronger-than-expected data on retail sales and manufacturing activity.The White House said President Trump is expected to address the public later in the day on the Iran war, a key event that markets will closely monitor for further direction.While equities have responded positively to ceasefire hopes, continued geopolitical tensions and elevated oil prices remain key risks for global markets and inflation outlook.