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BusinessPhoto: Times of India

I-T Department Estimates Rs 25,000 Crore Tax Evasion by Restaurants

The Income Tax Department has detected tax evasion by restaurants estimated at over Rs 25,000 crore based on data from food delivery platforms Swiggy and Zomato. Analysis from 2021-22 to 2024-25 shows 8,000 restaurants with TDS deducted but no tax returns filed, with Rs 7,500 crore evasion identified. In 2024-25, these restaurants earned Rs 2,700 crore via delivery apps, with only Rs 25 crore tax deducted. Authorities plan a new compliance drive.

Times of India··New Delhi

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BusinessPhoto: Hindu Business

Understanding Insurance Excess: Paying More, Not Receiving More

In insurance policies, 'excess' refers to the amount the policyholder must pay out of pocket before the insurer covers the rest. For example, if the excess is ₹1,000, the insured pays the first ₹1,000 of any claim. Some policies have compulsory excess, while others allow voluntary excess for premium discounts. The insurance industry may introduce a 10% co-payment on new hospitalization policies to lower premiums from next year.

Hindu Business·

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PoliticsPhoto: The Hindu

Tukaram Mundhe appointed Secretary of MPSC inquiry panel; aspirants end protest

Maharashtra Government formed a committee to investigate alleged irregularities in the Maharashtra Public Service Commission (MPSC), appointing senior IAS officer Tukaram Mundhe as Secretary. Following this, MPSC Chairman Vivek Bhimanwar went on leave during the inquiry. After 10 days of protest at Pune's S.M. Joshi Bridge, aspirants ended their agitation as most demands, including the inquiry committee formation, were accepted. Aspirants still seek Bhimanwar's removal and MPSC reforms.

The Hindu··Pune

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BusinessPhoto: Mint Markets

Chicago Grains Drop on US Harvest and Higher Stock Estimates

Chicago wheat and corn prices fell for the fourth consecutive session as investors awaited the US Department of Agriculture's weekly harvest progress report. Soybeans also declined due to favorable Midwest weather improving harvest prospects after rain delays. China's Agriculture Ministry lowered its 2026/27 soybean output forecast by 590,000 tons. Algeria issued a tender for 50,000 tons of milling wheat. Brazil's 2026/27 soybean planting is progressing rapidly.

Mint Markets·

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SportsPhoto: TOI Sports

India Takes 2-1 Lead Over West Indies in T20I Series

India captain Shreyas Iyer praised his bowlers after India defeated the West Indies by 14 runs in the third T20I at Holkar Stadium, taking a 2-1 lead in the five-match series. India defended a target of 224, restricting West Indies to 209/7. Arshdeep Singh took three wickets and Naman Dhir took two to secure the win.

TOI Sports··Indore

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BusinessPhoto: ET Markets

RBI Measures Could Boost Local Bond Market Activity

Recent measures by the Reserve Bank of India aimed at stabilizing the rupee may encourage Indian companies to re-enter the bond market. High overseas yields and rising hedging costs had limited borrowing options, causing some bond issuances to be canceled. With increasing bank borrowing costs, bonds may become a more attractive option for companies seeking flexible financing.

ET Markets·

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