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Income Tax Department had extended the deadline to file ITR for FY 2024-25 to September 15 from July 31. (AI image)

ITR Filing FY 2024-25: The Income Tax Department has activated its website incometax.gov.in for filing income tax returns using ITR-1 and ITR-4 forms. Eligible individuals can now submit their ITR via the e-filing portal for FY 2024-25 (AY 2025-26). Currently, only ITR-1 and ITR-4 submissions are available online, whilst those needing to submit ITR-2 or ITR-3 must wait for further updates.Last month, the Income Tax Department had extended the deadline to file ITR for FY 2024-25 to September 15 from July 31.

The ITR-1 filing is allowed for Indian resident individuals who:* Have a total annual income below Rs 50 lakh* Earn from salary, one house property, family pension income, agricultural income (up to Rs 5000), and additional sources including:* Savings Account interest* Deposit interest (Bank / Post Office / Cooperative Society)* Income Tax Refund interest* Enhanced Compensation interest* Other interest earnings* Family Pension“Income of Spouse (other than those covered under Portuguese Civil Code) or Minor is clubbed (only if the source of income is within the specified limits as mentioned above),” said the Income Tax Department in its frequently asked question (FAQ ).This year the new ITR forms permit individuals with long-term capital gains from equity shares and equity mutual fund investments to submit their tax returns through ITR-1 and ITR-4 forms (as applicable). This provision applies when the capital gains remain within Rs 1.25 lakh.

ITR-4 is applicable for Resident Individuals, HUFs, and Firms (excluding LLP) meeting these conditions:* Annual income should not surpass Rs 50 Lakh in the FY* Business and Professional earnings calculated presumptively under sections 44AD, 44ADA or 44AE* Income sources include Salary/Pension, Single House Property, Agricultural Income (limited to ₹ 5000/-)* Additional income from Other Sources (excluding lottery winnings and Race Horse income):* Savings Account Interest* Bank/Post Office/Cooperative Society Deposit Interest* Interest on Income Tax Refund* Family Pension* Enhanced Compensation Interest* Additional Interest Income (including Unsecured Loan Interest)

“The trust placed in us by leading global financial institutions underscores the long-term value and potential of India’s aviation infrastructure,” Arun Bansal, CEO of AAHL, said.
| Photo Credit: The Hindu

Adani Airports Holdings Ltd (AAHL), a subsidiary of Adani Enterprises Limited, said it has raised $750 million via External Commercial Borrowings (ECB) from a consortium of international banks.

The transaction was led by First Abu Dhabi Bank, Barclays PLC, and Standard Chartered Bank.

The proceeds will be used to refinance existing debt, invest in infrastructure upgrades, and capacity expansion across the six airports viz. Ahmedabad, Lucknow, Mangaluru, Jaipur, Guwahati, and Thiruvananthapuram; scale the non-aeronautical businesses, including Retail, F&B, Duty Free and services across the airport network, the company said in a statement.

“The trust placed in us by leading global financial institutions underscores the long-term value and potential of India’s aviation infrastructure. AAHL is well on its path to deliver exceptional customer experiences, leveraging technology for seamless operations, and prioritising sustainability and community engagement across its airport network,” said Arun Bansal, CEO of AAHL.

“As we continue our journey, AAHL remains committed to being the Gateway to Goodness, delivering customer-centric solutions and building world-class airport infrastructure that sets global benchmarks in service and sustainability,” he added.

The Reserve Bank of India’s Monetary Policy Committee (MPC) began its two-day meeting in Mumbai this week to review interest rates, while economists offer different views on how the central bank should proceed. Some economists, like Debopam Chaudhuri of the Piramal Group, argue that now is the right time for a more aggressive 50 basis point (bps) cut. “Rate transmission picked up only after the repo rate was brought down to 6 per cent. A 50 bps cut now could speed up economic momentum,” Chaudhuri said to news agency ANI. He believes that with the US Federal Reserve expected to ease rates soon, India has a window to act boldly without hurting its appeal to global investors. Others, however, favour a more measured approach. Sonal Badhan of Bank of Baroda supports a 25 bps cut, citing moderated inflation, a forecast for normal monsoon, and external uncertainties. “We expect the RBI to lower rates by 25bps this week. This is based on the fact that inflation has significantly moderated and is expected to remain contained in the coming months as well. Also, given the prediction of normal monsoon, pressure on food inflation will be limited,” she said. Economist M Govind Rao also sees room for rate cuts, especially with inflation below 4 per cent and global risks rising. “The inflation rate is well within the target, and there is sufficient space to reduce the rate. With uncertainty due to tariff increases and global volatility, it is appropriate to reduce the interest rate to trigger higher investment,” he told ANI.According to a Bank of Baroda report, India’s 10-year government bond yield may fall further if the RBI announces a rate cut larger than 25 basis points. It expects the yield to range between 6.15% and 6.27% in June, with a downward bias. The report also flagged rising US debt concerns, which hardened global yields and triggered investor caution.RBI’s rate cut will mark the third straight rate cut by the central bank this year. In April, the RBI reduced the repo rate by 25 basis points to 6% from 6.25%, following a similar cut in February. As the RBI wraps up its meeting on Friday, June 6, markets and investors will be watching Governor Sanjay Malhotra’s 10 am statement closely. The decision is likely to set the tone for borrowing costs and investment sentiment in the months ahead.

Union Minister Piyush Goyal.
| Photo Credit: Shiv Kumar Pushpakar

India has called for action to curb non-tariff barriers, address trade distortions caused by non-market economies, and restore a strong dispute settlement mechanism at the WTO, Commerce and Industry Minister Piyush Goyal said on Wednesday (June 4, 2025).

The Minister also pitched for strengthening the current consensus-based approach at the World Trade Organisation (WTO), the special and differential treatment given to less developed countries and developing countries, and bringing back focus on issues that have already been finalised and mandated at previous ministerial meetings.

“India made a strong pitch for addressing non-tariff barriers that certain countries use to deprive others of market access, take necessary action against non-market economies, ensure that we have a strong dispute settlement mechanism at the WTO so that finality can be brought and discipline can be maintained,” Mr. Goyal told reporters here.

The Minister made these remarks in a meeting of about 25 Ministers of WTO member countries, including Australia, Singapore, France and Nigeria. WTO Director General Ngozi Okonjo-Iweala also participated in the meeting.

This mini-ministerial informal gathering was called by Australia ahead of the 14th ministerial conference, scheduled in Cameroon in March next year. It was held on the margins of the OECD (Organisation for Economic Co-operation and Development) Ministerial Council Meeting here.

The WTO deals with the global rules of trade between nations. Its main function is to ensure that trade flows as smoothly, predictably and freely as possible. It is a Geneva-based 166-member body.

Since 2009, the WTO’s dispute settlement mechanism has not been functioning properly as the U.S. has stalled appointments of members in the appellate body. On earlier occasions, India has pressed for a two-tier dispute resolution system at the WTO.

“All in all, the shared concerns of all the Ministers were placed before the gathering today, and we have all resolved to collectively work to strengthen the working of the WTO, to ensure the core principles are respected and work towards global good and global growth in trade,” he said.

He added that it was agreed upon by the member nations to make an effort to bring back the mojo into the organisation as all countries recognise the importance of multilateralism.

The other tracks which came up for discussion include resolving agri issues, including finding a permanent solution to the issues of public stockholding for food grains.

“There is the track on finding solutions to address the concerns of overfishing and indiscriminate fishing that is leading to depletion of fish stocks, there are concerns about several JSIs (joint statement initiatives) (or) pluri-laterals, which some countries believe should be brought within the multi-lateral framework,” he said.

On the China-led proposal for an investment facilitation pact, he said, issues that have been mandated at the WTO should get priority and should be the first issues to be resolved.

Issues going beyond trade (like this proposal) should not be brought into it as it would create further differences between member countries, he added. India is against this proposal.

Whether any member raised the issue of MPIA (multi party interim appeal arbitration arrangement), the minister said only one or two members spoke about that.

“But there does not seem to be very much consensus or any traction to that idea. I have not heard of any cases resolved through MPIA,” he said.

The MPIA is being pushed by certain members. It is an alternative mechanism to resolve WTO disputes that are appealed by a country in the absence of a functional WTO Appellate Body.

Whether the WTO is facing an existential crisis, he said that one should not jump to the conclusion that an existential crisis has been created.

“Challenges will come and situations will arise, we have to address such challenges, face these situations and within the ambit of the WTO framework,” he said, adding “the WTO now is about 30 years old, what we need to do is work with an open mind and unlock possibilities”.

Picture source: X/Piyush Goyal

India on Wednesday called for curb on non-tariff barriers, trade distortions by non-market economies and restoration of strong dispute settlement mechanism at WTO.Commerce and industry minister Piyush Goyal was meeting ministers from other WTO-member countries on the sidelines of the OECD ministerial council meeting in Paris.“India made a strong pitch for addressing non-tariff barriers that certain countries use to deprive others of market access, take necessary action against non-market economies, ensure that we have a strong dispute settlement mechanism at the WTO so that finality can be brought and discipline can be maintained,” Goyal told reporters.About 25 ministers of WTO member countries, including Australia, Singapore, France and Nigeria and WTO director general Ngozi Okonjo-Iweala were also present in the meeting. The 14th ministerial conference of WTO members is scheduled in Cameroon in March next year.The minister also called for strengthening the WTO’s consensus-based approach, continuing special and differential treatment for developing and least developed countries, and shifting the focus back to issues already agreed upon in past ministerial meetings.Other areas discussed included resolving agricultural issues, especially finding a permanent solution to public stockholding of food grains. “There is the track on finding solutions to address the concerns of overfishing and indiscriminate fishing that is leading to depletion of fish stocks, there are concerns about several JSIs (joint statement initiatives) (or) pluri-laterals, which some countries believe should be brought within the multi-lateral framework,” Goyal said.On the China-led proposal for an investment facilitation pact, the minister said that issues already mandated at the WTO should be given priority and resolved first. He added that bringing in topics beyond trade, like this proposal, could create more divisions among member countries. India remains opposed to the proposal.The minister said only a couple of members mentioned the Multi-Party Interim Appeal Arbitration Arrangement (MPIA), but there was little consensus or momentum around it. “I have not heard of any cases resolved through MPIA,” he noted. The mechanism, backed by some countries, aims to handle WTO dispute appeals in the absence of a functioning appellate body.

Image for representational purposes only.
| Photo Credit: Reuters

The rupee depreciated 25 paise to 85.86 against the U.S. dollar in early trade on Wednesday (June 4, 2025) amid outflows of foreign funds.

Forex traders said the decline was limited by a positive domestic equity market, softer global crude oil prices and a weak American dollar.

At the interbank foreign exchange, the rupee opened on a weak note at 85.69 and slipped further by 25 paise to 85.86 against the American currency in early trade.

On Tuesday (June 3, 2025), the rupee fell 22 paise to settle at 85.61 against the U.S. dollar.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading lower by 0.05% at 99.18.

Brent crude, the global oil benchmark, declined 0.32% to $65.42 per barrel in futures trade.

“Restrictive flows have kept the rupee ranged between 85-86 in the past two weeks, with the RBI selling dollars at 85.70-75 levels. The RBI MPC begins its three-day deliberations today with the announcement of rates on Friday morning and is expected to cut repo rate by 25 bps to 5.75%,” said Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP.

In the domestic equity market, the 30-share BSE Sensex climbed 230.17 points to 80,967.68, while the Nifty rose 70.25 points to 24,612.75.

Foreign Institutional Investors (FIIs) sold equities worth ₹2,853.83 crore on a net basis on Tuesday, according to exchange data.

A screen displaying the Sensex is pictured at the Bombay Stock Exchange (BSE) building in Mumbai, India, May 12, 2025.
| Photo Credit: Reuters

Benchmark stock indices Sensex and Nifty rebounded in early trade on Wednesday after three days of decline tracking a rally in global markets.

The 30-share BSE Sensex climbed 230.17 points to 80,967.68 in early trade. The NSE Nifty went up by 70.25 points to 24,612.75.

From the Sensex firms, Bharti Airtel, Eternal, IndusInd Bank, Maruti, Tata Motors and Bajaj Finance were the major gainers.

However, Tata Consultancy Services, UltraTech Cement, Titan and ICICI Bank were among the laggards.

In Asian markets, South Korea’s Kospi, Japan’s Nikkei 225 index, Shanghai’s SSE Composite index and Hong Kong’s Hang Seng were trading significantly higher.

U.S. markets ended in the positive territory on Tuesday.

“The strong fundamental factors that will support the market are India’s robust and improving macros and sustained flows into mutual funds, particularly the SIP inflows which are steady and growing. This reflects the coming of age of the Indian retail investor.

An important takeaway from the Q4 results is the outperformance of the midcaps relative to large-caps and small-caps,” VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited, said.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹2,853.83 crore on Tuesday, according to exchange data.

“The market is expected to open on a positive note, supported by a global market rally driven by stronger-than-expected U.S/ job openings data, which helped lift investor sentiment despite ongoing concerns around President Donald Trump’s tariff policies,” Vikas Jain, Head of Research at Reliance Securities, said in his pre-open market commentary.

Global oil benchmark Brent crude declined 0.32% to $65.42 a barrel.

The 30-share BSE Sensex tanked 636.24 points or 0.78% to settle at 80,737.51 on Tuesday. The Nifty plunged 174.10 points or 0.70% to 24,542.50.

Gold price prediction: This week will remain volatile and set tone in terms of new direction in prices. (AI image)

Gold price prediction today: Gold prices ended the last week down and also continued to consolidate during the entire May month below record highs touched in April. Meanwhile, spikes seen in prices in recent sessions were only on account of geopolitical developments involving Russia & Ukraine as Ukraine carried out its biggest strike on record hitting almost $7bn worth of Russian military planes. Maneesh Sharma, AVP – Commodities & Currencies, Anand Rathi Shares and Stock Brokers shares his views and recommendations:The yellow metal jumped almost 2% yesterday while Silver prices were boosted by 5 % due to augmented safe haven flows. On the global trade front, US President Donald Trump lashed out at China over the weekend and accused the latter of violating a preliminary tariff agreement, reviving fears of a trade war between the world’s two largest economies. Trump also announced to double tariffs on steel imports from 25 % to 50 % while reportedly urging countries to present the most favourable trade by Wednesday in an effort to speed up discussions before reciprocal tariffs come into effect on July 8. This also kept the dollar upside limited, keeping it below 100 since last week.Bullion prices remained also up following Federal Reserve (Fed) Governor Christopher Waller’s slightly dovish approach, saying that rate cuts remain possible later this year. However, he warned that policymakers are mainly focused on controlling inflation.

This week to remain volatile and set tone in terms of new direction in pricesOverall bias for bullion still suggests limited upside for the current week as June tends to be the weakest season of the year for Gold Miners & stocks in terms of seasonal approach, leaving waning interest in markets. Meanwhile volatility could also remain high as US Fed members continue to stick to easing bias but rate cut probabilities stay delayed only after September month. Adding to these concerns, any further escalation in Russia Ukraine conflict, with any retaliatory response from Russia warrants caution for the USD bulls and may lead to volatility in bullion prices.Traders also look forward to the release of several macro cues including US JOLTS Job Openings along with speeches by influential FOMC members. The major focus, however, will remain on the US monthly employment details, or the Nonfarm Payrolls (NFP) report due on Friday amid steady payrolls may confirm delayed rate cut for the year.Gold Price Weekly View: Highly Volatile (Duration 1 – 2 weeks)Strategy: We expect limited upside in Gold for the coming week as any volatile spike towards $3420 – 3450 per oz in Spot (CMP $3358 per oz) remains a selling opportunity on a weekly basis. On MCX Aug futures (CMP Rs. 97,785 per 10 gm) prices could trade in a broad range of Rs. 99,850 – 93,980 per 10 gm for a duration of 10 – 15 trading days.MCX Silver is expected to remain steady as compared to Gold while may trade in a broad range of Rs, 98,700 – 1,03,500 per Kg. (CMP Rs. 1,00,630 per Kg.) in July futures contract.(Disclaimer: Recommendations and views on the stock market and other asset classes given by experts are their own. These opinions do not represent the views of The Times of India)

Aequs Limited, Belagavi-based aerospace company, has decided to issue an Initial Public Offer on a confidential basis. A pre-filed a draft red herring prospectus (DRHP) for an initial public offering (IPO) on a confidential basis has been filled with the stock markets regulator, SEBI, and stock exchanges. It was announced on Tuesday. (June 3, 2025).

The Board of Directors of Aequs Ltd. recently passed a resolution for approval to change its status to a public company and rename it from “Aequs Private Limited” to “Aequs Limited”, as per its regulatory filing. The company is reportedly planning to launch an IPO worth $200 million, as per sources and past media reports. The offer will comprise both a fresh issue of equity shares and an offer for sale (OFS) component, according to company’s regulatory filings. The company declined to comment. The book running leading managers to the IPO reportedly are Kotak Mahindra Capital, JM Financial and IIFL Capital.

Aequs had received significant equity infusion over the years from its promoters to scale operations of the company. Additionally, it has attracted global investors such as Amicus Capital, Amansa Capital, Steadview Capital, Catamaran (the family office of Infosys founder N. R. Narayana Murthy), Sparta Group and the investment office of Desh Deshpande, as per publicly available information. The total income of the company was around Rs. 988 crore in FY24 and the total operating income was Rs. 970 crore in FY24.

The company derives financial flexibility from continued promoter’s support, the report said. ,p

Aequs runs manufacturing operations across three countries – India, France, and the USA, to provide supply chain efficiencies to its global customer base in multiple industry verticals. Further, it operates three manufacturing clusters (Belgavi, Hubballi & Koppal) in Karnataka, India. Media reports mentioned that Aequs along with Tata Electronics, Motherson Group & Jabil are now producing mechanical components for Apple products.

This is the only manufacturing facility outside of the Americas for Tramontina. Apart from making products for Tramontina worldwide, said a release.