Economy news

• Man deposits Rs 85.3 lakh given to him as cash gifts, gets notice; ITAT gives relief

  06-10-2026 23:25 via timesofindia.indiatimes.com
  
  In one such case in Chennai, a man received cash gifts of Rs 85.03 lakh from his relatives. The Income Tax Department began making enquiries into the source of the Rs 85.03 lakh deposited by the man. The department also sent tax notices to the relatives who had given him the cash.The man eventually won relief in ITAT Chennai.
  
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• He bought an SUV for Rs 13.69 lakh; gets Rs 10.99 lakh refund plus interest over repeated DPF issues

  06-10-2026 17:01 via timesofindia.indiatimes.com
  
  The Kurnool District Consumer Disputes Redressal Commission has directed the car manufacturer and its dealer to refund the ex-showroom price of a diesel car to its owner after the vehicle was found to have developed recurring diesel particulate filter (DPF) problems. The Kurnool District Consumer Disputes Redressal Commission directed the car manufacturer and its dealer to pay the car owner Rs 10.99 lakh, which is the ex-showroom price of the vehicle.
  
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• US-Iran war, Trump tariff threat: Why India can't take its high growth for granted

  06-10-2026 15:28 via timesofindia.indiatimes.com
  
  While India’s domestic growth story stays resilient, the external sector risks continue, and with mounting impact and ripple effects. As the Department of Economic Affairs notes, global conditions have turned unfavourable again. Oil prices have spiked in September. Global bond yields have moved sharply higher and continue to climb.
  
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• MMTC, STC may lose gold tax edge as 3% GST weighed

  06-10-2026 15:20 via timesofindia.indiatimes.com
  
  The proposal is aimed at ensuring that different channels used to import bullion face similar tax treatment and at reducing classification and valuation disputes that have resulted in lengthy litigation. The issue is likely to be discussed at the GST Council meeting on October 8. Currently, banks and certain nominated agencies are required to pay 3% GST when importing precious metals.
  
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• From SME fund to hailing PM’s 25 years as govt head: Cabinet decisions & resolutions

  06-10-2026 13:33 via timesofindia.indiatimes.com
  
  Prime Minister Narendra Modi led the Union Cabinet in approving innovative strategies to bolster small businesses and enhance transport infrastructure. The introduction of a Rs 10,000 crore SME Growth Fund aims to empower small and medium enterprises in their growth and tech advancements. Moreover, the formation of the Integrated Transport & Logistics Authority seeks to streamline India's logistics and transport operations.
  
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• Sikkim to get first train link by 2027; Railways fast-tracks Rs 9,000 crore Gangtok line

  06-10-2026 09:32 via timesofindia.indiatimes.com
  
  The 44.5-km Sivok-Rangpo railway line is being constructed at an estimated cost of Rs 17,124 crore and will provide Sikkim with its first direct railway connection. The Rangpo-Gangtok line would serve as an extension of the railway network once the ongoing Sivok-Rangpo project, connecting Sivok in Darjeeling with Rangpo in East Sikkim, is completed.
  
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• Cabinet may clear Rs 10,000 crore SME growth fund, integrated logistics authority

  06-10-2026 09:14 via timesofindia.indiatimes.com
  
  The Union Cabinet is expected to review proposals regarding an Integrated Transport and Logistics Authority and a SME Growth Fund. The SME Growth Fund aims to support micro, small, and medium enterprises, enhancing their equity base. Additional funding for the Self-Reliant India Fund will also be considered to assist micro enterprises. Various measures for MSMEs will focus on liquidity, equity, and professional support for compliance.
  
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• Gold price prediction: Where are gold prices headed on October 6, 2026?

  06-10-2026 08:42 via timesofindia.indiatimes.com
  
  Gold price prediction today: Easing October Fed rate hike probability, soft US nonfarm payroll report (September) and robust ETF inflows support the shiny metal; however, elevated yields and firm oil prices amid healthy risk appetite cap the gains. The Fed leaders signalling a brief pause in rate hike also supports the metal.
  
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• Rupee falls to 96.39 against dollar as oil rises, FII outflows continue

  06-10-2026 07:35 via timesofindia.indiatimes.com
  
  The rupee faced downward pressure against the US dollar, dropping to 96.39 early in the trading session. This decline stems from rising crude oil prices and ongoing selling by foreign investors. Despite this, domestic equities saw gains, softening the rupee's fall. On Monday, Foreign Institutional Investors sold a net Rs 4,699.14 crore in equities, influencing the currency's performance.
  
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• South Korea ships over 150,000T fuel to Russia while backing Ukraine financially

  06-10-2026 07:21 via timesofindia.indiatimes.com
  
  In a nuanced twist, South Korea has been sending considerable quantities of diesel fuel to Russia even as it lends support to Ukraine amidst the ongoing invasion. Recent months have seen multiple shipments, indicating a complex dynamic between the two nations. Notably, this fuel trade continues despite South Korea's promise to aid Ukraine with essential military support and humanitarian assistance.
  
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• Man gets 6 flats under builder deal, transfers 5 to wife; gets tax notice for Rs 4.14 crore additions

  06-10-2026 06:48 via timesofindia.indiatimes.com
  
  The assessing officer made two major additions in this case. The first, Rs 1,93,78,293, was treated as long-term capital gains on the ground that the man had converted a capital asset into stock-in-trade. The second, of Rs 2,20,98,985, was treated as business income arising from the alleged sale of that stock-in-trade.
  
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• Google nears $1 billion-plus nuclear power deal with Constellation amid AI boom

  06-10-2026 05:51 via timesofindia.indiatimes.com
  
  Google is close to finalizing a deal to procure nuclear power from Constellation Energy to support its data centres. This agreement, anticipated to exceed $1 billion, aims to provide reliable electricity amid rising demands from artificial intelligence. In recent months, Google has secured deals with other nuclear firms to enhance its energy capacity. The renewed interest in nuclear power arises from the growing need for sustainable electricity sources.
  
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• Which are the top stocks you should buy or sell on October 6, 2026?

  06-10-2026 05:12 via timesofindia.indiatimes.com
  
  Stock market recommendations: Dixon Technologies, GAIL, and Prestige Estates Projects have been identified as the top stocks to sell bySomil Mehta, Head of Retail Research, Mirae Asset ShareKhan on October 6, 2026.
  
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• Oil prices hover near $100 as Middle East supply holds up, Gulf risks persist

  06-10-2026 04:34 via timesofindia.indiatimes.com
  
  Oil prices are currently around $100 a barrel as stable Middle Eastern exports ease supply concerns. However, ongoing regional conflicts, including Houthi attacks, raise risks of disruptions. Officials indicate that rebuilding global oil stockpiles could take years due to significant withdrawals. Industry executives predict that demand recovery may not occur until 2028 or 2029. Prices may stabilize at around $70 a barrel depending on future production levels.
  
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• Trump signs order to ease diesel costs, ‘save millions of dollars’ for farmers

  06-10-2026 03:47 via timesofindia.indiatimes.com
  
  In response to rising diesel prices, US President Donald Trump has enacted an executive order designed to alleviate financial pressures across multiple sectors. This order is anticipated to substantially cut fuel costs for farmers and truck drivers, ultimately contributing to lower grocery prices. Additionally, it urges states to expand access to tax-free red-dyed diesel and consider lifting specific fuel taxes.
  
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• Pete and Jim, this should absolutely ensure your election, I guarantee you that

  06-10-2026 03:47 via timesofindia.indiatimes.com
  
  In response to rising diesel prices, US President Donald Trump has enacted an executive order designed to alleviate financial pressures across multiple sectors. This order is anticipated to substantially cut fuel costs for farmers and truck drivers, ultimately contributing to lower grocery prices. Additionally, it urges states to expand access to tax-free red-dyed diesel and consider lifting specific fuel taxes.
  
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• Flying to get costlier as IndiGo hikes fuel surcharge

  06-10-2026 03:10 via timesofindia.indiatimes.com
  
  IndiGo plans to raise its fuel surcharge due to rising aviation turbine fuel prices and increasing operational costs. The surcharge increase for domestic flights will be between Rs 100 and Rs 350 per sector, effective from October 6, 2026. International flights will see surcharges increase by up to Rs 2,500 per sector. Other airlines are expected to implement similar price hikes in response to these changes.
  
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• RBI swap scheme boosts private banks' Q2 business numbers

  06-10-2026 03:03 via timesofindia.indiatimes.com
  
  Private banks witnessed considerable credit and deposit growth in the second quarter of FY27. This growth was driven by the RBI's concessional dollar-rupee swap facility for FCNR(B) deposits. Major banks like Axis Bank, Kotak, and HDFC Bank reported varying growth figures, showing the impact of international branches. Although headline numbers appeared strong, underlying growth was more moderate after adjustments.
  
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• Govt likely to sign BIT with Saudi Arabia

  06-10-2026 02:58 via timesofindia.indiatimes.com
  
  India plans to sign a bilateral investment treaty with Saudi Arabia, allowing quicker arbitration for investors. The exhaustion of legal remedies period has been reduced from five years to two years for Saudi Arabia. This decision is significant due to the interest of Saudi Aramco in investing in Indian refineries. The government aims to increase foreign direct investment inflows by making concessions in agreements.
  
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• Proposed GST changes positive for business: Experts

  06-10-2026 02:29 via timesofindia.indiatimes.com
  
  Proposed changes to the GST regime are expected to benefit businesses, improving cash flow and refunds. A refund on accumulated GST for input services and capital goods may help manufacturers significantly. The GST Council will discuss the rationalization of ITC, which has long been an issue for businesses. Decriminalization of certain GST provisions aims to create a more business-friendly environment in India.
  
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• Sir Dorabji Tata Trust asked to respond to Venu complaint in a week

  06-10-2026 02:22 via timesofindia.indiatimes.com
  
  Maharashtra Charity Commissioner has requested Sir Dorabji Tata Trust to provide a response by October 12. Complaints were filed by vice-chairmen Venu Srinivasan and Vijay Singh regarding governance issues. They allege the trust has overstepped its charitable mandate by interfering in Tata Sons' affairs. The commissioner may decide to hold a hearing or rule based on submitted complaints. This governance dispute could significantly impact the functioning of Tata Group companies.
  
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• Sebi keeping close watch on improper tips: Tuhin Kanta Pandey

  06-10-2026 02:18 via timesofindia.indiatimes.com
  
  To protect investors, Sebi is actively removing 6,000 to 7,000 unauthorized stock tips from social media each month. The regulatory body aims to educate investors about financial risks and prevention of fraud. Project Jagrook was launched to improve investor education and promote informed investment practices across the country. Sebi differentiates between responsible finfluencers and those who operate without regulation or engage in fraudulent schemes.
  
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• Team Noel hits back at Vijay Singh, Venu Srinivasan

  06-10-2026 02:04 via timesofindia.indiatimes.com
  
  Four trustees of Sir Dorabji Tata Trust responded to accusations from vice-chairmen Venu Srinivasan and Vijay Singh. The trustees claimed the vice-chairmen breached fiduciary duties by not discussing concerns directly with them. They emphasized that Noel Tata's merger proposal aimed to maintain Tata Sons' unlisted status. Additionally, they stated that the complaints sent by Srinivasan and Singh were not shared with co-trustees.
  
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