Non-disclosure of foreign assets in an ITR, discrepancies between reported income and taxes paid, and failure to e-verify a filed return are among the mistakes that can trigger a defective return notice. Claiming false or incorrect tax deductions and failing to disclose capital gains can also lead to such a notice. Taxpayers get 15 days to rectify the defects.

Gold and silver prices swung by nearly ₹15,000 in July as they closed 2-3% lower amid rising uncertainty due to US-Iran war. Gold fell by ₹2,772 and swung by ₹3,951 to close at ₹1,42,860/10 grams on July 31, while silver fell by ₹7,135 and swung by ₹14,863 to close at ₹2,18,295/kg. Both commodities hit their month-high prices on July 6.

Salaried employees can claim Leave Travel Allowance (LTA) for up to two journeys to destinations within India during a block of four calendar years. Both claims may be made in the same year. It is limited to travel fare and doesn't cover hotel stays, food, sightseeing, shopping etc. LTA exemption is available only under the old tax regime.

PVV Infra secured two Letters of Award from NHLML, a wholly owned Special Purpose Vehicle (SPV) of NHAI, for developing and operating wayside amenities in Madhya Pradesh under the DBOT model. The projects carry a combined annual lease rent of ₹2.49 crore. The company has also technically qualified for four additional highway projects across Andhra Pradesh and Uttar Pradesh.

Navin Fluorine International signed an agreement with DRDO under the Technology Development Fund Scheme to develop indigenous bulk manufacturing of Sodium Borohydride, a critical defence chemical. The collaboration supports the government's Make in India initiative, while ace investor Ajay Upadhyaya held a 1.01% stake as of June 2026.

Abakkus Venture Opportunities Fund acquired 6.08 lakh shares of Baikakaji Foods through a bulk deal at ₹200.34 per share. Following the transaction, the Baikakaji Foods stock jumped over 6%. The company also strengthened its balance sheet by reducing borrowings by 71% in FY26 while increasing reserves to ₹154 crore.

Bajaj Finserv reported a 19.1% YoY increase in Q1 FY27 total income to ₹42,036.90 crore, while net profit rose 18.2% to ₹6,296.67 crore. The Board approved setting up a reinsurance subsidiary, subject to regulatory approvals, while Bajaj Finance, Bajaj General Insurance and Bajaj Life Insurance delivered strong operational performance.

Yasho Industries reported a 58.7% YoY increase in Q1 FY27 revenue to ₹314.09 crore, while profit after tax (PAT) surged 547.3% to ₹36.44 crore. The Board approved raising borrowing limits to ₹1,250 crore from ₹750 crore, subject to shareholder approval. Ace investor Ashish Kacholia continues to hold a 2.08% stake in the company.

US bond yields surged after the Federal Reserve held rates unchanged, reflecting concern that inflation may remain elevated. Higher long-term yields can strengthen the dollar and reduce foreign appetite for emerging-market assets. For India, that raises risks for capital flows, the rupee and equity valuations even as domestic markets and oil prices remain relatively stable.

India's youngest taxpayers are rapidly moving beyond traditional salary model, with 76% of taxpayers below the age of 25 now reporting multiple income streams, according to preliminary data released by ClearTax. The findings indicate significant shift in the way Gen Z is earning, investing and building wealth, driven by freelancing, stock market participation, business income and entrepreneurship.