India News Update

The Income Tax Department has not extended the ITR filing deadline, and taxpayers with business or professional income still need to file their returns. Key points to consider:
- Taxpayers with income exceeding the basic exemption limit must file their returns.
- New fire-safety norms may shrink usable space in Rajasthan buildings, with all buildings requiring a fire NOC having a minimum of two staircases.
- The Orissa HC has quashed the mandatory fire NOC rule for liquor shops in the state, holding that the Excise Department cannot impose conditions beyond the law.
- The RBI has held an MSME townhall in Srinagar, urging entrepreneurs to tap formal banking and highlighting the significance of Udyam Registration, CGTMSE, and TReDS.
- Beauty Garage has filed draft papers with SEBI for a Rs. 125 Cr IPO, established in 2016 by Sid Mathur, Khoya has carved a niche in India's retail market.