Indian Overseas Bank gets ₹766 crore I-T demand notice
The Hindu
Indian Overseas Bank challenges ₹766 crore tax demand notice from the Income Tax Department related to AY 2015-16.
Indian Overseas Bank (IOB) has received a demand notice for more than ₹766 crore from the Income Tax Department.
The notice, for ₹766 crore (₹7,66,02,83,968), is from the office of the Deputy Commissioner of Income-tax, Non-Corporate Circle-8, Chennai and pertains to AY 2015-16. In a filing on Tuesday (March 3, 2026), on the notice, IOB said it is in the process of challenging the order in the appropriate forum.
On aberrations/non-compliances identified by the authority, the Chennai-headquartered bank cited “re-computation of income and disallowances made with regard to claims made in the income tax returns.”
The rise in oil prices is expected to increase current account deficit (CAD) of major crude-importing Asian economies, which include India, according to an initial expert commentary.
India has 25 days of crude oil reserves and 25 days each of petrol, diesel stock: Government sources
India has ample crude oil and fuel reserves for 25 days each, ensuring 50 days of overall sufficiency amidst global tensions.
Tata Group Chairman expresses hope that West Asia conflict won't disrupt supply chains, prioritizing employee safety amid geopolitical uncertainties.
PM Modi calls for increased investment and prioritization of research in manufacturing to leverage new free trade opportunities for India.
Elon Musk’s social media platform X and artificial intelligence startup xAI plan to repay in full about $17.5 billion in debt tied to the companies, Bloomberg News reported
BMI warns that the ongoing West Asia conflict may deter investment in India, impacting GDP despite positive trade deal prospects.
Oil prices rise amid escalating U.S.-Israeli-Iran conflict, raising supply disruption fears through the critical Strait of Hormuz.
The US Treasury Department said Monday it is ending use of all Anthropic products, following US President Donald Trump's government-wide ban on the AI start-up after it rejected the Pentagon's demands.
Discover Rent a Tree, an innovative startup leasing mango trees across India, offering fresh Alphonso mangoes without the upkeep hassle.
Pine Labs plans to launch a stablecoin-backed prepaid card across nine countries, expanding its global payment solutions.
India's industrial production growth slowed to 4.8% in January 2026, with only infrastructure sector showing significant improvement.
Commerce Ministry meets exporters to address West Asia crisis disruptions, ensuring trade facilitation and procedural flexibility for smoother operations.
The rupee declined 42 paise to 91.50 against the dollar amid geopolitical tensions and rising crude oil prices.