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New Delhi: India and the US inched closer to an interim trade deal with New Delhi announcing Wednesday that significant headway has been reached during discussions on pathways to conclude the pact.Earlier in the day, commerce and industry minister Piyush Goyal and US trade representative Jamieson Greer concluded two days of negotiations aimed at finalising the first phase of a bilateral trade agreement (BTA).Also Read: India, US move closer to interim trade deal after Goyal-Greer talks"Both sides noted substantial progress by negotiating teams in recent months and welcomed the momentum from successive technical and ministerial-level engagements," the commerce and industry ministry said in a statement. "Discussions focused on pathways to conclude an interim agreement as an important milestone toward a comprehensive BTA," said the ministry, which termed the latest talks as a "key step" towards a deal.Goyal and Greer reaffirmed their commitment to a trade pac...

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New Delhi: The Central Board of Direct Taxes (CBDT) has directed its zonal income tax heads to keep a close watch on the sectors which recorded a decline in tax payments in the first quarter of this financial year as well as top advance tax payees, along with identifying any incorrect exemptions or deductions, sharpening its focus on risk assessment, sectoral monitoring and taxpayer outreach to bolster revenue collection in the coming quarter.The communication, dated June 16, a copy of which was seen by ET, also mandated each zone to submit a report to the Directorate of Tax Research and Analysis by July 31."The idea is to identify risks early, engage with large taxpayers proactively and ensure that tax payments are aligned with actual income trends," said a senior official, who did not wish to be identified.Direct tax collection increased more than 15% year-on-year in the first quarter despite the disruption caused by the West Asia crisis. Direct tax collection, net of refun...

Kolkata: Iran's announcement of closing the Strait of Hormuz to shipping is expected to impact both the basmati rice and tea exports from India. Basmati rice exporters fear prices could decline 5-10% as shipments to West Asia face disruptions."After the interim (US-Iran) peace deal was announced, exporters started buying basmati rice in good quantities for shipment to the Middle East and prices surged 15-20%. But this sudden announcement will bring down prices," said Dev Garg, vice-president, Indian Rice Exporters Federation.Also Read: Nearly 12 ships carrying fertiliser cross Strait of HormuzNearly 60,000 tonnes of basmati rice destined for West Asian markets is currently in transit.Five of the leading destinations for Indian basmati rice are in West Asia - Saudi Arabia, Iran, Iraq, the UAE and Yemen. Together, they account for about 50% of India's total basmati rice exports and are among the markets most directly affected by the disruption. India produces about 7.2 ...

New Delhi: India's independent consulting or white-collar gig economy is witnessing a structural shift, with professionals increasingly opting for portfolio careers and companies turning to external experts to drive transformation projects, according to the latest data from talent marketplace platform Flexing It.The rise is being driven by younger professionals: nearly 40% of consultants joining the platform in FY26 had between three and eight years of experience compared with about 30% in FY25.Also Read: NCW issues advisory to States, calls for mandatory POSH audits and robust workplace safety mechanisms nationwideThe number of professionals registering as independent consultants has grown nearly 290% since 2022, with monthly additions rising from around 1,500 in FY24 to about 3,000 in FY25 and crossing 5,000 in FY26.131881482"Independent consulting is no longer something professionals ease into later in their careers," said Chandrika Pasricha, founder and CEO, Flexing I...