The FTSE 100 index has climbed above 10,000 points for the first time, passing a significant stock market milestone, on the first trading day of the year.

Shares included in the index performed strongly in 2025, leaving the benchmark more than 21% higher than a year ago, when it stood at just over 8,260.

Rising share prices are good news for investors, including anyone with a pension or other savings that are invested in the stock market.

But the London index is dominated by large international companies, so is not a direct reflection of the UK economy’s performance.

The FTSE 100 tracks the performance of the the 100 largest companies on the London Stock Exchange. That includes mining firms Antofagasta, Rio Tinto and Peers Endeavour which have been boosted by surging metals prices.

Defence firms also performed strongly, with Bae Systems, Babcock and Rolls-Royce all saw their value increase, as did large banks, including Lloyds, Barclays, Standard Chartered and HSBC.

New Delhi: Pakistan is witnessing the institutionalisation of a “survivalist” economy where every policy choice is dictated by the need to pass the next International Monetary Fund (IMF) review, regardless of whether that policy erodes the tax base for the next decade, while the economy remains vulnerable as ever — headed nowhere except, most likely, into another IMF programme, as per a news report. 

The report in Business Recorder by Shahid Sattar reveals that Pakistan suffers from a chronic twin deficit: a fiscal gap (spending more than it collects) and a balance of payments crisis (consuming more foreign exchange than it earns).

“For fifty years, our imports have hovered at double the rate of our exports as a percentage of GDP. Simply, Pakistan is a country that has failed to produce,” it added.

The report argued that the fundamental flaw in the IMF’s approach is a “dogmatic adherence to revenue extraction at the cost of value creation”.

“By forcing the government to meet rigid fiscal targets, and through any means necessary at this point, the Fund has encouraged policies that stifle the very export-led growth required to break the debt cycle,” it further stated.

The historic economic model of state patronage was flawed and resulted in suboptimal allocation of resources.

“But there is a difference between weaning an addict off drugs and starving a healthy person. The IMF programme appears unable to distinguish between withdrawing support and subsidies, and actively destroying the ecosystem required for legitimate businesses to function,” the report further argued.

On paper, the IMF deals with the Finance Minister and the Governor of the State Bank. Technically, all policies within the Letter of Intent are the government’s own ideas.

“In reality, the programme reflects the behest of those holding the greatest political and economic leverage. When policies fail, the IMF claims the government designed them; the government claims the IMF demanded them. This ambiguity serves everyone but the country and its citizens,” the report lamented.

“Unless we reclaim our policymaking from the narrow, revenue-centric confines of IMF programmes, we are not just managing a crisis but rather our own decline,” it added.

New Delhi: Missed the December 31 deadline to file a revised or belated income tax return for FY 2024–25? Don’t panic just yet. While the window to revise your ITR has officially closed, it doesn’t mean your tax refund is gone for good. The rules simply take a different turn now and there’s still a way you may be able to claim what’s rightfully yours.

What happens after the December 31 deadline?

Up to December 31, taxpayers still had the option to file a belated return if they missed the original due date or submit a revised return to fix mistakes in an already filed ITR. However, once the calendar turned to January 1, both these options were shut for AY 2025–26. This means you can no longer file or revise your return now even if the Income Tax Department has not yet processed your earlier filing.

Is your tax refund still safe?

Yes, there’s some good news here. If you have already filed your ITR within the due date and are eligible for a refund, you can still receive it even after December 31. The Income Tax Department can process returns and release refunds later as well. That said, if there are mistakes in your return, the way to fix them now depends on what kind of error it is.

How can you claim your refund now? Here are the available options

Rectification request under Section 154 (most commonly used)

If your return has already been processed and you have received an intimation under Section 143(1), but the refund amount is incorrect or has been denied due to an error, you can file a rectification request. This option is useful when the issue is related to TDS or TCS mismatch, wrong tax or interest calculation, arithmetical or clerical mistakes, or incorrect carry-forward of losses. Rectification requests can be filed online through the income tax e-filing portal and remain available even after the December 31 deadline. For most taxpayers, this is the main route to claim or increase a refund in 2026.

Wait it out if your return is still under processing

If your ITR status shows “under processing”, there is no need to rush. The Centralised Processing Centre (CPC) has a fixed time limit to process returns and issue an intimation. If a refund is due and no discrepancies are found, it will be credited automatically along with applicable interest. In case the processing gets delayed beyond the allowed period, taxpayers can raise a grievance on the e-filing portal or through CPGRAMS.

Updated Return (ITR-U): Use with caution

From January 1 onwards, taxpayers can file an Updated Return (ITR-U), but this option has clear limitations. ITR-U can only be used to report additional income or correct under-reported income. It cannot be used to claim a new refund or increase an existing one. In fact, filing an ITR-U usually means paying extra tax along with interest, making it an unsuitable option for those hoping to get a refund.

Next steps to avoid missing your refund

Taxpayers should first check the status of their ITR on the income tax e-filing portal and keep an eye out for the intimation notice once it is issued. If you spot any mismatch or error affecting your refund, file a rectification request without delay. Also, make sure your bank account details are correctly entered and verified on the portal, as incomplete or unverified information can lead to unnecessary refund delays.