New Delhi: The Income Tax Department has announced the deadline for filing TDS (Tax Deducted at Source) and TCS (Tax Collected at Source) correction statements for the financial year 2024–25. Taxpayers and deductors are advised to file correction statements promptly to ensure that tax credits are properly reflected in their Form 26AS and Annual Information Statement (AIS).

The Central Board of Direct Taxes (CBDT) has urged all deductors to verify the accuracy of their TDS and TCS filings before the due date. Errors in these statements — such as incorrect PAN details, mismatched challan information, or inaccurate deduction entries — can lead to tax credit mismatches for taxpayers at the time of filing their Income Tax Returns (ITR).

The correction process allows deductors to amend any errors or omissions in the original TDS/TCS statement submitted via the TRACES (TDS Reconciliation Analysis and Correction Enabling System) portal. Timely filing of correction requests ensures that the corrected data is updated in the taxpayer’s Form 26AS and AIS, avoiding delays or discrepancies during tax filing.

Failure to submit the correction statement within the prescribed timeline may result in the taxpayer not receiving proper credit for taxes deducted or collected on their behalf. This could also trigger notices or mismatches while processing the ITR.

Taxpayers can check the status of their TDS/TCS credits on the Income Tax e-filing portal or through TRACES. The government continues to emphasize the importance of timely compliance to maintain transparency and accuracy in tax reporting.

Last Updated:November 10, 2025, 15:35 IST

According to data, LIC added 6.41 crore shares of SBI during the quarter, amounting to an investment of roughly Rs 5,285 crore

LIC

Life Insurance Corporation of India (LIC), the country’s largest institutional investor with an equity portfolio worth over Rs 16 lakh crore, made bold portfolio moves in the September quarter, trimming its holdings in top private sector lenders—HDFC Bank, ICICI Bank, and Kotak Mahindra Bank—while sharply increasing exposure to public sector giant State Bank of India (SBI) and the smaller Yes Bank.

According to data from Prime Database, LIC added 6.41 crore shares of SBI during the quarter, amounting to an investment of roughly Rs 5,285 crore. In a contrarian move, the insurer also quadrupled its stake in Yes Bank—from less than 1% in June to 4% by September—even as several domestic institutional investors reduced their exposure to the stock.

At the same time, LIC sold shares worth an estimated Rs 3,203 crore in HDFC Bank, Rs 2,461 crore in ICICI Bank, and Rs 2,032 crore in Kotak Mahindra Bank. The sell-down caused overall insurance company holdings in these lenders to drop by 8–10% sequentially, marking LIC’s sharpest pullback from India’s leading private banks in recent years, Prime Database noted.

“A significant trend in the market is the resilience of the PSU banking space. This segment is even now attractively valued in a market which is richly valued,” said VK Vijayakumar of Geojit. “The prospects of this segment look bright in the context of the coming merger of PSU banks.”

The timing of LIC’s shift is notable. Even as the insurer increases exposure to public lenders, foreign investors have been pouring capital into private banks in 2025. Emirates NBD acquired a 60% stake in RBL Bank for $3 billion, Sumitomo Mitsui boosted its holding in Yes Bank to 24.2% following a $1.6 billion investment, and Blackstone bought nearly 10% of Federal Bank for Rs 6,196 crore.

Market expert Neeraj Dewan cautioned that valuations of PSU banks already reflect high expectations. He noted that while smaller PSU banks have delivered decent results, sustaining momentum will depend on how well they capture loan demand amid easing interest rates and improved liquidity. Dewan warned that after a strong rally, even a slight earnings miss could trigger investor disappointment.

LIC’s broader equity strategy during the quarter underscored its value-oriented approach. The insurer increased stakes in 68 NSE-listed companies, with an average decline of 5.55% in their purchase prices—indicating opportunistic buying in beaten-down counters—while trimming positions in 94 firms that saw stable prices, consistent with profit-taking behavior.

Brokerage Motilal Oswal highlighted that both private and public sector banks delivered solid Q2 results. Private lenders benefited from stronger net interest margins and healthy credit growth, while PSU banks also reported robust performance. Many banks, it added, have guided for further margin expansion in the second half of FY26, supported by the recent cash reserve ratio (CRR) cut and improving growth momentum.

ArunaGiri N, CEO of Trustline Holdings, remarked that the recent wave of foreign direct investment could be an early sign of broader institutional inflows. He suggested that FDI often precedes renewed foreign institutional investor (FII) participation, implying a potential comeback of FIIs in India’s private banking space.

The performance gap between PSU and private banks has been evident in recent months. Over the past three months, the Nifty PSU Bank index has surged more than 21%, while the broader Nifty Bank index has gained just over 4%.

According to Shibani Sircar Kurian of Kotak Mahindra AMC, valuations in the banking sector remain attractive relative to historical levels. She maintained a positive view on the space, with a slight preference for private banks but a focus on larger PSU lenders that still offer improving return ratios and favorable valuations. Kurian also noted that bigger PSU banks are better positioned to benefit from rising retail credit demand and lower funding costs as deposit rates ease.

Meanwhile, the government is reportedly considering allowing direct foreign investment in state-run banks of up to 49%, more than double the current ceiling. Analysts at Nuvama estimate that such a move could trigger as much as $4 billion in passive inflows into PSU banks.

Aparna Deb

Aparna Deb is a Subeditor and writes for the business vertical of News18.com. She has a nose for news that matters. She is inquisitive and curious about things. Among other things, financial markets, economy, a…Read More

Aparna Deb is a Subeditor and writes for the business vertical of News18.com. She has a nose for news that matters. She is inquisitive and curious about things. Among other things, financial markets, economy, a… Read More

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New Delhi: Finance Minister Nirmala Sitharaman on Monday held first pre-budget consultations with leading economists ahead of the upcoming Union Budget 2026-27. 

The meeting was attended by Chief Economic Adviser (CEA) V. Anantha Nageswaran, besides other economists and senior officers from the Department of Economic Affairs (DEA).

“Union Minister for Finance and Corporate Affairs @nsitharaman chairs the first Pre-Budget Consultation with leading economists in connection with the upcoming Union Budget 2026-27, in New Delhi, today,” said an X post from Ministry of Finance.

“The meeting was also attended by Secretary, Department of Economic Affairs (DEA) @FinMinIndia; and Chief Economic Adviser, Government of India, besides senior officers from the DEA,” the ministry added.

As part of the ongoing pre-budget consultations, the government has been holding a series of meetings with industry representatives to gather inputs for the upcoming Union Budget.

The discussions are centred on enhancing the ease of doing business and extending tax benefits to the last mile.

Late last month, senior officials from the PHD Chamber of Commerce and Industry (PHDCCI) on Wednesday met Revenue Secretary Arvind Srivastava to present the industry’s recommendations on direct and indirect tax policies.

PHDCCI CEO and Secretary General, Dr Ranjit Mehta, said the discussions focused on both taxation and business facilitation. “We also discussed ease of doing business, which is the government’s focus,” he noted, adding that the Chamber had shared specific suggestions to ease liquidity challenges faced by micro, small, and medium enterprises (MSMEs).

Meanwhile, the Confederation of Indian Industry (CII) has called for comprehensive tax reforms in the Union Budget 2026-27, including expedition of dispute resolution, simplification of TDS regime and digitised customs systems.

The apex industry body emphasised the need to move towards a “compliance system rooted in trust, simplicity, and technology,” and accountable for administrative delays.

CII Director-General Chandrajit Banerjee said that India’s tax system needs to shift from being dispute-driven to dispute-preventive. “The tax system must ensure that taxation not only raises revenue efficiently but also acts as a catalyst for investment, innovation and competitiveness. The Budget can be a pivot for a truly modern, transparent and globally benchmarked tax regime,” Banerjee said.

The government is expected to continue engaging with various industry bodies in the coming weeks before finalising its proposals for the Union Budget.