The Monetary Policy Committee (MPC) held its 53rd meeting from February 5 to 7, 2025 under the chairmanship of Shri Sanjay Malhotra, Governor, Reserve Bank of India. The MPC members Dr. Nagesh Kumar, Shri Saugata Bhattacharya, Prof. Ram Singh, Dr. Rajiv Ranjan, and Shri M. Rajeshwar Rao attended the meeting. The MPC revised the repo rate for the first time in two years, voting unanimously to cut it by 25 basis points from 6.50% to 6.25% in view of easing retail inflation and slowing growth. The rate cut comes even as the Rupee continues to reel to under pressure from global tariff wars. The MPC decided unanimously to reduce the policy repo rate to 6.25% at its meeting, The MPC also decided unanimously to continue with the ‘neutral’ stance and to remain unambiguously focused on a durable alignment of inflation with the target, while supporting growth.
Before you begin filing your income tax return (ITR) for the Financial Year 2025-26 (Assessment Year 2026-27), you should gather the necessary documents, verify your income details and choose the correct tax regime and ITR form. The Income Tax (I-T) Department has advised taxpayers to file their returns well before the due date to avoid last-minute rush. Here are 10 things to keep in mind before filing your ITR, as advised by the Income Tax Department in a social media post on X (formerly Twitter).