Taxpayers with undisclosed foreign income or assets now have two options, file an Updated Income-tax Return or utilise the new Foreign Assets of Small Taxpayers-Disclosure Scheme, 2026, depending on their specific circumstances, age of omission, and tax paid abroad. Indian…
Gifting a systematic investment plan for Raksha Bandhan involves navigating complex rules around third-party funding, KYC requirements, and tax implications, making the act more intricate than simply transferring money. Gifting a systematic investment plan, or SIP, can be a thoughtful…
Banks across India are adopting video-based customer identification to facilitate quick, branch-free savings account openings, marking a shift towards fully digital onboarding amid evolving KYC regulations. Opening a savings account online in India can now be a largely branch-free exercise,…
A Himachal Pradesh consumer court has ordered an insurer to pay over Rs 2 lakh after ruling that claims denied on alleged undisclosed hypertension lacked sufficient medical evidence, highlighting growing scrutiny of insurer claim rejection practices in India. A consumer…
The Employees’ Provident Fund Organisation has initiated a broadening of its enrolment campaign, aiming to bring excluded workers into the formal social security system and encourage compliance among all establishments, with a key window running from June to October 2026.…
The Madras High Court has declared that the temporary freeze on input tax credit under Rule 86A of the GST Rules is limited to one year, ordering the unblocking of credits held for over two and a half years and…
Newly incorporated companies in India must meet specific conditions, including filing INC-20A and securing unpaid subscription money, before they become eligible for strike-off, especially within the initial 180 days. A company that has just been incorporated can sometimes find itself…
For Indians living abroad, selecting the appropriate bank account depends on residency status and currency considerations, with non-resident options like NRO, NRE, and FCNR(B) tailored to distinct financial flows and regulations. For Indians living overseas, the question of which bank…
The Gujarat High Court has criticised tax officials over the use of AI in quasi-judicial decisions, emphasising that AI-generated material must be verified to uphold legal accountability and prevent contempt of court. The Gujarat High Court has pulled up state…
India’s securities regulator SEBI is tightening requirements for mutual fund distributors’ social media and online communications, demanding greater transparency and ongoing compliance amidst a broader push for investor protection and market integrity. Mutual fund distributors in India are being urged…
A Delhi resident successfully challenged a department decision to deny a tax refund due to the absence of an original return, highlighting the tribunal’s stance that technical lapses should not prevent lawful refunds. A Delhi taxpayer has won relief from…
Conservative savers in India face hidden costs when withdrawing fixed deposits early, including penalties, lower interest, and tax implications, prompting many to consider loans as a smarter short-term liquidity strategy. Fixed deposits remain a favoured option for conservative savers in…
