BANK ACCOUNT
Have undisclosed foreign assets or income? Know the extra tax cost if you miss FAST Scheme 2026's December 31 deadline
India's FAST Scheme 2026 provides a unique opportunity for taxpayers to declare foreign assets. This voluntary disclosure window closes on December 31st, 2026, offering significant benefits. Taxpayers can regularize undisclosed foreign assets and income by paying a specified tax and penalty. Failure to declare by the deadline will result in harsher penalties under the Black Money Act. This scheme is crucial for individuals with unreported overseas investments and income.
Calcutta HC grants Abhishek Banerjee protection from coercive action in 3 criminal cases
The Calcutta High Court granted protection to TMC MP Abhishek Banerjee. Police cannot take coercive measures or interrogate him in three cases. Banerjee must seek permission before traveling abroad for medical treatment. He must cooperate with the ongoing investigation and comply with notices. The court will review progress reports on November 23.
India’s gig economy is leaving its women behind, study finds
Women remain underrepresented in India’s rapidly expanding gig economy despite near-equal access to basic bank accounts. An ILO-NCAER study cites gaps in digital skills, mobility, safety and social norms as barriers, even as India’s gig workforce is projected to reach 23.5 million by 2029-30.
Tamil Nadu CM announces free LPG, wider free bus travel for women
Tamil Nadu Chief Minister C Joseph Vijay announced new welfare programs for state residents. Eligible families will receive three free LPG cylinders annually starting Pongal 2027. This initiative aims to benefit approximately thirteen million families across the state. Free bus travel for women has also been expanded to include deluxe government buses. Transgender persons will now also receive free travel benefits on state buses.
FBAR 2026: Have more than $10,000 in foreign accounts? This overlooked U.S. filing rule could cost you thousands if you miss Form 114
A foreign bank account can create a major U.S. tax filing duty. The FBAR, or FinCEN Form 114, applies when qualifying foreign accounts exceed $10,000 combined at any time. U.S. citizens, residents, and certain entities may need to report them. For 2026, a non-willful FBAR violation can reach $16,536. Willful violations can reach $165,353 or 50% of the account balance.
Canada Pension Plan (CPP) and Old Age Security (OAS) payments coming this week: Check date, how much Canadians can receive, eligibility rules and who qualifies for the 2026 government benefits
Canadians are keeping an eye on their bank accounts as a couple of government benefit payments are scheduled to be deposited next week. Canada Pension Plan (CPP) and Old Age Security (OAS) payments are scheduled for August 27, 2026, Thursday in Canada. Here’s how much eligible Canadians can receive, plus the key eligibility rules, income limits and maximum monthly benefit amounts.
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Tamil Nadu CM C Joseph Vijay announces more free buses for women; 3 free cooking gas cylinders
In an effort to alleviate living costs, Tamil Nadu Chief Minister C Joseph Vijay has announced new initiatives including fare-free bus travel for women and the distribution of three free cooking gas cylinders per year to qualifying families. The fare-free bus service is set to launch on October 2, while the gas cylinder program will kick off in January 2027.
Karol Bagh man had foreign bank accounts, FD in Singapore, no ITR disclosure; income tax dept sent black money notice, but ITAT Delhi cancelled the notice for this reason
Black money notice sent to man with Singapore FD and current bank a/c in his name and no ITR declaration; Know how he won case in ITAT Delhi after proving his identity theft angle with Economic Offences Wing’s help.
Abhishek Banerjee's bank account reactivated following KYC update, Calcutta HC disposes of TMC MP's plea
The Calcutta High Court disposed of Abhishek Banerjee's petition regarding his frozen bank accounts. His accounts and cards were reactivated after submitting required KYC documents to the bank. The court noted that banks should provide notice before blocking customer accounts. The bank stated that Banerjee's account was blocked due to high-risk factors and third-party data. Banerjee's lawyer argued that partial freezing requires repeated reminders and phased action.
The 'trustworthy' changes in the lives of India's middle class
Digital payments and tax reforms have significantly altered middle-class spending habits. GST has streamlined consumption taxes, impacting everyday purchases and larger items. Real estate regulations offer homebuyers greater protection during significant financial commitments. JAM trinity and telecom reforms increased formal financial access for many citizens. Infrastructure upgrades and digital services have collectively saved valuable time and effort.
Missed reporting of overseas bank accounts, ESOPs, and foreign assets in Schedule FA of ITR? FAST-DS offers a chance to come clean
There is an important caveat: the Black Money Act provides relief from Schedule FA penalty for certain foreign assets, other than immovable property, where aggregate value does not exceed Rs 20 lakh. Such taxpayers should first determine whether any penalty actually arises before opting for FAST-DS.
ET World Leaders Forum: Trust-based reforms transformed India’s middle class, says PM Modi
Prime Minister Modi highlighted India's transformative reforms and trust-based governance. He noted significant changes for the middle class, which are still a dream elsewhere. The government shifted from punishment to incentive models, creating millions of new jobs. Digital revolution and infrastructure upgrades have improved citizens' ease of living. India is becoming self-reliant in defence and other key sectors.
IRS final notice of Intent to Levy: What 30 days means before the IRS can seize money or property
The IRS Final Notice of Intent to Levy is a serious warning. It can come before the IRS takes money or property to collect an unpaid tax debt. The notice usually gives taxpayers 30 days to seek a hearing. They may also pursue an IRS payment plan, dispute the debt, or explore other tax relief options. Ignoring an IRS tax notice can make collection harder. The key is knowing the deadline and responding before enforced collection begins.
Can all NRIs, PIOs and OCIs open FCNR (B), NRE and NRO accounts?
Individuals classified as Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs) are restricted from opening standard resident savings accounts. Alternatively, Overseas Citizens of India (OCIs) may establish resident accounts under particular conditions.
Mumbai man promises marriage to woman he met online, takes Rs 6 lakh loan in her name, cheats her
A Mumbai man allegedly promised marriage to a Thane woman he met on a matrimonial website before using her PAN and salary slips to secure a Rs 6.09 lakh loan in her name. Police said he then asked her to transfer the money to different bank accounts before allegedly failing to return it.
Quote of the Day by Chris Martin: “There comes a point where it doesn't matter how many zeroes are… – Inspiring lessons on money, happiness, gratitude, bank balance and why money can’t buy happiness by the English singer known for his powerful performances and deep insights on life and wealth
Quote of the Day by Chris Martin: Chris Martin’s quote, “There comes a point where it doesn't matter how many zeroes are at the end of your bank account,” explores the importance of understanding the limits of financial wealth and recognizing the deeper sources of happiness and fulfillment. The quote suggests that money can provide comfort, security, and opportunities, but accumulating more wealth does not always lead to greater happiness, meaning, or personal satisfaction. Martin’s words encourage us to look beyond financial success and appreciate relationships, experiences, creativity, personal growth, and emotional well-being.
Bank froze businessman's account over income mismatch, now it is asked to pay Rs 50,000 compensation; HC explains why
Fish machinery businessman's bank account frozen as he declared 5.76 lakh income but got Rs 23 lakh via RTGS; HC orders bank to pay Rs 50,000 to customer and says bank is not investigating authority. Know what happened here.
SBI customer alert: Basic savings account cash withdrawals beyond 4 times to attract Rs 15 charge from October 1
In an effort to revise its fee structure, the State Bank of India will enforce service charges on Basic Savings Bank Deposit accounts. Customers will be charged for cash withdrawals after four free transactions monthly, affecting all withdrawal methods, including online ones. These accounts are pivotal for fostering financial inclusion, as they have no minimum balance requirement and offer a free Rupay card.
Delhi Lakshmi Yojana payout begins Sep 1, pension letters from Aug 27
Eligible women will receive Lakshmi Yojana pension letters starting August twenty-seventh. Monthly financial assistance will be credited directly to bank accounts from September first. An event at Talkatora Stadium will distribute the pension letters to beneficiaries. District committees are directed to speed up application verification for timely benefits. The Yojana website will soon allow applicants to correct errors without reapplication.
Bihar police arrests three men for renting out their accounts for up to Rs 5,000 to cyberfraudsters helping them commit Rs 25 crore fraud
Three men were apprehended in Patna for reportedly offering their bank accounts for rent, aiding an interstate cybercrime group’s money laundering efforts. An estimated twenty-five crore rupees transacted through these accounts, with two of the suspects identified as Rapido bike-taxi operators. The police continue to probe the extensive network connected to these fraudulent monetary activities.
Assam man with China links held for Rs 1,071 crore cyber fraud across 1,090 cases
Gujarat CID arrested a man from Assam for orchestrating 1,090 cybercrimes. These frauds amounted to over Rs 1,071 crore and involved China-based criminals. The accused masterminded transferring funds into numerous bank accounts across India. He then converted these illicit funds into cryptocurrencies for transfer to China. This arrest also helped prevent ten other digital arrest cases through counselling.
TMC MP Abhishek Banerjee moves Calcutta HC challenging freezing of his bank account
Trinamool Congress MP Abhishek Banerjee approached the Calcutta High Court seeking urgent relief. His personal bank account was allegedly frozen without proper procedure by a private bank. Banerjee plans to travel abroad soon for medical treatment with Supreme Court permission. Justice Krishna Rao will hear the matter on Wednesday after notice is served.
TMC paid Rs 160 crore to aviation firm, related entities for jet and helicopter: ED
The Enforcement Directorate is investigating Rs 160 crore transferred from TMC accounts to an aviation firm. This probe includes Rs 82.96 crore routed to a new entity and aircraft purchases. The agency is examining an Rs 88.5 crore interest-free security deposit paid by the party. The Supreme Court declined to interfere with the freezing of three TMC bank accounts. These accounts hold Rs 440.
Census 2027: Caste, Aadhaar, voter ID among 40 questions in Phase 2
Census 2027 will record caste as declared by respondents for the first time. New questions include bank accounts and Covid-19 vaccination locations. Parents' details and nationality will also be collected during enumeration. This data collection aims to provide a broader population picture. Aggregated data will remain confidential and not used as legal evidence.
Govt opens tax disclosure window for foreign assets, income
The government has opened a limited window for taxpayers to disclose specified foreign assets and income. Two routes offer eligibility thresholds of ₹1 crore and ₹5 crore, with electronic declarations required by December 31, 2026, subject to prescribed payments and conditions.
Census 2027 to collect mobile, Aadhaar, bank accounts, ID details alongside caste
India's upcoming Census will gather extensive personal and financial details from all citizens. This includes bank accounts, mobile numbers, and identification documents for the first time. Caste information will also be collected for every respondent since Independence. The decennial exercise, approved with Rs 11,718 crore, begins next year. Population enumeration in certain regions will occur from September 1 to 30.
NRI used NRE account to buy Rs 79 lakh property, got ‘unexplained cash’ tax notice; ITAT Ahmedabad grants full relief
NRI used money from his NRE bank a/c to buy property for Rs 79 lakh, files no ITR; tax dept sent notice for unexplained cash; he wins case in ITAT Ahmedabad
Man found Rs 1.3 lakh missing from SBI bank account: Rs 80,000 ATM withdrawal, Rs 50,000 transfer made without his authorisation; consumer court upholds Rs 1.3 lakh refund
A man's SBI bank account was drained of Rs 1.3 lakh through four unauthorised ATM withdrawals and two transfers he says he never made. SBI failed to produce CCTV footage or transaction records before the commission. The Delhi State Consumer Commission has now dismissed SBI's appeal and upheld the full Rs 1.3 lakh refund order.
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