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In November 2026, Indian banks will take several days off to celebrate Diwali and various regional festivals. Banks will close their doors on November 9, 10, and 11 across different states, each holiday showcasing the unique cultural significance of the festivities. Customers are encouraged to review the holiday schedule for efficient banking planning. However, digital banking services will still be operational for everyday transactions.from Business News Today: Stock Markets, Financial News, India Business & World Business News https://ift.tt/tn4DpR8
The insurance agent in the case deposited Rs 35 lakh in cash into his bank account. The department classified the amount as “unexplained money” and sought details of its source. The man maintained that the cash was not his personal money but represented insurance premiums collected from customers who had bought policies through him.
The Income Tax Department now receives automatic, continuous data feeds directly from banks, stockbrokers, mutual fund registries, and property offices. When central algorithms spot even a minor formatting difference or missing line item between your filed return and these external feeds, a notice is issued automatically.
The Income Tax Department discovered that a woman had deposited Rs 60,07,500 in cash into her bank account during the financial year 2015-16. However, she had not filed an income tax return (ITR) for the corresponding assessment year. The Assessing Officer (AO) subsequently issued a show-cause notice under Section 148A(b) of the Income Tax Act, 1961. As the woman did not respond, the AO passed an order.
