Online ITR-2 Filing Now Live—Key Changes Taxpayers Must Know Before Filing

in

July 18, 2025 | New Delhi | CreditSamadhaan.com

In a crucial update for salaried individuals and investors, the Income Tax Department has officially launched the online filing facility for ITR-2 on its e-filing portal for the assessment year 2025–26. The move allows taxpayers to now file ITR-2 returns online using pre-filled data, a feature preferred for its convenience and error reduction.

✅ Online ITR-2 Filing Now Available for FY 2024-25
🚨 Key form changes linked to capital gains and disclosure limits
📌 Affects salaried individuals, HUFs with capital gains & multiple property income

The department announced the update on Friday, July 18, 2025, through its official X (formerly Twitter) handle, signaling the start of the final leg of the income tax filing season.

Who Should Use ITR-2?

ITR-2 is applicable to the following category of taxpayers:

  • Individuals and Hindu Undivided Families (HUFs)

  • Those earning income from salary or pension

  • Income from more than one house property

  • Capital gains from sale of shares, mutual funds, property, etc.

  • Other sources like interest, dividends, etc.

However, ITR-2 is not meant for those earning from business or professional income. For that, taxpayers must use ITR-3 (which is yet to go live online).

Key Changes in ITR-2 for AY 2025–26

This year’s ITR-2 form has undergone significant updates due to changes in the capital gains tax regime and asset disclosure norms. Here’s what taxpayers must take note of before filing:

🔹 Capital Gains Reporting Separated by Time Period

  • Taxpayers must report long-term capital gains separately for:

    • Transactions before July 23, 2024

    • Transactions after July 23, 2024

  • This change follows the revised indexation and tax rate rules introduced this financial year.

🔹 New Disclosure for Unlisted Securities

  • Unlisted bonds or debentures must now be disclosed separately.

  • Reporting varies based on holding period and acquisition date.

🔹 Buyback Proceeds Must Be Dual-Reported

  • Any buyback income received on or after October 1, 2024, must be:

    • Shown under “Income from Other Sources”, AND

    • Listed as “Nil consideration” under the capital gains section.

🔹 Asset & Liability Threshold Revised

  • Earlier, individuals with income above ₹50 lakh had to declare assets & liabilities.

  • Now, this threshold has increased to ₹1 crore.

  • Aimed at high-net-worth individuals (HNIs) and those with complex portfolios.

Online Filing Utility: Easier and Error-Free

The newly launched online ITR-2 utility supports pre-filled data, significantly easing the filing process by:

  • Auto-fetching PAN-linked information

  • Reducing manual entry errors

  • Saving time for taxpayers and professionals

🟠 Excel-based ITR-2 utility was launched earlier on July 11, but required offline form filling and manual upload.

With the online facility now live, salaried taxpayers and investors can file more easily, especially those with capital gains from mutual funds, stocks, or property sales.

What About ITR-3?

While the Excel utility for ITR-3 has already been made available, the online filing option with pre-filled data is still pending. This delay is a concern for taxpayers with:

  • Business income

  • Freelancing income

  • Professional services revenue

According to tax experts, the online version of ITR-3 is expected to go live before the July 31 deadline, though the Income Tax Department has not confirmed an exact date.

Important Tips Before Filing ITR-2

  1. Check your Form 26AS and AIS for income details

  2. Ensure Aadhaar-PAN linking is done

  3. Verify capital gains entries thoroughly under the new rules

  4. Declare foreign assets if applicable

  5. Disclose assets & liabilities if your income exceeds ₹1 crore

Conclusion

With the launch of online ITR-2 filing, taxpayers now have a more accessible and user-friendly way to file returns for AY 2025–26. The changes, especially around capital gains reporting, demand more precision and clarity. It’s highly recommended to consult a tax advisor or use authorized tax platforms to avoid errors and ensure full compliance.

📲 Need help with your ITR-2 filing or capital gains confusion?

Get expert support and tax-saving guidance at CreditSamadhaan.com

Delhi Women Must Link Aadhaar Card for Free Bus Travel Under New Pink Pass

in

Aadhaar Card Mandatory for Free Bus Rides for Women in Delhi Under New Pink Pass System

New Delhi | Updated: July 18, 2025 | CreditSamadhaan.com

In a major policy shift impacting lakhs of women commuters, the Delhi government has made the Aadhaar card mandatory for availing free bus rides in the city. The popular Pink Ticket scheme, which provided free travel to all women on Delhi Transport Corporation (DTC) and Cluster buses, will now be replaced by a new ‘Pink Pass’ system—exclusive to Delhi-resident women only.

What Has Changed?

Chief Minister Rekha Gupta announced the decision during a press briefing, stating that this initiative is designed to ensure that only legitimate Delhi residents benefit from the scheme. The new Pink Pass will require Aadhaar card verification as proof of residency, thereby barring women from neighbouring states from accessing the benefit.

“Very soon, we will replace the pink ticket with a Pink Pass for free bus travel for women in Delhi. However, this free travel will be available only to women who are residents of Delhi,” said CM Rekha Gupta.

This move is seen as a significant step toward tightening eligibility, improving digital governance, and addressing financial leakage in the transport sector.

Aadhaar Card: The Gatekeeper to Free Travel

The most striking part of this announcement is the mandatory Aadhaar card linkage. Under the upcoming Pink Pass system:

  • Only women with a valid Aadhaar card showing a Delhi residential address will be eligible.

  • The Aadhaar will be used to verify residency, thereby eliminating misuse by non-residents.

  • The system is expected to eventually transition to a digital platform, possibly integrating with smart cards or mobile apps.

Aadhaar card, already a critical ID for various government schemes, will now act as a gateway for public transport benefits as well.

Why the Change? The Government’s Reasoning

According to Transport Minister Pankaj Singh, the primary goal of this change is to plug the loopholes in the current Pink Ticket system, which is being exploited by women from neighbouring states. By enforcing Aadhaar-based residency verification, the government aims to make the subsidy targeted and efficient.

Additionally, officials clarified that the transition will be gradual, and existing pink tickets will continue to be valid until the new system is implemented.

New Infrastructure to Support the Overhaul

In addition to the Pink Pass announcement, CM Rekha Gupta also inaugurated a state-of-the-art automatic vehicle testing station at the Nand Nagri Depot. This initiative is part of the broader effort to modernize Delhi’s public transport system. The station will digitally test bus fitness, reduce delays, and improve road safety.

CM Gupta also addressed the financial burden faced by DTC, revealing a staggering ₹65,000 crore loss. As a corrective measure, the government will collaborate with IIT experts to rework DTC’s bus routes, aiming to make them more commuter-friendly and operationally sustainable.

What Commuters Can Expect Next

  • Pink Tickets will remain valid until further notice.

  • Pink Pass rollout date will be announced soon.

  • Women must link their Aadhaar card with the new pass to continue enjoying free rides.

  • A possible future upgrade to digital cards or app-based access is on the cards.

This shift is part of Delhi’s larger digital push, aimed at offering safe, subsidized, and transparent public transport, especially for women.

Public Reactions and Concerns

While some commuters welcomed the stricter verification, many expressed concern about accessibility for women without Aadhaar or those who recently moved to Delhi. Critics argue that the policy may exclude deserving women in transition or those without documentation.

However, officials have assured that adequate time and awareness drives will be conducted, and a grievance redressal system will be put in place during the implementation phase.

Conclusion

The Delhi government’s move to introduce the Pink Pass backed by Aadhaar card verification marks a new chapter in public welfare governance. While the intent is to curb misuse and optimize benefits, its success will heavily depend on seamless implementation, digital infrastructure, and inclusive outreach.

For now, women in Delhi are advised to keep their Aadhaar cards updated with their Delhi address and stay tuned for further announcements.

For latest updates on Aadhaar-based public schemes and Delhi transport news, visit CreditSamadhaan.com

Aadhaar Update Mandatory After Age 7: What Every Parent in India Must Know

in

Aadhaar Update |  The Unique Identification Authority of India (UIDAI) has issued a clear directive: parents must update their children’s Aadhaar biometrics after the age of 7. This requirement is part of a nationwide campaign to ensure the accuracy and reliability of biometric data in India’s largest identity database.

This move comes in response to the natural changes in a child’s biometric features as they grow, and is a critical step in maintaining the integrity of the Aadhaar system. According to the Ministry of Electronics and IT, failure to update Aadhaar after a child turns 7 could result in the deactivation of their Aadhaar number, which may affect their access to essential services in the future.

Why Is This Update Necessary?

When Aadhaar is issued to children below the age of 5, it only includes their photograph and demographic details. At this stage, biometric data like fingerprints and iris scans are not captured because they are not yet stable.

However, after the age of 5, the first Mandatory Biometric Update (MBU) is required. By the age of 7, children’s facial features, fingerprints, and irises have developed enough to be reliably recorded, which is why a second update is essential.

Failing to complete this second update can lead to serious complications in using Aadhaar for:

  • School admissions

  • Government welfare schemes

  • Scholarship disbursement

  • Health insurance benefits

  • Passport applications

  • PAN-Aadhaar linking

  • Future digital verification

What Parents Must Do

According to UIDAI, parents or guardians must:

  1. Visit a nearby Aadhaar Seva Kendra or authorized Aadhaar enrolment centre with their child.

  2. Bring the child’s Aadhaar number and a valid ID proof of the parent or guardian.

  3. Pay a nominal fee of ₹100 for the biometric update after age 7. (Note: The update between ages 5–7 is free if done within that period.)

  4. Complete the process by allowing the child’s fingerprints, iris scan, and updated photograph to be captured.

  5. Collect the acknowledgment slip and wait for the updated Aadhaar card to be delivered.

What Happens If You Don’t Update?

UIDAI has warned that if the Aadhaar biometrics are not updated in a timely manner, the Aadhaar number of the child may be deactivated or rendered invalid. This means that the child might not be able to use Aadhaar for school enrollments, DBT benefits, or verification during important transactions in the future.

As Aadhaar has become central to India’s digital and financial ecosystem, such deactivation could cause inconvenience and delay in accessing essential services.

Massive Update Drive Across India

The government is conducting awareness campaigns across the country. In Uttar Pradesh alone, more than 4.6 crore children aged between 5 and 17 years have been identified for biometric updates. UIDAI has deployed over 2,900 Aadhaar enrolment centres and 12 dedicated Aadhaar Seva Kendras in the state to handle the surge in updates.

Parents are also being sent SMS alerts on their registered mobile numbers reminding them to get their child’s Aadhaar updated.

Timeline of Aadhaar Biometric Updates for Children

Age Group What Happens Cost Key Action
0 – 5 Years Aadhaar issued with photo and demographic data only Free No biometrics needed
5 – 7 Years First biometric update Free Must update fingerprints, iris, and photo
7+ Years Second biometric update ₹100 Required to maintain validity of Aadhaar

Importance for the Future

An Aadhaar Update is not just about compliance. It ensures a seamless digital identity for your child as they grow and begin participating in various educational, financial, and social programs. Many state and central government schemes require Aadhaar authentication. An inactive or invalid Aadhaar can severely limit access.

Key Message from the Government

The Ministry of Electronics and Information Technology stated:
“It is imperative for parents to understand that Aadhaar is not a one-time process for children. Their biometrics must be updated as they grow. This is essential to ensure that the Aadhaar number remains functional and useful throughout their life.”

How to Check If Your Child’s Aadhaar Needs an Update| Aadhaar Update

You can check the Aadhaar update status by visiting the UIDAI official portal or by calling the Aadhaar helpline (1947). If your child is above 7 and hasn’t updated their biometrics, you’ll be prompted to visit the nearest update centre.

Final Thoughts

The Aadhaar system, designed to be a robust digital identity for every Indian, requires timely updates—especially for children whose biometric data changes rapidly. Parents must view this not as a formality but as a foundational step in ensuring their child’s uninterrupted access to critical government services, financial tools, and identity-based verifications.

Take action now to update your child’s Aadhaar if they are 7 or older. Visit your nearest Aadhaar enrolment centre, complete the process, and secure their digital identity for the future.

For more updates on Aadhaar rules, government schemes, and financial identity guidance, visit CreditSamadhaan.com

Bombay Stock Exchange Hit by Bomb Threat — Email Claims RDX IEDs Planted in Building | 15thJuly

in

In a shocking security scare, the Bombay Stock Exchange (BSE), one of Asia’s oldest and most prominent financial institutions, received a chilling bomb threat via email on Tuesday morning, 15 July 2025. The threat claimed that four RDX-based IEDs had been planted inside the iconic BSE tower, allegedly set to detonate at 3 p.m. This incident led to a swift and coordinated emergency response by Mumbai Police, bomb disposal units, and cyber crime investigators.

The Threat to Bombay Stock Exchange

At approximately 9:45 a.m., officials at the Bombay Stock Exchange discovered a suspicious email in the institution’s official inbox. The message was sent by an individual using the alias “Comrade Pinarayi Vijayan”—a name shockingly similar to that of the Kerala Chief Minister. The email chillingly stated that four RDX bombs had been planted within the Bombay Stock Exchange building, with a countdown set to expire at 3:00 p.m. sharp.

Emergency Response at Bombay Stock Exchange

The internal security team of the Bombay Stock Exchange wasted no time and immediately alerted the Mumbai Police Control Room. Responding with urgency, a full-fledged Bomb Detection and Disposal Squad (BDDS), sniffer dogs, and forensic teams arrived at the scene within minutes. The 29-floor BSE building on Dalal Street, located in the heart of Mumbai’s financial district, was swiftly cordoned off. Entry and exit points were locked down, and staff present in the building were safely evacuated or relocated.

Nothing Suspicious Found

After over two hours of intense search and inspection, involving floor-by-floor sweeps, sniffing operations, and the use of high-end explosive detection tools, the Bombay Stock Exchange was declared safe. Authorities confirmed that no explosives or suspicious items were found within the premises.

Despite the panic, trading operations at the Bombay Stock Exchange continued as usual since all activities are conducted digitally and were not dependent on the physical building. However, backend and administrative operations were briefly paused and later resumed after the building was declared clear.

FIR Filed, Investigation Underway

Mumbai Police have officially filed an FIR under several sections of the Bharatiya Nyaya Sanhita (BNS) including criminal intimidation, impersonation, and disruption of essential services. The cyber cell has now begun tracing the IP address and digital footprint of the email sender.

Early forensic analysis suggests the email may have been routed via a VPN and anonymized using proxy servers. Experts believe the aim may have been either a politically motivated hoax or an attempt to disrupt financial confidence and operations at the Bombay Stock Exchange.

Market Reaction and Business Impact

Surprisingly, despite the threat, the Bombay Stock Exchange witnessed no significant panic selling. On the contrary, the Sensex remained stable, even showing a minor upward trend, signaling investor confidence in institutional security and law enforcement response. Experts credited the Bombay Stock Exchange’s strong crisis management protocols and real-time communication as key factors in minimizing panic.

Expert Views on Bombay Stock Exchange Threat

Security analysts warn that this is part of a disturbing pattern of hoax bomb threats targeting high-profile Indian institutions. The Bombay Stock Exchange, given its financial significance, has always been a potential target. Over the past year, similar threats have been sent to airports, metro stations, and even schools across metro cities, often using fake identities and encrypted email services.

Cybersecurity expert Nilesh Patil said:

“The Bombay Stock Exchange is not just a building—it’s a nerve center of India’s financial system. Any threat, even hoax, must be treated with the utmost seriousness. The fact that BSE’s internal systems handled this smoothly is commendable.”

Next Steps for the Bombay Stock Exchange

Following the incident, the Bombay Stock Exchange is now:

  • Conducting an internal review of its physical and cyber security protocols.

  • Coordinating with SEBI (Securities and Exchange Board of India) for a fresh security audit.

  • Working with Mumbai Police to install enhanced real-time threat detection tools.

  • Training its staff for improved bomb threat response drills.

Officials assured that the Bombay Stock Exchange will be adopting state-of-the-art monitoring systems to detect email-based or digital threats in real-time moving forward.

Official Statement from Mumbai Police

“A formal case has been registered and our cyber crime team is on the job. We are treating this threat with the utmost seriousness. The BSE remains secure and safe. We urge citizens to avoid spreading panic and refrain from forwarding unverified claims.”

Final Words

The bomb threat to the BSE was a grim reminder of the growing menace of cyber hoaxes aimed at disrupting peace and stability. While the threat turned out to be false, it underscores the need for constant vigilance in an increasingly digital world. Thanks to the rapid action by Mumbai’s law enforcement and the BSE’s internal security protocols, what could have been a major crisis was handled swiftly and professionally.

Follow Creditsamdhaan for more insights

Air India News | Families Slam AI171 Crash Report as ‘Cover-Up’ — Explosive Developments Rock Air India News

in

In a dramatic turn of events dominating the latest Air India news, families of the victims of the June 12 Air India AI171 crash have outright rejected the government’s preliminary investigation report, calling it a “cover-up” meant to shield Air India, aircraft manufacturer Boeing, and top Indian aviation authorities from accountability.

This heartbreaking tragedy, which took place on a routine Ahmedabad-to-London flight, has now transformed into a global legal and political storm, placing Air India news at the center of international attention.

What Happened: The AI171 Crash

On June 12, 2025, Air India flight AI171, operating a Boeing 787 Dreamliner, crashed during its final approach to Heathrow Airport in London. The incident resulted in the loss of over 180 lives, including several entire families from the UK and India.

As the nation and the world mourned, many expected swift action and a transparent investigation. Instead, what they received, according to grieving relatives, is a whitewashed report that fails to deliver the truth.

Families Speak Out: “This Is a Smokescreen”

In the latest wave of Air India news, families have accused authorities of deliberately placing the blame on the deceased pilots. They claim this is a tactic to protect high-profile entities and divert attention from potential technical and maintenance faults.

Ameen Siddiqui, who lost his British brother-in-law, Akeel Nanabawa, his wife Hannaa Vorajee, and their daughter Sara, voiced his outrage from Surat:

“They are blaming dead pilots who can’t defend themselves. This report is wrong. We don’t accept it. We want real answers—not a convenient narrative.”

The Real Questions Being Ignored

This growing controversy in Air India news has raised several critical concerns that families and experts believe are being ignored in the official probe:

  • Mechanical Failure: Families suspect a technical malfunction, possibly involving the fuel control switch, which had been flagged in a 2018 FAA advisory in the US.

  • Poor Aircraft Maintenance: Questions have been raised about Air India’s maintenance practices, with no clear answers in the report.

  • Lack of Expertise in Investigation: Doubts have been cast on the qualifications and neutrality of India’s Air Accident Investigation Bureau (AAIB).

  • No Accountability for Boeing: Despite past issues with Boeing aircraft systems, the report appears to praise Boeing’s technology without criticism.

“This report is written more to protect Boeing and Air India than to provide any real insight into what caused the crash,” said Imtiyaz Ali Syed, who lost his brother Javed, his sister-in-law, and their two children in the crash. His statement has drawn widespread attention in global Air India news outlets.

Legal Fight Brewing Against Air India & Boeing

In yet another major twist to the Air India news cycle, many victims’ families have rejected the compensation offers from Air India. They believe that accepting money means giving up their fight for truth and justice.

Several prominent UK-based law firms are already involved and are preparing lawsuits against both Air India and Boeing, alleging negligence, design flaws, and failure to uphold passenger safety standards.

Tushar Joge, whose cousin’s in-laws, the elderly Agheda couple, perished in the crash, said:

“This is not about compensation. It’s about justice. The report looks like it was written to protect the powerful, not to explain what really happened.”

His comments are now among the most-shared quotes in Air India news circles and aviation forums.

Demand for Transparency Grows Louder

Families are now demanding the following from Air India, Boeing, and Indian authorities:

  1. Release of the Cockpit Voice Recorder (CVR): Families say they will not believe the report until the cockpit audio is made public.

  2. Independent International Probe: Calls are growing for a third-party, globally recognized investigation team to look into the crash.

  3. Reform in India’s Aviation Safety System: There are calls to improve both oversight and safety standards in India’s aviation industry.

  4. Accountability from All Parties Involved: Families want to see real consequences for mistakes made—not just public relations responses.

Media Reaction and Public Outcry

The public reaction to this tragedy and its aftermath has been swift and emotional. Social media is flooded with hashtags like #JusticeForAI171, #AirIndiaCrashTruth, and #AI171CoverUp.

Global aviation analysts and legal experts are also questioning the transparency of the findings, further fueling the debate in current Air India news coverage.

Even in Parliament, a few opposition leaders have called for a parliamentary committee to review the probe process, citing national interest and international embarrassment.

Final Word: Truth Must Take Flight

This is no longer just a story of a plane crash—it’s a story of trust, loss, and accountability. Families of AI171 victims are united in their demand: “We deserve to know the truth.”

As this emotional and legal battle intensifies, the world watches closely. With multiple lawsuits expected and international agencies monitoring the situation, this case may become one of the most significant in Air India news history.

Follow the full coverage and future updates on:
🔗 https://creditsamadhaan.com

Scam Alert: Chartered Accountant Arrested in ₹750 Crore Chinese Loan App Fraud Targeting Thousands of Indians

in

Scam Alert

Major Cybercrime Operation Exposed in India; International Links Revealed

New Delhi, July 6, 2025:
In a major breakthrough in India’s cybercrime investigation landscape, the Uttarakhand Special Task Force (STF) has arrested a Delhi-based Chartered Accountant for allegedly orchestrating a multi-layered scam worth over ₹750 crore. The fraud, involving fake digital loan apps and cyber-extortion, targeted thousands of Indian citizens across the country.

The accused, identified as Abhishek Agarwal, was arrested at Indira Gandhi International Airport, Delhi, under a Look Out Circular (LOC) issued in connection with an interstate cyber fraud case. He was later presented before a court for legal proceedings.

Summary of the Scam

  • Over 15 fraudulent digital loan apps used

  • More than ₹750 crore laundered through shell companies

  • Victims were blackmailed using personal data extracted from phones

  • Chinese cyber syndicate involvement confirmed

  • 35–40 shell companies created to route illegal funds

  • Investigation spread across multiple Indian states and international jurisdictions

How the Fraud Was Carried Out

Abhishek Agarwal, a Chartered Accountant by profession and resident of Ashok Vihar, North West Delhi, is alleged to have masterminded the large-scale cyber fraud by collaborating with Chinese nationals. The scam exploited unsuspecting borrowers by offering quick loans through fake mobile applications.

These apps, including Inst Loan, Maxi Loan, KK Cash, RupeeGo, and Lendkar, promised instant disbursal of loans with minimal documentation. Once users downloaded the apps and provided permissions, the operators gained access to their phones, including contacts, messages, and photos.

This personal data was then used to blackmail the victims. In many cases, edited or morphed images were sent to their contact lists, accompanied by abusive and threatening messages, to force repayments with exorbitant interest and penalties. Many victims paid to avoid social embarrassment, harassment, and psychological stress.

Shell Companies and Money Laundering Channels

The STF investigation uncovered that Agarwal had created approximately 35–40 shell companies to facilitate the laundering of scammed funds:

  • 13 companies were registered under his own name

  • 28 were under the name of his wife

  • Several entities had Chinese nationals as co-directors

These companies operated a web of bank accounts through which the fraudulent money was routed and disguised as legitimate transactions. Financial analysis so far has revealed transactions worth over ₹750 crore across various accounts.

International Connections and Chinese Cybercrime Links

Agarwal’s role extended to helping bring Chinese nationals into India between 2019 and 2020 to assist in setting up the scam’s infrastructure. Investigators found that he had personally traveled to Shanghai and Shenzhen in 2019, which they believe was for coordination with his foreign counterparts.

During interrogation, Agarwal provided the names of five Chinese nationals involved in the scam:

  1. Difan Wang (also known as Scott Wang)

  2. Zhenbo He (also known as Leo)

  3. Miao Zhang (also known as Cicero)

  4. Yongguang Kuang (also known as Bolt)

  5. Wenxue Li (also known as Force)

The STF is working closely with central authorities and Interpol to trace these individuals and assess the broader international dimensions of the fraud.

Other Arrests and Raids

This arrest follows the earlier apprehension of Ankur Dhingra, another key figure connected to the operation, from Gurgaon. Dhingra was associated with a company named Hector Lendkaro, believed to have developed and managed some of the fraudulent loan apps.

In a related operation in 2023, a call center in Aurangabad, Maharashtra, suspected of being part of the same fraud network, was raided. Officials recovered SIM boxes and other digital communication devices believed to be used in targeting victims and coordinating the fraud.

Items Seized During Arrest

The STF recovered the following items from Abhishek Agarwal at the time of his arrest:

  • Smartphone

  • Passport

  • Indian and Thai currency

  • Power bank

  • Digital storage devices

  • Rings

  • Apple Watch

All items are being examined as part of the forensic investigation.

Law Enforcement Comments

According to Navneet Singh, Senior Superintendent of Police (STF Uttarakhand), the case was originally registered in December 2022. He confirmed that this was one of the most extensive and organized digital financial frauds investigated in recent times.

The investigation is being spearheaded by Additional SP Swapna Kishore, Cyber Deputy SP Ankush Mishra, and Inspector Vikas Bhardwaj from the Cyber Crime Police Station in Dehradun.

Data from bank accounts, WhatsApp conversations, call records, and mobile numbers has been collected and analyzed as part of the ongoing investigation.

Impact on Victims and Public Warning

Thousands of Indians across various states have been affected by this scam. Most victims were low-income individuals or people in urgent need of funds, who were unaware of the risks involved with unverified digital lending platforms.

Some victims reported paying up to ₹50,000 in so-called “repayments” for loans as small as ₹3,000 or ₹5,000. The blackmail tactics created immense psychological pressure, leading to financial distress and mental trauma.

Authorities have advised the public to:

  • Only use RBI-authorized loan apps

  • Avoid granting sensitive permissions to unknown applications

  • Report any harassment or suspicious financial activity on the Cyber Crime Portal

What Happens Next?

With the involvement of foreign nationals and cross-border financial trails, the investigation is expected to expand internationally. Interpol and multiple Indian state police departments are now coordinating to uncover the full scope of the fraud.

The government may also introduce tighter digital lending regulations, stricter KYC norms, and enhanced consumer protection mechanisms in the fintech space.

CreditSamadhaan’s Expert Insight

This case serves as a wake-up call about the risks of unregulated digital lending. As India’s fintech ecosystem rapidly expands, it is critical that consumers are aware of the dangers of fraudulent apps and that policymakers impose stringent oversight to prevent such large-scale scams.

CreditSamadhaan recommends users:

  • Verify loan apps before downloading

  • Use official websites or RBI’s registered lender list

  • Avoid sharing personal data or granting unnecessary permissions to unknown apps

  • Report cyber fraud immediately and preserve all communication evidence

Stay Updated with CreditSamadhaan

For more verified updates on financial frauds, scams, loan-related issues, and credit score protection, visit www.creditsamadhaan.com

If you have been affected by a fake loan app scam or suspect such activity, report it immediately on cybercrime.gov.in or your nearest cyber police station.

Financial News | Senior Citizens Can Now Earn Up to 7.85% on FDs — Check Full Bank List, Tax Rules & TDS Hacks

in

📅July 7, 2025

India’s Banking Sector Offers Relief Amid Economic Uncertainty

In the latest financial news that’s set to benefit millions of senior citizens across India, several leading private banks have announced FD interest rates of up to 7.85% for three-year fixed deposits — exclusively for those aged 60 years and above.

Amid a landscape of moderate inflation, cautious investment, and central bank interest rate fluctuations, this comes as a safe, high-yield opportunity for retired individuals looking for stable income with minimal risk.

Here Are the Top FD Rates for Senior Citizens (3-Year Tenure)

🏦 Bank 💸 FD Interest Rate (3 Years)
YES Bank 🔺 7.85%
SBM Bank 🔺 7.80%
Bandhan Bank 🔺 7.75%
RBL Bank 🔺 7.60%
IndusInd Bank 🔺 7.50%

📌 Note: These rates are for deposits up to ₹3 crore, and are current as of July 2, 2025, according to data from Paisabazaar.com.

Why This Is Big Financial News for Senior Citizens

For Indian senior citizens, fixed deposits (FDs) continue to remain a preferred savings instrument, especially given the volatile nature of equity markets, gold prices, and real estate returns.

With FD rates touching 7.85%, these fixed deposits are currently outperforming post office schemes and many debt mutual funds, making this an ideal time for:

  • Retirement income planning

  • Emergency fund parking

  • Monthly interest income (via non-cumulative FDs)

  • Low-risk wealth preservation

Financial Tip: Always ladder your FDs for liquidity + high returns. For example, split your amount across 1-year, 2-year, and 3-year tenures.

FD Interest & Taxation — Don’t Let TDS Eat Into Your Gains

Even though FD interest is taxable, there are smart ways to reduce or eliminate TDS deductions, especially for retirees.

What is TDS on FD Interest?
Banks are mandated to deduct TDS (Tax Deducted at Source) at 10% if your total FD interest in a financial year exceeds ₹1 lakh (for senior citizens).

BUT here’s the key: TDS doesn’t mean you owe tax. It simply means your bank is deducting it in advance, even if your actual income is below taxable limits.

How to Legally Avoid TDS: Submit Form 15H

If you are eligible, you can submit Form 15H to your bank and avoid TDS altogether.

New Tax Regime (FY 2025-26):

If your total income is up to ₹12 lakh, you can claim the Section 87A rebate and pay zero income tax, making you eligible to file Form 15H and avoid TDS.

Old Tax Regime:

If your income is up to ₹5 lakh, after all deductions (like 80C, 80D, etc.), you qualify for 87A rebate and can submit Form 15H as well.

💬 Even if your tax liability is nil, banks will still deduct TDS unless Form 15H is submitted, because they don’t know your final tax calculations.

Real Example:

Let’s say a senior citizen earns ₹11 lakh annually through pension + FD interest. Under the new tax regime, there’s no tax liability due to the ₹12 lakh 87A rebate. Still, the bank will deduct TDS if your annual FD interest crosses ₹1 lakh — unless you’ve filed Form 15H.

📌 Moral: Form 15H = Higher Net Returns in Hand

Market Context: Why Banks Are Offering Higher FD Rates?

As part of the recent financial news trends, here’s what’s happening behind the scenes:

  • 📉 Repo rate pause by RBI has pushed banks to attract longer-term depositors

  • ☀️ Anticipation of strong monsoon and liquidity flow ahead of FY26

  • 📈 Increased deposit competition from Small Finance Banks

  • 🧓 Special schemes for senior citizens becoming a trust-building strategy

💬 As per CII projections, India’s economy is expected to grow 6.4%–6.7% in FY26, and retail depositors are seeing this as a chance to lock-in high FD rates before further changes.

Smart Investor Insights: What Should You Do Now?

✅ Compare rates across private and small finance banks
✅ Use a trusted FD calculator (available at CreditSamadhaan.com)
✅ Submit Form 15H before your first FD payout to prevent TDS
✅ Track your total interest across multiple banks — TDS is calculated per bank, not in total
✅ Choose interest payout options (monthly/quarterly) for regular income

FINAL WORD FROM CREDIT SAMADHAAN

At Credit Samadhaan, we keep you updated with real, actionable financial news that matters to your life — whether it’s about credit score repair, FD updates, loan strategies, or tax-saving tips.

🔔 Want help choosing the right FD or submitting Form 15H?
🧾 Need a personalized tax-saving plan for retirement?
💼 Our financial advisors are just a click away.

Read More:

Follow Us for Daily Financial News & Tips

#CreditSamadhaan #FinancialNews #FDRatesIndia #SeniorCitizensFD #Form15H #TaxSavingsIndia #FixedDeposit2025 #BankingNewsIndia #RetirementPlanning #SafeInvestments #TaxPlanningIndia #PersonalFinanceIndia #HighReturnFD

Rajiv Memani Predicts 6.4–6.7% Growth for Indian Economy in FY26 — A Major Financial News Update from CII

in

New Delhi | July 5, 2025 —
In a major financial news development that sets the tone for the fiscal year ahead, Rajiv Memani, the newly appointed President of the Confederation of Indian Industry (CII), has projected that India’s economy will grow at a robust rate of 6.4% to 6.7% in FY2025-26. This bold yet data-backed forecast underscores the country’s sustained momentum as the fastest-growing major economy in the world.

Delivering his first address as CII President, Memani presented the projection during a high-profile press briefing, citing strong domestic demand, an improving macroeconomic environment, and structural tailwinds as primary contributors. The estimate was generated through CII’s proprietary GDP Growth Model, which incorporates dynamic economic indicators and policy trends across sectors.

“We expect real GDP growth in the 6.4%–6.7% range for FY26,” Rajiv Memani stated confidently. “India’s economic engine continues to be powered by robust domestic consumption, improving liquidity, and sound monetary policies.”

This announcement is among the most significant pieces of financial news emerging from India in recent months and signals renewed confidence in the nation’s post-pandemic recovery and structural resilience.

Top Highlights from Rajiv Memani’s Financial Outlook: A Closer Look at Growth Drivers

Memani’s comprehensive financial news briefing highlighted a mix of short-term catalysts and long-term enablers that are expected to contribute to India’s economic expansion:

1. Favorable Monsoon Outlook

A strong monsoon forecast for 2025 is likely to boost agricultural productivity, especially in rural India, where farming still forms the backbone of economic activity. Better yields will enhance rural income, revive consumption, and indirectly benefit sectors such as FMCG, retail, and two-wheeler sales.

2. Liquidity Enhancement Through CRR Cut

The Reserve Bank of India’s decision to reduce the Cash Reserve Ratio (CRR) is another major development, injecting additional liquidity into the financial system. Banks will have more room to lend, and credit growth — a key metric for economic health — is expected to accelerate.

3. Interest Rate Moderation

Inflation in India has gradually moderated, paving the way for potential rate cuts by the central bank. Lower borrowing costs can unlock capital investments from both corporations and consumers, stimulating demand and supply across multiple sectors.

“Together, these factors create a favorable environment for a sustained growth cycle, making this one of the most optimistic financial news updates of the year,” Memani added.

External Risks Still Cast a Shadow Over India’s Growth Trajectory

Despite the positive outlook, Rajiv Memani issued a note of caution, pointing to persistent geopolitical uncertainty and international financial market volatility as key downside risks.

Key External Challenges Include:

  • Rising geopolitical tensions in the Middle East and Eastern Europe

  • Potential oil price shocks, which could disrupt India’s import bill and inflation

  • Unpredictable monetary policy moves by the U.S. Federal Reserve

  • Currency fluctuations and global capital outflows

“While our fundamentals are strong, external shocks could ripple through our economy. It’s critical we stay adaptive and resilient,” said Memani, emphasizing the importance of monitoring global financial news trends regularly.

Sectoral Outlook: Financial News You Can Use

Although Rajiv Memani did not release sector-wise growth figures, the CII’s analysis identifies several key industries likely to fuel India’s GDP expansion:

  • 🏗️ Infrastructure & Construction: Government-led capital expenditure continues to drive massive infrastructure development, boosting allied industries like cement, steel, and engineering.

  • 🛍️ Retail, FMCG & Consumer Durables: As consumer sentiment improves post-inflation, rural and urban spending is expected to rise.

  • 💻 IT & Digital Services: India’s software exports and domestic digital transformation initiatives are likely to maintain momentum.

  • 🏦 Financial Services: Increased credit demand, expanding fintech ecosystems, and capital market participation will play a critical role in driving financial inclusion.

This breakdown offers actionable financial news insights for investors, business strategists, and market analysts tracking India’s economic evolution.

Rajiv Memani’s Strategic Policy Vision for FY26

Memani also presented a blueprint of forward-looking policy recommendations, aimed at sustaining and deepening India’s economic momentum:

Key Policy Priorities:

  1. Stimulating Private Investment: Through regulatory simplification, tax relief, and infrastructure acceleration.

  2. Empowering MSMEs: By expanding access to affordable credit, digitization support, and market linkages.

  3. Green Financing & Sustainability: Encouraging eco-friendly business models through incentives and ESG-linked investments.

  4. Skilling the Workforce: To prepare India’s young population for emerging sectors like AI, green tech, and data economy.

These priorities signal a shift from short-term recovery to long-term transformation — a central theme of this financial news briefing.

Final Word: India’s Economic Narrative Continues to Inspire Financial News Headlines

This latest growth projection by CII under Rajiv Memani’s leadership comes at a pivotal moment. With global investors reevaluating emerging markets and supply chains being reoriented toward India, the country is well-positioned to seize a generational opportunity.

“This is not just a growth forecast, it’s a confidence signal to the world,” Memani concluded. “India’s story is evolving — and we must ensure that every financial news headline reflects that transformation with responsibility, purpose, and clarity.”

BREAKING: Shark Tank India Season 5 Opens the Tank Again – This Time, With a Message for India’s Burned-Out Hustlers

in ,

“You wrote their success stories. Now write your own.” — Sony LIV calls aspiring entrepreneurs to ditch burnout and pitch brilliance in the most-awaited startup show of the year!

New Delhi | July 4, 2025 –
India’s most beloved entrepreneurial show, Shark Tank India, has just dropped a wave-making announcement: Season 5 is officially open for registrations! And this time, it’s not just about startups—it’s about redefining the very culture of building them.

With the powerful tagline “You wrote their success stories. Now write your own,” the show’s latest season comes with a bold, satirical twist that takes on India’s hustle culture and celebrates smart work over burnout. Yes, the sharks are back—and they’re hungry for big ideas, not sleepless nights.

A Disruptive Start: This Time, It’s Don’t Go to Shark Tank?

Sony LIV and the creative minds behind Shark Tank India launched the new season with a surprisingly ironic campaign: a tongue-in-cheek video titled “Don’t go to Shark Tank.”

In a dramatic departure from traditional promo styles, the video shows a young man being urged by his boss to avoid entrepreneurship and stick to a “secure job,” highlighting overwork, family pressure, and skepticism—problems every Indian dreamer knows too well.

👉 The underlying message?
“Ditch the burnout. Embrace brilliance. Build smart, not hard.”

This unexpected satire also appears to address a controversial comment by Infosys co-founder Narayana Murthy, who had once suggested India’s youth should work 70 hours per week to boost the economy. In contrast, the Shark Tank India campaign says: “Forget 70 hours. One brilliant idea is enough.”

What Makes Season 5 Special?

While previous seasons introduced us to brands like Skippi Ice Pops, Hammer Lifestyle, BluePine Foods, and The Sass Bar, Season 5 is poised to be more than just another round of pitches. It’s a cultural reset.

Here’s what’s changing this season:

Element Season 5 Upgrade
Theme “Don’t Burnout, Pitch Brilliance”
Narrative Anti-hustle, pro-smart innovation
Tone Empowering, satirical, self-aware
Message You don’t need to kill yourself to build your dream
Platform Digital-first momentum via Sony LIV

This season isn’t just recruiting entrepreneurs; it’s rallying a generation to dream responsibly and execute efficiently.

Registration Details – How to Dive into the Tank

Think your idea is pitch-worthy? Here’s how you can register for Shark Tank India Season 5:

  1. 📲 Download Sony LIV (available on Android, iOS, and web).

  2. 🔢 Enter your mobile number to receive an OTP.

  3. 🧾 Fill the form with business details, founder profiles, and key numbers.

  4. 🎥 Upload your pitch video (optional but recommended).

  5. 🚀 Hit submit and wait for the Shark Team to reach out!

💡 Note: Strong financials, innovation, and scalability remain key factors for selection.

Shark Tank India in Numbers (So Far)

Since its launch in 2021, Shark Tank India has:

  • Heard 741 business pitches

  • Funded 351 startups

  • Invested over ₹293 crore collectively

  • Created over 10,000 jobs directly or indirectly

This success story includes household names and local heroes—many of whom never had access to VC funding until Shark Tank gave them the stage.

More Than Just Funding: Mentorship, Visibility & Validation

While funding is the core attraction, many participants reveal that the mentorship, business acumen, and national exposure they receive are priceless.

For example:

  • Hammer Lifestyle quadrupled its sales post-show.

  • BluePine Foods, founded by a woman entrepreneur from Northeast India, brought momos into the gourmet space.

  • AAS Vidyalaya, a virtual school, gained massive traction in rural India after their pitch.

Who Are the Sharks This Time?

While the official list of Season 5 Sharks has not been announced yet, fans are expecting to see popular faces like:

  • Aman Gupta – Co-founder, boAt

  • Namita Thapar – Executive Director, Emcure Pharmaceuticals

  • Anupam Mittal – Founder, Shaadi.com

  • Peyush Bansal – Founder, Lenskart

  • Vineeta Singh – CEO, SUGAR Cosmetics

  • Ritesh Agarwal – OYO

  • Deepinder Goyal – Zomato (rumored return)

  • Kunal Bahl, Varun Dua, and possibly new first-time Sharks

Will there be surprise entries? A global shark? A returning legend? We’ll have to wait and watch.

Social Media Buzz: Entrepreneurs React

Twitter, Instagram, and LinkedIn are abuzz with reactions from past pitchers, startup founders, and fans:

💬 “Not just a show—Shark Tank India gave my startup a life it never had.”
— Aditi Bhutia Madan, Founder, BluePine Foods

💬 “We needed a message like this. Burnout isn’t a badge of honour. Well played, Shark Tank!”
— Rajat Mehta, Finfluencer

Final Word: India, It’s Your Turn Now!

This isn’t just another season. This is your invitation to rise above the noise, challenge the grind culture, and bring your idea to India’s biggest business stage.

You’ve seen others swim with the Sharks. Now it’s your time to make a splash.

👉 Register now on Sony LIV and take the first step toward your startup story.

SBI Declares RCom Loan as Fraud, Reports Anil Ambani to RBI

in

In a major development that could have serious legal and financial consequences, State Bank of India (SBI) has officially classified the loan account of Reliance Communications Ltd. (RCom) as fraud and has reported its former director, Anil Ambani, to the Reserve Bank of India (RBI) for further regulatory action. This is a significant step against one of India’s most prominent business figures.

Why SBI Reported Anil Ambani and RCom

The decision was taken after a year-long process involving a forensic audit, multiple show-cause notices, and extensive internal reviews. According to SBI, the Fraud Identification Committee (FIC) found clear evidence of:

  • Diversion of loan funds

  • Violation of loan terms and conditions

  • Suspicious financial transactions

  • Non-transparent dealings involving related parties

The forensic report uncovered that funds borrowed by RCom were moved through group companies, temporarily invested in mutual funds and FDs, and even used for circular transactions that masked the true flow of money.

As per the bank’s findings, these activities were serious enough to classify the entire loan account as fraudulent, triggering immediate notification to the RBI.

The Financial Background: How Big Is This Loan Fraud?

Reliance Communications, once a flagship telecom company of the Reliance ADA Group led by Anil Ambani, had been struggling for several years. The company:

  • Was admitted into the Insolvency and Bankruptcy Code (IBC) process in May 2018

  • Had turned into a Non-Performing Asset (NPA)

  • Owed a total outstanding debt of ₹48,216 crore as of March 2025

While the IBC process protects the company from direct legal action, promoters and directors like Anil Ambani are not immune from prosecution, particularly if fraud is proven.

What the Forensic Audit Found

SBI’s forensic audit revealed a consistent pattern of misconduct involving RCom and its subsidiaries. Some key findings include:

  • Fund diversion: Borrowed money was routed through related companies without proper disclosures

  • Opaque transactions: Transactions lacked clarity and accountability

  • Temporary investments: Funds were parked in mutual funds and fixed deposits, contrary to the terms of the loan

  • Day-to-day circular movement: Funds were moved around to create the illusion of legitimate business activity

These findings led the Fraud Identification Committee to make the bold decision on June 13, 2025, to classify the account as fraudulent.

SBI’s Complaint to RBI: A Rare Move Against Anil Ambani

By reporting Anil Ambani to the RBI, SBI has taken one of the most serious steps a lender can take. This is more than just a financial classification — it sets the stage for:

  • Regulatory action from RBI

  • Possible investigation by agencies like the CBI (Central Bureau of Investigation)

  • Civil and criminal proceedings against the promoter

This move could have a long-term impact on Anil Ambani’s reputation, finances, and future business dealings.

Anil Ambani’s Legal Team Responds: Calls SBI’s Move Unfair

Reacting sharply to SBI’s classification, Anil Ambani’s lawyer Tarini Khurana issued a strong statement:

“State Bank of India’s order is shocking and has been passed ex-parte, violating the principles of natural justice.”

She further claimed that:

  • Anil Ambani was not given a personal hearing

  • The show cause notice sent to him was never properly answered by SBI

  • The bank ignored repeated requests to share evidence

  • Other non-executive directors were let off, but Anil Ambani was singled out

Khurana stressed that Anil Ambani was only a non-executive director at RCom and was not involved in its day-to-day management. She added that the decision goes against Supreme Court and Bombay High Court judgments, and Anil Ambani is taking legal steps to challenge it.

The Legal Road Ahead for Anil Ambani

With the fraud label now in place and the matter in RBI’s hands, Anil Ambani may face:

  • Regulatory penalties

  • Freezing of assets

  • Criminal charges, depending on investigation outcomes

  • Loss of credibility in the business and financial markets

If the CBI takes over the case, Anil Ambani could be summoned for questioning, and further forensic examination of financial records may be initiated.

What This Means for Indian Banking and Corporate Governance

This case marks a turning point in how banks, especially public sector banks like SBI, deal with high-profile loan defaults. The move to label Anil Ambani and RCom’s account as fraudulent sends a strong message:

  • Corporate fraud will not be tolerated, no matter how influential the promoter is

  • Banks are becoming more aggressive in recovering public money

  • RBI’s fraud monitoring framework is being enforced more seriously

  • More scrutiny is coming for directors, even non-executive ones

Conclusion: A New Chapter in the Anil Ambani Saga

Once considered among India’s top industrialists, Anil Ambani is now facing one of the toughest legal battles of his career. With SBI’s fraud label, RBI’s involvement, and possible CBI investigation, the pressure is mounting.

This case may redefine how financial frauds involving large corporate houses are handled in India — and Anil Ambani will be at the center of this transformation.

🔍 Key Points to Remember:

  • SBI labels RCom loan as fraud

  • Anil Ambani reported to RBI

  • ₹48,216 crore debt under scrutiny

  • Forensic audit reveals fund diversion

  • Legal action against Anil Ambani likely

  • Anil Ambani denies wrongdoing

  • Case may go to CBI

Stay tuned to CreditSamadhaan.com for updates on this high-profile financial case and more insights into how India is cracking down on banking frauds.