IT FAST DS 2026 UPDATE

 ​I​T FAST DS 2026 Update;

​1. The Income Tax Department Launches FAST-DS 2026 - One-Time Window to Disclose Foreign Assets Till 31st December 2026.
What is FAST-DS 2026: Foreign Assets of Small Taxpayers Disclosure Scheme, 2026

​2. It is a one-time, trust-based, self-declaratory scheme introduced under Chapter IV of the Finance Act, 2026 to help small taxpayers regularise previously unreported foreign assets and foreign income. The scheme is fully online on the e-filing portal http://incometax.gov.in.

​3. Disclosure Window and Form:

•  Window: 16th August 2026 to 31st December 2026
• Form: Form 1 of FAST-DS - Enabled on portal from 1st September 2026
•  No declaration can be filed after 31st December 2026
•  Valuation Date for assets: Fair Market Value as on 31st March 2026

​4. Two Separate Routes of Disclosure:

• Route 1 - For Undisclosed Foreign Assets / Income upto Rs. 1 Crore:
• Covers assets or income which were never disclosed and income not offered to tax.
•  Example: Foreign bank account from your stay abroad, foreign shares, crypto held abroad, undeclared rental income.
• Payment: 30% Tax + 30% Penalty = Total 60% of Fair Market Value.
• Example: If you declare Rs. 80 lakh, you pay Rs. 24 lakh tax + Rs. 24 lakh penalty = Rs. 48 lakh total.

​5. Route 2 - For Accounted Assets Not Reported in ITR upto Rs. 5 Crore - Flat Rs. 1 Lakh Fee:

• Covers cases where assets were acquired from income already taxed in India OR acquired during your Non-Resident period, but you failed to report it in Schedule FA / FSI of your ITR.
• This is the Rs. 1 lakh flat fee route mentioned in your post.
•  Payment: Flat fee of Rs. 1,00,000 only, even if asset value is upto Rs. 5 crore.
•  Benefit: You avoid a penalty of Rs. 10 lakh per year under Black Money Act for non-reporting of foreign assets.
• Important: If the same asset was not reported for multiple years, Rs. 1 lakh fee is charged only once, for the first year of default.

​6. Who is Eligible:

• Persons who were Resident in India in the relevant previous year.
• Persons who are now Non-Resident or Not Ordinarily Resident, but were Resident in the year in which the asset was acquired.
• Covers students, employees with foreign ESOPs/RSUs, returning NRIs, small investors.
• The asset value should not exceed the prescribed limit of Rs. 1 crore (Route 1) or Rs. 5 crore (Route 2).

​7. Major Benefits of Valid Declaration:

•  Immunity from further assessment, penalty and prosecution under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.
•  Immunity from penalty of Rs. 10 lakh per year for non-disclosure.
•  For movable assets upto Rs. 20 lakh, immunity from prosecution with retrospective effect from 1st October 2024.

​8. New Facility from Department:

•  The Income Tax Department has now enabled a facility on e-filing portal to view foreign assets information reported against your PAN by foreign countries under AEOI / CRS / FATCA.
• You can login and download this data for calendar years 2022, 2023 and 2024.
• The Department is also actively nudging taxpayers who have invested in residential and commercial properties in UAE and other countries.
• As of 27th October 2026, around 1,100 taxpayers have already filed declarations.
•  CBDT has formed regional committees under Principal Chief Commissioners to resolve queries and outreach programs are being done for corporates and educational institutions.

​9. What You Must Do Now:

• 1. Login to http://incometax.gov.in and check your AIS and Foreign Asset Information under AEOI section.
• 2. Verify if you have any foreign bank account, foreign shares/ESOPs, foreign property, or foreign investments not reported in Schedule FA.
• 3. Consult your tax advisor to check eligibility under Route 1 or Route 2.
• 4. File Form 1 of FAST-DS before 31st December 2026.
• ​Official Website: http://www.incometax.gov.in

​Source:- CA (Dr) Raj Chawla

GST-ITC UPDATE

 GST-ITC update;

 

​1. In a landmark judgment protecting genuine buyers, the Hon'ble Punjab and Haryana High Court has laid down strict safeguards against mechanical denial or reversal of Input Tax Credit.

 

​2. CASE DETAILS:

•  Case Name: M/s Shaurya Alloys Pvt Ltd Vs State of Punjab and Anr
•  Citation: CWP No. 34296 of 2024 (O&M)
•  Court: Punjab and Haryana High Court​
•  Date of Order: 01-10-2026
•  Issue Involved: Input Tax Credit under Section 16(2)(c) of the CGST Act, 2017

 

​3. FACTS OF THE CASE

• A batch of writ petitions was filed before the High Court challenging denial or reversal of Input Tax Credit under Section 16(2)(c) of the CGST Act.
•  The petitioners were genuine purchasing dealers who had duly paid tax to their suppliers and possessed valid tax invoices.
•  Their suppliers had either failed to discharge their tax liability to the Government or their GST registrations were cancelled, including retrospective cancellations.
• The GST Department mechanically reversed the ITC of the buyers.
•  Petitioners challenged Section 16(2)(c) read with Section 155, alleging that it violated Articles 14 and 19 of the Constitution of India.

 

​4. KEY DECISION OF THE HON'BLE HIGH COURT:

•   Validity Upheld With Safeguards: The High Court upheld the constitutional validity of Section 16(2)(c), but imposed strict safeguards on its enforcement to prevent misuse against genuine buyers.

 

​5.  No Automatic ITC Denial:​ The Court held that retrospective cancellation of supplier's registration, short tax payment by supplier, or external alerts from Department system could ONLY trigger an inquiry. These factors alone cannot independently justify ITC denial or reversal.

 

​6.   Mandatory Pre-Conditions Before SCN:​ Before issuing a Show Cause Notice for ITC reversal, the Proper Officer MUST:

•      Examine all relevant material on record
•     Establish with evidence the supplier's default in payment of tax
•      Demonstrate a direct link / nexus between the purchaser and supplier's fraud or default
•      Prove that the purchaser had colluded or was not a genuine buyer

 

​7.  Protection to Genuine Buyers:​  The burden cannot be shifted to the purchasing dealer if he has proved genuineness of transaction, payment through banking channel and possession of valid tax invoice.

 

​8. IMPACT OF THIS JUDGMENT:

• Huge relief for genuine buyers facing ITC reversal due to supplier's fault.
• The Department cannot mechanically reverse ITC based on GSTR-2A/2B mismatch or retrospective cancellation.
• A proper inquiry and application of mind is mandatory.
• This judgment will have persuasive value across India for similar cases pending under Section 16(2)(c).

Source:CA  Dr.Raj Chawla

Israeli PM hails Indian pilot wounded in diverted flydubai flight Netanyahu said Mr. Machchhar saved the lives of 174 people, including Israeli citizens and other nationals Updated - October 01, 2026 01:42 am IST - Mumbai

 

Israel Prime Minister Benjamin Netanyahu hailed the Indian Captain Smit Machchhar, who was wounded in an altercation with his copilot who allegedly tried to crash a Dubai-Tel Aviv flight on Wednesday (September 30, 2026).Israel Prime Minister Benjamin Netanyahu hailed the Indian Captain Smit Machchhar, who was wounded in an altercation with his copilot who allegedly tried to crash a Dubai-Tel Aviv flight on Wednesday (September 30, 2026).

US bond yields hit 19-year high! What's driving the surge and why Nifty, Sensex are feeling the heat? Experts decode Rising US Treasury yields above 5.2% have impacted global stock markets, particularly leading to a six-month low for India's Nifty 50. Increased bond yields attract foreign investment, causing pressure on Indian stocks and the rupee due to FII selling. Mintlive Sep 29,2026

 Rising US Treasury yields above 5.2% have impacted global stock markets. Check details (AI-generated image for representational purposes only)

Rising bond yields have caught global attention and have sent ripple effects across the world's major stock markets. US 10-year Treasury yields have surged above 5.2%, the highest level since 2007. The sharp rise has even rattled the Indian stock market, with the Nifty 50 hitting its six-month low level and slipping below 22,600 on Tuesday, September 29. But why are US Treasury yields rising, and how does it impact the Indian stock market? Let’s decode

When the US 10-year Treasury yield rises to high levels like 5.25%, investment in bond yields becomes attractive and may contribute to the migration of billions of dollars back to the US by foreign institutional investors (FIIs). Hence, FII selling can also add pressure to the Indian stock market.

Why are bond yields rising?

Rising bond yields are emerging as a key headwind for Indian equities and may add pressure to the Indian stock market. “Elevated crude prices, persistent inflation concerns and heavy government borrowing are keeping yields higher,” stated Ravi Singh, Chief Research Officer at Master Capital Services Ltd.

How rising bond yields are rattling Nifty and Sensex

Higher bond yields are increasing the attractiveness of fixed-income assets and can keep FII flows under pressure.

“Higher domestic yields raise the cost of capital for corporates and can weigh on earnings and valuations. Rate-sensitive sectors such as banks, NBFCs, IT and metals could remain under pressure as investors reassess valuations and risk appetite,” explained Ravi Singh.

FII selling, pressure on rupee

The multi-year highs by the US Treasury yields have made the risk-free US debt category one of the most attractive alternatives for global investors.

View full Image

US Treasury securities 10-year yield

(https://fred.stlouisfed.org/)

“This shift has triggered persistent net selling by Foreign Institutional Investors (FIIs), who are moving funds out of emerging equities to lock in safer returns abroad. This sustained foreign capital outflow has put pressure on domestic currencies, pushing the Indian rupee towards lower historical levels against the US dollar, while outstripping the buying power of local domestic funds,” explained Mayank Jain, Market Analyst, Share.Market by PhonePe.

What is a government bond?

A government bond is a document where the government acknowledges that it is taking a loan from someone and details the amount it will pay back over a fixed duration of time. The yield on a government bond is the interest rate the government has to offer to investors from which it borrows money.

Indian stock market today

The Indian stock market saw a sharp sell-off in the first half of Tuesday's trading session. Nifty 50 dipped below 22,600 today, with IT heavyweights like Wipro, Infosys, Titan and HCL Tech emerging as major laggards.

However, the benchmark indices saw a sharp recovery in the second half of the day and surged from their intraday low levels. Nifty 50 was down 0.46% at 22,674.70 points. BSE Sensex was down 351 points at 72,420.34 points at 2:40 PM on Tuesday, September 29.

Vodafone Idea adds over 5,00,000 subscribers in August, highest monthly gain since 2018 merger Written By Priya Vishwakarma Published: 2:11 PM, Sep 29, 2026 | Updated: 3:31 PM, Sep 29, 2026 Z Business

 

Vodafone Idea adds over 5,00,000 subscribers in August, highest monthly gain since 2018 merger

Written By Priya Vishwakarma

Published: 2:11 PM, Sep 29, 2026 | Updated: 3:31 PM, Sep 29, 2026

India's telecom sector continued to expand in August, with the country adding around 5.5 million mobile subscribers during the month, according to the latest data from TRAI. Vodafone Idea added 5.06 lakh subscribers — its seventh consecutive month of subscriber growth and its highest monthly addition since the 2018 merger.

Vesuvius confirms takeover proposals from RHI Magnesita :-Source Investing.com

 

LONDON - Vesuvius plc confirmed today it has received multiple unsolicited takeover proposals from RHI Magnesita N.V. since September 2025, according to a press release statement.

The latest proposal, received on August 27, comprises 470 pence per ordinary share in cash and 0.28 new RHI shares for every 10 Vesuvius shares. Based on RHI’s one-month volume-weighted average price as of August 27, the proposal values Vesuvius shares at 551 pence each. Vesuvius shareholders would receive approximately 7.1 million new RHI shares and own about 13% of the enlarged company.

The proposal includes the right to receive Vesuvius’s interim dividend of 7.1 pence per share without reduction in the offer value.

Cevian Capital AB, a Vesuvius shareholder since 2012, provided RHI with an irrevocable undertaking on August 27 supporting a recommended offer on these terms. Cevian has a director appointed to Vesuvius’s board.

The Vesuvius board is evaluating the latest proposal with its financial and legal advisers. The company has previously rejected multiple proposals from RHI, including the first unsolicited cash offer of 448 pence per share received on September 29, 2025.

On March 17, Vesuvius received an all-cash proposal of 550 pence per share and granted RHI access to conduct due diligence. A subsequent proposal on June 23 maintained the 550 pence valuation but replaced approximately 17% of the cash consideration with new RHI shares. The board unanimously rejected that proposal on June 29.

Under UK takeover rules, RHI must announce a firm intention to make an offer or withdraw by October 27.

RHI Magnesita

32.40

▼-0.900(-2.70%)

Real-time Data·17:42:02·EUR

In this article

Vesuvius has 255,442,891 ordinary shares issued, with 248,171,717 voting rights after excluding treasury shares.

J.P. Morgan Cazenove, Rothschild & Co, and Perella Weinberg are advising Vesuvius.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.