Instant Finance Updates

📢 TRACES Update Online TDS–TCS Return Correction is now live on the New TRACES Portal. If you have received an email from TDS CPC regarding the processing of defaults in Form 140–143 for Q1 of TY 2026–27, and the demand is towards Interest only, you can file the correction online through the New TRACES Portal — without requesting a Conso File. 🔗 TRACES Portal: http://www.tdscpc.gov.in 📌 Path: Defaults → Request for Correction → Pay / Allocate Interest ⚠️ Important: The interest should already be paid and reflected in the challan before filing the correction.

The Govt says Meta is no longer a "simple intermediary" because its algorithms amplify and decide on content visibility. As a result, they have to bear the onus of responsibility for content.(FE)

Top Indian Business Schools slipped in their QS Global MBA rankings. However this year's rankings have 19 Indian B-schools, 5 more than last year. (FE)

The Govt has directed (not advised!) cab aggregators to stop offering "advance tipping options" BEFORE a ride is booked. (DH)

India ranks a pathetic 131st in the Global Gender Gap Index 2026 ranking list. Iceland, Finland and Norway are the Top 3, with Namibia(!) coming in at 4. (FE)

From today, any employee with a salary of up to ₹25,000 per month, will need to be covered under the Employees' Provident Fund. The Govt raised the cap from ₹15,000 which was set in 2014. (DH)

The US Federal Reserve raised their benchmark interest rates by a quarter point to a range of 3.75%-4%. It's their first hike since 2023. (CNN Business)

$38 billion... That's what the Iran War has cost the US, so far. The Congressional report also says it will cost $22 billion to rebuild stockpiles. (WSJ) Good news for US defence companies, probably bad news for US citizens who will eventually pay for all this!

The US Pentagon has acknowledged, for the first time, that the US has weapons deployed in space. (WSJ)

Did you know... The world's largest food and beverages chain is Mixue from China, with 60,000 outlets worldwide. It's followed by McDonald's, Starbucks and Subway. (WSJ)

*Homebuyers cannot seek RERA refunds against majority IBC plan: NCLT* NCLT Mumbai held that individual homebuyers cannot claim RERA refunds that conflict with an insolvency resolution plan backed by the majority of homebuyers and approved under IBC. Section 238 override and homebuyers' status as financial creditors since 2018 underlined. Practical compliance note for realty CIRPs: majority vote binds dissenters on refund vs construction choices. (FE)

*RBI to mediate PayU, banks and Visa in merchant-codes dispute* Delhi HC directed RBI to nominate a senior payments officer to mediate among PayU Payments, Yes Bank, ICICI Bank and Visa over alleged wrong Merchant Category Codes and Interchange Reimbursement Fee claims, with a 30-day facilitation window. Status quo on disputed past transactions: Visa barred from final IRF determinations and acquirers from further related deductions from PayU during mediation. (BS)

*Homebuyers should choose complaint forum carefully — RERA or consumer court* YOUR MONEY guide on the doctrine of election: RERA and consumer forums offer concurrent remedies, but once a forum is chosen and an order attains finality, the same relief generally cannot be reopened elsewhere. NCDRC rejected a refund claim already granted by Karnataka RERA; SC line (incl. March 2026 Kabra) reaffirms no parallel/switch-forum shopping. RERA suits delayed possession, refunds and statutory interest (enforce via Section 40); consumer commissions suit deficiency, unfair practices and consequential damages. (BS)

*Be prepared to explain source of funds or risk tax scrutiny* Smart Investor: ITAT deleted AO additions on an 83-year-old non-filer after bank records showed a approx ₹2.42 lakh credit was FD maturity proceeds and cash deposits were funded by earlier withdrawals. Tribunal held a bank deposit is not taxable merely because it appears in the account — source explanation matters. Checklist for taxpayers: statements/passbooks, FD receipts, prior withdrawals, pension/income, sale/gift/succession docs, cash book and tax-form backups. (BS)

*CCPA slaps approx ₹10 lakh fine on Rapido parent* Central Consumer Protection Authority imposed about ₹10 lakh penalty on Roppen Transportation Services (Rapido) for unfair trade practices. Short consumer-law compliance note for digital aggregators. (BL)

*BoB loaned NMC despite red flags from internal AML unit* Mint reports Bank of Baroda proceeded with exposure linked to B.R. Shetty's NMC Group even after internal anti-money-laundering alerts on alleged round-tripping, years before a large legal settlement. Banking compliance colour on AML alert escalation, staff accountability and board oversight when red flags are ignored. (Mint)

*SC rejects ex-NSE chief's public-duty plea in co-location case* Supreme Court upheld Delhi HC and allowed the Prevention of Corruption Act trial against former NSE MD & CEO Chitra Ramkrishna to proceed. Court said NSE performs a public function and her MD/CEO role cannot be wholly separated from that duty. Companies Act–registered exchange still treated as discharging public functions for PC Act purposes. (ET)

*Tata Sons listing may change how Tata Trusts control the holdco* Listing as an NBFC-Upper Layer entity would intensify disclosure, related-party and public-shareholder scrutiny versus Tata Trusts' philanthropic mandate (approx 66% stake). RBI rejected surrender of CIC/NBFC registration. AoA still allows Trusts to nominate one-third of directors while holding at least 40% — listing would force more formal shareholder voting mechanics. (BL)

*Himalayan infrastructure set for insurance shock* After Nepal catastrophe and rising GLOF/landslide frequency, insurers and reinsurers are reassessing Himalayan hydropower and road risk. Mint chart shows NHPC insurance expenses climbing sharply into FY26/FY27 estimates. Premiums and reinsurance capacity become a material project-cost overlay for Himalayan infra developers and operators. (Mint)

*UPI P2M above ₹2,000 to attract 0.4% MDR from Oct 15* NPCI/Finance Ministry framework: person-to-merchant UPI over ₹2,000 draws 0.4% MDR (e.g. ₹12 on ₹3,000), capped at ₹300; capital-market/MF payments get 0.02% MDR capped at ₹300; railways, telecom, insurance and fuel get flat ₹5 above ₹2,000. P2P and sub-₹2,000 P2M stay free; small P2PM merchants remain exempt. Explainer covers what consumers and merchants need to know. (BL)