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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.
IRDAI has operationalized a new four-layer motor insurance framework that takes effect on December 15, 2026. This structure separates mandatory third-party liability and personal accident cover from optional components for vehicle owners. Insurers must provide a Customer Information Sheet and obtain an option form for every policy issued. Additionally, policyholders can add liability cover for occupants during the policy period by paying an extra premium.