Income Tax 16 September 2026
India Tax & Trade Updates: UPI Limits, US Sanctions, Penalties
India’s finance scene shifts: the government issues FAQs on UPI transactions above Rs 2,000; a US lawmaker’s amendment links India to Russia sanctions; taxpayers face heavy penalties for undisclosed income, but the ITAT waived a large penalty for an expatriate.
India’s tax and trade landscape is evolving fast.
- UPI transaction limit FAQs – Government clarifies rules for transactions above Rs 2,000. Read more
- US amendment names India in Russia sanctions – Proposed bill could impose 100% tariffs on oil‑trading partners. Read more
- Taxpayer penalty for missing Rs 38 lakh income – Court imposes 200% penalty for inaccurate ITR. Read more
- ITAT cancels Rs 8.29 lakh penalty – Ex‑Indian employee in US gets relief after missing return. Read more
- India prepares for EU carbon tax – Verifiers gain access to EU registry. Read more
- DGFT proposes new rules of origin – Draft notice for export‑import sourcing changes. Read more
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