Business
FBR to target wealthy flaunting riches on social media | The Express Tribune
ISLAMABAD:
The Federal Board of Revenue (FBR) has decided to take action against wealthy individuals who pay little tax or are outside the tax net but flaunt their wealth on social media.
Sources in FBR said that its social media team has collected data on 100,000 wealthy individuals living a lavish lifestyle. The income and expenses of those showcasing luxurious bungalows, flashy cars, and jewelry are being reviewed.
FBR officials have revealed that extravagant wedding expenditures will also be closely examined. Wedding suits valued at $20,000 each are being worn, and individuals who fail to declare their lavish lifestyle in their income tax returns will face consequences.
The FBR stated that it will compare the tax returns filed last year with those of this year and 80% of the total returns will be audited. Those who flaunt their wealth will be required to disclose their sources of income through their tax returns.
According to FBR officials, action will be taken against those who fail to declare an increase in their annual income in their tax returns. Such individuals are advised to update their tax returns to avoid legal action.
The FBR has warned that those who provide updated information in their income tax returns will not be questioned for now.
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News18
In a major decision, the Supreme Court on September 26 upheld JSW Steel’s resolution plan for Bhushan Power & Steel. The judgment is a major relief for JSW Steel. An SC bench, comprising Chief Justice B R Gavai, Justices S C Sharma and K Vinod Chandran, has rejected the objections raised by former promoters and certain creditors of Bhushan Power & Steel Ltd.
The Supreme Court on May 26, 2025, had ordered a status quo on the liquidation of Bhushan Power & Steel Ltd (BPSL), halting all further proceedings in the National Company Law Tribunal (NCLT). This case, involving JSW Steel, one of India’s leading steelmakers, has been under the spotlight due to its size, legal complexity, and implications for the Insolvency and Bankruptcy Code (IBC).
(This is breaking. Details will be added shortly)
September 26, 2025, 11:03 IST
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Accenture is cutting jobs, exiting parts of its portfolio as it braces for slower growth in FY26, highlighting mounting pressure in IT services sector
Accenture (File Photo)
Accenture is cutting jobs and exiting parts of its portfolio as it braces for slower growth in FY26, highlighting mounting pressure across the global IT services sector despite sustained investment in AI and cloud.
CEO Julie Sweet said the company is “exiting, on a compressed timeline, people where re-skilling is not a viable path for the skills we need,” during its September 25 earnings call. She did not provide a layoff figure, but headcount decreased by approximately 7,000 in Q4 FY25, reducing the workforce to roughly 770,000.
The restructuring comes amid moderating growth and softer client demand, even as Accenture doubles down on generative AI and cloud offerings. “We continue to see pockets of strong AI-driven demand, [but] overall growth in our key markets is moderating,” Sweet said.
Accenture now expects FY26 revenue to rise just 2–5% in local currency—well below last year’s 7%—excluding a further 1–1.5-point drag from its slowing U.S. federal business. That unit has been hit by procurement disruptions under the Department of Government Efficiency (DOGE), the Elon Musk-led agency reshaping federal contracts.
CFO Angie Park said the company will prioritise operational efficiency and higher-return investments, with plans to divest about $865 million in non-core assets and exit under-performing acquisitions.
Despite the cuts, Accenture said it will keep hiring and re-skilling in priority areas to support delivery, and expects headcount growth in the U.S. and Europe during FY26.
The realignment underscores broader turbulence in IT services: Tata Consultancy Services has already laid off more than 12,000 employees this year, citing skill mismatches and slowing demand.
Accenture’s shares slipped about 2% after the earnings release, reflecting investor unease over the weaker growth outlook and strategic pullbacks.
Aparna Deb is a Subeditor and writes for the business vertical of News18.com. She has a nose for news that matters. She is inquisitive and curious about things. Among other things, financial markets, economy, a…Read More
Aparna Deb is a Subeditor and writes for the business vertical of News18.com. She has a nose for news that matters. She is inquisitive and curious about things. Among other things, financial markets, economy, a… Read More
September 26, 2025, 08:45 IST
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 "RBI Issues Guidelines On Authentication Mechanisms For Digital Payment Transactions")
New Delhi: The Reserve Bank of India (RBI) on Thursday released draft guidelines on the authentication mechanism framework for digital payment transaction authentication that will come into effect from April 1, 2026.
The Central Bank said the feedback from the public has been examined and suitably incorporated in the final directions.
The directions focus on encouraging introduction of new factors of authentication by leveraging upon technological advancements.
The framework, however, does not call for discontinuation of SMS-based OTP as an authentication factor.
The aim is also to enable issuers to adopt additional risk-based checks beyond the minimum two-factor authentication based on the fraud risk perception of the underlying transaction and facilitate interoperability and open access to technology, along with delineating the responsibility of Issuers.
The draft guidelines also mandate card issuers to validate AFA in non-recurring cross-border CNP transactions whenever such a request is raised by the overseas merchant or acquirer.
The RBI says that all digital payment transactions in India are required to meet the norm of two factors of authentication. While no specific factor was mandated for authentication, the digital payments ecosystem has primarily adopted SMS-based One Time Password (OTP) as the additional factor.
“All digital payment transactions shall be authenticated by at least two distinct factors of authentication, unless exempted. Issuers may, at their discretion, offer a choice of authentication factors to their customers in compliance with these directions,” according to the RBI.
“It shall be ensured that for digital payment transactions, other than card present transactions, at least one of the factors of authentication is dynamically created or proven, i.e., the proof of possession of the factor, being sent as part of the transaction, is unique to that transaction. The factor of authentication shall be such that compromise of one factor does not affect reliability of the other,” it further added.
Also, system providers and system participants will offer authentication or tokenisation service that is accessible to all the applications and token requestors functioning in that operating environment for all use cases and channels or token storage mechanisms.
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