The Enforcement Directorate (ED) and the Income Tax (IT) Department have launched a joint search operation at the residences and business premises of liquor businessmen Raghavendra Saraf and Rupesh Saraf in Chhattisgarh's Baloda Bazar district, with officials scrutinising financial and property-related records.

According to sources, ED officials reached Baloda Bazar on the night of July 24 and kept the premises under surveillance before initiating searches the following morning. The operation has continued for the second consecutive day, with teams from both agencies examining documents and questioning individuals associated with the businesses.

Financial Records Under Scanner

Officials are conducting detailed searches across the premises, examining diaries, bank account records, property documents and other financial files. Family members and persons connected to the businesses are also being questioned as part of the ongoing investigation.

Authorities have not officially disclosed the exact nature of the probe or the allegations being investigated.

Prominent Business Family

The Saraf family is among the well-known business families in Baloda Bazar. The late Rajkumar Saraf had established multiple business ventures in the district. Following his death, his sons, Raghavendra Saraf and Rupesh Saraf, took over the family businesses, which reportedly include liquor trading, real estate operations and a brass manufacturing unit.

Sources indicated that investigators suspect possible financial irregularities, prompting the coordinated action by the ED and the Income Tax Department.

Search Continues for Second Day

Officials are reported to have seized several documents during the searches, which are being examined for further investigation. Based on material recovered during the ED operation, the Income Tax Department is also carrying out its own scrutiny as part of the joint exercise.

Police personnel have been deployed outside the premises to maintain security while the search operation continues.

No Official Statement Yet

Neither the Enforcement Directorate nor the Income Tax Department has issued an official statement explaining the reasons behind the searches or the scope of the investigation.

Authorities have also not confirmed whether any cash, valuables or incriminating evidence has been recovered during the operation. Further action is expected after investigators complete the examination of the seized documents and records.

The countdown has begun for filing Income Tax Returns (ITR) for the Financial Year 2025-26 (Assessment Year 2026-27). With less than seven days remaining before the July 31, 2026 deadline, taxpayers who have not yet filed their returns are advised to complete the process as soon as possible to avoid last-minute technical issues or penalties.

While many taxpayers hire Chartered Accountants (CAs) to file their returns, individuals with simple income sources can complete the process themselves through the Income Tax Department's e-filing portal—saving both time and professional fees.

How Much Do CAs Charge for Filing ITR?

The fee charged by a Chartered Accountant depends on the complexity of your income and tax calculations.

Typically, CA charges range between:

• ₹500–₹1,500 for salaried individuals with straightforward income.
• ₹2,000–₹8,000 or more for taxpayers with business income, capital gains, multiple income sources, or foreign assets.

If your tax profile is simple, filing your ITR online can be done free of cost using the official Income Tax portal.

What Is an Income Tax Return (ITR)?

An Income Tax Return (ITR) is a form through which taxpayers report their annual income, deductions, taxes paid, and other financial information to the Income Tax Department.

After submitting the details, the system automatically calculates whether:

• You need to pay additional tax, or
• You are eligible for a tax refund.

Who Should File an ITR?

Many people believe they don't need to file an ITR if their annual income is below the basic exemption limit. However, tax experts recommend filing returns even in such cases because it offers several long-term financial benefits.

Regular ITR filing creates a documented income history that can prove useful when applying for loans, visas, or tax refunds.

Step-by-Step Guide to File ITR Online

You can file your Income Tax Return yourself by following these steps:

Step 1: Visit the Official Portal

Go to the Income Tax Department's e-filing website:
https://www.incometax.gov.in

Step 2: Log In

Click on 'Login' and sign in using:

• PAN
• Aadhaar
• User ID

Enter your password and proceed.

Step 3: Start Filing Your Return

• Click on 'e-File'
• Select 'File Income Tax Return'

Step 4: Choose Assessment Year

Select:

• Assessment Year (AY) 2026-27
• Filing Type (Original/Revised as applicable)

Step 5: Select the Correct ITR Form

Choose the applicable form based on your income:

• ITR-1 (Sahaj): Salaried individuals with simple income.
• ITR-2: Individuals with capital gains or multiple income sources.
• ITR-3: Business or professional income.
• ITR-4 (Sugam): Presumptive taxation scheme.

Step 6: Select the Reason for Filing

Choose the appropriate reason from the options displayed on the portal.

Step 7: Verify Pre-filled Information

Most details—including salary, TDS, interest income, and tax payments—are pre-filled.

Carefully review:

• Personal details
• Income information
• Tax deducted (TDS)
• Bank account details

Correct any discrepancies before proceeding.

Step 8: Enter Deductions and Exemptions

Declare eligible deductions under applicable sections such as:

• Section 80C
• Section 80D
• Home loan benefits (if applicable)

The portal will calculate your taxable income automatically.

Step 9: Verify Your Return

After reviewing all information, submit your return.

The final and mandatory step is verification, which can be completed:

• Online through Aadhaar OTP, net banking, or Digital Signature Certificate (DSC), or
• Offline by sending the signed ITR-V acknowledgment to the Income Tax Department.

Taxpayers get 30 days from the date of filing to complete verification.

Without verification, the ITR filing process remains incomplete.

Step 10: Download Your Filed Return

Once your return is successfully submitted and verified, download the acknowledgment and keep it safely for future reference.

Why Filing ITR Is Important

Even if you have no tax liability, filing your Income Tax Return offers several advantages.

1. Easier Loan Approval

Banks and NBFCs often ask for the last two to three years' ITRs while processing:

• Home loans
• Car loans
• Personal loans
• Business loans

Regular ITR filing strengthens your financial profile.

2. Helpful for Visa Applications

Many countries require applicants to submit three to five years of Income Tax Returns while processing visa applications.

ITRs help establish your financial stability and income history.

3. Claim Tax Refunds

If excess tax has been deducted from your salary or income through TDS, filing an ITR is the only way to claim the refund.

Once processed, eligible refunds are credited directly to your registered bank account.

4. Carry Forward Capital Losses

Investors who incur losses in shares, mutual funds, or other capital assets can carry those losses forward to future years—but only if they file their ITR within the prescribed deadline.

These losses can later be adjusted against future capital gains, reducing tax liability.

Don't Wait Until the Last Minute

With the July 31 deadline fast approaching, taxpayers are encouraged to file their returns early to avoid server congestion, technical glitches, or missing important details.

For individuals with straightforward income sources, the Income Tax Department's e-filing portal makes the process simple, secure, and completely free.

The Delhi High Court has set aside the Economic Offences Wing FIR and the Enforcement Directorate's money laundering investigation against NewsClick and its founder-editor Prabir Purkayastha, holding that the case lacked the ingredients of fraud or criminal breach of trust.

Court Grants Relief to NewsClick

The Delhi High Court has quashed the FIR filed by the Economic Offences Wing (EOW) and the Enforcement Directorate's (ED) money laundering investigation in the foreign funding case involving NewsClick and its founder-editor Prabir Purkayastha.

Justice Neena Bansal Krishna, in her order, observed that the agencies had carried out extensive investigations without producing concrete evidence of fraud. The court said that even if the allegations in the FIR were accepted at face value, they did not establish offences such as cheating or criminal breach of trust.

Why the court intervened

The High Court said the EOW FIR and the ED's money laundering case did not disclose the essential ingredients of fraud or breach of trust, and that continuing the proceedings would amount to a misuse of the legal process.

The judgment described the continuation of the proceedings as a misuse of the legal process and noted that fraud requires a deceived party, which was absent in the present case.

Origin of the Foreign Funding Case

The case originated from an FIR registered by the Delhi Police in August 2020. Investigators alleged that NewsClick received foreign direct investment (FDI) worth ₹9.59 crore from an American company, Worldwide Media Holdings LLC.

Authorities questioned the valuation of shares, claiming that shares with a face value of ₹10 were issued at a premium of ₹11,510 per share despite the company not being profitable. Investigators alleged that the structure was designed to bypass the 26% FDI cap applicable to Indian media organisations.

Following the FIR, the ED conducted searches at the offices of NewsClick, as well as at premises linked to directors and shareholders under the Prevention of Money Laundering Act (PMLA). Officials seized foreign currency, documents and digital devices during the raids.

The ED later stated that NewsClick had received ₹38.05 crore in foreign funds over three years, including ₹9.59 crore through FDI and ₹28.46 crore classified as export of services revenue.

Parallel Investigations and UAPA Case

The controversy widened in 2023 after BJP MP Nishikant Dubey referred to a New York Times report in Parliament and alleged that some journalists were involved in spreading Chinese propaganda. Union Minister Anurag Thakur also publicly alleged links between businessman Neville Roy Singham and entities associated with NewsClick.

On August 17, 2023, the Delhi Police Special Cell registered a separate case against NewsClick under the Unlawful Activities (Prevention) Act (UAPA) and sections of the Indian Penal Code relating to promoting enmity and criminal conspiracy.

Purkayastha was arrested on October 3, 2023, in connection with that case. The Special Cell questioned 46 individuals and conducted searches at 31 locations linked to NewsClick and journalists associated with the platform. An 8,000-page chargesheet was filed in March 2024.

Multiple Agencies Involved

NewsClick is operated by PPK NewsClick Studio Private Limited and was founded by Purkayastha in 2009.

Over the course of the investigation, multiple agencies became involved, including the Delhi Police Special Cell, the EOW, the Income Tax Department, the ED and the CBI, each examining different aspects of the allegations related to foreign funding and compliance.

Implications of the High Court Order

The Delhi High Court's decision effectively ends the EOW FIR and the ED's related money laundering proceedings against NewsClick and Purkayastha. The court's observations on arbitrary action and the absence of evidence of fraud are likely to be closely examined in future disputes involving financial investigations and media organisations.

The order does not automatically dispose of other proceedings, including the separate UAPA case being pursued by the Delhi Police Special Cell.

The landscape of financial compliance in India is set for a major overhaul. The Central Board of Direct Taxes (CBDT) recently unveiled the draft rules for the New Income Tax Act 2025, introducing a wave of relaxations for everyday consumers and small businesses. Aimed at reducing "paperwork fatigue," the new framework significantly raises the threshold for quoting a Permanent Account Number (PAN) across several categories.

These changes, which are currently open for public feedback, are expected to be finalized by early March and will officially take effect from April 1, 2026.

Major Relief: PAN Exemption for Cash Transactions

In a move that will likely cheer small traders and individual taxpayers, the New Income Tax Act 2025 proposes a massive hike in the limit for cash transactions.

• The New Rule: PAN will now only be mandatory if your total cash deposits or withdrawals exceed ₹10 lakh in a single financial year.

• The Current Contrast: Presently, banks require a PAN for any cash deposit exceeding ₹50,000 in a single day.

By shifting the focus from daily limits to an annual aggregate, the Income Tax Department aims to simplify banking for those who handle frequent but smaller amounts of cash, while still maintaining oversight on high-value annual movements.

Hospitality and Lifestyle: More Room to Spend

For those planning weddings or large family dinners, the documentation burden has been halved. The PAN requirement for hotel and restaurant bills is being increased from the current ₹50,000 to ₹1 lakh.

This revised limit also extends to:

• Convention Centers: Ideal for corporate bookings.

• Event Management: Simplifying payments for planners and decorators.

• Property Deals: For real estate, the PAN threshold has been pushed from ₹10 lakh to ₹20 lakh, reflecting the rising cost of property in urban India.

Wheels and Wealth: New Rules for Vehicles and Insurance

The draft rules under the New Income Tax Act 2025 also bring clarity to the automotive sector. Previously, PAN was mandatory for all four-wheeler purchases, regardless of the price. Under the new system:

• Motor Vehicles: PAN is required only for vehicles (including two-wheelers) priced above ₹5 lakh.

• Insurance: A new "account-based relationship" model will be introduced. While PAN will now be mandatory to open an account with an insurance provider, it aims to create a more transparent "permanent customer account" for all future policy dealings.

The Digital Frontier: Crypto and CBDC

The Income Tax Department is also tightening its grip on the digital economy. Cryptocurrency exchanges will now be legally required to share transaction data with authorities. Furthermore, the Central Bank Digital Currency (CBDC) has been formally recognized as an accepted mode of electronic payment, signaling the government's push toward a regulated digital rupee.

Why This Matters Right Now

These reforms represent a shift toward "trust-based taxation." By raising limits on cash transactions and daily spending, the government is reducing the compliance burden on the middle class. However, by integrating crypto reporting and insurance accounts, it is ensuring that "high-value" wealth remains traceable.

What should you do? Taxpayers have until February 22 to submit feedback on these draft rules. If you frequently deal with transactions near these limits, now is the time to review your financial planning for the upcoming 2026-27 fiscal year.