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Mangaluru: A man has reportedly lost ₹13 lakh after falling victim to an online trading scam. The incident began on December 14, 2023, when he received a WhatsApp message adding him to a group named "VIP3 Global Securities Official Stock Community."

The message introduced Ajay Garg as the director and CEO of SMC Group, claiming he was participating in an international stock returns competition and urging members to vote for him. The group also provided stock market investment guidance and encouraged users to open an SMC Global Securities Trading Account to access IPO stocks.

Upon inquiring in the group, the complainant was contacted by an individual claiming to be an international customer service representative at SMC Global Securities. This person, later identified as Vandana Bharti from the Institutional Brokerage, claimed she could secure high-value IPO stock allotments. The complainant was instructed to download the SMC Global Securities Trading App using a specific link, which promised 30 days of free VIP trading advice and stock market insights. He registered on the app using his PAN and mobile number and began applying for IPO stocks.

Initially, the complainant was allotted ₹15,000 worth of IPO stocks from Dam Capital Advisers Limited. The scammers claimed that ₹5,000 was covered by the company, requiring him to pay only ₹10,000, which he transferred on December 25. Soon after, he was allotted ₹1.4 lakh worth of IPO stocks from Anya Polytech & Fertilisers and was pressured to pay immediately. On December 31, he transferred the amount.

The scammers continued assigning higher-value IPO stocks, eventually allotting ₹9.9 lakh worth of stocks from Standard Glass Lining Technology Limited. When the complainant expressed an inability to pay, he was pressured into taking a ₹9 lakh loan via a mobile lending service.

On January 20, he attempted to withdraw ₹1 lakh from the SMC Global Securities Trading App to check if funds could be recovered. The withdrawal was processed successfully the same day, reinforcing his trust in the platform. However, subsequent attempts to withdraw funds were unsuccessful, and the complainant realized he had been defrauded.

Authorities are investigating the incident and cautioning the public to be vigilant against such fraudulent schemes.

Washington DC: In a big relief for Indian students and professionals living in the United States on visas and awaiting green cards, a federal judge in Seattle has indefinitely blocked President Donald Trump's executive order that seeks to end birthright citizenship. Slamming the order, the court reportedly said Trump is trying to skirt the rule of law to play "policy games" with the Constitution.

US District Judge John Coughenour's preliminary injunction is the second major legal blow to Trump's efforts to alter the US law as part of a broader immigration crackdown after a federal judge in Maryland issued a similar ruling.

"It has become ever-more apparent that to our president, the rule of law is but an impediment to his policy goals. The rule of law is, according to him, something to navigate around or simply ignore, whether that be for political or personal gain," Judge Coughenour said during a hearing on Thursday in Seattle, according to a report by CNN.

"In this courtroom and under my watch, the rule of law is a bright beacon which I intend to follow," Coughenour continued.

The judge noted that the Constitution is not something with which the government can play policy games. "If the government wants to change the exceptional American grant of birthright citizenship, it needs to amend the Constitution itself," he stressed.

The new nationwide preliminary injunction issued in Seattle expands a previous short-term block Coughenour issued against the President's order days after he signed it. It came a day after US District Judge Deborah Boardman in Maryland issued another preliminary injunction against Trump's order on Wednesday.

Both orders apply nationwide and will remain in effect while the case proceeds. The Justice Department said late Thursday it was appealing the Seattle court's order. The appeal of the preliminary injunction will reportedly go to the 9th US Circuit Court of Appeals, a left-leaning appeals court, a move that could eventually land the issue before the US Supreme Court.

How Does Trump's Order Affect Indians In America?

Soon after taking for the second time on January 20, Trump signed an executive order ending birthright citizenship in the United States. The order denies US citizenship to children born on American soil to parents who are not permanent residents of the United States.

The order caused concerns among the Indian community in the US, particularly those living on temporary visas like H-1B (work visas), L (intra-company transfers), H-4 (dependent visas) and F (student visas). As per Trump's order, children born to parents on temporary visas would not get citizenship unless one parent was a US citizen or a green card holder.

Without the right to birthright citizenship, children of these immigrants are at risk of losing access to in-state tuition rates, federal financial aid and scholarships, significantly impacting their educational prospects. The order caused many expectant Indian parents to rush for pre-term deliveries before February 20-- the deadline fixed by Trump's order.

Trump's order also brought anxieties for Immigrants caught in green card backlogs, as their children born outside America could be forced to self-deport upon turning 21 unless they secure another visa.

The Union Budget 2025 has brought significant revisions to the income tax structure, aiming to address long-standing demands of middle-class taxpayers, particularly salaried individuals. The newly proposed tax slabs and rebate enhancements are expected to provide substantial relief, making taxation more streamlined and beneficial for the majority.

REVISED INCOME TAX SLABS

The proposed tax slabs under the new regime are as follows:
•    Income up to Rs 4 lakh – Nil
•    Rs 4-8 lakh – 5%
•    Rs 8-12 lakh – 10%
•    Rs 12-16 lakh – 15%
•    Rs 16-20 lakh – 20%
•    Rs 20-24 lakh – 25%
•    Above Rs 24 lakh – 30% (plus applicable cess and surcharge)

Currently, the tax slabs under the new regime are:
•    Income up to Rs 3 lakh – Nil
•    Rs 3-7 lakh – 5%
•    Rs 7-10 lakh – 10%
•    Rs 10-12 lakh – 15%
•    Rs 12-15 lakh – 20%
•    Above Rs 15 lakh – 30%

ENHANCED REBATE UNDER SECTION 87A

The budget proposes an increase in the income cap for availing the rebate under Section 87A from Rs 7 lakh to Rs 12 lakh, while the rebate amount will rise from Rs 25,000 to Rs 60,000. This effectively means that individuals earning up to Rs 12 lakh annually (or Rs 1 lakh per month) will not have to pay any income tax under the new regime, excluding special rate income such as capital gains.

Additionally, salaried taxpayers can benefit from the standard deduction of Rs 75,000, pushing the tax-free income threshold to Rs 12.75 lakh.

Recent data suggests that 78% of taxpayers have already transitioned to the new tax regime. With these latest reforms, the government anticipates an even greater shift towards the default new regime.

TDS AND TCS RATE RATIONALISATION

The government has proposed selective rationalisation of Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) rates, which include:

•    Senior Citizens’ Interest Income – The tax deduction threshold will be increased from Rs 50,000 to Rs 1 lakh.

•    TDS on Rent – The annual exemption cap will rise from Rs 2.40 lakh to Rs 6 lakh.

•    TCS on Foreign Remittances – The threshold cap will increase from Rs 7 lakh to Rs 10 lakh.

Additionally, the higher 20% TDS deduction will now apply only in cases where the PAN is inoperative, ensuring that compliant taxpayers do not face undue deductions. These adjustments are expected to ease compliance burdens for taxpayers.

UPDATED TAX RETURN FILING WINDOW EXTENDED TO 4 YEARS

Currently, taxpayers can file an updated return within 24 months from the end of the relevant assessment year, provided it results in additional tax payments. The new proposal extends this window to 48 months, offering taxpayers more flexibility to rectify their tax filings and remain compliant.

The Union Budget 2025’s tax reforms reflect a concerted effort to reduce the financial strain on taxpayers while simplifying the taxation process. These changes mark a significant shift in the government's approach to personal taxation, with a clear emphasis on inclusivity and fairness.