However, as the volume of digital transactions increases, financial experts caution that excessive use of UPI could bring individuals under the radar of the Income Tax Department. The department is closely monitoring large-scale UPI transactions, especially those involving significant deposits and withdrawals in bank accounts.

The Income Tax authorities have set limits on the amount of money that can be deposited or withdrawn without attracting their attention. For instance, if there are large amounts deposited into or withdrawn from a bank account beyond a certain threshold, it may trigger scrutiny. In particular, if the annual deposit in a savings account exceeds Rs. 10 lakh, the transaction details are flagged and reported to the Income Tax Department.

To track such transactions, the Income Tax Department is leveraging artificial intelligence and advanced data analytics. These technologies help authorities identify discrepancies in transaction patterns and ensure that taxpayers’ income declarations match their financial activity.

Under Section 285 BA of the Income Tax Act 1961, there are clear restrictions regarding the deposit of cash into bank accounts. The department will issue notices to individuals whose transactions do not align with their income tax returns, especially when the source of funds is not explained or is inconsistent with the declared income.

This means that excessive UPI transactions or unexplained large deposits could lead to tax notices, penalties, and a thorough investigation by the Income Tax Department. As a result, individuals engaging in high volumes of transactions should ensure that their financial activities are in line with their reported income to avoid unnecessary legal trouble.

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1. Photo-Based Answers: Gone are the days of typing out queries on Meta AI chat. The new feature allows users to get answers through photos. Simply upload an image with text in an unfamiliar language, and Meta AI will swiftly provide the translation you need.
2. Photo Editing Capabilities: Meta now offers photo editing functionalities within its platform. Users can adjust colors, remove objects from images, and more. Say goodbye to external editing tools as Meta simplifies the editing process with its intuitive feature.
3. Real-Time Conversations: Engage in seamless conversations with Meta AI in real time. Ask questions, receive detailed explanations, enjoy some light-hearted jokes, and even customize the AI voice to your liking. This feature empowers users to interact with Meta AI in a more personalized and dynamic manner.

Stay tuned for the official rollout of these features, promising enhanced convenience and efficiency in your AI interactions.

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Scheduled for shutdown on January 14, 2025, Meta confirmed the closure of Meta Spark in a statement released on Tuesday. Despite this closure, Meta assures users that it will continue to provide augmented reality effects developed internally. In a related post, the company stated, “After careful deliberation, Meta has chosen to reallocate its investments towards other strategic priorities.”

Having incurred approximately $50 billion in losses on augmented and virtual reality ventures this year, Meta’s endeavors to market virtual and augmented reality gadgets, such as headsets, have encountered challenges.

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Parekh highlighted that GenAI is exploring novel applications, such as refining credit analysis to enable banks to diversify their product offerings, thereby creating new revenue streams and enhancing productivity. He expressed optimism about the technology’s potential to drive business growth without necessitating staff layoffs. Infosys continues to ramp up its hiring efforts amid evolving economic conditions, evidenced by robust quarterly and yearly growth and successful deal acquisitions.

Acknowledging the critical role of Gen AI, Parekh mentioned that clients are increasingly interested in leveraging extensive language models for business advantages across various sectors, from software development to customer support. Infosys is witnessing significant benefits that clients can derive from such implementations. Although Infosys does not disclose specific revenue breakdowns from generative AI projects, Parekh underscored the company’s strong commitment to establishing itself as an AI-centric organization.

In its pursuit of expansion, Infosys has globally invested in enhancing its digital upskilling programs to include cutting-edge courses on generative AI. The company’s platforms now incorporate GenAI features, as highlighted in its latest annual report. Furthermore, Infosys is actively seeking potential acquisitions following two recent buyouts, aiming to match the scale of recent tech acquisitions. Parekh expressed interest in acquiring firms specializing in data analytics, SAAS, and exploring opportunities in select European and American markets.

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Nonetheless, Apple is preparing to offer Apple Intelligence to software developers for early testing as early as this week via iOS 13.1 and iPadOS 18.1 beta versions. This approach deviates from the norm, as the company typically refrains from releasing previews of subsequent updates until around the time of the initial software generation’s public release. The stakes for a successful consumer rollout of its significant AI venture are high. Apple requires developer backing to rectify issues and trial features on a broader scale. Apprehensions regarding the reliability of Apple Intelligence features prompted the company to detach these features from the initial launch of iOS 18 and iPadOS 18.

Apple unveiled these new features and operating systems in June at its Worldwide Developers Conference, announcing that Apple Intelligence would premiere as part of iOS 18 and iPadOS 18. The revised timeline indicates that the AI capabilities will not be widely accessible until a subsequent update to the new operating system. Apple recently rolled out the fourth beta of iOS 18.0 to developers and aims to finalize development by the conclusion of July. With Apple Intelligence, the tech giant is placing a bet to compete in the rapidly evolving AI landscape that has reshaped both businesses and consumer devices over the past year.

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During the visit, Lammy engaged in discussions with Prime Minister Narendra Modi, who commended British Prime Minister Keir Starmer’s efforts to deepen the bilateral partnership. Modi restated his dedication to advancing bilateral relations and welcomed both the TSI and the ongoing talks for a free trade agreement (FTA). The TSI will be overseen by the National Security Advisers (NSAs) of both nations through existing and new dialogues, with a focus on identifying key areas of collaboration and managing interdependencies to promote strong partnerships in the technology value chain. Progress on the initiative will be assessed semi-annually at the Deputy NSA level. Furthermore, a bilateral framework will be established, led by India’s Ministry of External Affairs and the UK government.

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