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October 9, 2026
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AITIGA review negotiations face time-bound subcommittee deliverables to resolve policy issues and modernise trade arrangements.
The AITIGA Joint Committee directed its sub-committees to accelerate pending review chapters through firm, time-bound deliverables and close coordination. Work covers legal and institutional issues, national treatment and market access, and rules of origin. ASEAN and India reaffirmed their commitment to resolve outstanding policy issues, deepen economic integration, and modernise the Agreement into a balanced and mutually beneficial framework strengthening bilateral trade.
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Highway asset acquisition approval covers full ownership transfer of a tollway operator and road-project special purpose vehicles.
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Internal group restructuring receives merger-control approval for amalgamating an integrated steel producer into the group's steel manufacturer.
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Cross-border financial cooperation guides work on market access, sustainable finance, fintech safeguards, and payment interoperability.
India-UK financial-markets cooperation covers capital-market connectivity, cross-border listings, investor access and development of GIFT IFSC as an international financial centre. Engagement also addresses insurance, pensions, asset management, sustainable-finance disclosures and cross-border investment. Fintech cooperation includes digital public infrastructure, central bank digital currencies, data exchange, responsible artificial intelligence, fraud prevention, cyber security and operational resilience. Cross-border payments work prioritises reduced frictions, transparency, efficiency and interoperability of electronic payment infrastructures.
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October 7, 2026
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Foreign investment engagement focuses on expanded partnerships across financial services, manufacturing, insurance, and emerging technologies in India.
India-U.S. trade and investment engagement was pursued through discussions with leading United States companies on expanding investment, partnerships and commercial operations in India. Financial-sector discussions addressed private equity, asset and wealth management, insurance, and financial services, including prospective engagement aligned with the objective of insurance access for all by 2047.
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Policy repo rate recalibration responds to inflationary pressures, adopting calibrated tightening while future actions depend on growth and inflation conditions.
Monetary policy is recalibrated through an increase in the policy repo rate under the liquidity adjustment facility by 25 basis points to 5.50 per cent. The monetary policy stance shifts to calibrated tightening, indicating that near-term rate reductions are excluded and that subsequent action may consist of a rate increase or a pause, depending on evolving conditions and the outlook. Further rate action depends on growth-inflation developments, underlying inflation, broadening price pressures, second-round effects and demand impulses.
October 7, 2026
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Index of Services Production expansion proposes broader service-sector coverage through education, health, residential care, public administration and defence.
The Index of Services Production is proposed to expand beyond its initial formal-sector coverage, which relies on high-frequency administrative data and GST outward-supplies data. Education, Human Health and Residential Care, and Public Administration and Defence are proposed for inclusion. Their incorporation would increase coverage of services-sector Gross Value Added and support aggregation of sub-sectoral indices into a unified measure of short-term services-sector movements. Stakeholder views are invited on the proposed methodology.
October 7, 2026
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Cross-border gold smuggling enforcement addresses concealed foreign-origin gold transport through customs seizure, arrest, and investigation of organised networks.
Intelligence-led customs enforcement targeted cross-border gold smuggling through surveillance and interception of four persons travelling from a border route. Personal searches recovered foreign-origin gold biscuits concealed in specially tailored cloth waist belts. Seventy-two gold biscuits were seized under relevant provisions of the Customs Act, 1962, and the four persons were arrested. Investigation continues into organised networks and wider syndicates involved in the movement and distribution of smuggled gold.
October 6, 2026
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Financial inclusion drives digital lending, insurance claim awareness, portal enrolment, and banking access for marginalised sections.
Banks were urged to expand brick-and-mortar branches and banking correspondent coverage in unbanked villages, strengthen digital outreach, and implement end-to-end digital loan processing. Working-capital lending for micro-enterprises through UPI-linked credit lines and credit cards was highlighted. Banks were also directed to increase awareness of insurance claim eligibility, exercise care in claim-related grievance handling, and enrol new PMJJBY and PMSBY beneficiaries through the Jan Suraksha portal.

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Guidance Note – Form 107

March 31, 2026

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Form No. 107 – Order for regular registration u/s 332, approval u/s 354, rejection of application and cancellation of registration or approval and rejection of application

Purpose:

Form No. 107 is an order passed by the jurisdictional Principal Commissioner or Commissioner for granting of registration or approval after receipt of application in Form No. 105.

Who Should File:

NA

Frequency & Due Dates:

In all cases, except as provided below, the validity of regular registration/approval is 5 tax years commencing from the tax year in which such application is made and the Principal Commissioner or Commissioner shall be required to pass the order of granting the regular registration or approval (or cancellation of the same) within 6 months from the end of the quarter in which application is made.

Certain exceptions:

(i) when the application is made where the provisional registration/provisional approval of the applicant is due to expire and activities have not commenced or where the where the period for approval of a registered non-profit organisation is due to expire, in this scenario, the validity of the regular registration/approval shall be five tax years following the tax year in which such application is made.

(ii) Where the total income of the Applicant, without giving effect to the provision of Part B of Chapter XVII during each of the two tax years, preceding the current tax year in which the application is made, does not exceed Rs 5 core, and the Applicant has been registered or approved earlier under the Income-tax Act, 1961 or the Act, then the validity of the regular registration shall be 10 tax years.

Structure of Form No. 107:

⮚ Part-A (Particulars of the Applicant) Information of Name, PAN and Address of the Applicant

⮚ Part B (Details of Registration or Approval granted)

⮚ Document Identification Number

⮚ Registration/Approval Number (Unique Registration Number)

⮚ Section in which registration/approval is being granted

⮚ Date of registration/approval

⮚ Nature of activity for which registration/approval is being granted

⮚ Period of validity for which the Applicant is registered or approved

⮚ Tax years for which the Applicant is registered or approval

⮚ Part C: Details of rejection of application or Cancellation of registration or approval granted

  • Date of opportunity afforded to the Applicant before rejection or cancellation:
  • Reasons of rejection/cancellation

⮚ Part D: Conditions subject to which registration/approval is being granted

(I) Application of Income

a) any income of the registered non-profit organisation shall not be applied, other than for its objects;

b) the registered non-profit organisation shall not apply any part of its total income for private religious purposes (which does not enure for the benefit of the public);

c) the registered non-profit organisation, created or established after the commencement of this Act for charitable purpose, shall not apply any part of its income for the benefit of any particular religious community or caste other than the Scheduled Castes or the Scheduled Tribes or backward classes or women and children;

(II)Conditions in respect of carrying out commercial activities

a) the registered non-profit organisation (other than a registered non-profit organisation carrying out advancement of any other object of general public utility) shall not carry out any commercial activity unless such commercial activity is incidental to the attainment of the objectives of the registered non-profit organisation;

b) the registered non-profit organisation, carrying out advancement of any other object of general public utility, shall not carry out any commercial activity unless such commercial activity is undertaken in the course of actual carrying out of advancement of any object of the general public utility;

c) the aggregate receipts from the commercial activity or activities carried out by the registered non-profit organisation, carrying out advancement of any other object of general public utility, shall not exceed 20% of the total receipts of such registered non-profit organisation of the relevant tax year.

(III) Books of accounts

a) Separate books of account shall be maintained by the registered non-profit organisation in respect of the commercial activity that is incidental to the attainment of the objectives;

b) the registered non-profit organisation, carrying out advancement of any other object of general public utility, shall maintain separate books of accounts for any commercial activity undertaken by it.

(IV) Compliance with the requirements of law and conditions

a) the registered non-profit organisation shall not carry out any activity which is not genuine or is not being carried out in accordance with all or any of the conditions subject to which it was registered;

b) the registered non-profit organisation shall comply with the requirements of any other law.

(V) True and complete disclosure

The form for registration/approval in Form No. 105 shall be duly filled in by providing all the information or documents and no false or incorrect information or documents have been provided.

(VI) Validity of registration

Registration / Approval shall not be valid, it if is cancelled by the Principal Commissioner or Commissioner irrespective of the tax years for which it was granted.

This order is liable to be withdrawn by the Principal Commissioner or Commissioner if it is subsequently found that the activities of the Applicant are not genuine or if they are not carried out in accordance with all or any of the conditions subject to which it is granted, if it is found that the Applicant has obtained the approval by fraud or misrepresentation of facts or the application contains any false or incorrect information or it is found that the assessee has violated any condition provided in the Income-tax Act, 2025.

(VII) Reasons for rejection of application for condonation of delay or registration or approval or cancellation of earlier registration or approval

(VIII) Part F: Details of the Authority passing the order: Name and Designation o the authority passing the order

What are the documents required to file the Form No. 107?

NA

Filing Count:

This Form is not available on e-filing portal, but is on ITBA.

What is the process flow of filing Form No. 107?

NA

Outcome of Processed Form No.107:

On receipt of an application in Form No. 105, the Principal Commissioner or Commissioner, shall pass an order in writing in Form No.107,-

(a) issuing a 16 digit alphanumeric Unique Registration Number (URN) and granting registration or approval;

(b) rejecting the application;

(c) rejecting the application and also cancelling the registration or approval; or

(d) granting registration or approval under for one section code and rejecting the application under the other section code mentioned in the application.

Brief note on broad or qualitative changes proposed:

Key updates include the following

  • Overall Form No. 107 has been streamlined and aligned with the new sections and phrases under the Income-tax Act, 2025.
  • At the top of the Form, it has been specifically provided whether the Form is for approval u/s 332 or 354 or rejection or cancellation of registration or approval and rejection of applications that the applicant can know it upfront.
  • The CIT has been allowed to change the section code which may be different from section code in which application is made.
  • Conditions subject to which registration/approval is granted has been structured.
  • Other changes as per re-application and condonation of delay procedure which has newly introduced have been made.

Challenges and Solutions:

NA

Common Changes made across Forms:

  1. Assessment / Financial / Previous year or years have been replaced with Tax year or years, wherever appearing in the Form/Annexure.
  2. Sections, Clauses and Schedules changes as per the Income-tax Act, 2025.
  3. Currency symbol “Rs.” has been replaced with “₹”.

Topics

Acts Income Tax