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March 26, 2026
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Relief for additional salary and lump-sum receipts is streamlined through Form 39's electronic filing and self-computation system.
Form 39 is the prescribed electronic form for claiming relief under section 157(1) of the Income Tax Act, 2025 in cases involving additional salary or family pension received in arrears or in advance, gratuity, retrenchment compensation, commutation of pension, and similar lump-sum receipts. The form is filed on the e-filing portal, supports self-computation of admissible relief under Rule 73, and may be used for TDS purposes. The revised form includes basic details, receipt-specific computation columns, auto-populated summary fields, supporting document requirements, and electronic verification.
March 26, 2026
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Relief under section 157(1) through Form 39 requires electronic filing, PAN, and complete particulars for qualifying lump-sum receipts.
Relief under section 157(1) is claimed through Form 39 by an employee receiving additional salary, family pension, gratuity, retrenchment compensation, commutation of pension, or similar lump-sum receipts that may increase the tax burden in the year of receipt. The form may also be furnished to the tax-deductor for TDS purposes. It must be filed electronically, cannot be filed offline, requires a valid PAN, contains separate sections for different receipts, and cannot be edited after verification and acknowledgment.
March 26, 2026
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Foreign inward remittance certificate supports royalty deduction claims for resident authors and patentees through bank-certified Form 38 filing.
Form 38 is the prescribed certificate for foreign inward remittance and is filed with the return of income to support a royalty deduction claim under the Income-tax Act, 2025. It applies to an individual resident in India who is an author or patentee deriving specified royalty income. The form is certified by the bank manager of the receiving bank, requires supporting remittance and verification documents, and is submitted through details of payer, payee, payment, and electronic verification.
March 26, 2026
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Foreign royalty deduction requires Form 38, bank certification, and proof that remittance reached India within the prescribed period.
Form 38 is the prescribed statement to be filed with the return of income for claiming deduction in respect of foreign inward remittance from royalty income. It applies to an individual resident in India who is an author or patentee, must be certified by the receiving bank manager, and serves to evidence that the foreign royalty was brought into India within the prescribed period. The deduction is subject to the stated monetary ceiling for the financial year.
March 26, 2026
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Royalty income deduction for patentees hinges on Form 37, electronic filing, patent certification, and foreign remittance conditions.
Form 37 is the prescribed certificate for claiming deduction in respect of royalty income received by a resident individual patentee under the Income Tax Act, 2025. The form requires completion of patentee details, patent particulars, royalty agreement information, royalty received, foreign remittance data, and deduction claimed. Part A is verified by the patentee and Part B is certified by the Controller of Patents. It is filed electronically with supporting documents such as the royalty agreement, bank statement, foreign inward remittance certificate, and RBI approval where applicable.
March 26, 2026
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Patent royalty deduction compliance requires valid Form 37, electronic filing, mandatory PAN, and certification by the Controller of Patents.
Form 37 is the prescribed certificate for a resident individual patentee claiming deduction for royalty income under section 152(5) of the Income-tax Act, 2025. The patentee must self-declare the royalty details in Part B, while the Controller of Patents must certify the patent registration and related particulars in Part C. The form must be filed electronically on the e-filing portal within the prescribed due date, cannot be filed offline, and once validly submitted it cannot be edited. PAN of the patentee is mandatory, no attachment is required, and royalty amounts received in foreign currency must be stated in Indian rupees.
March 26, 2026
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Royalty income deduction claims require Form 36, with author declaration, publisher certification, and foreign remittance details.
Form 36 is the prescribed electronic certificate for claiming deduction under section 151(5) of the Income-tax Act, 2025 in respect of royalty income or similar consideration received by an author for publication of a book. It requires disclosure of the author, the book, the payer, royalty receipts, foreign remittance details, and the deduction claimed, along with taxpayer declaration and publisher certification. Supporting documents include the author-publisher agreement, royalty statements, bank records, and ISBN or publication proof.
March 26, 2026
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Royalty income deduction certificate requires timely electronic filing by authors, with mandatory PAN, self-declaration, and publisher certification.
Form 36 is the prescribed certificate for claiming deduction under section 151(5) of the Income-tax Act, 2025 by authors of scientific, literary or artistic books who receive royalty income, copyright fees, lump-sum consideration, or similar income. The form must be filed electronically by the author, with self-declaration and publisher certification, on or before the applicable due date, and valid filing is a mandatory condition for an admissible deduction claim. The form cannot be edited after submission, offline filing is not permitted, and the author's PAN and deduction amount claimed are mandatory fields.
March 26, 2026
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Deduction claims for offshore banking and IFSC units require accountant-certified Form 35 with income, expense and permission details.
Form 35 is the accountant's report to be furnished with the return of income for assessees claiming deduction on income from Offshore Banking Units in Special Economic Zones or units of an International Financial Services Centre. It applies to scheduled or foreign banks having such a unit, and requires verification by a chartered accountant. The form covers basic assessee details, unit particulars, permission documents, prior deduction claims, and income, expense and deduction figures, with e-verification through the chartered accountant's digital signature certificate.
March 26, 2026
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Deduction claims for offshore banking units require Form 35, accountant verification, and filing with the return of income.
Form 35 is the accountant's report to be filed with the return of income by assessees claiming deduction on income from Offshore Banking Units in Special Economic Zones or units of an International Financial Services Centre. It must be verified by a chartered accountant and filed by the return due date. The form captures unit particulars, permissions, income, expenses, net income and previous claims, and requires e-verification with the chartered accountant's digital signature certificate.
March 26, 2026
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Additional employee cost deduction guidance for audited assessees filing Form 34 with Chartered Accountant verification.
Form 34 is the prescribed report to be filed with the return of income by audited assessees claiming deduction for additional employee cost under section 146 of the Income-tax Act, 2025. It is verified by a Chartered Accountant and filed under Rule 68. The deduction is stated to be 30% of the additional employee cost for three tax years, and the form applies to assessees earning business or professional income who are liable to audit under section 44AB and satisfy the payment conditions for employee emoluments through permitted banking or electronic modes.
March 26, 2026
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Marine insurance loss and abandonment claims explained through partial loss, total loss and claim documentation requirements.
Marine insurance distinguishes partial loss from total loss, including particular average loss, general average loss, actual total loss and constructive total loss. Abandonment allows the insured to relinquish rights in damaged or lost cargo or vessel to the insurer and claim the insured value when recovery or repair is not commercially viable. The claim process depends on prompt notice, formal relinquishment, supporting documents, surveyor assessment and verification under the policy terms.
March 26, 2026
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Additional employee cost deduction through Form 34 depends on audit, eligibility conditions, and prescribed payment modes.
Deduction for additional employee cost is claimed through Form 34, which audited assessees must file with the return of income and have verified by a Chartered Accountant. The form applies to business or professional assessees liable to audit and supports a deduction of 30% of additional employee cost for three consecutive tax years. Additional employees are subject to eligibility conditions, and emoluments exclude employer pension or provident fund contributions and terminal lump-sum payments.
March 26, 2026
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SEZ deduction claim documentation requires Form 33, reserve account details and plant acquisition particulars for verification.
Form 33 is the prescribed statement for an assessee claiming deduction in respect of profits and gains derived by newly established units in SEZ under section 144 of the Income-tax Act, 2025. It is to be furnished along with the return of income and verified by the proprietor, partner or director. The form captures particulars of the assessee, the unit, the SEZ Reinvestment Allowance Reserve Account, withdrawals from the reserve, and details of plant or machinery purchased from withdrawn amounts, together with verification and e-verification requirements.
March 26, 2026
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SEZ reinvestment reserve reporting: Form 33 supports deduction claims for new plant and machinery purchases under section 144.
Form 33 is the prescribed statement for assessees claiming deduction under section 144 in respect of profits and gains derived by newly established units in SEZs. It is filed where amounts are withdrawn from the SEZ Reinvestment Reserve Account for purchase of new plant or machinery, and it must be verified by the proprietor, partner, or director. The form is to be filed along with the return of income, and the deduction is based on the particulars reported in the form.
March 26, 2026
Show AI Summary
Audit report form requirements govern deduction claims under specified income-tax provisions, with section-wise disclosures and chartered accountant verification.
Form 32 is the prescribed audit-report form for assessees claiming deductions under the specified provisions of the Income-tax Act, 2025, and it must be verified by a Chartered Accountant. The form is filed by the due date applicable to the audit report and requires basic particulars, section-specific disclosure fields, supporting documents such as agreements, SEZ notifications, start-up certification, turnover and profit details, and capital expenditure details where relevant. Filing is completed by entering the applicable deduction particulars and electronic verification through the Chartered Accountant's DSC.
March 26, 2026
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Insolvency and Bankruptcy Code misuse allegations surface over creditor voting control and resolution process conduct in a fraud FIR.
Fraud allegations arose from an FIR filed on the basis of an Enforcement Directorate complaint linked to a money laundering probe. The complaint stated that Experion entities were examined in relation to the insolvency proceedings of Dignity Buildcon Private Limited and were said to have misused the Insolvency and Bankruptcy Code during the Corporate Insolvency Resolution Process. It further alleged acquisition of debt and debentures to increase voting rights in the Committee of Creditors and pressure on the authorised representative of Alchemist Asset Reconstruction Company to vote for a resolution plan.
March 26, 2026
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Audit report requirements govern deductions for specified business, start-ups, SEZ units, and North-Eastern eligible businesses.
Form 32 is the audit report required for deductions under the specified provisions of the Income-tax Act, 2025, and must be verified by a Chartered Accountant. It applies to claims for specified business capital expenditure, industrial and infrastructure undertakings, SEZ development, eligible start-ups, housing projects, North-Eastern business units, and newly established SEZ units, and must be filed by the audit-report due date. The document also states the conditions for specified business capital expenditure, start-up eligibility and duration, and the qualifying North-Eastern businesses.
March 26, 2026
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Rent deduction declaration requires Form 31, with landlord details, rent evidence, and e-verification alongside the return.
Form 31 is the declaration to be furnished by an assessee claiming deduction under section 134 of the Income-tax Act, 2025 in respect of rent paid for residential accommodation. It applies to a resident individual who pays rent for furnished or unfurnished accommodation, does not receive house rent allowance, and does not own residential property at the place of employment or residence. The form is to be filed along with the return of income and requires rent details, landlord particulars, supporting documents, and e-verification through DSC or Aadhaar.
March 26, 2026
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Rent deduction declaration under section 134 requires Form 31 for eligible resident individuals without house rent allowance.
Form 31 is the declaration required for claiming deduction under section 134 for rent paid for residential accommodation. It applies to a resident individual who does not receive house rent allowance and does not own residential property at the place of employment or residence. The form must be filed along with the return of income, and the deduction is available on the basis of details furnished in the form, subject to the annual ceiling of Rs. 60,000.

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Customs & Trade

Glottis Logistics Aligns Expansion with Budget's Infrastructure Push

February 17, 2026

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Company plans INR130 crore asset expansion as Union Budget 2026–27 strengthens freight connectivity and customs reform Mumbai, Maharashtra, India (NewsVoir) Chennai-based Glottis Logistics is aligning its expansion strategy with the infrastructure-led thrust outlined in Union Budget 2026–27, betting that improved freight connectivity and customs modernisation will shape the next phase of India’s trade growth.

With capital expenditure set at INR 12.2 lakh crore for FY27, the Centre has reinforced its commitment to multimodal logistics integration, port-linked industrial corridors and inland freight networks. For organised logistics operators, these investments are expected to gradually reduce structural costs and improve transit predictability β€” key variables in an increasingly volatile global trade environment.

Glottis, which provides end-to-end ocean, air and road freight services along with customs brokerage and warehousing solutions, handled over ~110,000 TEUs in FY25 and served nearly 1,900 clients across renewable energy, engineering, high-technology and commodity sectors.

In FY25, the company reported a Debt-to-Equity ratio of 0.23x which signals strong balance sheet health enabling aggressive growth pursuits, and through its disciplined capital deployment and operational efficiency has delivered Return on Equity (ROE) of 57.4% and Return on Capital Employed (ROCE) of 73.1%.

Building on that base, Glottis has outlined capital expenditure of approximately INR 130 crore toward acquiring trailers and container assets. The objective is to increase owned capacity, reduce dependence on third-party equipment and strengthen execution control across trade corridors.

β€œBudget 2026–27 may not announce large short-term incentives, but it strengthens the backbone of trade through infrastructure and customs efficiency,” said Ramkumar Senthilvel, Promoter and Managing Director, Glottis Logistics. β€œFor logistics companies, predictability and execution will increasingly determine competitiveness. Aligning capital allocation with structural reforms is essential for sustainable growth.” The government’s emphasis on dedicated freight connectivity, coastal shipping and multimodal integration is expected to benefit asset-backed operators that can optimise routes and improve utilisation rates. Expansion of logistics infrastructure into Tier-II and Tier-III clusters may also support distributed manufacturing growth, potentially broadening cargo flows beyond traditional metropolitan gateways.

Alongside physical infrastructure, customs digitisation measures β€” including electronic cargo sealing, expanded non-intrusive inspection systems and extended duty deferment for Authorised Economic Operators β€” aim to shorten clearance timelines and ease working capital pressures for exporters and intermediaries.

Industry executives note that time compression in border processes can be as significant as freight cost reductions, particularly as global supply chains adjust to geopolitical shifts and sourcing diversification.

Glottis has continued to expand its footprint across industrial corridors, including the launch of a new Ahmedabad branch in January 2026 to align with western port-led growth zones. The company has been delivering steady performance, supported by diversification across transport modes and strong regional trade linkages.

While global trade volumes remain uneven due to inventory corrections and demand shifts, infrastructure-led reforms are expected to strengthen India’s long-term export competitiveness. For logistics operators, the transition signals a shift from incentive-driven growth to efficiency-led scale.

Infrastructure investment may not generate immediate stimulus-driven gains. But over time, it reshapes cost structures, execution reliability and global positioning. For Glottis Logistics, the strategy is clear: invest in assets, maintain balance-sheet discipline and align expansion with a trade ecosystem increasingly defined by operational strength rather than incentives.

About Glottis Logistics Glottis Logistics is a global freight forwarding and supply chain solutions provider, headquartered in Chennai, India. Founded in 2004, the company brings over two decades of expertise in delivering reliable and efficient logistics services across air, sea, and land transport.

With a skilled and dedicated team, Glottis Logistics offers end-to-end logistics support, including freight forwarding, customs clearance, warehousing, 3PL solutions, and multimodal transport. The company’s integrated solutions are designed to simplify complex supply chain challenges and ensure secure, on-time deliveries for businesses of all sizes β€” from local enterprises to global enterprises.

Leveraging a strong pan-India network and global partnerships, Glottis Logistics combines operational precision with transparency and customer-focused service to drive performance and growth in domestic and international trade.

Website: www.glottislogistics.in.

(Disclaimer: The above press release comes to you under an arrangement with Newsvoir and PTI takes no editorial responsibility for the same.). PTI PWR PWR

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Acts Income Tax