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March 28, 2026
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Concessional taxation for specified funds depends on timely filing of Form 69 with income and unit-holder details.
Form 69 is the prescribed annual statement for a specified fund to report income attributable to units held by non-residents, other than a permanent establishment in India, for concessional taxation. The form is a mandatory compliance requirement and must be filed electronically on or before the due date, with trustee or principal officer verification. It includes fund particulars, registration details, and computations of income from securities and capital gains, supported by constituting documents, registration certificate, financial statements, securities statements, and unit-holder residency details.
March 28, 2026
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Concessional taxation for specified funds requires electronic Form 69 filing, verification, and timely supporting disclosures.
Form 69 is the prescribed electronic statement for a specified fund claiming concessional taxation on income attributable to units held by a non-resident, other than a permanent establishment in India. A valid filing within the prescribed due date is a mandatory condition for the concessional rate benefit. The form must be verified by the Principal Officer or Managing Trustee, supported by the prescribed annexures and documents, and cannot be edited after submission and acknowledgment.
March 28, 2026
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Exempt income reporting under Form 68 streamlined for specified funds with electronic filing and updated verification requirements.
Form 68 is the annual statement prescribed for specified funds seeking exemption under Section 11 read with Schedule VI of ITA 2025 in respect of income attributable to units held by a non-resident, other than a permanent establishment in India. It is filed electronically by the Principal Officer on or before the return due date, and captures particulars of the fund, income, exempt income, unit-holder details, and the working of income attributable to non-resident holders. The guidance note also describes the supporting documents and the simplified filing updates, including IFSCA registration, mandatory document upload, and verification in place of declaration.
March 28, 2026
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Exempt income statement filing for specified funds requires verified online submission within the prescribed due date.
Form 68 is the prescribed electronic statement for claiming exemption of income of specified funds under section 11 read with Schedule VI [Table: Sl. Nos. 1 to 4] of the Income-tax Act, 2025, in respect of income attributable to units held by a non-resident other than a permanent establishment of such non-resident in India. The form must be verified by the Principal Officer or Managing Trustee, filed only through the Income-tax e-filing portal, and furnished on or before the applicable due date. Valid filing requires mandatory PAN details, specified annexures, and satisfaction of the statutory eligibility conditions.
March 28, 2026
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Alternate Minimum Tax reporting gets a structured Form 67 update with CA certification, itemised computation, and digital filing.
Form 67 is a chartered accountant's report for certifying book profit, adjusted total income and Alternate Minimum Tax liability under the updated section 206 framework. It applies to non-corporate taxpayers subject to the AMT regime, is furnished annually with the return of income, and must be digitally signed. The revised form introduces itemised computation fields, category-based AMT rates, and system-enabled validation through the e-filing process.
March 28, 2026
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Alternate Minimum Tax compliance through Form 67 requires CA certification, electronic filing, and timely submission with the return.
Form 67 is prescribed for furnishing details relating to the computation of Adjusted Total Income and Alternate Minimum Tax (AMT) under section 206(2) of the Income-tax Act, 2025. It applies to persons other than companies, subject to stated exceptions, and is not required for certain specified taxpayers where adjusted total income does not exceed twenty lakh rupees. The form is used to determine AMT on adjusted total income, with tax payable at the higher of the regular tax or AMT, and it incorporates adjustments such as depreciation and other specified items.
March 28, 2026
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Minimum Alternate Tax reporting through Form 66 demands Chartered Accountant certification, digital filing, and return-linked book profit verification.
Companies liable to Minimum Alternate Tax must furnish Form 66, a Chartered Accountant-certified report on book profit and MAT computation, annually with the income tax return. The form is digitally signed, accepted by the company through the e-filing portal, and linked to the return for processing. It contains company particulars, profit adjustments, transition amount, final MAT computation, auditor certification, and supporting financial and tax documents.
March 27, 2026
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Access to unrelied ED documents denied at pre-cognisance stage in an ongoing money-laundering investigation.
Access to documents seized by the Enforcement Directorate but not relied upon in the chargesheet was refused at the pre-cognisance stage in an ongoing Prevention of Money Laundering Act matter. The court held that the accused had already been supplied with the prosecution complaint and relied-upon documents, and that disclosure of unrelied material was not required before cognisance when the investigation remained pending.
March 27, 2026
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Trade agreement framework balances market access with farmer safeguards, calibrated tariff concessions, and export opportunities across key sectors.
India and the United States have agreed on a framework for an interim trade agreement intended to expand reciprocal and mutually beneficial trade while protecting domestic sensitivities, particularly in agriculture and dairy. The framework contemplates improved market access, rules of origin, action on non-tariff barriers, and cooperation on standards, digital trade, economic security, technology, supply chain resilience, energy and manufacturing. Limited and calibrated tariff concessions have been offered on select agricultural products through quota-based mechanisms, phased concessions and partial duty reductions, with the quotas kept within existing import levels to avoid adverse impact on domestic farmers.
March 27, 2026
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Rupee weakness deepens as higher crude prices, dollar strength and foreign selling weigh on currency and reserves.
The rupee weakened sharply to a historic low against the US dollar amid sustained pressure from higher crude oil prices, a stronger greenback, foreign investor selling, and energy-led inflation concerns. India's foreign exchange reserves also declined during the reporting week, driven by a fall in gold reserves. The government indicated plans to mobilise substantial borrowing through dated securities in the April-September period, while noting a reduction in gross market borrowing after G-Sec switches.
March 27, 2026
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Government borrowing calendar set for dated securities, green bonds, retail bidding and flexible issuance management.
The Centre plans to raise gross market borrowings through dated securities in the first half of FY 2026-27 to finance the fiscal deficit, with borrowing spread across weekly auctions and multiple maturities. The borrowing calendar includes sovereign green bonds, non-competitive bidding for specified retail investors, and flexibility to modify issuance amounts, maturities, instruments and timing in consultation with the Reserve Bank of India, depending on funding needs and market conditions.
March 27, 2026
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Bilateral trade agreement negotiations advance as India and the US discuss WTO issues, tariffs, and next steps in talks.
India and the United States continued discussions on the next steps in the bilateral trade agreement negotiations, covering the WTO agenda, the India-US BTA, and ways to deepen bilateral economic cooperation and trade ties. A framework for the first phase has been finalised, but the legal text remains unsigned, and the chief negotiators' meeting was postponed because of changes in the US tariff architecture and the need to await the revised global tariff framework before the interim trade agreement is signed.
March 27, 2026
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Energy supply stability assured as government rules out lockdown, citing adequate fuel stocks and anti-hoarding measures.
The government ruled out any lockdown and said India has adequate stocks of petrol, diesel and LPG, with fuel retail operations continuing normally despite energy supply disruptions linked to the war in West Asia. Officials said rumours have caused panic buying, while alternative sourcing, higher domestic LPG production, excise duty cuts, export levies, export diversion directions and intensified anti-hoarding enforcement are being used to stabilise supplies and protect consumers.
March 27, 2026
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Excise duty cut on petrol and diesel aims to shield consumers from global fuel price volatility.
The Union Government reduced excise duty on petrol and diesel by Rs 10 per litre to prevent a retail price increase caused by rising global oil prices. The move was described as a people-centric measure intended to shield consumers from fuel price volatility and wider shortages linked to global instability.
March 27, 2026
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State borrowing costs harden as bond yields rise, forcing partial bids and higher returns in volatile fixed-income markets.
States' borrowing costs hardened in a State Development Loan auction as cut-off yields rose across long-term maturities, with several securities moving above 8 per cent. The increase tracked a broader rise in government bond yields amid global oil price pressures, inflationary concerns and weakness in the rupee, causing some states to accept only partial borrowing amounts or reject bids. The report notes that higher bond yields may keep borrowing costs elevated and increase volatility in fixed-income markets.
March 27, 2026
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Money laundering proceedings over bank loan fraud allegations include diversion of proceeds through offshore entities and property transactions.
Money laundering proceedings under the Prevention of Money Laundering Act concern a former senior executive of Reliance Communications and another accused in an alleged bank loan fraud case. The allegations include concealment, layering and diversion of proceeds of crime through foreign subsidiaries and offshore entities, purchase and sale of a Manhattan condominium during the insolvency process, and routing of sale proceeds through an asserted sham investment arrangement. The allegations also include personal diversion of funds for overseas education-related payments.
March 27, 2026
Show AI Summary
Minimum alternate tax and book profit reporting through Form 66, with CA certification, exemptions, and MAT credit rules.
Form No. 66 is the prescribed electronic statement for furnishing details of book profit and minimum alternate tax under section 206(1) of the Income-tax Act, 2025. It applies to companies where normal tax is lower than the minimum tax, must be filed along with the return of income, and requires certification by an Accountant/Chartered Accountant. The FAQ explains book-profit adjustments, MAT credit, exemptions, Ind-AS transition amounts, and the consequences of incorrect or missing filing.
March 27, 2026
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Patent box regime filing through Form 65 enables eligible resident assessees to opt for concessional royalty taxation.
Form 65 is the prescribed application for an eligible resident assessee to exercise the option under Section 194(1) of the Income-tax Act, 2025 for royalty income from a patent developed and registered in India. It relates to the concessional 10% tax rate under the patent box regime and requires the assessee to forgo deductions or allowances against such royalty income. The form is filed electronically by the return-filing due date, with patent details, royalty particulars, expenditure information and verification requirements.
March 27, 2026
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Concessional royalty taxation under Form 65 requires resident eligibility, electronic filing, and a five-year lock-in period.
Form 65 is the prescribed income-tax application by which a resident assessee opts for concessional taxation on royalty income from a patent developed and registered in India. The form enables taxation at a flat 10% rate on gross royalty, with surcharge and cess, subject to conditions including denial of deductions, Indian patent registration, and development in India. The option must be filed electronically by the return due date, cannot be revised or withdrawn for that year, and carries a five-tax-year lock-in.
March 27, 2026
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Tax deduction verification through Form 61 requires e-filing, irrevocable authorisation, and proof of transmission to the financial institution.
Form No. 61 is an irrevocable authorisation enabling tax authorities to obtain information and records from a financial institution in a Notified Jurisdictional Area for verifying deduction claims on payments made to that institution. It is filed once for the tax year before the income-tax return due date, through the e-filing portal, with details of the institution, payment, supporting documents, and proof that the first copy has been deposited or transmitted. The assessee must send the first copy to the institution and submit the second copy with proof to the Assessing Officer.

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News and Press Release

Design to Play Key Role in India’s Decisive Decade of Development: Union Minister of Commerce & Industry Shri Piyush Goyal

March 10, 2026

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Integrating India’s Cultural Diversity with Contemporary Design Can Create Unique Global Products: Shri Piyush Goyal

Shri Piyush Goyal Suggests Five-Point Roadmap to Promote Design Innovation, AI Labs and Industry Collaboration

Union Minister of Commerce & Industry Shri Piyush Goyal today said that India is entering a decisive decade of development and emphasised that design must be treated not merely as a cosmetic enhancement but as a strategic national capability that connects technology with people and translates ideas into impactful systems, products and experiences.

Addressing the Post Budget Webinar 2026 on the New National Institute of Design in New Delhi today, the Minister said that India’s demographic dividend, with an average age of about 28 and a half years, along with the technological strength provided by nearly 2.3 million STEM graduates every year, is emerging as a force multiplier for the Indian economy. He said these strengths will help take India’s growth story to the remotest parts of the country and expand India’s engagement with the rest of the world. He added that the vision of building a developed nation, Viksit Bharat by 2047, will be realised when design is integrated as a core national capability.

Shri Goyal highlighted that India’s greatest strength lies in its diversity. Every few kilometres, he noted, the country’s culture, food, textiles, languages and dialects change, and this rich heritage represents India’s greatest design capital. By integrating this diversity into contemporary design, he said, India can create products and experiences that are unique and difficult for the world to replicate.

Referring to the National Institute of Design, the Minister said that over the last decade it has transformed from a single premier institution into a national network and an Institution of National Importance. He said the institute has moved beyond aesthetic design to solving technical and social challenges and has strengthened its reputation as a leading design school.

Highlighting the provisions in this year’s Budget, Shri Goyal said that the Government has announced the establishment of a new National Institute of Design in the eastern part of India. He noted that while the design industry in the country is expanding rapidly, there is still a shortage of trained Indian designers who can meet the needs of the growing economy and contribute to the global design discourse. The new institute, he said, reflects the Government’s commitment to bridge this gap and democratise access to world-class design education.

The Minister observed that the eastern region of India is a powerhouse of culture, crafts, textiles and industry. However, due to the absence of a strong design ecosystem in the past, the region’s full potential could not be realised. He said the new NID will connect traditional craft clusters, MSMEs and emerging industries with cutting-edge design education. It will also support artisans in moving up the value chain and help MSMEs diversify their products.

Shri Goyal emphasised that the vision for design education goes beyond the establishment of a single campus. He said Indian culture and civilisational knowledge must be placed at the heart of design education rather than being treated as an optional component. He noted that design plays a critical role in the vision of Atmanirbhar Bharat and in building a strong Brand India recognised globally for quality, innovation, new products and new technologies.

Referring to the changing global technological landscape shaped by artificial intelligence, immersive media and robotics, the Minister said that technology without thoughtful design could deepen inequality and reduce usability. He stressed the need for a collective effort to prepare the Indian mindset to adopt new technologies and use them for the benefit of 1.4 billion citizens while creating a better future for the country’s youth.

Addressing young designers and students, Shri Goyal said that they are not merely preparing for careers but are contributing to nation building. He added that the choices designers make in products, services and digital interfaces will shape how India is experienced by its own people.

The Minister also proposed a five-point agenda to translate the vision for design into action.

First, he suggested positioning the National Institutes of Design as knowledge hubs for Indian design and using each of these campuses to promote the importance of innovative design among people in different regions across the country.

Second, he emphasised the need to deepen industry, particularly MSME, and academic linkages. He suggested the establishment of design clinics and the development of live cluster projects. He added that design must be made simple and accessible so that the common citizen, handicraft and handloom weavers, and traditional workers can engage with it and help define the India story.

Third, he proposed the creation of service and Brand India design labs to improve the citizen experience in governance, tourism and healthcare.

Fourth, he called for the establishment of joint artificial intelligence and frontier technology design labs in collaboration with technical institutes so that linkages between students and industry can be expanded.

Fifth, he emphasised that the new National Institute of Design in eastern India must be developed as a model campus that promotes public–private partnerships and also supports not-for-profit organisations working among artisans and the handicraft and handloom sectors.

Shri Goyal expressed confidence that discussions during the webinar would help produce a clear roadmap to make design a central pillar of India’s journey towards becoming a developed nation. He said the new National Institute of Design should emerge as a global symbol of innovation rooted in India’s rich traditions.

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