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March 27, 2026
Show AI Summary
Advance Pricing Agreement application form streamlines transfer pricing disclosures, rollback requests, and electronic filing requirements
Form 51 is the application form for an Advance Pricing Agreement under the Income-tax framework and is used for both forward-looking APA requests and rollback requests where permitted. It consolidates the earlier separate application formats and is filed electronically under the prescribed rules to the competent tax authority. The form requires extensive disclosure on the applicant, associated enterprise, covered transactions, business structure, financials, transfer pricing background, relevant agreements, and transfer pricing methodology.
March 27, 2026
Show AI Summary
Advance Pricing Agreement filing form streamlines transfer pricing applications, rollback requests, and online compliance requirements.
Form 51 is the prescribed application for an Advance Pricing Agreement under the Income-tax Act, 2025, covering international transactions and specified domestic transactions for a specified period. It may be filed by a person who has entered into, or is contemplating entering into, international transactions with an associated enterprise, including eligible rollback applicants. The form must be filed online, with a valid PAN and proof of payment, and cannot be edited after submission and acknowledgment, except through the prescribed defect or amendment procedure. Supporting documents include financial statements and relevant inter-company agreements.
March 27, 2026
Show AI Summary
Advance Pricing Agreement pre-filing consultation form streamlines transfer pricing discussions, electronic filing, and anonymous representation options.
Form FN050 is the income-tax application for a pre-filing consultation in relation to an Advance Pricing Agreement, allowing an eligible person to discuss the proposed transfer pricing methodology for international transactions before formal APA filing. The form requires details of the applicant, the type of APA proposed, the transactions to be covered, and the relevant tax years, with annexures covering group structure, business model, functional profile, transfer pricing audit history, and other international transactions. It is filed electronically, assigned to an APA team, and taken up for consultation, with the Indian competent authority associated in bilateral or multilateral cases.
March 27, 2026
Show AI Summary
Advance Pricing Agreement pre-filing meeting form guides optional online application for transfer pricing discussions.
Form 50 is the prescribed income-tax application for requesting a pre-filing meeting in connection with an Advance Pricing Agreement under the transfer pricing framework. It is optional and available to a taxpayer intending to enter into an APA, enabling the taxpayer to place its proposed transfer pricing methodology before the tax authority before making a formal APA application. The form may be filed before undertaking the international transaction, only once in a year, and online only through the Income Tax e-Filing portal.
March 27, 2026
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RERA enforcement and insolvency accountability need overhaul to protect homebuyers from stalled projects and blocked ownership.
Stricter enforcement of RERA and insolvency law is sought to address homebuyers left without possession or legal title despite paying builders in full. The proposed reform emphasis includes attachment of a builder's personal assets on declaration of insolvency and the imposition of strict punishment after proper investigation. Concern is also expressed that delays within RERA allow default disputes to continue indefinitely, defeating the purpose of the regulatory regime.
March 27, 2026
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Excise duty relief and export levies aim to shield fuel consumers and secure domestic supply amid global oil-price volatility.
Excise duty on petrol and diesel has been reduced to cushion domestic consumers against the rise in global crude oil prices and the resulting pressure on fuel costs. The special additional excise duty on petrol has been cut and the corresponding levy on diesel has been removed, while export duties have been reintroduced on diesel and aviation turbine fuel to preserve domestic availability of these products. The measure applies to diesel and aviation turbine fuel, but no windfall tax has been imposed on domestic crude oil producers.
March 27, 2026
Show AI Summary
Safe harbour filing requirements under Form 49 cover eligible transactions, due dates, disclosures, and accountant certification.
Safe harbour option under Form No. 49 is to be exercised by an eligible assessee by furnishing the merged and simplified form on or before the due date. The form replaces the erstwhile Forms 3CEFA, 3CEFB and 3CEFC and is used to furnish particulars relating to eligible international transactions, eligible specified domestic transactions and eligible business for the relevant tax year. Different filing timelines apply depending on the nature of the transaction, including a special filing window for provision of information technology services and a due-date-linked filing requirement for other cases.
March 27, 2026
Show AI Summary
Safe Harbour compliance through Form No. 49 now consolidates transaction disclosures, eligibility conditions, and online filing requirements.
Form No. 49 is the electronic application for opting for Safe Harbour under the Income-tax Act, 2025 and the Income-tax Rules, 2026. It merges the earlier Forms 3CEFA, 3CEFB and 3CEFC into a single smart e-form for eligible international transactions, eligible specified domestic transactions and eligible business. The FAQs state that filing is mandatory only for assessees intending to opt for Safe Harbour, it must be filed online through the e-filing portal, and it requires disclosure of associated enterprises, transaction-specific details, supporting documents, accountant reports, and prescribed e-verification.
March 27, 2026
Show AI Summary
Transfer pricing reporting requires structured transaction-wise disclosure, arm's length price details, and accountant certification under Form 48.
Form No. 48 requires an accountant's report to be furnished under the Income-tax Act, 2025 for international transactions and specified domestic transactions with associated enterprises. The form is filed annually by the prescribed due date and uses a structured, transaction-wise format covering the assessee's particulars, associated enterprises or persons, transaction details, advance pricing agreement information, arm's length price determination, and any adjustment. Part F contains the accountant's certification of maintenance of the required information and documents.
March 27, 2026
Show AI Summary
Form No. 48 reporting rules for international and specified domestic transactions, online filing, PAN requirement, and arm's length pricing.
Form No. 48 is the mandatory accountant's report for international transactions and specified domestic transactions under section 172 of the Income-tax Act, 2025. It must be filed annually, only online through the Income Tax e-Filing portal, and requires a valid PAN. The form contains six parts covering assessee details, transaction aggregates, international and specified domestic transaction particulars, arm's length price computation, and threshold-based reporting. The FAQs also explain transaction identifiers, relationship coding, aggregation treatment, arm's length price auto-population, and the computation rules for transfer pricing methods.
March 27, 2026
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Excise duty cut on petrol and diesel eases fuel cost pressure amid rising global crude prices.
Excise duty on petrol has been reduced and diesel has been exempted from the levy with immediate effect to cushion consumers and fuel retailers from the impact of rising global crude prices. The notification lowers the duty on petrol and brings the diesel duty to nil, reflecting a policy response to volatility in international oil markets and the strain created by unchanged retail pump prices. The duty reduction is intended to provide headroom to fuel retailers by easing input-cost pressure and supporting price stability in the domestic market.
March 27, 2026
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Energy security and import dependence drive debate as fuel supply assurances counter claims of shortages and misinformation
Rising dependence on crude oil, LPG and natural gas imports is presented as an energy-security concern, alongside criticism that the promised push toward self-reliance has not been realised. The discussion also refers to earlier claims about a major gas discovery in the Krishna-Godavari basin and allegations that later audit reports treated the episode as a large-scale irregularity. Government and oil marketing companies, however, state that petrol, diesel and LPG supplies remain stable and adequately stocked.
March 27, 2026
Show AI Summary
Excise duty cut on petrol and diesel aims to ease pressure on fuel retailers amid rising global crude prices.
Excise duty on petrol has been reduced to Rs 3 a litre from Rs 13 a litre, while excise duty on diesel has been reduced to nil from Rs 10 a litre, with immediate effect. The duty cuts are intended to ease pressure on oil marketing companies facing elevated global crude prices and frozen retail fuel prices amid geopolitical disruption in oil markets.
March 26, 2026
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WTO dispute settlement and e-commerce duty moratorium face renewed calls for reform and careful reconsideration.
A dysfunctional WTO dispute settlement system is described as having deprived members of effective redressal, and restoration of an automatic and binding dispute settlement mechanism is called for. Careful reconsideration of the continued extension of the moratorium on customs duties on electronic transmissions is urged because its scope remains unsettled and may have significant revenue implications. WTO reform is presented as needing to be transparent, inclusive and member-driven, anchored in development, non-discrimination, consensus-based decision-making, equity and effective special and differential treatment.
March 26, 2026
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Transatlantic trade safeguards shape EU approval of the US deal, allowing suspension if the agreement is undermined.
European lawmakers approved the transatlantic trade agreement with safeguard amendments that permit suspension if the United States undermines the deal, discriminates against EU economic operators, threatens territorial integrity or foreign and defence policies, or engages in economic coercion. The agreement retains a 15 per cent tariff on most goods and proceeds to further negotiation between EU and US trade representatives, with the added language intended to preserve European interests and provide greater certainty for businesses.
March 26, 2026
Show AI Summary
Accountant certificate filing for international and specified domestic transactions must follow the prescribed online process and timeline.
Form No. 47 is the accountant's certificate for international transactions or specified domestic transactions meeting the conditions in rule 82(5). It is to be furnished with Form No. 46 within the prescribed filing window, beginning from the end of the third tax year and ending on 30 June following that year. The form can be submitted only online through the Income Tax e-Filing portal, and no supporting documents are required.
March 26, 2026
Show AI Summary
Arm's length price option filing through Forms 46 and 47 under rule 82 for multiple-year determination.
Rule 82 prescribes Form No. 46 and Form No. 47 for exercise of the option for determination of arm's length price under section 166(9) of the Income-tax Act, 2025. Form No. 46 is furnished by an assessee for determining arm's length price in respect of international transactions or specified domestic transactions for multiple years in a single proceeding, covering the second and third tax years immediately following the first tax year in which reference has been made under section 166. Form No. 47 is the accompanying accountant's certificate.
March 26, 2026
Show AI Summary
Arm's length price option through Form No. 46 covers multiple years, online filing, and accountant certification.
Exercise of option for determination of arm's length price under section 166(9) is made through Form No. 46 for international transactions or specified domestic transactions for multiple years in a single proceeding. The option covers the second and third tax years immediately following the first tax year in which a reference has been made under section 166. Form No. 46 must be filed between the end of the third tax year and 30 June following that year, only online through the Income Tax e-Filing portal, and accompanied by the accountant's certificate in Form No. 47.
March 26, 2026
Show AI Summary
Foreign tax credit filing rules for Form 44 require resident assessees to report foreign income, refunds, and supporting documents.
Form No. 44 is required for a resident assessee claiming foreign tax credit under Rule 76 or intimating refund of foreign tax arising from carry backward of loss, revision of return, or similar changes. It must generally be filed within 12 months from the end of the relevant tax year, or by the date of furnishing an updated return where applicable. The form covers particulars of the person, foreign income and credit claimed, and any refund of foreign tax, and must be supported by documents on income, foreign tax paid, disputes, and refund particulars. Filing is made through the e-filing portal with e-verification, and accountant verification applies in specified cases.
March 26, 2026
Show AI Summary
Digital housing loan access expands through a unified marketplace for defence and government personnel.
The Gruh Sugam Portal streamlines digital housing loan access for Defence personnel, members of paramilitary forces, and State and Central Government employees through their administrative units. It functions as a unified digital marketplace that relays minimal loan requests to registered lending institutions, enables comparison of competing offers, and supports seamless digital integration, online query resolution, grievance redressal, and consumer protection. The initiative is aimed at improving transparency, efficiency, financial inclusion, and affordable home ownership.

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Customs & Trade

Panel to review restaurant associations' requests, will try to meet genuine LPG requirement

March 10, 2026

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New Delhi, Mar 10 (PTI) A panel of oil company executives will review complaints of shortage of commercial LPG cylinders in different cities and make fuel available to meet genuine requirements of hotels and restaurants, a top government source said Tuesday.

"There is no distress in supply. We are meeting all the requirement of domestic households on priority," the official said.

Domestic LPG users are being served at an average time of two-and-half-days - the same as pre-war period, he said.

However, due to the disruptions in energy supplies caused by the widening West Asia conflict, there are "limitations" in continuing LPG supplies to industrial and commercial customers for the time being.

This has led to commercial users like hotels and restaurants who buy larger blue-coloured 19-kg cylinders at market price as compared to below-cost 14.2-kg red cylinders for household kitchens, warning of closure.

"Complaints of difficulty in procuring commercial LPG in certain quarters started coming in last evening and we have constituted a three-member committee to review each case and make available LPG as per their genuine needs," the official said.

"For LPG supply to other non-domestic sectors, a committee of three Executive Directors (EDs) of Oil Marketing Companies (OMCs) have been constituted to review the representations for LPG supply to restaurants/hotels/other industries," the ministry said in a post on X.

In a separate social media post, the three OMCs - Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) - said, "along with ensuring supplies to all domestic (household) customers, it has been decided to make supplies as per requirement to the essential non-domestic sectors such as hospitals, educational institutions etc." "For LPG supply to other non-domestic sectors, a committee of three Executive Directors of OMCs have been constituted to review the representations and prioritise the LPG supply," it said.

The official said anybody desirous of commercial LPG can approach the committee, whose details have been posted on social media.The committee will review each case and make every effort meet the genuine requirement, he said.

"Since non-domestic LPG supply depends on the availability of imported products, the committee may not be able to address every grievance. Requests will be considered based on their merits, product availability and appropriate decisions will be made accordingly," oil companies said in the post.

Separately, Oil Minister Hardeep Singh Puri said India's energy imports are continuing to flow in from different sources and routes.

"We are committed to ensure uninterrupted supply of affordable energy to our domestic consumers," he said. "There is no shortage for domestic consumers and no reason to panic." The ministry constituted a committee to examine supply issues after a sudden shortage of commercial LPG cylinders alarmed the hospitality sector, with restaurant associations warning that eateries could shut down within days if supplies are not restored.

As the widening conflict in the Middle East disrupted fuel lifelines, including India's LPG supplies, the government has prioritised domestic cooking gas supplies to households. This has led to supply crunch for hotels and restaurants which use market priced commercial LPG.

India consumed some 31.3 million tonnes of LPG annually. As much as 87 per cent of this is in the domestic sector i.e. household kitchens, and the rest in commercial establishments such as hotels and restaurants.

Of this total requirement, as much as 62 per cent is met through imports. The US and Israel attack on Iran and Tehran's retaliation has shut the Strait of Hormuz - the conduit through which India got 85-90 per cent of its LPG imports from countries like Saudi Arabia.

As alternate sources are being scouted, the limited supplies available meant the government prioritising supplies to the domestic sector, and in process the commercial establishments have suffered.

Industry sources say the disruption has already begun affecting operations in cities like Mumbai and Bengaluru, as hotels and restaurants struggle to secure cooking gas.

While maintaining that the country has adequate fuel stocks, the ministry in recent days directed refineries to maximise LPG output by curtailing petrochemical streams and extended the LPG refill booking cycle to 25 days from 21 days.

"In light of current geopolitical disruptions to fuel supply and constraints on supply of LPG, the ministry has issued orders to oil refineries for higher LPG production and using such extra production for domestic LPG use," the ministry said in the post on X.

"The ministry has prioritised domestic LPG supply to households and introduced a 25 day inter-booking period to avoid hoarding/black marketing." Non-domestic supplies from imported LPG are being prioritised to essential non domestic sectors such as hospitals and educational institutions, it said. PTI ANZ ANZ ANU ANU ANU

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