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April 2, 2026
Show AI Summary
Combined TDS Form 141 streamlines reporting for rent, property, professional fees, and virtual digital asset transfers.
Form No. 141 is the combined PAN-based challan-cum-statement for reporting and depositing tax deducted at source on rent, transfer of immovable property, specified professional, contract, commission and brokerage payments, and transfer of virtual digital assets. It replaces the earlier separate Forms 26QB, 26QC, 26QD and 26QE, is filed electronically within 30 days from the end of the month of deduction, and uses separate schedules for each transaction category. The revised form also allows consolidated reporting for same-status parties and introduces prefilled details, smart validations, standardised fields, and correction mechanisms.
April 2, 2026
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Settlement-linked quashing of proceedings keeps SEBI closure issue alive for Sterling Biotech and the Sandesara brothers.
Settlement-linked quashing of proceedings concerning Sterling Biotech Limited and the Sandesara brothers remained under consideration, with the Supreme Court indicating that SEBI must close its proceedings in view of the earlier order under which deposit of the settlement amount was to trigger quashing of all proceedings. The Court recorded that the amount had already been deposited in the registry and that the earlier order had been given effect to, while SEBI sought time after internal deliberations on the closure issue.
April 2, 2026
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Trade liberalisation under India-Australia ECTA expands market access, boosts exports, and advances zero-duty access for Indian goods.
India-Australia Economic Cooperation and Trade Agreement has completed four years, marking stronger bilateral economic engagement through expanded market access, reduced trade barriers, and deeper trade and supply-chain linkages. India has granted preferential access on 70.3% of its tariff lines, while Australia has granted preferential access on 100% of its tariff lines and imports from India, with most lines duty-free immediately and all Indian exports eligible for zero-duty access from 1 January 2026. The Mutual Recognition Arrangement on Organic Products supports trade by recognising certification systems and reducing duplication, cost, and time.
April 2, 2026
Show AI Summary
Customs duty exemption on critical petrochemical inputs aims to ease supply disruptions and support downstream manufacturing.
Full customs duty exemption is granted on critical petrochemical products as a temporary and targeted relief measure in response to the ongoing conflict in West Asia and resulting supply chain disruptions. The exemption continues until 30 June 2026 and is intended to ensure continued availability of essential petrochemical inputs for domestic industry, reduce cost pressures on downstream sectors, and maintain supply stability. The notified products cover petrochemical feedstock, intermediates and related industrial inputs used across multiple manufacturing sectors.
April 2, 2026
Show AI Summary
Consolidated TDS reporting through Form 141 streamlines tax deduction filing, schedule-wise payment, and compliance for specified transactions.
Form No. 141 is a single consolidated challan-cum-statement for reporting and payment of tax deducted at source on specified transactions through separate schedules instead of multiple standalone forms. It replaces Forms 26QB, 26QC, 26QD and 26QE, and requires only the relevant schedule to be completed for the transaction reported. The form is filed using PAN, not TAN, and is available for rent, immovable property, contractor or professional payments, and transfer of virtual digital assets, with one transaction type per form.
April 2, 2026
Show AI Summary
Defence exports growth reflects India's indigenous manufacturing strength, wider global acceptance, and streamlined export regulation.
India's defence exports recorded a new high, driven by indigenous manufacturing strength, wider global acceptance of Indian defence products, and a collaborative ecosystem involving defence public sector undertakings and private industry. The exports reached more than 80 countries, while the number of exporters increased, reflecting growing participation in the sector. The ministry also noted that streamlined export regulatory processes, a revamped online portal, and simplified authorisation procedures supported this growth.
April 2, 2026
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Foreign exchange market restrictions by RBI drove dollar unwinding and triggered a meaningful rupee rebound.
RBI took twin foreign exchange market restrictions by capping banks' net open rupee positions and barring non-deliverable forward offerings to corporates. The measures were directed at limiting banks' activity in onshore forward markets and were described as forcing dollar unwinding, thereby producing a meaningful rebound in the rupee.
April 2, 2026
Show AI Summary
Quarterly TDS statement for non-salary payments requires deductor details, deductee-wise reporting, and prescribed filing steps.
Form No. 140 is the quarterly TDS statement for non-salary payments to resident deductees, filed by persons responsible for deduction of tax on specified payments such as interest, commission, brokerage, professional fees, and rent. The form requires deductor particulars, tax payment details, and a deductee-wise annexure covering PAN, amount paid or credited, tax deducted and deposited, deduction rate, and related certificate details. Filing is quarterly, supported by challans and PAN details, and involves preparation, validation, and upload through the prescribed electronic or facilitation-centre process.
April 2, 2026
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Foreign exchange market curbs drive rupee higher as banks adjust positions under Reserve Bank restrictions.
Reserve Bank of India measures to curb banks' activity in the onshore and derivative foreign exchange markets led to a sharp appreciation in the rupee after recent volatility and heavy pressure from capital outflows, a stronger dollar and higher crude prices. The central bank capped the net open position on the Indian rupee for banks at USD 100 million and required compliance by a specified deadline, while also restricting authorised dealers from offering non-deliverable derivative contracts involving the rupee to resident or non-resident users. Users were further barred from rebooking foreign exchange derivative contracts, whether deliverable or non-deliverable, once cancelled after the issuance of the instructions.
April 2, 2026
Show AI Summary
Tax deduction statement filing governs quarterly reporting, electronic submission, correction limits, and acknowledgment for non-salary resident payments.
Form No. 140 is the quarterly electronic statement of deduction of tax at source for non-salary payments made to resident deductees, and it is mandatory for all deductors responsible for such payments. It must be filed within the prescribed quarterly due dates, cannot be edited after submission, and corrections may be filed only after processing by CPC-TDS within the specified two-year time limit. Successful filing on the TRACES portal generates an Acknowledgment Receipt Number.
April 2, 2026
Show AI Summary
Excess TDS and TCS refund claims move through a TRACES-based electronic form with pre-filled challan details and digital signing.
Form No. 139 is the electronic refund application by which a deductor, collector, or eligible taxpayer may claim refund of excess tax paid under Chapter XIX. Filing is permitted where the corresponding TDS or TCS statement has been processed and the excess remains as an unmatched or unconsumed challan credit. The application requires challan particulars, utilisation details, refund amount, declaration, digital signature, and supporting bank and tax records.
April 2, 2026
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Excess TDS/TCS refund claims under Form No. 139 must be filed online, after processing, and only when credit remains unallowed.
Form No. 139 is the prescribed online application for a deductor or collector to claim refund of excess TDS/TCS deposited under Chapter XIX-B of the Income-tax Act, 2025, where the excess is not adjusted against any other liability in the system. The form may be filed only after the relevant statement has been processed, cannot be edited after acknowledgment is generated, and is not maintainable once the deductee has been allowed credit for the same tax. Approved refunds, along with interest, are credited to the prevalidated bank account, and refund arising from appellate or rectification orders does not require filing of the form.
April 2, 2026
Show AI Summary
Quarterly TDS statement for salary and specified senior citizen income streamlines deductor reporting, annexures, and filing compliance.
Form No. 138 is the quarterly TDS statement for salary and specified senior citizen income, replacing Form 24Q and being filed under the Income-tax Act, 2025 and the Income-tax Rules, 2026. It is used by employers and specified deductors to report tax deducted and deposited, together with deductor particulars, deductee-wise details, and quarterly annexures. Annexure I applies to all quarters, while Annexure II and Annexure III are filed only in the last quarter for salary and specified senior citizen income details.
April 2, 2026
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Quarterly TDS statement filing requires electronic submission, prescribed annexures, correction limits, and timely compliance for tax credit reporting.
Form No. 138 is a quarterly electronic TDS statement required from employers deducting tax from salaries and specified banks deducting tax from pension and interest income of specified senior citizens. Only Annexure-I is filed for all quarters, while Annexure-II and Annexure-III are filed only for Q4. The form must be filed within the prescribed quarterly due dates, cannot be edited after submission, and may be corrected within two years after processing by CPC-TDS.
April 2, 2026
Show AI Summary
TDS/TCS book adjustment reporting requires monthly filing of Form 137 for government office tax credits.
Form No. 137 is the monthly TDS/TCS book adjustment statement filed by Government offices and related accounts offices to report tax deducted or collected without challan and credit it to the Central Government account through the book adjustment system. It is filed under the Income-tax Rules, 2026 by offices remitting TDS/TCS through book entry rather than challan, with prescribed due dates, accounts office particulars, DDO-wise transfer voucher details and supporting AIN, TAN and voucher data. Processing generates Book Identification Numbers for DDOs for use in quarterly TDS/TCS statements.
April 2, 2026
Show AI Summary
TDS/TCS book adjustment reporting requires mandatory electronic filing, AIN-based processing, and BIN generation for government offices.
Form No. 137 is the monthly consolidated TDS/TCS book adjustment statement for government offices where tax is credited to the Central Government without challan payment. It is mandatory for the concerned Accounts Officer, must be filed electronically within the prescribed time, and may be revised to correct mistakes. An Accounts Office Identification Number is required, and processing of the form generates a Book Identification Number used for related TDS/TCS statements and tax credit flow.
April 2, 2026
Show AI Summary
Customs duty exemption on critical petrochemicals aims to steady supply chains and ease input costs across manufacturing sectors.
Temporary customs duty exemption granted on critical petrochemical products to address supply disruptions arising from the West Asia conflict and consequent global shipping and supply chain disturbances. The measure is directed at preserving the availability of essential petrochemical inputs for domestic industry, maintaining supply stability, and easing cost pressures on sectors dependent on petrochemical feedstock and intermediates, including plastics, packaging, textiles, pharmaceuticals, chemicals and automotive components. The exemption applies to specified petrochemical goods, including methanol, anhydrous ammonia, toluene, styrene, dichloromethane, vinyl chloride monomer, poly butadiene, styrene butadiene and unsaturated polyester resins.
April 2, 2026
Show AI Summary
Accounts Office Identification Number application governs book-adjustment TDS/TCS reporting, supervisory verification, and TRACES-based allotment.
Form No. 136 is the statutory application for allotment of an Accounts Office Identification Number (AIN) to government Accounts Officers making TDS/TCS payments through book adjustment without challan production. The form is required only once, and the allotted AIN is mandatory for filing Form No. 137 statements for monthly reporting of such remittances. It requires applicant particulars, declarations, supervisory counter-verification, and code-based annexures, and may be filed online on TRACES or offline before the jurisdictional Commissioner of Income-tax (TDS).
April 2, 2026
Show AI Summary
Accounts Office Identification Number rules govern AIN allotment, filing modes, eligibility, and later modification for government offices.
Form No. 136 is the application for allotment of an Accounts Office Identification Number (AIN) for Central and State Government Accounts Offices making TDS/TCS payments through book adjustment. AIN is a unique seven-digit identifier, and non-government offices are not eligible. The form may be filed online through the TRACES portal or offline before the jurisdictional Commissioner of Income-tax (TDS). Only one AIN is allotted to an Accounts Office, and details may later be modified. TAN is not mandatory, though it must be mentioned if already available.
April 2, 2026
Show AI Summary
Tax Deduction and Collection Account Number forms now require category-specific details, documents, and streamlined filing rules.
Forms Nos. 134 and 135 are prescribed for allotment of a unique Tax Deduction and Collection Account Number (TAN), with Form 134 for Government applicants and Form 135 for non-Government applicants. They apply to persons required to deduct or collect tax at source, file TDS/TCS statements, or issue TDS/TCS certificates. The revised forms separate Government and non-Government categories and require category-specific particulars, mandatory PAN-related details, and supporting documents. The process may be completed online or physically and results in TAN allotment and dispatch of the TAN letter.

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Customs & Trade

AAHAR 2026 inaugurated at Bharat Mandapam; Shri Piyush Goyal calls for stronger collaboration to position India as a global leader in agricultural and processed food exports

March 11, 2026

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At the inauguration of the 40th edition of AAHAR – The International Food & Hospitality Fair, the Minister highlighted India’s food and agricultural exports at nearly ₹5 lakh crore annually and outlined how FTAs are expanding market access while safeguarding farmers, fishermen and MSMEs.

New Delhi | 11 March 2026: The 40th edition of AAHAR – The International Food & Hospitality Fair was inaugurated today at Bharat Mandapam, New Delhi, with a clear message for the ecosystem: India’s next leap in global leadership will be built through collaboration across food, agriculture and hospitality, backed by stronger value addition and market linkages.

Addressing the gathering at the inauguration, Union Minister of Commerce & Industry Shri Piyush Goyal called upon stakeholders to work collectively towards making India the world’s largest exporter of agricultural and processed foods, citing the opportunities created by India’s expanding trade agreements and the growing global demand for Indian products.

Shri Goyal said India’s exports of food and agricultural products—including farm produce and fisheries—have reached nearly ₹5 lakh crore (over USD 55 billion) annually, making the country the seventh largest exporter of agricultural produce globally. He further noted that over the past eleven years (2014–2025), India’s agri and food exports have witnessed significant growth: processed foods have increased fourfold, fruit and pulses exports have tripled, processed vegetable exports have quadrupled, cocoa exports have tripled, and cereal exports have doubled—with rice exports growing by 62% during this period.

The Minister said these achievements should inspire India to aspire for the top position globally in agricultural and processed food exports, aligning with the Prime Minister’s vision that India should become the “food basket of the world.” He added that the nine Free Trade Agreements concluded over the past three and a half years have opened access to 38 developed and prosperous countries, and that India now has preferential market access covering nearly two-thirds of global trade—strengthening India’s position as an investment destination and enabling businesses to integrate into global value chains.

At the same time, Shri Goyal underlined that India’s trade negotiations have carefully safeguarded domestic interests—especially those of farmers, fishermen and MSMEs. He said sensitive sectors such as dairy have been protected, with no concessions to foreign producers, and that genetically modified (GM) products have not been granted duty concessions or market access. He further clarified that key commodities such as rice, wheat, maize, soy meal and several varieties of pulses have been protected, and that concessions in sugar have generally not been extended to prevent imports that could adversely affect domestic producers.

Shri Goyal encouraged farmers and entrepreneurs to take advantage of the ₹1 lakh crore Agriculture Infrastructure Fund, and to focus on food processing and value addition to access higher-value global markets, noting that an increasing number of small enterprises are entering the food processing sector and creating avenues for growth and employment.

International partnership formed another key note at the inauguration. Shri Goyal welcomed Italy as the partner country for the 40th edition and said India should learn from best practices in Italy’s food and hospitality sector while building collaborations with Italian companies—steps that can help promote Indian cuisine, expand the global taste for Indian products and strengthen trade linkages. He also pointed to opportunities arising from India’s agreements and partnerships with multiple regions and country groupings, and noted that negotiations with Canada are progressing while discussions with the six-nation GCC group have recently been launched.

From the organiser’s perspective, today’s inauguration also marked the introduction of several new visitor- and exhibitor-facing enhancements at the venue. In his address, CHAIRMAN, ITPO, Jawed Ashraf spoke about new elements being introduced this year, including Italian chefs conducting masterclasses, a larger culinary art competition, and a hospitality challenge at Bharat Mandapam. He also highlighted improved on-ground experience measures, including air-conditioned food courts, along with other newly introduced amenities.

A key addition for this edition is the official AAHAR digital app, positioned as a comprehensive tool designed to support both visitors and exhibitors with a smoother, more structured experience on-ground. The app has been introduced to enable practical business outcomes through QR-enabled interactions and tools that support discovery and planning, including: • Scan profile QRs and schedule meetings instantly • Exhibitor directory with hall details • Live session updates with My Schedule planner • Easy QR-based navigation across halls • Dedicated Community section for organiser updates • Built-in tutorial and dedicated help support • B2B networking tools for exhibitors to boost visibility Chairman, ITPO, Jawed Ashraf also noted that the edition will host a number of summits and food-based seminars on themes including plant-based food products and other key areas of the hospitality, catering and restaurant sector, along with a leadership summit for the HORECA sector. He further stated that the fair attracts 1,800 participants, including 155 international participants from 17 countries, and that despite global turbulence there has been no cancellation of international participation, which he described as encouraging. He added that the fair is spread across 125,000 square meters, bringing together a vast global community of food and hospitality professionals.

Shri Goyal described the 40th edition of AAHAR as a landmark event for the food and hospitality sector and noted that for the first time AAHAR has a partner country, Italy. He also announced that the exhibition will be opened to the general public on the evening of Friday the 13th and throughout Saturday, allowing visitors—especially young people—to experience the strengths of the food, beverage and hospitality sectors from India and across the world.

Concluding his address, Shri Piyush Goyal assured exporters that under the Export Promotion Mission, the Government will provide comprehensive support and handholding, including through the Ministry of Commerce & Industry and the Directorate General of Foreign Trade (DGFT). Chairman, ITPO, Jawed Ashraf extended best wishes to participants, exhibitors and visitors for productive engagement over the next five days.

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

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