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News
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March 26, 2026
Show AI Summary
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Reinvestment Allowance Reserve Account, withdrawals from the reserve, and details of plant or machinery purchased from withdrawn amounts, together with verification and e-verification requirements.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 It is filed where amounts are withdrawn from the SEZ Reinvestment Reserve Account for purchase of new plant or machinery, and it must be verified by the proprietor, partner, or director.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
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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.
March 26, 2026
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Deduction for dependant with disability requires Form 30, supported by medical certification, filing details, and electronic verification.
Deduction for maintenance, medical treatment, training and rehabilitation of a dependant with disability is supported by Form 30, which must be filed by a resident individual claiming expenditure for a dependant with disability or payments under an approved scheme. The form is filed with the return of income, supported by the medical authority certificate, and requires completion of assessee details, patient and disability particulars, upload of the signed verification, and e-verification through DSC or Aadhaar.
March 26, 2026
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Disability-related tax deduction requires Form 30, medical certification, and timely filing with the return of income.
Deduction is available for maintenance, including medical treatment, training and rehabilitation, of a dependant who is a person with disability, and for payments made under a qualifying insurance or specified scheme. Form 30 is the prescribed statement for claiming the deduction and must be filed by a resident individual along with the return of income. The medical authority certificate must be uploaded online, and a fresh certificate is required when a temporary disability certificate expires.
March 26, 2026
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Carry forward and set-off of amalgamated losses depends on Form 29 production certification and verified compliance.
Form 29 is the prescribed certificate for an amalgamated company to evidence achievement and maintenance of the prescribed level of production in an undertaking received through amalgamation. It is filed with the return of income to support compliance with the conditions for carry forward and set-off of accumulated loss and unabsorbed depreciation of the amalgamating company. The form must be certified by the principal officer and verified by an accountant, and it requires confirmation that the prescribed production threshold has been achieved and maintained within the specified period.
March 26, 2026
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Freight disruption and export relief measures shape India's response to West Asia-linked logistics stress and production shortages.
West Asia-related disruption in shipping and logistics has led to steep increases in freight charges, container shortages, stranded cargo and shipment cancellations affecting exporters in eastern India. Perishable goods, engineering products, textiles and medicines are among the sectors most affected, while the LPG supply crunch has added to production difficulties and air cargo costs have risen because of route changes and cancellations. The text also refers to relief measures, including waiver-based port concessions, the RELIEF scheme for conflict-linked losses and reimbursement support for eligible MSME exporters.
March 26, 2026
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Production compliance certificate governs carry forward and set-off benefits for amalgamated companies under the income tax rules.
Form 29 is the mandatory certificate under Rule 60 for an amalgamated company claiming carry forward and set-off of accumulated losses and unabsorbed depreciation under Section 116(4)(b)(iii). It certifies achievement and maintenance of the prescribed production level in acquired industrial undertakings, requires electronic filing with the return of income, and may cover multiple amalgamating companies. The production condition is 50% of installed capacity within four years of amalgamation and maintenance up to five years, with possible governmental relaxation in suitable cases.
March 26, 2026
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Slump sale reporting requires accountant certification of net worth and capital gains through online Form 28 filing.
Accountant's report in Form No. 28 (Form No. 3CEA) is required for an assessee undertaking a slump sale to certify the computation of net worth and capital gains under the Income Tax Act, 2025. The form applies where an undertaking or division is transferred as a going concern for a lump-sum consideration without assigning individual values to assets and liabilities. It must be furnished online on the income tax e-filing portal on or before the due date for filing the assessee's income tax return.
March 26, 2026
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Slump sale reporting under income tax law requires mandatory accountant certification, online filing, and timely submission through Form 28.
Form No. 28 is the accountant's report required under section 77(4) of the Income-tax Act, 2025 for computation of capital gains in a slump sale. It applies where an undertaking or division is transferred as a going concern for lump-sum consideration without assigning separate values to assets and liabilities, and it is mandatory for certifying net worth and capital gains. The form must be filed once in a year on or before the due date for the income-tax return, only online, and cannot be edited after submission. A valid PAN is required.
March 26, 2026
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Capital gains attribution framework for specified entities filing Form 27 with valuation support and electronic certification.
Form 27 is filed by every specified entity to furnish details of the amount attributed to capital assets remaining with the entity where a specified person receives capital asset or stock-in-trade on dissolution or reconstitution. It supports computation under Rule 50 and must be certified on the basis of a registered valuer's report. The form is filed electronically with the return of income and includes particulars of the amount taxable, its attribution to remaining assets, and the valuer's details.
March 26, 2026
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Form No. 27 reporting requirement governs valuation-based attribution of income on dissolution or reconstitution of a specified entity.
Form No. 27 is a mandatory income-tax reporting form prescribed under Rule 50 for a specified entity where income becomes taxable under section 67(10) on dissolution or reconstitution and a specified person receives capital asset, stock-in-trade, or both. It operationalises the attribution of such taxable income to the capital assets remaining with the specified entity and must be furnished for each tax year in which the relevant event occurs. The form requires electronic filing with the return of income and valuation-based attribution supported by a registered valuer's report.
March 26, 2026
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Tax audit Form No. 26 standardises disclosures, audit reporting, and filing requirements under the new income tax framework.
Prescribed Form No. 26 is the audit report and statement of particulars under section 63 of the Income-tax Act, 2025 read with rule 47 of the Income-tax Rules, 2026. Parts A and B contain the substantive disclosures for tax audit compliance, including books of account, method of accounting, income, expenses, losses, depreciation, deductions, international taxation, TDS/TCS, indirect taxation and quantitative details. Part C applies where accounts are audited under another law, while Part D applies where they are not. The form is required for specified business and professional thresholds and certain presumptive taxation cases, and is furnished through a structured online filing process.
March 26, 2026
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Mandatory audit reporting under Form No. 26 introduces clause-wise disclosures, UDIN compliance, and schedule-based tax audit filing.
Form No. 26 is the mandatory audit report and statement of particulars for persons carrying on business or profession whose accounts are required to be audited under section 63. It applies from tax years commencing on or after 1 April 2026, is due one month before the return filing deadline, and must be signed by an Accountant with UDIN, and FRN where applicable. The form uses Part B clause-wise Yes/No reporting with trigger-based schedules, and Parts C and D for audit reporting depending on whether accounts are audited under another law.
March 26, 2026
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Daily case register requirements for medical professionals under tax rules, including maintenance, exceptions, and non-filing status.
Form No. 25 prescribes a daily case register for medical professionals under Rule 46 of the Income-tax Rules, 2026. It records the patient's name, nature of service, fees charged, and date of receipt of fees. The form is mandatory for persons engaged in the medical profession, subject to the stated gross-receipts exceptions, and is maintained in addition to books of account. It is not furnished to the Department and has no due date.

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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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