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April 4, 2026
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Mutual fund approval for eligible public company issues depends on timely filing of Form 190.
A mutual fund must file Form 190 to seek approval for investment in the eligible issue of public companies under Schedule XV(1)(z)(ii) of the Income-tax Act, 2025. The form corresponds to the earlier Form 59A under the Income-tax Rules, 1962, and to the corresponding rule framework under the Income-tax Rules, 2026. The application is to be filed by the mutual fund itself, together with the documents specified in the form, three months before the issue of eligible capital. Approval for subscription is granted on the basis of the particulars furnished in Form 190.
April 4, 2026
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Approval for issue of eligible capital under Schedule XV depends on Form 189 details, disclosures, and supporting documents.
Form 189 is the application for approval of issue of public companies under Schedule XV(1)(z)(i) of the Income-tax Act, 2025, and is filed by the public company three months before the issue of eligible capital. The form requires company particulars, management details, bankers and auditors, issue details, project details, and supporting documents such as incorporation certificate, audited financial statements, equity details, SEBI approval and any project report. Processed Form 189 leads to approval for issue of eligible capital on the basis of the details furnished.
April 4, 2026
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Public company issue approval through Form 189 governs eligible capital issues and related deduction eligibility.
Form 189 is the prescribed application for approval of issue of public companies under Schedule XV(1)(z)(i) of the Income-tax Act, 2025. It is filed by the public company with supporting documents before the issue of eligible capital, and the approval is granted on the basis of the details furnished in the form. Individual contributions to the issue are stated to qualify for deduction under the Act.
April 4, 2026
Show AI Summary
Consolidated approval form standardises gratuity and superannuation fund compliance, replacing rule-based particulars with structured filing.
Introduction of consolidated Form 188 standardises the approval process for Gratuity Fund and Superannuation Fund applications under Part B of Schedule XI by replacing the earlier text-based particulars in Rule 95 and Rule 109. The form is filed by trustees or an authorised person only for initial approval, and it requires details of the employer, the fund, eligible employees, account maintenance, fund status, trustee verification, and supporting documents such as the trust deed, fund rules, and accounts where applicable.
April 4, 2026
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Approval mechanism for gratuity and superannuation funds is standardised through Form 188 with structured compliance requirements.
Form 188 provides a standardised application mechanism for approval of Gratuity Funds and Superannuation Funds, replacing earlier rule-based procedural requirements. It is filed once by the trustees or an authorised person, with prescribed particulars and supporting documents such as the trust deed, fund rules, accounts, and balance sheet where applicable. The application is examined by the jurisdictional authority, which may seek clarifications and then grant approval, issue deficiency notice, or reject the application.
April 4, 2026
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Appeal against fund recognition refusal uses Form 187, with supporting documents and filing within 60 days.
Appeal against refusal to recognise or withdrawal of recognition from a recognised provident fund, and refusal to approve or withdrawal of approval from a superannuation fund or gratuity fund, is filed in Form 187 by the employer, trustee, or authorised representative within 60 days of communication of the order. The form requires appellant particulars, fund details, grounds of appeal, verification, and supporting documents such as the impugned order, original application, proof of filing, authorisation, and fee challan.
April 4, 2026
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Appeals for provident, superannuation and gratuity funds require Form 187, supporting documents and filing within 60 days.
Form 187 prescribes the appellate mechanism under the Income-tax Act, 2025 for matters concerning recognised provident funds, superannuation funds and approved gratuity funds, including appeals against orders affecting recognition, approval, withdrawal, cancellation or refusal of such status. The form is to be used by trustees, employers or other authorised persons representing the fund where an adverse order has been passed by the competent income-tax authority. Appeals must be filed within 60 days from communication of the order, and filing does not by itself operate as a stay unless specifically granted.
April 4, 2026
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Customs enforcement along the India-Nepal border led to seizure of undocumented soft drinks and air conditioners.
Customs enforcement along the India-Nepal border led to seizure of soft drinks and air conditioners being moved without valid customs documents. A vehicle carrying 1,575 bottles of soft drinks was intercepted after the driver tried to flee, while two split air conditioners transported on bicycles were also recovered in a separate patrol operation. The goods, vehicle and bicycles were handed over to the Customs Department.
April 4, 2026
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Indian pharmaceutical exports show sustained growth as formulations, biologicals, vaccines and Ayush products drive resilience.
Indian pharmaceutical exports recorded sustained growth in FY26, reaching nearly USD 29 billion by the end of February and increasing over the corresponding period in the previous financial year. The export performance was led by formulations, biologicals, vaccines and Ayush products, and was described as resilient despite global challenges, pricing pressures and trade volatility. The sector's overall value was placed at about USD 60 billion, with projected expansion to USD 130 billion by 2030.
April 4, 2026
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Recognised Provident Fund recognition process requires trust deed compliance, supporting documents, scrutiny and ongoing investment and reporting obligations.
Application under Rule 40C seeks recognition of a provident fund so it qualifies as a Recognised Provident Fund for income-tax purposes. It applies to employers, trustees and existing funds seeking recognition on formation, conversion, amendment, merger or split. The form requires trust deed details, fund rules, investment policy, financial information and supporting documents, followed by scrutiny, possible revisions, issuance of recognition and ongoing compliance with investment, audit and reporting requirements.
April 4, 2026
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Recognised Provident Fund recognition through Form 186 depends on disclosure, supporting documents, and compliance with trust conditions.
Form 186 is the prescribed application for seeking recognition of a provident fund as a Recognised Provident Fund for income-tax purposes. It is filed by the employer, trustees, or an existing trust seeking recognition, and is ordinarily a one-time application subject to refiling or intimation for material changes in the trust deed or fund rules. The form requires detailed disclosures and supporting documents, and on approval the fund attains RPF status with tax treatment governed by applicable statutory limits and conditions. Recognition may later be withdrawn for non-compliance.
April 4, 2026
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Recognised provident fund accounting in Form 185 requires annual subscriber-wise records of contributions, interest, withdrawals, and balances.
Rule 294 requires recognised provident fund accounts to be prepared at intervals not exceeding twelve months, with a separate account maintained for each subscriber in Form 185. The form is maintained internally by the provident fund trust or authorised officers, and records subscriber particulars, opening balance, monthly contributions, interest, withdrawals or advances, closing balance, and verification. Part A is maintained separately for each subscriber, while Part B presents the same information in consolidated annual subscriber-wise form.
April 4, 2026
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Recognised Provident Fund recordkeeping requires Form 185 to track contributions, interest, withdrawals, and annual balances.
Form No. 185 is the prescribed accounting format for individual subscriber records under a Recognised Provident Fund, maintained by trustees or authorised officers under the Income-tax Rules. It records annual subscriber-wise particulars such as contributions, interest credited, withdrawals or advances, opening and closing balances, and verification details. Part-A is kept for each subscriber, while Part-B is the annual consolidated abstract filed with the Assessing Officer.
April 4, 2026
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Deduction audit report for petroleum and natural gas businesses requires deposit verification, withdrawal checks, and Chartered Accountant certification.
Form No. 183 is the prescribed audit report for claiming deduction under section 49 in the business of prospecting, extracting, or producing petroleum, natural gas, or both in India. It is furnished by a Chartered Accountant and verifies audit of the relevant books, timely deposit into the specified account, permitted use of withdrawals, disallowance of inadmissible expenditure, and transfer restrictions on assets acquired under the scheme. The form is filed annually before the return due date and requires supporting records of books, deposits, withdrawals, and asset transfers.
April 4, 2026
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Supply chain disruption hits Bikaner snack exports as conflict delays shipments and raises freight and input costs.
West Asia conflict has disrupted Bikaner exports and imports, causing delays in shipments of bhujia, papad, namkeen and spices to Gulf and European markets. Traders report longer transit routes, container shortages, higher freight charges, rising raw material and packaging costs, and consignments stuck at ports or in transit, affecting the city's export-driven economy.
April 4, 2026
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Audit report for petroleum and natural gas deduction claims requires certification, supporting records, and online filing compliance.
Form No. 183 is the prescribed audit report under Rule 291 read with Section 49 of the Income-tax Act, 2025 for an assessee engaged in the business of prospecting, extracting, or producing petroleum, natural gas, or both in India. It is mandatory where the deduction is claimed and must be certified by an Accountant. The form requires supporting books, financial statements, evidence of deposits and withdrawals from the specified account, and a computation showing that the deduction remains within the permissible limit.
April 4, 2026
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Deduction claim audit report for tea, coffee and rubber businesses requires Chartered Accountant certification and compliance with deposit rules.
Form No. 182 is a statutory audit report for assessees engaged in growing and manufacturing tea, coffee or rubber who claim deduction under section 48. It must be furnished by a Chartered Accountant annually before the return due date and certifies audit of books, timely deposit in the specified account or approved scheme, withdrawal utilisation, disallowable amounts, asset transfers, and the deduction permissible. The form is now a smart, tabulated e-form with mandatory professional identifiers and standardised fields for e-filing and validation.
April 4, 2026
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Tax deduction audit report rules require prescribed certification, verified deposits, and portal filing for tea, coffee and rubber businesses.
Form No. 182 is the prescribed audit report for assessees engaged in growing and manufacturing tea, coffee or rubber in India who claim deduction under section 48. It must be certified by an Accountant and furnished annually before the return due date. The report is mandatory for the deduction claim, supports verification of deposits, withdrawals, utilisation and deduction computation, and is completed through the e-filing portal with digital signing and assessee acceptance.
April 4, 2026
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Electoral trust audit reporting through Form 181 requires electronic disclosure of contributions, distributions, and administration expenses.
Form 181 is the annual audit report for electoral trusts, to be furnished electronically by an accountant through the e-filing portal before the return due date. It requires disclosure of voluntary contributions received and distributed, application for the benefit of persons or interested persons, and expenditure on administration or management of the trust. The form has been simplified and aligned with the Income-tax Act, 2025.
April 4, 2026
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Digital audit report requirements govern electoral trusts claiming exclusion of voluntary contributions from total income.
FN 181 is a mandatory digital audit report for an electoral trust seeking exclusion of reported voluntary contributions from total income. It must be prepared by an accountant, filed electronically with the Commissioner of Income Tax (CPC) through the e-filing portal, and submitted on or before the due date for filing the return of income. The form cannot be filed offline or edited after submission, and a valid PAN is mandatory for filing.

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Customs & Trade

No need for panic booking, enough LPG supplies to meet household needs: Govt

March 11, 2026

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New Delhi, Mar 11 (PTI) Amid panic buying in some parts of the country, the government on Wednesday said India has enough LPG stocks to fully meet household cooking gas requirements, even as it stepped up efforts to secure alternative supplies to replace volumes disrupted by the West Asia conflict.

While India has been able to source additional crude oil - the raw material for fuels such as petrol and diesel - from alternative suppliers to offset disruptions caused by the blockage of the Strait of Hormuz, refinery adjustments have lifted domestic LPG output by about 25 per cent. The push to secure supplies has also resulted in securing at least two LNG cargoes, Sujata Sharma, Joint Secretary in the Ministry of Petroleum and Natural Gas, said.

The widening conflict in the Middle East has largely halted shipments through the strait that was the conduit for most of India's oil, gas and LPG needs. While India scrambles to seek alternative crude sources from countries like Russia, LPG and LNG supplies remain constrained. Shortages are affecting businesses nationwide, from restaurants and crematoriums to ceramic units and even the Delhi High Court canteen. Household kitchens are getting fuel, but there are reports of long queues at dealers and the fuel being sold at higher rates in the black market.

At a media briefing - the first on record by an oil ministry official since the conflict broke out on February 28 - Sharma sought to allay concerns on availability, saying the government's efforts are primarily directed at maintaining uninterrupted supplies to households.

Sharma said India imports about 60 per cent of its LPG requirement, and 90 per cent of this is through the Strait of Hormuz.

This shortfall meant prioritising household kitchens over commercial usage. But even this has led to panic buying by common users.

"Feedback suggests that some panic booking and hoarding behaviour has been triggered by misinformation," she said. "We have enough stocks. There is no need for panic. There is no need for the customer to rush and book cylinders." The pre-war delivery cycle for a refill of two-and-a-half days remains, said Sharma, who is in charge of LPG in the ministry.

Giving a full account of the fuel supply scenario, she said India's daily crude oil consumption is about 5.5 million barrels, 55 per cent of which came from countries like Saudi Arabia, Iraq and the UAE through the Strait of Hormuz.

She said oil companies have diversified procurement and secured volumes larger than those that were displaced by the blockage of the strait after the US and Israel attacked Iran and Tehran's retaliatory action.

"As a result of this diversification, about 70 per cent of our crude imports are now coming from routes outside the Strait of Hormuz, compared with about 55 per cent earlier," she said.

All the oil refineries, which convert crude oil into fuels, are operating at full capacity.

On natural gas, which is used for power, fertilizers, CNG, and household cooking, she said that out of the total consumption of 189 million standard cubic meters per day, 97.5 mmscmd is produced within the country, and the rest is imported. Out of the imports, about 47.4 mmscmd supply has been affected due to the Strait of Hormuz disruption.

"We are making efforts to procure from alternate routes, and supplies are underway to offset this disruption," she said. "Gas companies have procured LNG cargoes from the new sources, and two LNG cargoes are on their way to the country." To manage the shortfall, the government has prioritised household cooking and transport fuels, directing refineries to maximise LPG output by cutting petrochemical feedstock streams and barring units, including Reliance Industries Ltd's export-oriented plants, from using LPG as feedstock. Industrial LNG and LPG deliveries have been curtailed to protect more than 33 crore households, which account for roughly 86 per cent of LPG consumption.

To manage demand, cooking gas prices were raised for the first time in 11 months, and the minimum interval between subsidised refills was extended from 21 to 25 days.

To deal with the shortfall arising from blockage of supplies through the Strait of Hormuz, she said the government has taken various steps, including maximising LPG production in refineries by cutting other fuel streams. "Domestic LPG production has increased by 25 per cent, and all these domestic LPG is being directed towards household consumers." For non-domestic LPG, priority is being given to essential sectors such as hospitals and educational institutions, she said, adding that a three-member committee of executive directors of oil marketing companies - IOCL, HPCL and BPCL - has been constituted to review the allocation to restaurants, hotels and other commercial users.

The committee is consulting with state authorities and industry bodies to finalise a plan to ensure that available LPG is distributed in a fair and transparent manner on LPG prices, she added.

State governments have been advised to crack down on hoarding and black marketing of LPG.

Union Home Secretary held a meeting with Chief Secretaries and Directors General of Police of all states and Union Territories.

States and Union Territories were advised to take strict measures against hoarding of essential commodities and ensure the uninterrupted availability of essential supplies. The government, the officials said, is closely monitoring the evolving situation in West Asia and maintaining continuous coordination among the concerned ministries and agencies.

They reiterated that necessary steps are being taken to ensure energy security, safeguard Indian nationals in the region, maintain the safety of maritime operations and ensure the uninterrupted availability of essential supplies. The government remains committed to keeping the public informed and taking timely measures to protect India's interests during the evolving situation.

India, the world's third-largest crude importer, sources 88 per cent of its oil needs from abroad. It consumes 5.8 million barrels per day, of which 2.5-2.7 million barrels come from Middle East countries like Saudi Arabia, Iraq, and the UAE via the Strait of Hormuz. The chokepoint also carried 55 per cent of India's cooking gas (LPG) and 30 per cent of liquefied natural gas (LNG), used for power, fertilizers, CNG, and household cooking. PTI ANZ HVA

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