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March 31, 2026
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Provisional registration and approval for non-profit organisations depend on online Form No. 104, mandatory PAN, and commenced activities rules.
Form No. 104 is the common electronic application for provisional registration under section 332(3) and provisional approval under section 354(2) for applicants whose activities have not commenced. It is filed online with the Commissioner of Income Tax (CPC), who must pass an order in Form No. 106 within one month from the end of the month of filing, unless the application is non-est. The provisional registration or approval is valid for three tax years or up to six months from commencement of activities, whichever is earlier, and may be cancelled for false information or defective filing. PAN is mandatory, offline filing is not permitted, and the form cannot be edited after submission.
March 31, 2026
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PAN allotment forms simplified into category-specific applications with mandatory contact details, supporting documents and improved verification.
PAN allotment applications are to be made in revised Forms 93, 94, 95 and 96 for four applicant categories: individual citizens of India, Indian entities, individuals who are not citizens of India, and foreign entities. The forms are category-specific, self-explanatory and aligned with the Income-tax Act and rules, with online or physical filing through PAN service providers, document verification, transmission to the Income Tax Department, and PAN generation with dispatch of the physical card where opted.
March 31, 2026
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Permanent Account Number application rules set forms, documents, fees, and correction procedures for Indian and foreign applicants.
Permanent Account Number (PAN) application is governed through prescribed forms for different applicant categories: Form 93 for individuals being citizens of India, Form 94 for non-individual Indian entities, Form 95 for individuals not being citizens of India, and Form 96 for non-individual foreign entities. PAN is a unique taxpayer identifier required for income-tax return filing and specified financial transactions. The application process requires prescribed supporting documents, incomplete or deficient applications are treated as invalid, and correction requests may be made separately after allotment.
March 31, 2026
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Corporate governance through independent director appointment and audit committee leadership to improve oversight, controls and compliance.
Appointment of an independent director and audit committee chair to strengthen corporate governance, financial oversight and compliance mechanisms. The role is stated to include supervision of financial reporting integrity, internal controls, enterprise risk management, regulatory compliance and audit processes, with the appointment intended to deepen board oversight and support disciplined, responsible and sustainable growth.
March 31, 2026
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Manufacturing activity rebounds as energy costs, supply-chain risks, and weak demand cloud China's growth outlook.
China's manufacturing activity returned to expansion in March as the official purchasing managers index rose above 50, ending two months of contraction. Analysts said the outlook remains vulnerable to higher energy costs, possible supply-chain disruption, a prolonged property-sector slump, and weaker global demand, while exports continue to play a key role in supporting growth.
March 30, 2026
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Asset restitution under PMLA advances recovery for PACL investors after attachment of properties in alleged investment fraud.
Assets worth more than Rs 15,000 crore have been restored under the Prevention of Money Laundering Act to a Supreme Court-appointed committee for distribution to investors allegedly defrauded in the PACL collective investment scheme. A special PMLA court ordered restitution of 455 immovable properties to the Justice Lodha Committee, reflecting the statutory remedy of restoration of attached assets to victims of fraud and proceeds of crime. The ED's action is part of an investigation into allegations of an illegal collective investment scheme and the attachment of properties held by PACL entities, family members and associates.
March 30, 2026
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Rupee volatility intensifies as geopolitical tensions, dollar strength and RBI net open position caps pressure forex markets.
The rupee fell sharply in intra-day trade and briefly crossed the 95-per-US dollar level before closing at 94.70, with volatility attributed to heightened geopolitical tensions, risk-off sentiment, a firm dollar index and higher crude oil prices. The Reserve Bank of India reduced the net open position that banks may maintain overnight and capped Net Open Position (NOP-INR) at USD 100 million through a circular dated March 27, 2026, with compliance required by April 10, as part of monitoring currency exposure in a volatile foreign exchange market.
March 30, 2026
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Money laundering attachment under PMLA targets immovable assets linked to alleged diversion and siphoning of company funds.
Provisional attachment under the Prevention of Money Laundering Act was issued in respect of land parcels and other immovable assets valued at more than Rs 271 crore. The attached properties included land parcels in Panvel and Shahapur talukas of Maharashtra, in connection with an ongoing money-laundering investigation concerning Rajendra Lodha, a former director of Lodha Developers. The allegations concerned diversion and siphoning of company funds and assets through unauthorised transfer of properties at undervalued prices, fabrication of Memorandums of Understanding, and misappropriation of inflated amounts.
March 30, 2026
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Summons compliance in excise policy probe challenged as the agency disputes acquittal and alleges deliberate non-appearance.
The Enforcement Directorate has challenged the acquittal of Arvind Kejriwal in two summons-compliance cases arising from the excise policy matter, alleging intentional failure to appear despite repeated summonses and deliberate creation of grounds to avoid the probe. The trial court had found that the ED failed to prove intentional disobedience. The broader excise policy and money-laundering proceedings remain pending in connected forums.
March 30, 2026
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Rupee depreciation and forex speculation curb as the Reserve Bank limits bank net open positions in the onshore market.
The rupee fell sharply against the US dollar in FY26 because of foreign fund outflows, high crude prices, global dollar strength, tariff pressure, geopolitical tensions, and volatile markets. The Reserve Bank of India intervened by selling dollars and later introduced a measure requiring banks to limit net open positions in the onshore currency market to curb excessive speculation and reduce one-sided bets against the rupee.
March 30, 2026
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Insolvency resolution process dispute tests value maximisation, fair bidding and creditor discretion in Jaiprakash Associates acquisition plan.
Vedanta Ltd has challenged the approval of Adani Enterprises Ltd.'s resolution plan for Jaiprakash Associates Ltd. in insolvency proceedings and sought a stay on its implementation. The dispute concerns the validity of the resolution plan, the approvals granted by the Committee of Creditors and the adjudicating authority, and the application of the Insolvency and Bankruptcy Code principles of value maximisation, fair bidding, feasibility and execution. The appellate tribunal has sought a response from the Committee of Creditors and noted that implementation of the plan will remain subject to the outcome of the appeals.
March 30, 2026
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Money laundering and fugitive offender laws address bank fraud attachments, confiscation, and restrictions on economic offenders abroad.
The Enforcement Directorate has investigated bank fraud matters under the Prevention of Money Laundering Act, with arrests, prosecution complaints, convictions, attachment of proceeds of crime, and confiscation and restitution of assets in some cases. The Fugitive Economic Offenders Act, 2018 is described as a measure to deter offenders from evading Indian law by staying abroad and provides for confiscation of properties, proceeds of crime and benami properties, lookout notices, and restrictions on raising capital, acquiring shares, or voting rights.
March 30, 2026
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Notice of demand under the income tax law sets payment timelines, appellate details, and options for instalments or extension.
Form 103 is the notice of demand issued by the Assessing Officer under section 289 of the Income-tax Act, 2025 read with rule 179 of the Income-tax Rules, 2026, to communicate tax, interest, penalty or any other sum payable for a tax year or block period. It is based on an assessment order, penalty order, TDS default, rectification, order giving effect, or other order creating a recoverable demand. The demand is ordinarily payable within 30 days, may be modified by the Assessing Officer, and reduction below 30 days needs prior approval of the Joint Commissioner.
March 30, 2026
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Social and environmental statistics dissemination strengthens evidence-based policymaking through MoSPI's digital platforms, SDG dashboard, and stakeholder consultations.
MoSPI regularly releases social and environmental statistics publications through its official website and related digital platforms, including environment statistics, environment accounts, SDG indicator reports, and thematic demographic reports. The Ministry also uses the India SDG Dashboard, e-Sankhyiki portal, and Advance Release Calendar to support centralized data access, monitoring, and timely dissemination, while expert groups and stakeholder consultations are used to improve coverage, quality, relevance, accessibility, and public awareness.
March 30, 2026
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Artificial intelligence integration improves data discovery and user interaction on the Ministry's eSankhyiki portal and revamped website.
Artificial intelligence is being integrated into the eSankhyiki portal and the Ministry's revamped website to improve accessibility, searchability and usability of reports, datasets and publications. An AI-enabled chatbot has also been hosted to improve data discovery and user interaction, while no specific timeline has been fixed for full implementation of the AI-enabled tools.
March 30, 2026
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Energy statistics compilation highlights expanded energy-sector data coverage, harmonised end-use reporting, and growth in renewables and consumption.
The National Statistics Office has released the annual publication Energy Statistics India 2026, an integrated statistical compendium on India's energy sector. The publication brings together data on reserves, capacity, production, consumption, and import-export of major energy commodities, and includes energy balance tables, graphs, and sustainable energy indicators aligned with international standards. The 33rd edition expands coverage by adding credit flow, world energy statistics, coal consumption through e-auction, imported non-coking coal, sector-wise electricity consumption, and bunker supply data, while harmonising end-use consumption statistics across energy commodities.
March 30, 2026
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Notice of demand in Form 103 sets out tax dues, payment timelines, and options for extension or instalments.
Notice of demand in Form 103 is issued by the Assessing Officer under section 289 of the Income-tax Act, 2025 read with Rule 179 of the Income-tax Rules, 2026 to communicate tax, interest, penalty or other sums payable for a tax year or block period. The demand is ordinarily payable within 30 days from service of the notice, though the Assessing Officer may alter the due date; any shortening requires prior approval of the Joint Commissioner. The assessee may pay through prescribed modes or seek extension or instalments before expiry of the payment period.
March 30, 2026
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Union Government monthly accounts show consolidated receipts, expenditure and tax devolution up to February 2026.
Monthly accounts of the Union Government for the period up to February 2026 for FY 2025-26 record consolidated receipts, expenditure and tax devolution. The Government received total receipts of Rs.27,91,943 crore, comprising net tax revenue, non-tax revenue and non-debt capital receipts, and transferred Rs.12,66,369 crore to State Governments as devolution of share of taxes, higher than the previous year by Rs.85,837 crore. Total expenditure incurred up to February 2026 stood at Rs.40,44,592 crore, including revenue expenditure and capital expenditure.
March 30, 2026
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TDS credit mismatch resolution through electronic filing of Form No. 102 for aligning tax years and deduction records.
Form No. 102 is an electronic application for claiming TDS credit where income was offered to tax in one tax year but the related tax was deducted and reported by the deductor in a later year. The form is filed by eligible taxpayers to align the TDS credit with the correct tax year, and it requires particulars of the assessee, the relevant income, the deduction details, and supporting documents. The application is submitted through the e-filing portal and processed by the Assessing Officer.
March 30, 2026
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TDS credit mismatch relief through Form No. 102 allows taxpayers to align credit with the correct tax year online.
Form No. 102 is an optional online application for claiming TDS credit where income was included in a return for one tax year but the tax was deducted and deposited in a subsequent tax year. It may be filed by any taxpayer to align the TDS credit with the correct tax year in cases of timing mismatch, subject to a filing window of two years from the end of the financial year in which the TDS was deducted and reported. The form contains Part A and Part B, requires a valid PAN, cannot be edited after submission, and is filed only through the e-filing portal.

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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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