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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.
March 26, 2026
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Daily case register compliance for medical practitioners requires tabular records, electronic access safeguards, and preservation obligations.
Form No. 25 is the prescribed daily case register for practitioners of any system of medicine under Rule 46 of the Income-tax Rules, 2026, subject to the prescribed gross receipt threshold and the position of newly set-up medical practices. It records patient and fee particulars in tabular form, is not furnished to the Income-tax Department, but must be maintained daily, produced before the Assessing Officer when called for, may be kept electronically with India-based access and backups, and must be preserved for seven tax years or until completion of reassessment proceedings.
March 26, 2026
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Permanent establishment audit reporting for royalty and technical services income now uses a structured Chartered Accountant certification format.
Form No. 24 is a statutory audit report for non-residents and foreign companies earning royalty or fees for technical services from India through a permanent establishment or fixed place of profession in India. It requires a Chartered Accountant's certification of the correctness of income computation, verification of the PE or fixed place, maintenance of books of account, and deduction only of expenses attributable to the PE while computing income under section 59. The form is filed annually, contains structured particulars of the assessee, agreement, PE, books examined, and income computation, and is submitted through the e-filing portal with digital signature verification.
March 26, 2026
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Competition approval for additional shareholding acquisition in Valuedrive Technologies through an alternative investment and trust co-investment structure.
The Competition Commission of India approved the proposed acquisition of additional shareholding in Valuedrive Technologies Private Limited by Setu AIF Trust, Konark Trust and MMPL Trust. The transaction concerns acquisition of shares on a fully diluted basis through an alternative investment fund and private trust co-investment structure. Valuedrive Technologies Private Limited operates as an operating-cum-holding company for the Spinny Group and carries on an electronic platform business for used motor vehicles, together with related subsidiary activities.
March 26, 2026
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Competition law approval for acquisition of shares in a listed NBFC by a Japan-based banking institution.
Competition Commission of India approval was granted for the acquisition of certain shares in Shriram Finance Limited by MUFG Bank Ltd. The acquirer is a Japan-based banking institution wholly owned and controlled by Mitsubishi UFJ Financial Group, Inc., and carries on banking-related activities in India including corporate banking loans, deposit accounts, remittances, trade finance, bank guarantees and hedging. The target is a listed non-banking financial company registered with the Reserve Bank of India, classified as an Investment and Credit Company and an NBFC-Upper Layer, engaged in financing commercial goods and passenger vehicles, construction equipment, farm equipment, MSMEs, two-wheelers, gold and personal loans.
March 26, 2026
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Competition approval for acquisition of Groww Asset Management shareholding by State Street Global Advisors
Competition approval was granted for the proposed acquisition of shareholding in Groww Asset Management Limited by State Street Global Advisors, Inc. The target manages schemes of Groww Mutual Fund, including equity, hybrid, debt and exchange traded fund schemes. State Street operates under the State Street Investment Management brand as the asset management arm of State Street Corporation. The detailed order of the Commission would follow.
March 26, 2026
Show AI Summary
Competition combination approval for Coursera and Udemy merger, creating sole control over Udemy through a subsidiary merger.
Competition Commission of India approved a proposed combination involving the merger of Chess Merger Sub, a wholly owned subsidiary of Coursera Inc., with and into Udemy Inc., with Udemy surviving as a wholly owned subsidiary of Coursera. The transaction results in Coursera acquiring sole control over Udemy, and the combined company is expected to have post-closing shareholding in which existing Coursera stockholders hold approximately 59% and existing Udemy stockholders approximately 41% on a fully diluted basis.
March 26, 2026
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Competition approval for renewable energy investment in Aditya Birla Renewables through equity subscription by GIP EM Star.
Competition Commission of India approved the subscription of certain equity share capital of Aditya Birla Renewables Limited by GIP EM Star Pte. Ltd. The acquirer is incorporated in Singapore and is ultimately linked to Global Infrastructure Management, LLC and BlackRock, Inc. The target, headquartered in Mumbai, is engaged in renewable energy power generation, including solar and wind power.
March 25, 2026
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Inflation targeting framework retained with a 4 per cent objective and a 2 per cent tolerance band for the next cycle.
The central government, in consultation with the Reserve Bank, has notified the inflation target for 1 April 2026 to 31 March 2031 at 4 per cent, with an upper tolerance level of 6 per cent and a lower tolerance level of 2 per cent. The framework continues to place the Monetary Policy Committee in charge of setting the policy rate needed to achieve the inflation objective within the prescribed band.

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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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