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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.
April 2, 2026
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Tax Deduction and Collection Account Number rules define TAN application forms, eligibility, documents, fee and correction procedures.
TAN is the unique identifier used for TDS and TCS compliances and must be quoted in related communications and filings. Under the Income-tax Rules, 2026, TAN applications are made through Form No. 134 for Government category deductors and Form No. 135 for non-Government applicants, either offline at authorised PAN centres or online through the prescribed portals. Incomplete applications are treated as invalid, post-submission edits are not permitted, correction requests may be made after allotment, and the fee is payable. Government applicants require AIN and the prescribed certificate; non-Government applicants require identity, address and incorporation-related documents, with PAN mandatory.
April 2, 2026
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Bail cancellation for non-compliance leads to surrender, passport restraint, forfeiture of deposit, and insolvency-linked conditions.
Cancellation of bail granted in connection with the alleged Grand Venice Mall scam after non-compliance with bail conditions. The Supreme Court directed surrender within one week, barred release of the passport without leave of the Court, and ordered forfeiture and disbursal of the deposited bail amount. Fresh regular bail may be sought only after twelve months and subject to compliance with the insolvency proceedings invoked against the petitioner's companies under the Insolvency and Bankruptcy Code, 2016.
April 2, 2026
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TCS certificate issuance rules govern Form No. 133, including TRACES generation, correction, duplicate issue, and credit claims.
Form No. 133 is the prescribed TCS certificate under section 395(4)(a) of the Income-tax Act, 2025, issued by the person responsible for collection of tax at source to the collectee as proof of tax collected and deposited with the Central Government. It enables the collectee to claim TCS credit on filing the return of income. The certificate is generated only after filing and processing of the quarterly TCS statement in Form No. 143 through the TRACES portal, must be issued within the prescribed time, and may be corrected, preserved, or reissued as a duplicate in accordance with the stated requirements.
April 2, 2026
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TDS certificate compliance requires Form 132 for specified payments, TRACES generation, and timely issuance after processing.
Form No. 132 is the consolidated TDS certificate for specified payments such as rent, immovable property transfers, technical services, contractual payments and transfer of Virtual Digital Assets. It must be issued by the deductor after tax is deducted and deposited, serves as proof of tax deposited with the Central Government, and enables the deductee to claim TDS credit. The certificate is generated from TRACES only after the challan-cum-statement in Form No. 141 is filed and processed, and it must be issued within 15 days from the due date for that filing.
April 2, 2026
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TDS certificate issuance rules govern Form No. 131, requiring TRACES-based generation, timely delivery, and revised statements for corrections.
Form No. 131 is the prescribed TDS certificate for payments other than salary, issued by the deductor to the deductee as proof of tax deducted and deposited, and to enable TDS credit in the return of income. It is generated only after filing and processing of the quarterly TDS statement on the TRACES portal, must be downloaded and signed before issue, and is invalid if prepared by any other mode. The certificate must be issued within the prescribed time, corrected through revised TDS statements where necessary, and retained for records.
April 2, 2026
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TDS and TCS certificate rules shift to revised TRACES-based forms with defined issuance timelines and certificate structures.
TDS and TCS certificates under section 395(4) of the Income-tax Act, 2025 are to be issued in revised Form Nos. 130, 131, 132 and 133, replacing the earlier certificate forms under the Income-tax Act, 1961. The deductor, collector or employer must request generation and download through the TRACES portal, and the certificate is valid only when generated from that portal and signed digitally or physically by the deductor or collector. The revised forms prescribe separate issuance timelines, certificate structures and linkage to the relevant statements or challan-cum-statements.
April 2, 2026
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TDS certificate Form No. 130 formalises tax credit for salary, pension, and specified senior-citizen interest income.
Form No. 130 is the annual TDS certificate issued to salaried employees, pensioners, and specified senior citizens in relation to salary, pension, or eligible interest income on which tax has been deducted and deposited. It replaces Form 16 and serves as proof of deduction and deposit of tax, enabling the deductee to claim credit for TDS. The certificate is issued by the employer or specified bank through the TRACES system, after processing of quarterly TDS statements, and issuance is mandatory once tax has been deducted and deposited.
April 2, 2026
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Tax deduction before remittance governs Form 129 applications to determine taxable income and treaty-based withholding for non-resident payments.
Form No. 129 is the electronic application used by a payer remitting sums, other than salary, to a non-resident individual or a foreign company to obtain a certificate determining the amount chargeable to tax before remittance and to authorise deduction of tax on that amount. The form applies before remittance, may be withdrawn before an order is passed, and requires payer and payee particulars, transaction details, supporting documents, and treaty-based or domestic taxability details for assessment by the Assessing Officer.
April 2, 2026
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GST revenue collections and refund adjustments for March 2026 show provisional gross, net and cess figures across domestic and import streams.
Gross and net GST revenue collections for March 2026 are reported on a provisional basis, with separate disclosure of domestic and import collections, refunds, net revenue and compensation cess. The statement presents gross GST revenue by CGST, SGST and IGST, shows domestic refunds and export-linked GST refunds through ICEGATE, and derives net domestic revenue, net customs revenue and total net GST revenue after refund adjustments. It also notes that compensation cess is a transitory arrangement until the loan and interest liability is discharged, and that the figures may vary on finalisation.
April 2, 2026
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Tax deduction at lower or nil rate through Form No. 129 for non-resident payments and remittances.
Form No. 129 is an online application by a payer to obtain a certificate for deduction of tax at a lower or nil rate on payments to a non-resident or foreign company. It is filed before remittance, requires supporting documents and verification through prescribed electronic methods, and may be withdrawn before the Assessing Officer passes an order. If eligibility and compliance requirements are satisfied, the Assessing Officer issues a certificate valid for the specified tax year; otherwise, tax is deducted at the applicable rate.
April 2, 2026
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Income-tax simplification and modernisation as the new Act replaces the old regime with streamlined compliance measures.
The Income-tax Act, 2025 comes into force from 1 April 2026 and replaces the long-standing Income-tax Act, 1961. The reform is presented as a comprehensive simplification and modernisation of India's direct tax framework, aimed at improving clarity, ease of compliance, and reader-friendly presentation without altering the underlying tax policy. The Income-tax Rules, 2026 have been notified to operationalise the new Act, and the corresponding forms have also been issued to make compliance simpler.
April 2, 2026
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Export obligation discharge certificates see accelerated disposal under a special drive to clear backlog and ease exporter compliance.
The Directorate General of Foreign Trade conducted a time-bound special drive for expeditious issuance of Export Obligation Discharge Certificates under the Advance Authorisation and Export Promotion Capital Goods schemes, with daily monitoring by senior officials to accelerate closure of export obligations and improve trade facilitation. The drive was designed to support an exporter-friendly ecosystem by enabling release of bank guarantees and bonds, reducing grievance burden, and strengthening compliance monitoring under the foreign trade framework. In view of the campaign's results, the special drive was extended for a further two months with fresh guidelines. The extension continues the administrative effort to expedite EODC disposal, support timely closure of export obligations, and reduce the operational burden on exporters.
April 2, 2026
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Conditional customs duty concessions for SEZ to DTA clearances impose value addition, cap limits, and anti-double-benefit safeguards.
Conditional customs duty concessions are notified for clearance of goods manufactured in Special Economic Zones to the Domestic Tariff Area, subject to a ceiling of 30 per cent of the highest annual Free on Board export value in the preceding three financial years. Eligible units must satisfy minimum 20 per cent value addition, obtain a Development Commissioner's certificate, and comply with audit requirements, while export benefits such as duty drawback on inputs are barred to prevent double benefits.
April 2, 2026
Show AI Summary
Lower or nil tax deduction certificate process under income tax law through electronic Form 128 filing and approval.
Form No. 128 is the electronic application under the Income-tax Act, 2025 for a certificate authorising lower or nil deduction of tax at source and lower collection of tax under section 395(1) and section 395(3). It may be filed by resident or non-resident applicants seeking reduced TDS or TCS on specified income, and requires applicant details, tax liability particulars, income estimates, supporting financial information, and payer/TAN details where applicable. The form is processed electronically, and any approved certificate can be shared with the payer for application of the authorised rate during its validity.
April 2, 2026
Show AI Summary
Lower or nil tax deduction certificate through TRACES requires advance electronic filing, PAN, and supporting documents.
Form No. 128 is the electronic application for a certificate authorising lower or nil deduction of income-tax and lower collection of income-tax under section 395(1) and section 395(3) of the Income-tax Act, 2025. The form is optional, must be filed through the TRACES portal before the relevant transaction, and cannot be processed once the TDS/TCS transaction is completed. It requires PAN, supporting documents, and electronic submission with e-verification.
April 2, 2026
Show AI Summary
Tax collection at source declaration for non-trading use of goods enables buyers to obtain goods without TCS.
Form No. 127 is the declaration required from a buyer to obtain goods without collection of tax at source where the goods are intended for manufacturing, processing, production, or generation of power and are not meant for trading. The buyer must furnish the declaration to the seller at or before the purchase or payment event, and the seller must verify the declaration, upload monthly details to the e-filing portal by the 7th of the following month, and forward the declaration to the tax authority.
April 2, 2026
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TCS exemption declaration for specified goods requires PAN, timely filing, and seller reporting obligations.
Form No. 127 is a buyer's declaration under section 394(2) of the Income-tax Act, 2025 for obtaining specified goods without collection of tax at source. A resident buyer may furnish the declaration to the seller where the goods are intended for manufacturing, processing, producing articles or things, or generating power, and not for trading. PAN is mandatory, the declaration must be furnished on or before the date of transaction, and once received the seller must report the particulars and include the transactions in the quarterly TCS statement.
April 2, 2026
Show AI Summary
Tax deduction relief for non-resident branch operations through a unified Form No. 126 compliance framework.
Form No. 126 is a unified self-declaration and treaty-benefit request for specified non-residents carrying on business or profession in India through a branch to obtain a certificate for receipt of certain sums without deduction of tax at source. Banking companies and insurers, and other eligible non-resident persons, must satisfy the conditions in Rule 209, including tax compliance, branch-based receipt on own account, and, for non-banking applicants, continuous business in India for five years and prescribed fixed assets. The application is filed electronically, processed by the Assessing Officer, and the certificate remains valid for the relevant tax year unless cancelled earlier.
April 2, 2026
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Rupee recovery follows RBI cap on banks' net open position amid capital outflows and crude-driven pressure.
Rupee recovered in early trade after the Reserve Bank of India capped banks' net open position in the onshore forward delivery market and required compliance by April 10, 2026. The currency remained under pressure from foreign capital outflows, a stronger dollar, rising crude oil prices, geopolitical volatility, widening trade deficit, declining remittances and sustained foreign portfolio investor selling.

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Customs & Trade

EXPLAINER: Why kerosene and coal are making a temporary comeback in India

March 13, 2026

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New Delhi, Mar 13 (PTI) India has temporarily reintroduced kerosene for household use and permitted the use of coal and other alternate fuels for hotels and restaurants as the escalating West Asia crisis disrupts the country's energy supply chains.

The move comes after the conflict effectively shut the Strait of Hormuz, through which a large share of India's crude oil, LPG and LNG imports normally pass.

Why is India facing fuel supply pressure? -------------------------------------------- The Strait of Hormuz - a narrow passage of water between Iran and Oman - is one of the world's most critical energy transit routes. The 21-mile-wide choke point, where shipping lanes for incoming and outgoing traffic are restricted to just 2 miles wide each, separated by a 2-mile buffer zone, is the only sea exit for oil- and gas- producing countries, such as Saudi Arabia, Kuwait, Iran, Iraq, Qatar and the United Arab Emirates (UAE).

The narrow, 50-mile-long passage that connects the Gulf with the Arabian Sea carries about a fifth of the world's oil and liquefied natural gas (LNG).

India imports roughly 88 per cent of its crude oil, 50 per cent of its LNG needs and 60 per cent of its LPG requirement, most of which transits through the strait.

The widening conflict in West Asia, which began on February 28 when the United States and Israel carried out strikes on Iran, followed by retaliatory attacks from Tehran, has stopped energy flows through the strait.

For India, the route is particularly important: ------------------------------------------------ * More than half of India's crude oil imports pass through the strait.

* About 55 per cent of LPG supplies used for cooking arrive through the route.

* Nearly 30 per cent of LNG imports also move through the corridor.

India consumed 31.3 million tonnes of LPG in 2024-25, of which only 12.8 million tonnes were produced domestically, with the remainder imported. 85-90 per cent of imports came from countries, like Saudi Arabia, that rely on the strait for transit.

While there is enough crude oil available from alternative sources, such as Russia, replacing any loss of LPG supplies is more time-consuming, as other alternative sources are largely located in the United States and Canada.

The disruption has forced oil companies to prioritise household cooking gas supplies, leading to restrictions on commercial users, such as hotels and restaurants.

Measures taken by the government --------------------------------------- To manage the supply disruption, the government has introduced a series of temporary measures: * Additional kerosene allocation: States have been given 48,000 kilolitres of additional kerosene, over and above the regular monthly quota of about 1 lakh kilolitres, for household cooking needs.

* Alternate fuels for hospitality sector: Environmental regulators have been asked to permit biomass, refuse-derived fuel (RDF) pellets and coal as alternate fuels for hotels and restaurants for one month.

* Limited commercial LPG supply: Oil marketing companies will allocate 20 per cent of the average monthly commercial LPG demand to ensure essential businesses continue to receive supplies.

* Demand management: The minimum refill interval for LPG cylinders has been increased to 25 days in urban areas and 45 days in rural areas.

Why is kerosene being used again? ------------------------------------- The increase in kerosene allocation is notable because India has spent the past decade attempting to phase out the fuel due to pollution concerns and its misuse for adulterating petrol.

Delhi was officially declared the first kerosene-free city in India on June 17, 2014. The initiative, launched in 2012, replaced kerosene usage with LPG connections for households, aiming to reduce pollution and fire risks.

Mass roll-out of LPG through grant of free connections to the poor under the Pradhan Mantri Ujjwala Yojana was intended to cut the usage of firewood and coal for cooking, especially in rural households.

However, with LPG supplies under pressure, officials said kerosene is being temporarily reintroduced to ensure households continue to have access to cooking fuel.

Is there a fuel shortage? -------------------------- The government says the country is not facing a shortage of petrol or diesel despite the global disruption.

* Refineries are operating at high capacity utilisation, in some cases exceeding 100 per cent.

* No petrol pump or LPG distributor has run dry.

* Crude oil supplies have been secured from multiple sources. India has diversified its crude sources to around 40 countries from 27 previously.

Why are LPG supplies under pressure? ---------------------------------------- Before the crisis, about 60 per cent of LPG imports came from Gulf countries such as Qatar, Saudi Arabia, the UAE and Kuwait. Those supplies are blocked.

The government says LPG cargoes are now being sourced from the United States, Norway, Canada, Algeria and Russia, in addition to available Gulf supplies.

Domestic LPG production has also been increased by 28 per cent by redirecting refinery output.

How the government is preventing hoarding ----------------------------------------------- Officials say a surge in LPG bookings has largely been driven by panic buying rather than actual supply shortages.

To curb hoarding and diversion, delivery authentication codes will be expanded to 90 per cent of consumers, requiring confirmation before cylinders are marked delivered.

A three-member committee will assess genuine commercial demand across sectors and regions.

Commercial LPG sales are being regulated temporarily to prevent black-market diversion.

What Next? ------------ Officials say the measures are temporary responses to an extraordinary global energy disruption.

The government is monitoring supply flows and alternative import routes while prioritising household cooking fuel and essential sectors such as hospitals and educational institutions.

The Strait of Hormuz has remained disrupted for nearly two weeks, making the current situation one of the most severe energy supply shocks in recent decades. PTI ANZ BAL BAL

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