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March 30, 2026
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Tonnage Tax Scheme audit report filing requires accountant certification, supporting annexures, and electronic submission within the specified date.
Form No. 81 is prescribed for furnishing the audit report under section 232(21) for a company that has opted for taxation under the Tonnage Tax Scheme. The report, prepared and certified by an accountant, verifies books of account, computation of shipping income, compliance with charter-in limits, and other statutory conditions. It is to be furnished on or before the specified date and may include annexures such as charter arrangement certificates, related party notes, asset notes, and loss statements.
March 30, 2026
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Tonnage Tax Scheme reporting requires accountant certification, separate books, and detailed disclosure of shipping income and compliance.
Form 81 is an accountant's report for a company opting for the Tonnage Tax Scheme, certifying the correctness of books of account and income computation for qualifying ships. It requires separate books, disclosure of charter-in compliance, shipping income, statutory reserve details, ship-wise tonnage income, related party transactions, depreciation, non-exclusive assets, and losses, with mandatory annexures where applicable and reasons for any negative or qualified answers.
March 30, 2026
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Tonnage Tax Scheme option filing requires Form 80, supporting vessel documents, and electronic verification of eligibility.
Form No. 80 is the prescribed electronic application for an Indian company engaged in operating ships or inland vessels to exercise or renew the option to be governed by the Tonnage Tax Scheme. It requires particulars of the applicant, ships or inland vessels, supporting certificates and approvals, and is used to verify whether the statutory conditions for coverage under Chapter XII-G are satisfied.
March 30, 2026
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Tonnage tax scheme application rules govern Form 80 filing, renewal, verification, completeness, and false statement liability.
Form 80 is the mandatory application for an eligible Indian company engaged in the operation of ships or inland vessels to exercise or renew the option under the tonnage tax scheme. The form must be filed within the prescribed time, includes Part A for all cases and Part B only for renewal, and requires detailed ship-wise particulars with supporting annexures. It is filed with the jurisdictional Joint Commissioner and must be signed by the authorised signatory. Incomplete applications may be treated as invalid, and false statements in the form or annexures attract prosecution.
March 30, 2026
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Pass-through taxation reporting for investment funds through Form 79, with unit holder income disclosure and auto-generated statements.
Form 79 is the consolidated annual statement for Investment Funds to report income paid or credited to unit holders under the pass-through taxation framework. Eligible Category I or Category II AIFs, and comparable IFSCA-regulated funds subject to the stated conditions, must file it annually by 15 June with detailed fund-level income, loss, set-off, and unit holder-wise distribution particulars. The form requires verification by both an authorised person and a qualified accountant, and its filing triggers auto-generation of Form 78 statements for unit holders.
March 30, 2026
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Investment fund income distribution reporting requires Form 79 filing online with supporting records and prescribed timelines.
Form 79 is the statement of income paid or credited by an investment fund to persons liable to tax on such income, and it must be filed by the person responsible for making the payment or credit on behalf of the fund. The statement is to be submitted online through the Income Tax e-filing portal by 15 June of the financial year following the tax year, with supporting records including audited financial statements, unit holder details, income distribution data, loss set-off computations, and the relevant registration certificate.
March 30, 2026
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Pass-through taxation reporting through Form 78 requires unit holder income statements, capital gain codes, and timely furnishing
Form 78 is the individual unit holder statement for income distributed by an Investment Fund under section 224 and Rule 145, furnished by the person responsible for payment or credit on behalf of the Fund to each unit holder by 30 June of the following financial year. It is system-generated from the consolidated parent Form 79 and includes unit holder details, fund particulars, income or loss classification with capital gain codes, and deemed loss details under section 224(3). No separate documents are required, and the form supports transparent pass-through income reporting by unit holders.
March 30, 2026
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Pass-through income reporting through Form 78 supports compliance, income classification, capital gains coding, and loss carry-forward.
Form 78 is the statement of income paid or credited by an investment fund to each unitholder under section 224 of the Income-tax Act, 2025. It is a child form generated from the parent Form 79 through the e-filing portal and is not filed separately or offline. The form must be furnished by 30 June of the financial year following the tax year, and it helps unit holders report pass-through income, classify income under the correct heads, apply capital gains tax rate codes, and use deemed loss details for carry-forward purposes.
March 30, 2026
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Business trust income distribution statements require auto-generated Form 77 for unit holders with income breakup and timely furnishing.
Form 77 is the individual unit holder statement furnished by a Business Trust to each unit holder for reporting income distributed during the tax year. It is generated automatically from Form 76 through the e-filing system, requires no separate attachments, and is furnished to each unit holder by 30 June following the tax year. The form captures unit holder details, business trust details, and income distribution particulars, including interest, letting, leasing or renting income, dividend income, and other income, and is verified by the responsible person for the trust.
March 30, 2026
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Pass-through income reporting under business trust rules through Form 77 and classified disclosure for unitholders.
Form 77 is the prescribed statement for furnishing income distributed or credited by a business trust to each unitholder under section 223. It is generated from the parent Form 76 through the prescribed e-filing portal, is not filed separately or offline, and must be furnished by 30 June of the following financial year. The form supports compliance by classifying pass-through income and assisting unitholders in reporting income under the appropriate heads.
March 30, 2026
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Business trust income reporting through Form 76, capturing distributions to unit holders under the pass-through taxation framework.
Form 76 is the annual income-tax statement required from a Business Trust registered with SEBI as a REIT or InvIT for reporting income distributed to unit holders under section 223 of the Income Tax Act, 2025 and rule 145 of the Income Tax Rules, 2026. The form captures the trust's basic details, trustee particulars, SEBI registration data, listing status, income classification, unit holder-wise distribution, and capital redemption details, and is to be filed electronically by 15 June of the financial year following the relevant tax year.
March 30, 2026
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RBI net open position cap for banks lifts rupee in early trade as dollar exposure is reduced
RBI lowered the net open position that banks may keep overnight to USD 100 million, requiring compliance by 10 April 2026. The circular was aimed at limiting banks' currency exposure in onshore foreign exchange markets and prompted position adjustment by banks holding long dollar positions. The measure had an immediate market effect, with the rupee recovering in early trade after recent weakness.
March 30, 2026
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Pass-through taxation for business trusts through Form 76 filing, income distribution reporting, and online compliance requirements.
Form 76 is the prescribed online statement for income paid or credited by a Business Trust to its unitholders. It must be filed by the person responsible for distributing income on behalf of the trust by 15 June of the following financial year, and the filer must possess the relevant registration certificate, audited accounts, and certified income distribution records. The form supports pass-through taxation for Business Trusts and the exemption structure for specified income streams.
March 30, 2026
Show AI Summary
Pass-through income reporting through Form 75 enables investor-wise disclosure by venture capital funds and companies.
New Form 75 is a child form generated from Form 74 for furnishing an investor-wise statement of income paid, credited or deemed to be credited by a Venture Capital Company or Venture Capital Fund to investors. Linked to section 222 of the Income-tax Act, 2025 and rule 145 of the Income-tax Rules, 2026, it provides head-wise details of pass-through income for reporting in the return of income. The form is prepared annually for each investor, verified by the authorised person of the VCC or VCF, and distributed through the e-filing process.
March 30, 2026
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Member-driven WTO reforms discussed as India and the European Union review trade cooperation and advance free trade agreement processes.
India and the European Union reviewed trade and economic cooperation on the sidelines of the WTO Ministerial Conference, with discussion on WTO reform, the moratorium on customs duties on electronic transmissions, and the Investment Facilitation for Development Agreement. The parties agreed that WTO reforms should remain member-driven and considered steps to complete the necessary processes for the early signing of the recently concluded India-EU Free Trade Agreement.
March 30, 2026
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India-Canada CEPA talks advance alongside wider sectoral cooperation and WTO reform discussions at MC14.
India and Canada discussed expediting CEPA negotiations and broadening sectoral cooperation in shipbuilding, pharmaceuticals, tourism, education, nuclear energy, agriculture and critical minerals. The Ministers also exchanged views on WTO reforms, the customs duties moratorium on electronic transmissions, the Investment Facilitation for Development Agreement, dispute settlement and the MPIA, while India stressed consensus-based WTO decision-making and priority for unfinished agricultural mandates.
March 30, 2026
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India-UK trade cooperation advances as both sides review CETA implementation and promote wider stakeholder outreach.
India and the United Kingdom reviewed implementation of the India-UK Comprehensive Economic and Trade Agreement after completing internal approval processes, and looked forward to its entry into force in line with the agreed timeline. The discussion also emphasised outreach initiatives, business delegations and regional engagement to broaden stakeholder use of the agreement and ensure its benefits reach businesses across both countries.
March 30, 2026
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Member-driven WTO reform and India-New Zealand trade cooperation advance alongside FTA progress and sectoral engagement.
India and New Zealand discussed preparations for the Prime Minister's visit, progress toward the India-New Zealand Free Trade Agreement, and practical cooperation in agriculture and sports. India reiterated support for a member-driven WTO, emphasising General Council-led reform, consideration of the moratorium on customs duties on electronic transmissions, and incorporation of the Investment Facilitation for Development Agreement, while both sides stressed the need for clarity, progress, and continued member engagement.
March 30, 2026
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Fisheries subsidies negotiations stress equity, sustainability and special treatment for developing countries and artisanal fishers.
India's position in the fisheries subsidies negotiations at the World Trade Organization centred on preserving sustainability, equity and development space in the second phase of discussions on overcapacity and overfishing. India supported a Ministerial Decision that would guide Phase II negotiations in line with Sustainable Development Goal 14.6 and emphasised the need for Special and Differential Treatment for developing countries and least developed countries, together with the principles of Common but Differentiated Responsibilities and Respective Capabilities and the Polluter Pays Principle. India pressed for a lengthy transition period, stronger disciplines on distant-water industrial fishing fleets, a permanent carve-out for small-scale and artisanal fishers, and subsidy disciplines based on per capita intensity.
March 30, 2026
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WTO e-commerce duty moratorium remains unresolved as members fail to agree on extension and talks continue
Failure to agree at the WTO Ministerial Conference on extending the moratorium on customs duties for electronic transmissions leaves the issue unresolved, with negotiations to continue in Geneva. The moratorium on e-commerce duty bans, together with the related TRIPS non-violation and situation complaints moratorium, is due to expire at the end of the month. The conference also advanced WTO reform, fisheries subsidies negotiations, and decisions on small economies and special and differential treatment under the SPS and TBT Agreements.

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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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