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March 28, 2026
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Startup ecosystem collaboration expands support for fuel-tech innovation, market access, mentorship and technology-driven solutions.
Structured support for startups in fuel-tech, manufacturing, deep-tech and allied sectors is to be advanced through a memorandum of understanding. The collaboration covers innovation challenges and hackathons, investor connect programmes, skill development initiatives, pilot opportunities and market access for early-stage innovators. It also seeks to support startups from ideation through prototyping, use the Startup India platform for wider outreach, and strengthen industry-startup linkages for technology-driven solutions and indigenous innovation.
March 28, 2026
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Pass-through taxation for venture capital income through Form 74, with online filing and investor-level reporting requirements.
Form 74 is a statement to be furnished by a Venture Capital Fund or Venture Capital Company in relation to income paid or credited to investors for section 222. It is filed online by the specified fund or company by 15 June of the following financial year, with supporting registration, deed, audited accounts, and certified income distribution records kept in possession. The form supports pass-through taxation, so the income is reported in the hands of investors according to its character.
March 28, 2026
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Decriminalisation and proportionate regulation reshape compliance through civil penalties, graded enforcement, and faster adjudication.
The Jan Vishwas (Amendment of Provisions) Bill, 2026 proposes amendment of 784 provisions across 79 Central Acts and decriminalisation of 717 provisions to promote Ease of Doing Business, together with 67 amendments to facilitate Ease of Living. It shifts minor, technical, or procedural defaults from criminal penalties to civil and administrative enforcement, including warnings, monetary penalties, graded enforcement, and rationalisation of fines in proportion to the offence. The Bill also provides for Adjudicating Officers and Appellate Authorities to support time-bound enforcement and natural justice.
March 28, 2026
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Consensus-based WTO reform: India urges inclusive, member-driven negotiations, development concerns, and safeguards against multilateral fragmentation.
Consensus-based decision-making was emphasised as central to the WTO's legitimacy, with India calling for reform discussions to address structural asymmetries inherited from the Uruguay Round and to preserve the sovereign right of Members not to accept rules they do not agree to. India supported a careful stock-take of the current impasse, with reform deliberations conducted in a transparent, inclusive and Member-driven manner, and warned that fragmentation within the institutional framework would weaken the multilateral trading system.
March 28, 2026
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Duty Deferment Scheme for manufacturer importers eases liquidity, speeds clearance, and supports compliant monthly duty payment.
Duty Deferment Scheme for Eligible Manufacturer Importers permits deferred payment of import duties for qualifying manufacturer importers, with duties payable monthly after goods are cleared. The scheme is framed as a trade facilitation measure to improve liquidity, support faster cargo clearance, reduce dwell time, strengthen import planning and inventory management, and enhance supply chain efficiency and payment discipline. Eligibility depends on a valid importer-exporter code, prescribed EXIM filing history, GST compliance, financial solvency, and a clean compliance record. Applications are submitted online through the AEO portal without physical interface.
March 28, 2026
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Pass-through income reporting through Form 73 enables securitisation trust investors to classify income correctly for tax returns.
Form 73 is the investor-wise statement furnished by a Securitisation Trust under the pass-through income framework. It is auto-generated from Form 72 and records income paid, credited or deemed to be credited during the tax year so that investors can report the income under the correct heads in their return. The form is not separately filed with the department; it is downloaded, verified and furnished to each investor by the trust. It includes trust particulars, investor details, head-wise income breakup, verification by the authorised person, and the date of payment or credit.
March 28, 2026
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Securitisation trust income reporting through Form 73 enables investor disclosure, income classification, and pass-through compliance.
Form 73 is the prescribed statement of income distributed by a securitisation trust to each investor under section 221. It is not filed separately, but generated as a child form from the parent Form 72 by the person responsible to pay on behalf of the securitisation trust, and then furnished to each investor. The form is auto-generated through the e-filing portal from the data filed in Form 72, with no separate documents required and no offline filing facility.
March 28, 2026
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Pass-through taxation for securitisation trusts drives Form 72 reporting, investor statements, and income classification compliance.
Form 72 is the annual consolidated statement required from every securitisation trust for reporting income paid or credited to investors under section 221 of the Income Tax Act, 2025, and is filed electronically under rule 145. The form captures trust particulars, registration details, total income by head, investor-wise income distribution, authorised-person verification, and accountant certification. It is due by 15 June of the financial year following the tax year, and supports the pass-through taxation mechanism by enabling Form 73 statements to be auto-generated for investors after filing.
March 28, 2026
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Foreign tax credit compliance through Form No. 45 requires electronic intimation after dispute settlement and supporting undertakings.
Form No. 45 is a new electronic intimation form for a resident assessee to report settlement of a dispute relating to foreign tax for which credit was not earlier claimed, where foreign tax credit is now intended to be claimed. Filing is mandatory in the specified circumstances, must be made through the Income-tax e-filing portal, and is due within six months from the end of the month in which the dispute is finally settled after Form No. 44 has been filed. The form requires supporting evidence, undertakings, and accountant verification in cases where Form No. 44 required such verification.
March 28, 2026
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Foreign tax credit intimation form streamlines settlement-based claims for previously unclaimed credit under the filing rules.
Form No. 45 provides a structured electronic intimation for settlement of dispute regarding foreign tax for which credit was not claimed. It applies to a resident assessee with foreign income who seeks foreign tax credit after the dispute is finally settled, where Form No. 44 had already been filed for the relevant tax year. The form must be filed within six months from the end of the month in which the dispute is finally settled, with supporting documents, and must be verified by an accountant where Form No. 44 required accountant verification.
March 28, 2026
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Securitization trust income reporting through Form 72, with online filing, prescribed records, and pass-through taxation compliance.
Form 72 is the statement of income paid or credited by a securitization trust to its investors. It must be furnished to the Income-tax Department online by the person responsible for paying or crediting income on behalf of the trust, by 15 June of the financial year following the tax year in which the income was paid or credited. Filing requires the trust's books, audited financial statements, income details from securitised assets, investor particulars, distribution records, and the applicable registration certificate.
March 28, 2026
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Audit report compliance for offshore banking unit investment divisions governs exemption and concessional taxation claims under income tax rules.
Form 71 is the mandatory audit report for a registered investment division of an offshore banking unit where a specified fund seeks exemption under section 11 read with Schedule VI or concessional taxation under section 210(3) of the ITA 2025. It certifies fulfilment of the prescribed eligibility conditions, including separate books, audit by an accountant, relevant documentation, and filing by the specified date. The form is filed electronically with supporting records and, when validly furnished, supports the claim to exemption or concessional rates.
March 28, 2026
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Tax exemption compliance for specified funds depends on timely electronic filing of Form 71 and accountant verification.
Form 71 is the prescribed audit report for verification by an accountant in respect of the computation of exempt income of a specified fund attributable to the investment division of an offshore banking unit. It is linked to the claim of exemption or taxation at concessional rates for eligible income, and its filing is one of the conditions for admissibility of that claim. The form must be filed electronically on the income-tax e-filing portal and verified by the accountant either through digital signature or electronic verification code. It cannot be filed offline, and once validly submitted and acknowledged it cannot be edited.
March 28, 2026
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Specified fund compliance for Form 70 governs exempt income reporting and concessional taxation claims for offshore banking units.
Form 70 is the prescribed e-form for a specified fund to furnish the annual statement of exempt income attributable to the investment division of an offshore banking unit under section 11 read with Schedule VI, together with income taxable at concessional rates under section 210(3) of the ITA 2025. Filing is mandatory for a specified fund seeking exemption or concessional taxation and must be made electronically on the e-filing portal by the due date, with supporting documents, verification by the Trustee or Principal Officer, and the audit report in Form 71 certifying separate accounts and audit of the eligible investment division.
March 28, 2026
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Exempt income reporting through Form 70 requires electronic filing, verification, and timely compliance for specified fund benefits.
Form 70 is the annual statement for a specified fund to report exempt income and income taxable at concessional rates in relation to the investment division of an offshore banking unit. It must be verified by the Principal Officer or Managing Trustee and filed electronically on the Income-tax e-filing portal within the prescribed due date. Filing a valid form is a mandatory condition for claiming exemption or concessional taxation, and the form cannot be filed offline or edited after valid submission. A valid PAN of the fund and the verifier is required, along with prescribed supporting documents and mandatory attachments.
March 28, 2026
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Concessional taxation for specified funds depends on timely filing of Form 69 with income and unit-holder details.
Form 69 is the prescribed annual statement for a specified fund to report income attributable to units held by non-residents, other than a permanent establishment in India, for concessional taxation. The form is a mandatory compliance requirement and must be filed electronically on or before the due date, with trustee or principal officer verification. It includes fund particulars, registration details, and computations of income from securities and capital gains, supported by constituting documents, registration certificate, financial statements, securities statements, and unit-holder residency details.
March 28, 2026
Show AI Summary
Concessional taxation for specified funds requires electronic Form 69 filing, verification, and timely supporting disclosures.
Form 69 is the prescribed electronic statement for a specified fund claiming concessional taxation on income attributable to units held by a non-resident, other than a permanent establishment in India. A valid filing within the prescribed due date is a mandatory condition for the concessional rate benefit. The form must be verified by the Principal Officer or Managing Trustee, supported by the prescribed annexures and documents, and cannot be edited after submission and acknowledgment.
March 28, 2026
Show AI Summary
Exempt income reporting under Form 68 streamlined for specified funds with electronic filing and updated verification requirements.
Form 68 is the annual statement prescribed for specified funds seeking exemption under Section 11 read with Schedule VI of ITA 2025 in respect of income attributable to units held by a non-resident, other than a permanent establishment in India. It is filed electronically by the Principal Officer on or before the return due date, and captures particulars of the fund, income, exempt income, unit-holder details, and the working of income attributable to non-resident holders. The guidance note also describes the supporting documents and the simplified filing updates, including IFSCA registration, mandatory document upload, and verification in place of declaration.
March 28, 2026
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Exempt income statement filing for specified funds requires verified online submission within the prescribed due date.
Form 68 is the prescribed electronic statement for claiming exemption of income of specified funds under section 11 read with Schedule VI [Table: Sl. Nos. 1 to 4] of the Income-tax Act, 2025, in respect of income attributable to units held by a non-resident other than a permanent establishment of such non-resident in India. The form must be verified by the Principal Officer or Managing Trustee, filed only through the Income-tax e-filing portal, and furnished on or before the applicable due date. Valid filing requires mandatory PAN details, specified annexures, and satisfaction of the statutory eligibility conditions.
March 28, 2026
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Alternate Minimum Tax reporting gets a structured Form 67 update with CA certification, itemised computation, and digital filing.
Form 67 is a chartered accountant's report for certifying book profit, adjusted total income and Alternate Minimum Tax liability under the updated section 206 framework. It applies to non-corporate taxpayers subject to the AMT regime, is furnished annually with the return of income, and must be digitally signed. The revised form introduces itemised computation fields, category-based AMT rates, and system-enabled validation through the e-filing process.

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Customs & Trade

The Latest: Iran threatens UAE ports as war enters third week

March 14, 2026

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Dubai, Mar 14 (AP) Iran on Saturday threatened for the first time to attack infrastructure of a neighbouring country, urging people to evacuate three major ports in the United Arab Emirates it claimed the US military was using to launch strikes on Iran.

The warning sharpens fears of an escalating war on the vital infrastructure for global energy supplies, as the Strait of Hormuz remains effectively closed.

Iran has fired hundreds of missiles and drones at Gulf neighbours, saying it targets US assets even as airports and oil facilities have been hit or threatened. America and Israel have struck thousands of targets across Iran during the war, now in its third week.

On Friday, President Donald Trump said US forces “obliterated” military sites on Iran's Kharg Island, home to the country's main oil export terminal, prompting Iranian officials to warn of further retaliation.

Meanwhile, Israel's war against Hezbollah has deepened Lebanon's humanitarian crisis, with about 800 people killed and more than 8,50,000 displaced.

Here is the latest: Iranian state media urges 3 ports in the UAE to evacuate ahead of potential attacks =============================================== Mizan, Iran's official judiciary news agency, claimed without evidence that US forces are located in the civilian ports of Jebel Ali, Khalifa and Fujairah in the United Arab Emirates — making the ports “legitimate targets” for Iranian attacks.

The news agency urged people in and around those ports to immediately evacuate, saying the facilities “may be targeted in the coming hours.” Earlier Saturday, a drone interception sparked a fire near Fujairah's port but there were no casualties, according to the Fujairah media office.

During the war, Gulf Arab states have faced seemingly unending and occasionally fatal Iranian drone and missile attacks targeting oil fields, cities and critical infrastructure.

Jebel Ali Port in Dubai is the busiest in the Middle East.

Here's why Iran's Kharg Island is vital to its oil industry ==================================== Kharg Island Terminal is the beating heart of Iran's oil export system, strategically located in the Persian Gulf. For decades, it has been essential in connecting Iran's vast oil reserves with the global market.

The infrastructure on Kharg Island is impressive, with massive storage tanks and pipelines built to handle millions of barrels of crude oil daily. Large oil tankers regularly dock there, transporting oil extracted from fields in southwestern Iran. The setup allows Iran to manage its exports efficiently, even when faced with sanctions.

Historically, Kharg Island has been through difficult times, including being targeted during the eight-year Iran-Iraq War due to its critical role in Iran's economy.

Iranian lawmaker says Ukraine's drone support makes it a legitimate war target =============================================== In a post on X Saturday, Ebrahim Azizi, the head of Iran's parliamentary committee on national security and foreign policy, said that by providing drone support to Israel, Ukraine has “effectively become involved in the war.” He said the entire country became a target for Iran.

Iran says US and Israeli strikes damaged about 43,000 residential and commercial units =============================================== Government spokesperson Fatemeh Mohajerani said the damaged structures included 36,469 residential units and 6,179 commercial facilities, according to state-run IRNA news agency.

Iran hasn't provided any information about military losses and damage.

Mohajerani, meanwhile, said the war has taken a heavy toll on women, with 223 women and girls killed and 2,129 others wounded since February 28. She didn't provide an overall death toll, but previously authorities have said that 1,230 people have been killed.

Iran says 52 cultural sites damaged in US-Israeli strikes ===================================== The sites include museums and historic monuments across Iran, authorities said Saturday.

The Cultural Heritage Ministry said the latest strikes in the city of Sanandaj in Kurdistan province seriously damaged the Asef Mansion, Salar Saeid Mansion and Khosro Abad Mansion, according to Mizan, the judiciary's official news agency.

Some of the sites date back several centuries and are dedicated to Kurdish culture.

Iran threatens to attack UAE cities ====================== Iran's military command threatened Saturday to attack cities in the United Arab Emirates, claiming they were used by US forces to launch strikes on Iran's Abu Musa and Kharg islands.

According to Iran's state television, the Khatam al-Anbiya Central Headquarters said, without providing evidence, that US forces launched attacks on the Islamic Republic from “ports, docks and hideouts within” cities in the Emirates.

It called on people to evacuate “ports, docks and locations where US forces are sheltered in UAE cities.” An Israeli airstrike in southern Lebanon kills 4 people ================================== Lebanon's Health Ministry said the airstrike hit an apartment in the southern city of Sidon. It gave no other details.

10 foreigners in UAE are detained over spreading war-related videos on social media =============================================== The United Arab Emirates has detained 10 foreigners who allegedly posted footage on social media of missile and drone attacks on the county.

UAE General Prosecutor Hamad Al Shamsi ordered them to remain in detention over accusations of spreading disinformation, some of which included AI-generated videos of purported attacks on UAE landmarks.

He said in a statement that their acts are punishable by imprisonment of at least a year and a fine of at least 100,000 dirhams (USD 27,230). (AP) NPK NPK

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