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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
Show AI Summary
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
Show AI Summary
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
Show AI Summary
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
Show AI Summary
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.
March 28, 2026
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Alternate Minimum Tax compliance through Form 67 requires CA certification, electronic filing, and timely submission with the return.
Form 67 is prescribed for furnishing details relating to the computation of Adjusted Total Income and Alternate Minimum Tax (AMT) under section 206(2) of the Income-tax Act, 2025. It applies to persons other than companies, subject to stated exceptions, and is not required for certain specified taxpayers where adjusted total income does not exceed twenty lakh rupees. The form is used to determine AMT on adjusted total income, with tax payable at the higher of the regular tax or AMT, and it incorporates adjustments such as depreciation and other specified items.

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Customs & Trade

Funeral held for Turkish truck driver killed in missile strike in Iran

March 15, 2026

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Ankara, Mar 15 (AP) Crowds gathered Sunday for the burial of 29-year-old Huseyin Firat in Reyhanli, southern Turkiye, the Demiroren News Agency reported.

He died from wounds sustained in a March 6 attack on a convoy returning from Afghanistan to Turkey, according to Turkish media reports.

Video footage taken days later showed his vehicle shredded by shrapnel and a large crater near the city of Zanjan, in northwest Iran.

US expects other nations to back efforts on Hormuz: Wright ------------------------------------------------------------------ US Energy Secretary Chris Wright says he's been “in dialogue” with some of the countries that Trump hopes will send warships to counter Iran's efforts to restrict shipping in the Strait of Hormuz. He's not saying which ones.

Asked on NBC's “Meet the Press” whether shipping through the critical waterway is safe at the moment, Wright responded: “No, it is not.” He noted that many other countries, especially in Asia, are more dependent than the United States on energy supplies that are shipped through the strait.

“So of course the whole world will be united on the need to open Hormuz and clearly we will have the support of other nations to achieve that objective,” he said.

Wright said he expected China to “be a constructive partner” in efforts to reopen the strait.

He said there's been a “short-term disruption' to the flow of energy and that “Americans are feeling it right now. Americans will feel it for a few more weeks.” Asked whether the war will be over in a matter of weeks, Wright said: “I think that's the likely time frame, yes.” He said gas prices will start to come back down after the war is over.

“At the end, we will have removed the greatest risk to global energy supplies. We'll go to a world more abundant in energy, more affordable energy.” Asked about whether pump prices will fall below $3 per gallon by the summer travel season, Wright said: “there's a very good chance that'll be true. There's no guarantees in war.” Egypt pledges unity with Qatar, other Gulf nations struck by Iran ----------------------------------------------------------------------- Egypt's President Abdel Fattah el-Sissi promised “full support and solidarity” in a message to Qatari Emir Sheikh Tamim bin Hamad al-Thani.

Foreign minister Badr Abdelatty, who was visiting Qatar on Sunday on the first stop of a tour of the Gulf region, delivered the president's message.

Abdelatty called for a deescalation of hostilities in the region. He said activating a Joint Defence Treaty would “safeguard the security, sovereignty, unity, and territorial integrity of Arab states”.

Turkmenistan sends humanitarian aid to neighbouring Iran ---------------------------------------------------------------- State media reports that four refrigerated trucks carrying medicine, medical supplies, clothing and food left the capital Ashgabat for Iran on Sunday.

The shipment, funded by a charitable foundation, was sent “to the people of the Islamic Republic of Iran, primarily children, as a sign of friendly and fraternal relations,” according to state media. It showed footage of a prayer being recited for the safe delivery of the supplies.

Officials said approximately 250 people from 16 countries have so far crossed into Turkmenistan, an isolated, gas-rich Central Asian nation, which shares a 1,148-km border with Iran.

Turkmenistan maintains one of the strictest visa policies in the world. It provided safe passage to more than 4,000 foreign nationals from 52 countries during the Israel-Iran war last summer.

Tel Aviv cleans up after multiple impacts --------------------------------------------- Police and city workers scoured the area of what appeared to be a cluster munition impact in Tel Aviv on Sunday, attempting to locate and clear any unexploded ordnance.

City workers used street sweepers and power washers to hose down an area where a small munition damaged two cars and spread shrapnel across a small park. Cluster bombs can be exceptionally dangerous for the public as small munitions that are released may not explode on impact and pose a serious danger for passersby.

The impact also left a hole in the pavement, next to a bomb shelter that serves as a youth centre at the local swimming pool. Within 90 minutes, bulldozers and other heavy equipment arrived to clear debris and patch the hole.

Israel police said there were a number of impact sites in the greater Tel Aviv area after Sunday's attacks that left four people injured, one moderately.

Violent storm hammers displaced Lebanese people on Beirut's waterfront ------------------------------------------------------------------------------ The displaced struggled to keep their tents intact as pouring rain and fierce winds hammered the city's downtown waterfront area Sunday.

An AP team on the ground witnessed one tent succumb to the winds, blowing away entirely.

Fadi Younes, one displaced man who fled to the beach from Beirut's southern suburbs, found himself battling with his collapsed tent. He had already rebuilt it once after a storm two days ago, he said.

He gestured to new mattresses, now waterlogged, that he bought after the last ones got soaked through.

“I hope that today things in the country will be set right and everyone can return to their homes. A person only truly feels at ease in their own home,” he said.

Younes is among more than 830,000 people displaced by Israeli strikes and evacuation warnings in Lebanon. The Norwegian Refugee Council says that amounts to one in every seven people.

UN envoy Waltz says Trump weighing options to hit Iran's oil hub -------------------------------------------------------------------------- UN Ambassador Mike Waltz was asked on CNN Sunday whether the US president was prepared to target oil facilities on Kharg island, which handles 90% of Iran's crude oil exports, and if so, if he was worried that that could risk even more of an escalation in the war.

“President Trump's not going to take any options off the table,” Waltz said. “I would certainly think he would maintain that optionality if he wants to take down their their energy infrastructure.” US Central Command posted on X Saturday that it had struck military targets on the island, but preserved the oil infrastructure.

Iran says strategic strait open to all vessels except US, its allies ---------------------------------------------------------------------- Iranian Foreign Minister Abbas Araghchi's comments about the reopening of the crucial Strait of Hormuz came in an interview with the London-based Al-Araby al-Jadeed published Sunday.

“The Strait of Hormuz is not generally closed, but only to the US and its allies, and we will continue this policy as long as the attacks continue,” he was quoted as saying.

Aluminium Bahrain to gradually stop some production ----------------------------------------------------------- The world's largest aluminum smelter outside China said Sunday it would gradually shut down nearly one-fifth of its production capacity as exports remain blocked through the Strait of Hormuz.

Aluminium Bahrain, or Alba, promised a “controlled and safe shutdown strategy.” Smelters run at high temperatures and take time to shut down or restart without endangering equipment or damage the containers that hold molten metals.

The company told buyers last week it couldn't meet its obligations. The timeline of a phased partial shutdown means global aluminum supplies could remain tight even if transit through the Strait of Hormuz quickly returns to normal, keeping upward pressure on prices for products such as construction materials and cars.

Aluminum and oil make up a big part of Bahrain's economy and limits on production and export threaten to deepen woes in the Persian Gulf Island nation being hit with Iranian airstrikes.

The United Arab Emirates said it was attacked Sunday by 4 ballistic missiles and 6 drones from Iran.

There was no immediate word on damage or casualties. (AP) SCY SCY

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