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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
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
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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.
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.
March 28, 2026
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Minimum Alternate Tax reporting through Form 66 demands Chartered Accountant certification, digital filing, and return-linked book profit verification.
Companies liable to Minimum Alternate Tax must furnish Form 66, a Chartered Accountant-certified report on book profit and MAT computation, annually with the income tax return. The form is digitally signed, accepted by the company through the e-filing portal, and linked to the return for processing. It contains company particulars, profit adjustments, transition amount, final MAT computation, auditor certification, and supporting financial and tax documents.
March 27, 2026
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Access to unrelied ED documents denied at pre-cognisance stage in an ongoing money-laundering investigation.
Access to documents seized by the Enforcement Directorate but not relied upon in the chargesheet was refused at the pre-cognisance stage in an ongoing Prevention of Money Laundering Act matter. The court held that the accused had already been supplied with the prosecution complaint and relied-upon documents, and that disclosure of unrelied material was not required before cognisance when the investigation remained pending.
March 27, 2026
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Trade agreement framework balances market access with farmer safeguards, calibrated tariff concessions, and export opportunities across key sectors.
India and the United States have agreed on a framework for an interim trade agreement intended to expand reciprocal and mutually beneficial trade while protecting domestic sensitivities, particularly in agriculture and dairy. The framework contemplates improved market access, rules of origin, action on non-tariff barriers, and cooperation on standards, digital trade, economic security, technology, supply chain resilience, energy and manufacturing. Limited and calibrated tariff concessions have been offered on select agricultural products through quota-based mechanisms, phased concessions and partial duty reductions, with the quotas kept within existing import levels to avoid adverse impact on domestic farmers.
March 27, 2026
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Rupee weakness deepens as higher crude prices, dollar strength and foreign selling weigh on currency and reserves.
The rupee weakened sharply to a historic low against the US dollar amid sustained pressure from higher crude oil prices, a stronger greenback, foreign investor selling, and energy-led inflation concerns. India's foreign exchange reserves also declined during the reporting week, driven by a fall in gold reserves. The government indicated plans to mobilise substantial borrowing through dated securities in the April-September period, while noting a reduction in gross market borrowing after G-Sec switches.
March 27, 2026
Show AI Summary
Government borrowing calendar set for dated securities, green bonds, retail bidding and flexible issuance management.
The Centre plans to raise gross market borrowings through dated securities in the first half of FY 2026-27 to finance the fiscal deficit, with borrowing spread across weekly auctions and multiple maturities. The borrowing calendar includes sovereign green bonds, non-competitive bidding for specified retail investors, and flexibility to modify issuance amounts, maturities, instruments and timing in consultation with the Reserve Bank of India, depending on funding needs and market conditions.
March 27, 2026
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Bilateral trade agreement negotiations advance as India and the US discuss WTO issues, tariffs, and next steps in talks.
India and the United States continued discussions on the next steps in the bilateral trade agreement negotiations, covering the WTO agenda, the India-US BTA, and ways to deepen bilateral economic cooperation and trade ties. A framework for the first phase has been finalised, but the legal text remains unsigned, and the chief negotiators' meeting was postponed because of changes in the US tariff architecture and the need to await the revised global tariff framework before the interim trade agreement is signed.
March 27, 2026
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Energy supply stability assured as government rules out lockdown, citing adequate fuel stocks and anti-hoarding measures.
The government ruled out any lockdown and said India has adequate stocks of petrol, diesel and LPG, with fuel retail operations continuing normally despite energy supply disruptions linked to the war in West Asia. Officials said rumours have caused panic buying, while alternative sourcing, higher domestic LPG production, excise duty cuts, export levies, export diversion directions and intensified anti-hoarding enforcement are being used to stabilise supplies and protect consumers.
March 27, 2026
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Excise duty cut on petrol and diesel aims to shield consumers from global fuel price volatility.
The Union Government reduced excise duty on petrol and diesel by Rs 10 per litre to prevent a retail price increase caused by rising global oil prices. The move was described as a people-centric measure intended to shield consumers from fuel price volatility and wider shortages linked to global instability.
March 27, 2026
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State borrowing costs harden as bond yields rise, forcing partial bids and higher returns in volatile fixed-income markets.
States' borrowing costs hardened in a State Development Loan auction as cut-off yields rose across long-term maturities, with several securities moving above 8 per cent. The increase tracked a broader rise in government bond yields amid global oil price pressures, inflationary concerns and weakness in the rupee, causing some states to accept only partial borrowing amounts or reject bids. The report notes that higher bond yields may keep borrowing costs elevated and increase volatility in fixed-income markets.

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Customs & Trade

LPG supply: Oppn raises issue in Parliament; crackdown on hoarding in multiple states

March 16, 2026

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New Delhi/Mumbai, Mar 16 (PTI) Amid concerns over LPG supply in many parts of the country, the issue was raised in Parliament on Monday, where opposition and ruling BJP members attacked each other over the energy crisis, even as authorities in multiple states initiated a crackdown on hoarding and black marketing.

Leader of Opposition in Rajya Sabha, Congress MP Mallikarjun Kharge said that the government had claimed that the LPG supply was not affected by the situation in the West Asia but the ground reality is different.

"The LPG crisis has caused widespread panic across the entire nation. Its impact is severely affecting the poor and vulnerable sections, the middle class, ordinary households, restaurants, hostels, and commercial users," he said during the Zero Hour.

This evoked a sharp counter from Union Minister J P Nadda, who accused opposition parties, especially Congress, of not standing with the people but of instigating them.

Nadda said the current West Asia conflict is not due to India and further claimed that a Congress leader has been caught hoarding LPG cylinders.

While the political slugfest was underway in the Parliament, a protest march was taken out in Kolkata against the cooking gas crisis in West Bengal, where Chief Minister Mamata Banerjee claimed the problem was "artificially created".

In other parts of the country, authorities conducted raids and inspections amid increased vigilance to check illegal stockpiling of domestic gas cylinders.

As many as 84 illegally stored LPG cylinders valued at Rs 2.22 lakh were seized from a private premises in Bhiwandi town of Maharashtra’s Thane district, leading to the registration of a case against three individuals under the Essential Commodities Act.

An official said out of 84 cylinders, 34 were filled, and the remaining were empty.

Giving details about the Maharashtra government's crackdown on hoarding and illicit trading of gas cylinders, Food and Civil Supplies Minister Chhagan Bhujbal said 23 cases have been registered and 18 people arrested.

Replying to the issue raised by Congress's Abhijit Wanjarri in the legislative council, Bhujbal listed steps undertaken by the state government to keep the prices under control amid the West Asia crisis.

The state government has formed committees of collectors and superintendents of police at the district level, which carried out 2,129 raids and seized 1,208 cylinders and goods worth Rs 33,66,411, he said.

In Jammu, the administration conducted inspections at multiple LPG outlets amid panic buying and complaints of delivery failures of gas cylinders. Some gas cylinder dealers faced action who were allegedly found violating norms.

Officials insisted there was no shortage of fuel and urged people not to fall prey to rumours; however, long queues were reported at several LPG outlets in Jammu over the past few days.

Though the central government said that there are adequate crude oil and LPG supplies, Jharkhand's minister said that the state is facing a shortage of both domestic and commercial LPG, while Karnataka’s food and civil supplies minister urged hotels to switch to electric stoves temporarily and expressed hope that the situation would improve soon, as additional shipments are expected.

In Delhi, the students’ union at Jawaharlal Nehru University (JNU) gave a call for the march to the office of the dean of students as the food menus in the canteens on the university premises continue to be affected.

Conversely, the Gujarat government said it has an adequate stock of liquefied petroleum gas (LPG), and the supply chain remains uninterrupted.

Addressing a press conference, Mona Khandhar, additional chief secretary, Food, Civil Supplies and Consumer Affairs Department, said that the government has not imposed any restrictions on domestic or commercial use and is taking steps to ensure smooth availability of fuel across sectors.

"The district teams, police system, oil marketing companies and our state-level teams are in constant coordination to ensure that there is no disruption in LPG supply. We are receiving LPG stock continuously, and buffer stock with agencies is also increasing," she said.

Meanwhile, a senior petroleum ministry official said that city gas distribution companies have rolled out incentives to encourage consumers to shift from LPG to piped cooking gas (PNG) to ease pressure on LPG supplies.

Indraprastha Gas Ltd (IGL) - the CNG and piped cooking gas (PNG) retailer in Delhi and adjoining cities - is offering domestic consumers free gas worth Rs 500 if they take a PNG connection and start using it before March 31, while Mumbai-retailer Mahanagar Gas Ltd has announced incentives, including waiver of Rs 500 registration charge for domestic household consumers and Rs 1-5 lakh security deposit for commercial users. Similar promotional measures have also been introduced by GAIL and BPCL, said Sujata Sharma, Joint Secretary, Ministry of Petroleum and Natural Gas (MoPNG).

India imports about 88 per cent of its crude oil, 50 per cent of its natural gas and 60 per cent of its LPG needs. More than half of India's crude imports, about 30 per cent of gas and 85-90 per cent of LPG imports came from West Asian countries, such as Saudi Arabia, Qatar and the UAE, through the Strait of Hormuz.

The conflict has led to a blockade of the Strait of Hormuz, the main transit route for Gulf energy supplies. While India has partly offset crude supply disruptions by sourcing oil from countries, including Russia, gas supplies have been curtailed to industrial users, and LPG availability to commercial establishments, such as hotels and restaurants, has been curtailed by a fifth. PTI TEAM AMJ AMJ

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