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March 27, 2026
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Excise duty relief and export levies aim to shield fuel consumers and secure domestic supply amid global oil-price volatility.
Excise duty on petrol and diesel has been reduced to cushion domestic consumers against the rise in global crude oil prices and the resulting pressure on fuel costs. The special additional excise duty on petrol has been cut and the corresponding levy on diesel has been removed, while export duties have been reintroduced on diesel and aviation turbine fuel to preserve domestic availability of these products. The measure applies to diesel and aviation turbine fuel, but no windfall tax has been imposed on domestic crude oil producers.
March 27, 2026
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Safe harbour filing requirements under Form 49 cover eligible transactions, due dates, disclosures, and accountant certification.
Safe harbour option under Form No. 49 is to be exercised by an eligible assessee by furnishing the merged and simplified form on or before the due date. The form replaces the erstwhile Forms 3CEFA, 3CEFB and 3CEFC and is used to furnish particulars relating to eligible international transactions, eligible specified domestic transactions and eligible business for the relevant tax year. Different filing timelines apply depending on the nature of the transaction, including a special filing window for provision of information technology services and a due-date-linked filing requirement for other cases.
March 27, 2026
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Safe Harbour compliance through Form No. 49 now consolidates transaction disclosures, eligibility conditions, and online filing requirements.
Form No. 49 is the electronic application for opting for Safe Harbour under the Income-tax Act, 2025 and the Income-tax Rules, 2026. It merges the earlier Forms 3CEFA, 3CEFB and 3CEFC into a single smart e-form for eligible international transactions, eligible specified domestic transactions and eligible business. The FAQs state that filing is mandatory only for assessees intending to opt for Safe Harbour, it must be filed online through the e-filing portal, and it requires disclosure of associated enterprises, transaction-specific details, supporting documents, accountant reports, and prescribed e-verification.
March 27, 2026
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Transfer pricing reporting requires structured transaction-wise disclosure, arm's length price details, and accountant certification under Form 48.
Form No. 48 requires an accountant's report to be furnished under the Income-tax Act, 2025 for international transactions and specified domestic transactions with associated enterprises. The form is filed annually by the prescribed due date and uses a structured, transaction-wise format covering the assessee's particulars, associated enterprises or persons, transaction details, advance pricing agreement information, arm's length price determination, and any adjustment. Part F contains the accountant's certification of maintenance of the required information and documents.
March 27, 2026
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Form No. 48 reporting rules for international and specified domestic transactions, online filing, PAN requirement, and arm's length pricing.
Form No. 48 is the mandatory accountant's report for international transactions and specified domestic transactions under section 172 of the Income-tax Act, 2025. It must be filed annually, only online through the Income Tax e-Filing portal, and requires a valid PAN. The form contains six parts covering assessee details, transaction aggregates, international and specified domestic transaction particulars, arm's length price computation, and threshold-based reporting. The FAQs also explain transaction identifiers, relationship coding, aggregation treatment, arm's length price auto-population, and the computation rules for transfer pricing methods.
March 27, 2026
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Excise duty cut on petrol and diesel eases fuel cost pressure amid rising global crude prices.
Excise duty on petrol has been reduced and diesel has been exempted from the levy with immediate effect to cushion consumers and fuel retailers from the impact of rising global crude prices. The notification lowers the duty on petrol and brings the diesel duty to nil, reflecting a policy response to volatility in international oil markets and the strain created by unchanged retail pump prices. The duty reduction is intended to provide headroom to fuel retailers by easing input-cost pressure and supporting price stability in the domestic market.
March 27, 2026
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Energy security and import dependence drive debate as fuel supply assurances counter claims of shortages and misinformation
Rising dependence on crude oil, LPG and natural gas imports is presented as an energy-security concern, alongside criticism that the promised push toward self-reliance has not been realised. The discussion also refers to earlier claims about a major gas discovery in the Krishna-Godavari basin and allegations that later audit reports treated the episode as a large-scale irregularity. Government and oil marketing companies, however, state that petrol, diesel and LPG supplies remain stable and adequately stocked.
March 27, 2026
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Excise duty cut on petrol and diesel aims to ease pressure on fuel retailers amid rising global crude prices.
Excise duty on petrol has been reduced to Rs 3 a litre from Rs 13 a litre, while excise duty on diesel has been reduced to nil from Rs 10 a litre, with immediate effect. The duty cuts are intended to ease pressure on oil marketing companies facing elevated global crude prices and frozen retail fuel prices amid geopolitical disruption in oil markets.
March 26, 2026
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WTO dispute settlement and e-commerce duty moratorium face renewed calls for reform and careful reconsideration.
A dysfunctional WTO dispute settlement system is described as having deprived members of effective redressal, and restoration of an automatic and binding dispute settlement mechanism is called for. Careful reconsideration of the continued extension of the moratorium on customs duties on electronic transmissions is urged because its scope remains unsettled and may have significant revenue implications. WTO reform is presented as needing to be transparent, inclusive and member-driven, anchored in development, non-discrimination, consensus-based decision-making, equity and effective special and differential treatment.
March 26, 2026
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Transatlantic trade safeguards shape EU approval of the US deal, allowing suspension if the agreement is undermined.
European lawmakers approved the transatlantic trade agreement with safeguard amendments that permit suspension if the United States undermines the deal, discriminates against EU economic operators, threatens territorial integrity or foreign and defence policies, or engages in economic coercion. The agreement retains a 15 per cent tariff on most goods and proceeds to further negotiation between EU and US trade representatives, with the added language intended to preserve European interests and provide greater certainty for businesses.
March 26, 2026
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Accountant certificate filing for international and specified domestic transactions must follow the prescribed online process and timeline.
Form No. 47 is the accountant's certificate for international transactions or specified domestic transactions meeting the conditions in rule 82(5). It is to be furnished with Form No. 46 within the prescribed filing window, beginning from the end of the third tax year and ending on 30 June following that year. The form can be submitted only online through the Income Tax e-Filing portal, and no supporting documents are required.
March 26, 2026
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Arm's length price option filing through Forms 46 and 47 under rule 82 for multiple-year determination.
Rule 82 prescribes Form No. 46 and Form No. 47 for exercise of the option for determination of arm's length price under section 166(9) of the Income-tax Act, 2025. Form No. 46 is furnished by an assessee for determining arm's length price in respect of international transactions or specified domestic transactions for multiple years in a single proceeding, covering the second and third tax years immediately following the first tax year in which reference has been made under section 166. Form No. 47 is the accompanying accountant's certificate.
March 26, 2026
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Arm's length price option through Form No. 46 covers multiple years, online filing, and accountant certification.
Exercise of option for determination of arm's length price under section 166(9) is made through Form No. 46 for international transactions or specified domestic transactions for multiple years in a single proceeding. The option covers the second and third tax years immediately following the first tax year in which a reference has been made under section 166. Form No. 46 must be filed between the end of the third tax year and 30 June following that year, only online through the Income Tax e-Filing portal, and accompanied by the accountant's certificate in Form No. 47.
March 26, 2026
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Foreign tax credit filing rules for Form 44 require resident assessees to report foreign income, refunds, and supporting documents.
Form No. 44 is required for a resident assessee claiming foreign tax credit under Rule 76 or intimating refund of foreign tax arising from carry backward of loss, revision of return, or similar changes. It must generally be filed within 12 months from the end of the relevant tax year, or by the date of furnishing an updated return where applicable. The form covers particulars of the person, foreign income and credit claimed, and any refund of foreign tax, and must be supported by documents on income, foreign tax paid, disputes, and refund particulars. Filing is made through the e-filing portal with e-verification, and accountant verification applies in specified cases.
March 26, 2026
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Digital housing loan access expands through a unified marketplace for defence and government personnel.
The Gruh Sugam Portal streamlines digital housing loan access for Defence personnel, members of paramilitary forces, and State and Central Government employees through their administrative units. It functions as a unified digital marketplace that relays minimal loan requests to registered lending institutions, enables comparison of competing offers, and supports seamless digital integration, online query resolution, grievance redressal, and consumer protection. The initiative is aimed at improving transparency, efficiency, financial inclusion, and affordable home ownership.
March 26, 2026
Show AI Summary
Foreign tax credit filing requires Form 44, with online submission, supporting documents, and accountant verification in specified cases.
Form No. 44 is the prescribed electronic statement for a resident assessee claiming foreign tax credit on income from a country or specified territory outside India. It is mandatory where foreign income is involved and credit is sought for foreign tax paid, and it also applies where a refund of foreign tax arises after credit has already been claimed. The form must be filed online through the e-filing portal within the specified time, and it includes particulars of the person, foreign income and credit details, and refund-related details. Supporting certificates, proof of payment or deduction, and accountant verification in specified cases are required.
March 26, 2026
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Cashless health insurance claims timelines and fair pricing measures aim to improve settlement efficiency and policyholder trust.
IRDAI has prescribed timelines for cashless health insurance claims, requiring pre-authorisation within one hour and final authorisation within three hours to reduce delays and support timely medical care. The sector has also seen strong growth in premiums, while fair pricing under 2024 regulations is linked to relevant risk factors, periodic actuarial review, credible data and customer feedback. Claims settlement data, grievance disposal figures and common grounds for disallowance or repudiation are also noted.
March 26, 2026
Show AI Summary
Tax residency certificate enables DTAA benefits and is issued by the Assessing Officer on application with supporting documents.
Form 43 is the tax residency certificate issued by the Assessing Officer for the purposes of section 159 of the Income-tax Act, 2025. It certifies that a person is resident in India for a stated period and enables the taxpayer to claim benefits under a Double Taxation Avoidance Agreement. The certificate is issued on an application made in Form 42 with the supporting documents required by the Assessing Officer and is not subject to statutory due dates or an ordinary taxpayer filing process.
March 26, 2026
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Tax Residency Certificate issued on request supports residence proof for DTAA benefits and section 159 purposes.
Form 43 is the Tax Residency Certificate issued by the Assessing Officer to certify residence in India for the purposes of section 159 and Double Taxation Avoidance Agreement benefits. It is not filed by the taxpayer; it is issued on request when Form 42 is submitted with the required documents. The certificate is generated through the ITBA and made available on the e-filing portal, and no specific statutory limit is stated on the number of certificates that may be issued in a year for distinct valid periods.
March 26, 2026
Show AI Summary
Tax residency certificate application streamlined through Form 42, with electronic filing, document upload, and issuance of Form 43.
Form 42 is the application for a tax residency certificate in India for the purposes of section 159 of the Income-tax Act, 2025 and treaty benefits under a Double Taxation Avoidance Agreement. It is filed electronically by a resident claiming Indian tax residency, with supporting identity, incorporation, and other documents, and may be verified through electronic verification code, Aadhaar OTP, net banking, bank or demat account mechanisms, or digital signature. Processing of the form results in issue of Form 43.

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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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