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March 26, 2026
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Tax Residency Certificate application Form 42 governs online filing, supporting documents, and DTAA benefit access.
Form 42 is the prescribed application for obtaining a Tax Residency Certificate in India for the purposes of claiming benefits under Double Taxation Avoidance Agreements. It is filed online through the e-filing portal, requires a valid PAN, and is not mandatory in every case. The form cannot be edited after submission, though withdrawal may be enabled, and supporting documents such as passport, incorporation records, and proof of stay in India may be required.
March 26, 2026
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Petroleum and LPG supply security remains intact as the government rejects shortage claims and cites ample stock cover.
India's petroleum and LPG supply position is described as secure, with about 60 days of fuel stock cover and no rationing or shortage at retail outlets. The government says crude supplies for the next 60 days have been tied up from multiple international sources, refinery utilisation is above full capacity, and alternative imports have offset disruption linked to tensions around the Strait of Hormuz. It also states that 800,000 tonnes of LPG cargoes have been secured, about one month of LPG supply is arranged, and measures have been taken to prevent hoarding and keep deliveries steady.
March 26, 2026
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DTAA self-declaration for non-residents enables treaty tax benefits through electronic filing and residency verification.
Form 41 is a self-declaration for non-resident taxpayers seeking Double Taxation Avoidance Agreement benefits on income from India. It is filed once in a tax year, requires a valid Tax Residency Certificate and Tax Identification Number, and is submitted electronically through the income-tax e-filing portal. Treaty benefits depend on valid filing, supported by the required documents and electronic verification.
March 26, 2026
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DTAA compliance through Form 41 governs non-resident tax relief, online filing, and supporting residency documentation requirements.
Form 41 is a self-declaration under section 159(8) of the Income-tax Act, 2025 for non-resident taxpayers seeking DTAA benefits with India. It is mandatory, filed annually through the Income Tax e-filing portal, and requires a valid Tax Residency Certificate and tax identification number. The form cannot be edited after submission, no proof of tax payment is required, and the DTAA benefit is unavailable without a valid electronically filed form and supporting documents.
March 26, 2026
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Tax deferral for foreign retirement accounts through Form 40 applies to resident Indians with irrevocable relief option.
Form 40 is the prescribed electronic form for a resident Indian to exercise the option under Section 159 of the Income Tax Act, 2025, read with Rule 74, to claim tax relief in respect of income accrued in a foreign retirement account maintained in a notified country. The option is intended to prevent double taxation by deferring taxation in India until withdrawal or redemption of the income in the foreign country. The option may be exercised only once, is irrevocable, and applies to all future years and all specified accounts.
March 26, 2026
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Startup ecosystem support gains momentum through industry mentorship, innovation challenges, and market access for emerging technology startups.
Startup ecosystem support is being advanced through a Memorandum of Understanding between DPIIT and a digital entertainment company to promote product startups in digital entertainment, online gaming, esports, interactive media, and AI-driven technologies. The collaboration is intended to provide structured industry engagement, mentorship, knowledge exchange, curated opportunities, Proof-of-Concept development, market access, and integration into industry ecosystems wherever feasible. It also contemplates innovation challenges, hackathons, workshops, masterclasses, pilot collaborations, and outreach through Startup India programmes.
March 26, 2026
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Corporate law and management programme launches as a two-year residential LL.M. with integrated regulatory and compliance training.
IICA and NLUJAA, Assam have jointly launched a two-year, full-time residential LL.M. programme in Corporate Law and Management. The course is designed to integrate legal education with managerial and compliance-oriented perspectives, and to strengthen professional competencies in corporate law, governance and regulatory frameworks through academic engagement linked to the Ministry of Corporate Affairs. The programme carries 54 credits across four semesters, with the first year at NLUJAA and the second year at the IICA Campus, IMT Manesar.
March 26, 2026
Show AI Summary
Tax relief for foreign retirement accounts requires valid Form 40 filing, online verification, and timely self-declaration.
Form 40 is the prescribed electronic form for a resident Indian to exercise the option for relief under section 158 of the Income-tax Act, 2025 in respect of income from a retirement benefit account maintained in a notified country. Valid filing within the prescribed due date is mandatory for an admissible claim, the option once exercised applies for the tax year and subsequent years, and the form cannot be edited after submission. The filing requires self-declaration, PAN, online verification, and supporting documents showing the foreign tax treatment and income computations.
March 26, 2026
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Relief for additional salary and lump-sum receipts is streamlined through Form 39's electronic filing and self-computation system.
Form 39 is the prescribed electronic form for claiming relief under section 157(1) of the Income Tax Act, 2025 in cases involving additional salary or family pension received in arrears or in advance, gratuity, retrenchment compensation, commutation of pension, and similar lump-sum receipts. The form is filed on the e-filing portal, supports self-computation of admissible relief under Rule 73, and may be used for TDS purposes. The revised form includes basic details, receipt-specific computation columns, auto-populated summary fields, supporting document requirements, and electronic verification.
March 26, 2026
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Relief under section 157(1) through Form 39 requires electronic filing, PAN, and complete particulars for qualifying lump-sum receipts.
Relief under section 157(1) is claimed through Form 39 by an employee receiving additional salary, family pension, gratuity, retrenchment compensation, commutation of pension, or similar lump-sum receipts that may increase the tax burden in the year of receipt. The form may also be furnished to the tax-deductor for TDS purposes. It must be filed electronically, cannot be filed offline, requires a valid PAN, contains separate sections for different receipts, and cannot be edited after verification and acknowledgment.
March 26, 2026
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Foreign inward remittance certificate supports royalty deduction claims for resident authors and patentees through bank-certified Form 38 filing.
Form 38 is the prescribed certificate for foreign inward remittance and is filed with the return of income to support a royalty deduction claim under the Income-tax Act, 2025. It applies to an individual resident in India who is an author or patentee deriving specified royalty income. The form is certified by the bank manager of the receiving bank, requires supporting remittance and verification documents, and is submitted through details of payer, payee, payment, and electronic verification.
March 26, 2026
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Foreign royalty deduction requires Form 38, bank certification, and proof that remittance reached India within the prescribed period.
Form 38 is the prescribed statement to be filed with the return of income for claiming deduction in respect of foreign inward remittance from royalty income. It applies to an individual resident in India who is an author or patentee, must be certified by the receiving bank manager, and serves to evidence that the foreign royalty was brought into India within the prescribed period. The deduction is subject to the stated monetary ceiling for the financial year.
March 26, 2026
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Royalty income deduction for patentees hinges on Form 37, electronic filing, patent certification, and foreign remittance conditions.
Form 37 is the prescribed certificate for claiming deduction in respect of royalty income received by a resident individual patentee under the Income Tax Act, 2025. The form requires completion of patentee details, patent particulars, royalty agreement information, royalty received, foreign remittance data, and deduction claimed. Part A is verified by the patentee and Part B is certified by the Controller of Patents. It is filed electronically with supporting documents such as the royalty agreement, bank statement, foreign inward remittance certificate, and RBI approval where applicable.
March 26, 2026
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Patent royalty deduction compliance requires valid Form 37, electronic filing, mandatory PAN, and certification by the Controller of Patents.
Form 37 is the prescribed certificate for a resident individual patentee claiming deduction for royalty income under section 152(5) of the Income-tax Act, 2025. The patentee must self-declare the royalty details in Part B, while the Controller of Patents must certify the patent registration and related particulars in Part C. The form must be filed electronically on the e-filing portal within the prescribed due date, cannot be filed offline, and once validly submitted it cannot be edited. PAN of the patentee is mandatory, no attachment is required, and royalty amounts received in foreign currency must be stated in Indian rupees.
March 26, 2026
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Royalty income deduction claims require Form 36, with author declaration, publisher certification, and foreign remittance details.
Form 36 is the prescribed electronic certificate for claiming deduction under section 151(5) of the Income-tax Act, 2025 in respect of royalty income or similar consideration received by an author for publication of a book. It requires disclosure of the author, the book, the payer, royalty receipts, foreign remittance details, and the deduction claimed, along with taxpayer declaration and publisher certification. Supporting documents include the author-publisher agreement, royalty statements, bank records, and ISBN or publication proof.
March 26, 2026
Show AI Summary
Royalty income deduction certificate requires timely electronic filing by authors, with mandatory PAN, self-declaration, and publisher certification.
Form 36 is the prescribed certificate for claiming deduction under section 151(5) of the Income-tax Act, 2025 by authors of scientific, literary or artistic books who receive royalty income, copyright fees, lump-sum consideration, or similar income. The form must be filed electronically by the author, with self-declaration and publisher certification, on or before the applicable due date, and valid filing is a mandatory condition for an admissible deduction claim. The form cannot be edited after submission, offline filing is not permitted, and the author's PAN and deduction amount claimed are mandatory fields.
March 26, 2026
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Deduction claims for offshore banking and IFSC units require accountant-certified Form 35 with income, expense and permission details.
Form 35 is the accountant's report to be furnished with the return of income for assessees claiming deduction on income from Offshore Banking Units in Special Economic Zones or units of an International Financial Services Centre. It applies to scheduled or foreign banks having such a unit, and requires verification by a chartered accountant. The form covers basic assessee details, unit particulars, permission documents, prior deduction claims, and income, expense and deduction figures, with e-verification through the chartered accountant's digital signature certificate.
March 26, 2026
Show AI Summary
Deduction claims for offshore banking units require Form 35, accountant verification, and filing with the return of income.
Form 35 is the accountant's report to be filed with the return of income by assessees claiming deduction on income from Offshore Banking Units in Special Economic Zones or units of an International Financial Services Centre. It must be verified by a chartered accountant and filed by the return due date. The form captures unit particulars, permissions, income, expenses, net income and previous claims, and requires e-verification with the chartered accountant's digital signature certificate.
March 26, 2026
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Additional employee cost deduction guidance for audited assessees filing Form 34 with Chartered Accountant verification.
Form 34 is the prescribed report to be filed with the return of income by audited assessees claiming deduction for additional employee cost under section 146 of the Income-tax Act, 2025. It is verified by a Chartered Accountant and filed under Rule 68. The deduction is stated to be 30% of the additional employee cost for three tax years, and the form applies to assessees earning business or professional income who are liable to audit under section 44AB and satisfy the payment conditions for employee emoluments through permitted banking or electronic modes.
March 26, 2026
Show AI Summary
Marine insurance loss and abandonment claims explained through partial loss, total loss and claim documentation requirements.
Marine insurance distinguishes partial loss from total loss, including particular average loss, general average loss, actual total loss and constructive total loss. Abandonment allows the insured to relinquish rights in damaged or lost cargo or vessel to the insurer and claim the insured value when recovery or repair is not commercially viable. The claim process depends on prompt notice, formal relinquishment, supporting documents, surveyor assessment and verification under the policy terms.

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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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