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April 4, 2026
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Mutual fund approval process for subscribing to eligible public issues under the Income-tax Act framework clarified.
Approval is sought by a mutual fund to subscribe to an eligible issue of public companies under Schedule XV(1)(z)(ii) of the Income-tax Act, 2025, through Form 190. The form must be filed three months before the issue of eligible capital with the prescribed details and documents, including mutual fund and management particulars, scheme details, SEBI and custodian records, audited financial statements, and approval documents relating to the public company's share issue.
April 4, 2026
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Mutual fund approval for eligible public company issues depends on timely filing of Form 190.
A mutual fund must file Form 190 to seek approval for investment in the eligible issue of public companies under Schedule XV(1)(z)(ii) of the Income-tax Act, 2025. The form corresponds to the earlier Form 59A under the Income-tax Rules, 1962, and to the corresponding rule framework under the Income-tax Rules, 2026. The application is to be filed by the mutual fund itself, together with the documents specified in the form, three months before the issue of eligible capital. Approval for subscription is granted on the basis of the particulars furnished in Form 190.
April 4, 2026
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Approval for issue of eligible capital under Schedule XV depends on Form 189 details, disclosures, and supporting documents.
Form 189 is the application for approval of issue of public companies under Schedule XV(1)(z)(i) of the Income-tax Act, 2025, and is filed by the public company three months before the issue of eligible capital. The form requires company particulars, management details, bankers and auditors, issue details, project details, and supporting documents such as incorporation certificate, audited financial statements, equity details, SEBI approval and any project report. Processed Form 189 leads to approval for issue of eligible capital on the basis of the details furnished.
April 4, 2026
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Public company issue approval through Form 189 governs eligible capital issues and related deduction eligibility.
Form 189 is the prescribed application for approval of issue of public companies under Schedule XV(1)(z)(i) of the Income-tax Act, 2025. It is filed by the public company with supporting documents before the issue of eligible capital, and the approval is granted on the basis of the details furnished in the form. Individual contributions to the issue are stated to qualify for deduction under the Act.
April 4, 2026
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Consolidated approval form standardises gratuity and superannuation fund compliance, replacing rule-based particulars with structured filing.
Introduction of consolidated Form 188 standardises the approval process for Gratuity Fund and Superannuation Fund applications under Part B of Schedule XI by replacing the earlier text-based particulars in Rule 95 and Rule 109. The form is filed by trustees or an authorised person only for initial approval, and it requires details of the employer, the fund, eligible employees, account maintenance, fund status, trustee verification, and supporting documents such as the trust deed, fund rules, and accounts where applicable.
April 4, 2026
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Approval mechanism for gratuity and superannuation funds is standardised through Form 188 with structured compliance requirements.
Form 188 provides a standardised application mechanism for approval of Gratuity Funds and Superannuation Funds, replacing earlier rule-based procedural requirements. It is filed once by the trustees or an authorised person, with prescribed particulars and supporting documents such as the trust deed, fund rules, accounts, and balance sheet where applicable. The application is examined by the jurisdictional authority, which may seek clarifications and then grant approval, issue deficiency notice, or reject the application.
April 4, 2026
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Appeal against fund recognition refusal uses Form 187, with supporting documents and filing within 60 days.
Appeal against refusal to recognise or withdrawal of recognition from a recognised provident fund, and refusal to approve or withdrawal of approval from a superannuation fund or gratuity fund, is filed in Form 187 by the employer, trustee, or authorised representative within 60 days of communication of the order. The form requires appellant particulars, fund details, grounds of appeal, verification, and supporting documents such as the impugned order, original application, proof of filing, authorisation, and fee challan.
April 4, 2026
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Appeals for provident, superannuation and gratuity funds require Form 187, supporting documents and filing within 60 days.
Form 187 prescribes the appellate mechanism under the Income-tax Act, 2025 for matters concerning recognised provident funds, superannuation funds and approved gratuity funds, including appeals against orders affecting recognition, approval, withdrawal, cancellation or refusal of such status. The form is to be used by trustees, employers or other authorised persons representing the fund where an adverse order has been passed by the competent income-tax authority. Appeals must be filed within 60 days from communication of the order, and filing does not by itself operate as a stay unless specifically granted.
April 4, 2026
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Customs enforcement along the India-Nepal border led to seizure of undocumented soft drinks and air conditioners.
Customs enforcement along the India-Nepal border led to seizure of soft drinks and air conditioners being moved without valid customs documents. A vehicle carrying 1,575 bottles of soft drinks was intercepted after the driver tried to flee, while two split air conditioners transported on bicycles were also recovered in a separate patrol operation. The goods, vehicle and bicycles were handed over to the Customs Department.
April 4, 2026
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Indian pharmaceutical exports show sustained growth as formulations, biologicals, vaccines and Ayush products drive resilience.
Indian pharmaceutical exports recorded sustained growth in FY26, reaching nearly USD 29 billion by the end of February and increasing over the corresponding period in the previous financial year. The export performance was led by formulations, biologicals, vaccines and Ayush products, and was described as resilient despite global challenges, pricing pressures and trade volatility. The sector's overall value was placed at about USD 60 billion, with projected expansion to USD 130 billion by 2030.
April 4, 2026
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Recognised Provident Fund recognition process requires trust deed compliance, supporting documents, scrutiny and ongoing investment and reporting obligations.
Application under Rule 40C seeks recognition of a provident fund so it qualifies as a Recognised Provident Fund for income-tax purposes. It applies to employers, trustees and existing funds seeking recognition on formation, conversion, amendment, merger or split. The form requires trust deed details, fund rules, investment policy, financial information and supporting documents, followed by scrutiny, possible revisions, issuance of recognition and ongoing compliance with investment, audit and reporting requirements.
April 4, 2026
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Recognised Provident Fund recognition through Form 186 depends on disclosure, supporting documents, and compliance with trust conditions.
Form 186 is the prescribed application for seeking recognition of a provident fund as a Recognised Provident Fund for income-tax purposes. It is filed by the employer, trustees, or an existing trust seeking recognition, and is ordinarily a one-time application subject to refiling or intimation for material changes in the trust deed or fund rules. The form requires detailed disclosures and supporting documents, and on approval the fund attains RPF status with tax treatment governed by applicable statutory limits and conditions. Recognition may later be withdrawn for non-compliance.
April 4, 2026
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Recognised provident fund accounting in Form 185 requires annual subscriber-wise records of contributions, interest, withdrawals, and balances.
Rule 294 requires recognised provident fund accounts to be prepared at intervals not exceeding twelve months, with a separate account maintained for each subscriber in Form 185. The form is maintained internally by the provident fund trust or authorised officers, and records subscriber particulars, opening balance, monthly contributions, interest, withdrawals or advances, closing balance, and verification. Part A is maintained separately for each subscriber, while Part B presents the same information in consolidated annual subscriber-wise form.
April 4, 2026
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Recognised Provident Fund recordkeeping requires Form 185 to track contributions, interest, withdrawals, and annual balances.
Form No. 185 is the prescribed accounting format for individual subscriber records under a Recognised Provident Fund, maintained by trustees or authorised officers under the Income-tax Rules. It records annual subscriber-wise particulars such as contributions, interest credited, withdrawals or advances, opening and closing balances, and verification details. Part-A is kept for each subscriber, while Part-B is the annual consolidated abstract filed with the Assessing Officer.
April 4, 2026
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Deduction audit report for petroleum and natural gas businesses requires deposit verification, withdrawal checks, and Chartered Accountant certification.
Form No. 183 is the prescribed audit report for claiming deduction under section 49 in the business of prospecting, extracting, or producing petroleum, natural gas, or both in India. It is furnished by a Chartered Accountant and verifies audit of the relevant books, timely deposit into the specified account, permitted use of withdrawals, disallowance of inadmissible expenditure, and transfer restrictions on assets acquired under the scheme. The form is filed annually before the return due date and requires supporting records of books, deposits, withdrawals, and asset transfers.
April 4, 2026
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Supply chain disruption hits Bikaner snack exports as conflict delays shipments and raises freight and input costs.
West Asia conflict has disrupted Bikaner exports and imports, causing delays in shipments of bhujia, papad, namkeen and spices to Gulf and European markets. Traders report longer transit routes, container shortages, higher freight charges, rising raw material and packaging costs, and consignments stuck at ports or in transit, affecting the city's export-driven economy.
April 4, 2026
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Audit report for petroleum and natural gas deduction claims requires certification, supporting records, and online filing compliance.
Form No. 183 is the prescribed audit report under Rule 291 read with Section 49 of the Income-tax Act, 2025 for an assessee engaged in the business of prospecting, extracting, or producing petroleum, natural gas, or both in India. It is mandatory where the deduction is claimed and must be certified by an Accountant. The form requires supporting books, financial statements, evidence of deposits and withdrawals from the specified account, and a computation showing that the deduction remains within the permissible limit.
April 4, 2026
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Deduction claim audit report for tea, coffee and rubber businesses requires Chartered Accountant certification and compliance with deposit rules.
Form No. 182 is a statutory audit report for assessees engaged in growing and manufacturing tea, coffee or rubber who claim deduction under section 48. It must be furnished by a Chartered Accountant annually before the return due date and certifies audit of books, timely deposit in the specified account or approved scheme, withdrawal utilisation, disallowable amounts, asset transfers, and the deduction permissible. The form is now a smart, tabulated e-form with mandatory professional identifiers and standardised fields for e-filing and validation.
April 4, 2026
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Tax deduction audit report rules require prescribed certification, verified deposits, and portal filing for tea, coffee and rubber businesses.
Form No. 182 is the prescribed audit report for assessees engaged in growing and manufacturing tea, coffee or rubber in India who claim deduction under section 48. It must be certified by an Accountant and furnished annually before the return due date. The report is mandatory for the deduction claim, supports verification of deposits, withdrawals, utilisation and deduction computation, and is completed through the e-filing portal with digital signing and assessee acceptance.
April 4, 2026
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Electoral trust audit reporting through Form 181 requires electronic disclosure of contributions, distributions, and administration expenses.
Form 181 is the annual audit report for electoral trusts, to be furnished electronically by an accountant through the e-filing portal before the return due date. It requires disclosure of voluntary contributions received and distributed, application for the benefit of persons or interested persons, and expenditure on administration or management of the trust. The form has been simplified and aligned with the Income-tax Act, 2025.

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News and Press Release

110th Meeting of Network Planning Group under PM GatiShakti evaluates key Infrastructure projects

March 21, 2026

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NPG evaluates projects from Ministry of Railways, Ministry of Housing and Urban Affairs, Ministry of Road, Transport and Highways

The 110th meeting of the Network Planning Group (NPG) was convened at the Department for Promotion of Industry and Internal Trade (DPIIT) to evaluate infrastructure projects. The meeting focused on enhancing multimodal connectivity and logistics efficiency in alignment with the PM GatiShakti National Master Plan (PMGS NMP). The NPG evaluated 02 Rail projects, 02 Metro projects, 02 Road and Highway projects for their conformity to the PM GatiShakti principles of integrated multimodal infrastructure, last-mile connectivity to economic and social nodes and ‘Whole of Government’ approach. These initiatives are expected to boost logistics efficiency, reduce travel times, and deliver significant socio-economic benefits to the catchment areas of the project. The evaluation and anticipated impacts of these projects are detailed below:

Doubling of Rail line from Arakkonam to Chengalpattu (Tamil Nadu)The Ministry of Railways has proposed the doubling of the existing single broad-gauge railway line between Chengalpattu (CGL) and Arakkonam (AJJ) in Tamil Nadu. The project spans approximately 67.794 kilometres and passes through the districts of Chengalpattu, Kanchipuram, and Ranipet under the administrative jurisdiction of the Chennai Division of Southern Railway. The alignment covers 12 stations, including the junction stations at Chengalpattu and Arakkonam, five crossing stations, and five halt stations along the route.

The proposed doubling aims to enhance line capacity, improve operational efficiency, and facilitate smoother movement of passenger and freight traffic along this important corridor. The project is expected to reduce congestion, minimize delays, and strengthen regional connectivity, supporting economic growth and improved rail services across the region.

Proposed Quadrupling between Whitefield and Bangarpet Stations (Karnataka): The Ministry of Railways has proposed the construction of a double line between Whitefield and Bangarpet stations in Karnataka, covering approximately 47 km. The proposed quadrupling of the Whitefield–Bangarpet section is aimed at significantly enhancing logistics efficiency along the Bengaluru–Chennai corridor. Under the plan, the existing double line will be prioritized for passenger services, while the additional two lines will primarily handle freight traffic, reducing detention, improving punctuality, and augmenting overall line capacity.

This strategically important corridor provides vital inter-state connectivity between Karnataka and Tamil Nadu and supports substantial freight movement. The project is expected to lower transportation costs and enhance the global competitiveness of Indian industry by facilitating efficient movement of containerized EXIM cargo, steel, cement, petroleum products, fertilizers, and agricultural produce. With support from key freight terminals and sidings, the initiative will strengthen supply chains, optimize logistics operations, and contribute to sustained industrial and regional economic growth.

Ministry of Housing and Urban Affairs (MoHUA)

Mumbai Metro Line 11 (Anik Depot to Gateway of India) (Maharashtra): The Ministry of Housing and Urban Affairs has proposed the construction of Mumbai Metro Line–11 from Anik Depot to Gateway of India in Maharashtra, spanning a total length of 17.41 km. The fully underground corridor will feature multiple interchange stations connecting operational and upcoming metro lines, further strengthening the integrated metro network of approximately 337 km across the Mumbai Metropolitan Region. The alignment will provide high-capacity connectivity to key residential, commercial, institutional, and heritage areas of South and Central Mumbai, including Wadala, Byculla, Nagpada, Crawford Market, CSMT, Horniman Circle, and the Gateway of India.

The project is expected to deliver significant socio-economic benefits by easing road congestion and enhancing overall urban mobility. It will result in savings in travel time, vehicle operating costs, and fuel consumption, while also contributing to reduced road accidents and lower air pollution levels. The implementation of Metro Line–11 will substantially augment Mumbai’s public transport infrastructure and support the development of a more efficient, sustainable, and environmentally responsible urban transport system.

Pune Metro Rail Project Line-4B: Hadapsar-Loni Kalbhor and Line-4C: Hadapsar Bus Depot to Saswad Road (Maharashtra): The Ministry of Housing and Urban Affairs has proposed the development of Pune Metro Line–4 extensions (4B and 4C) in Maharashtra, covering a total length of 16.67 km. The proposed corridors are aimed at strengthening connectivity in Pune’s eastern and south-eastern regions by linking key residential, industrial, and emerging township areas along the Pune–Solapur Highway and Saswad Road, including Hadapsar, Manjari, Lonikalbhor, Phursungi, Bhekrai Nagar, and Wadki. Line–4B (Hadapsar–Lonikalbhor) will run along the Pune–Solapur Highway, while Line–4C (Hadapsar Bus Depot–Saswad Road) will extend along Saswad Road with seamless integration at Hadapsar.

The project is expected to significantly enhance Pune’s public transport infrastructure by improving connectivity with major bus depots and the Pune–Daund railway line. The extensions will facilitate smoother urban mobility, reduce road congestion and travel time, and contribute to lower vehicular emissions. The initiative will support sustainable urban growth and provide efficient, reliable public transport options for the expanding metropolitan region.

Ministry of Road, Transport and Highways (MoRTH)

Construction of 4 Lanning of Badnawar-Petlawad-Thandla-Timarwani from Badnawar Bypass  Timarwani Interchange of Delhi Mumbai expressway (NE-4)(Madhya Pradesh): The Ministry of Road Transport and Highways has proposed the four-laning of the 80.450 km Badnawar–Petlawad–Thandla–Timarwani corridor in Madhya Pradesh to enhance regional connectivity and strengthen economic integration. The upgraded highway will improve linkages between Badnawar, Petlawad, and Thandla and major cities including Ujjain, Dewas, Bhopal, Indore, Ratlam, Dahod, and Godhara, facilitating better access to essential services, markets, and employment opportunities.

The project will also provide seamless connectivity to the PM MITRA (Pradhan Mantri Mega Integrated Textile Region and Apparel) Park near Dotriya village in Dhar district, along with improved access to the Delhi–Mumbai Expressway and the Pithampur logistics hub. The enhanced corridor is expected to boost industrial growth, improve freight efficiency, and contribute significantly to the socio-economic development of the region.

Construction of FotuLa Tunnel with Approaches on NH-1(Ladakh): The Ministry of Road Transport and Highways has proposed the construction of the 2.65 km Fotu La Tunnel in the Union Territory of Ladakh to ensure reliable, all-weather connectivity along the Srinagar–Leh corridor (NH-01). The tunnel will bypass one of the highest and most weather-sensitive stretches of the highway, preventing frequent winter closures caused by heavy snowfall, avalanches, and black ice. The project is expected to reduce travel distance by approximately 8.5 km and cut travel time by around 23 minutes, significantly enhancing safety and operational efficiency.

Strategically important, the tunnel will facilitate uninterrupted movement of defence convoys and essential supplies, strengthening logistics along this critical route. It will also promote socio-economic development by ensuring stable connectivity between Leh, Kargil, and Srinagar, benefiting key locations such as Kargil, Khaltsi, Budhkharbu, Lamayuru, and Leh. Year-round access will improve connectivity to Leh Airport, support remote habitations, and drive sustained economic growth in Ladakh by maintaining continuous linkage with the rest of the country.

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