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    HIGHLIGHTS
    Guidance note - Form 57
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    PLI Scheme disburses ₹15,554 crore in electronics and ₹2,377.56 crore in automobile sector incentives
    PLI Schemes attract over ₹2.16 lakh crore investment, drive ₹20.41 lakh crore production and generate 14.39 lakh jobs
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    China opens investigations into US trade practices in response to Trump tariff moves
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    Shri Piyush Goyal, Commerce & Industries Minister, leads the Indian delegation for the 14th Ministerial Conference of the WTO starting on March 26, 20...
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    Japan commits Official Development Assistance (ODA) to India for four projects in sectors of Urban Transport, Health and Agriculture
    Guidance note - Form 55
    Form No. 55 – Frequently Asked Questions
    Guidance note - Form 54
    Govt to review windfall tax imposed on export of diesel and ATF on fortnightly basis: CBIC chief
    Excise duty cut on petrol-diesel due to assembly polls: Congress slams govt
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March 27, 2026
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Live-in relationship and judicial vacancies draw legal attention as high court and chief justice address key issues.
The Allahabad High Court stated that a married man living in a consensual live-in relationship with an adult woman does not amount to a criminal offence under law. The Bombay High Court dismissed a petition seeking a CBI probe against Reliance Industries Limited and Mukesh Ambani over alleged unlawful gas extraction. Separately, the Chief Justice of India urged high courts to expedite filling judicial vacancies, with special focus on elevating women judges.
March 27, 2026
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Designated constituent entity intimation under income tax rules governs filing of Form 57 for international group reporting
Form No. 57 is an intimation by a designated constituent entity of an international group for the purposes of section 171(4), to be furnished under Rule 123 of the Income-tax Rules, 2026 when more than one constituent entity is required to file Form No. 56. The designated entity may file the form if the group has appointed it for compliance, and the intimation must be made at least 30 days before the due date for Form No. 56. The form captures particulars of the designated entity, the international group, the parent entity and the accounting year, and is filed online through the e-filing portal.
March 27, 2026
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Transfer pricing master file reporting requires constituent entities to disclose group details, thresholds, and supporting information electronically.
Form No. 56 (Master File) is an income-tax reporting document prescribed under Rule 123 of the Income-tax Rules, 2026 and section 171 of the Income-tax Act, 2025 for transfer pricing transparency. It applies to a constituent entity of an international group where the consolidated group revenue exceeds INR 500 crore and the aggregate value of international transactions exceeds INR 50 crore, or international transactions involving intangible property exceed INR 10 crore. Part A must still be furnished even if those conditions are not met. The form is filed by the due date for the return of income.
March 27, 2026
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Production Linked Incentive schemes strengthen domestic manufacturing, expand exports, and build supply chain resilience across key sectors.
Production Linked Incentive schemes across 14 sectors are being implemented to strengthen domestic manufacturing, attract investment, promote exports and generate employment. As of 31 December 2025, the schemes had cumulatively attracted investments of over Rs.2.16 lakh crore, generated production and sales of over Rs.20.41 lakh crore, supported exports of over Rs.8.3 lakh crore and created employment for more than 14.39 lakh persons across the covered sectors. The electronics and automobiles sectors have received incentive disbursements and reported incremental production through participating companies. The schemes are said to expand domestic manufacturing capacity, reduce import dependence and improve supply chain resilience. The policy framework is supplemented by initiatives for semiconductor development, electronics component manufacturing, logistics efficiency, rare earth magnet manufacture and critical mineral supply security.
March 27, 2026
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Production Linked Incentive schemes boost manufacturing, investment and jobs across key sectors under Make in India.
Production Linked Incentive schemes under the Make in India initiative are stated to incentivize incremental production and sales across 14 sectors, expand manufacturing capacity, and attract fresh investment within a wider industrial policy framework. The schemes are stated to have generated investments exceeding Rs.2.16 lakh crore, production and sales exceeding Rs.20.41 lakh crore, and over 14.39 lakh direct and indirect jobs, while also supporting exports, reducing import dependence, and strengthening domestic manufacturing.
March 27, 2026
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Life insurance strengthens household financial security as insurers pay benefits, maintain solvency, and address the protection gap.
India's life insurance sector is presented as a major pillar of household financial security, with insurers paying substantial benefits in FY25 and supporting protection, retirement planning, wealth creation, and liquidity across life stages. The text says policyholders increasingly use proceeds for lifecycle goals such as education, home purchase, travel, and reinvestment into other life insurance products, reflecting broader use of policy benefits beyond protection. It also states that insurers remain above solvency thresholds, supported by asset-liability matching and strong solvency margins, while awareness efforts continue to address the protection gap.
March 27, 2026
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Excise duty cut and anti-hoarding warnings aim to protect fuel supply and prevent artificial shortages.
Excise duty on petrol and diesel was reduced to cushion consumers against rising crude prices, with oil companies said to absorb the burden without passing it on. Public warnings were issued against panic buying, hoarding, and rumour-mongering, including false claims of a nationwide lockdown, on the ground that such conduct could create an artificial shortage and disrupt supply.
March 27, 2026
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Trade retaliation escalates as China opens investigations into US restrictions on goods, technology, and green energy exports.
China launched two investigations into US trade practices in response to recent tariff-related investigations announced by the United States. One probe concerns US policies restricting Chinese goods and advanced technology exports, while the other concerns barriers affecting Chinese green energy exports. The investigations are expected to last six months, with a possible three-month extension if necessary.
March 27, 2026
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Personalized nutrition acquisition expands Herbalife's data-driven wellness platform through Bioniq assets, contingent on regulatory approvals.
Herbalife announced an agreement to acquire certain assets of Bioniq to expand personalized nutritional supplement capabilities and strengthen a technology-enabled, data-driven wellness platform. The transaction is expected to close in the second quarter of 2026, subject to customary closing conditions and regulatory approvals. The purchase price includes deferred and contingent payments, and Herbalife also obtained a call option relating to Bioniq LAB. The release includes a forward-looking statements disclaimer covering execution, integration, regulatory, market, operational, tax, technology, and compliance risks.
March 27, 2026
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Excise duty on fuel and GST burdens draw parliamentary criticism over pricing, enforcement, and budget priorities.
Excise duty on petrol and diesel was criticised in parliamentary discussion as being politically timed, with a demand for assurance that fuel prices would not rise after voting in four states. The debate also raised whether consumers had been denied the benefit of discounted crude oil purchases, and whether the excise reduction would remain permanent rather than being offset later through higher pump prices. The discussion further addressed GST burdens, public expenditure concerns, and demands for budgetary changes.
March 27, 2026
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Skill development and capacity building in construction sector through structured training and certification programmes.
A Memorandum of Understanding has been signed to strengthen skill development and capacity building in the construction sector through structured training and certification programmes. The collaboration is intended to train civil engineers, ready-mix concrete professionals, contractors, construction workers, and masons across the country, with emphasis on material quality testing, concrete mix proportioning, durability, and sustainable construction practices.
March 27, 2026
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WTO reform through transparent, inclusive member-driven process with development at the core and preserved foundational principles
India's participation in the 14th Ministerial Conference of the WTO centred on support for WTO reform through a transparent, inclusive and member-driven process that keeps development at its core. The position emphasised the need to preserve the WTO's foundational principles and objectives, including non-discrimination, consensus-based decision making and equity. Bilateral discussions also addressed the conference agenda and ways to strengthen trade relations.
March 27, 2026
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Grievance redress governance through CPGRAMS review meetings strengthens complaint resolution, transparency, compliance, and citizen-centric oversight.
DFS conducts periodic CPGRAMS review meetings with financial regulators, banks, insurers, institutions, and complainants to assess grievance resolution through a dip-stick survey at the senior-most level. The exercise reviews unsatisfied closed complaints, addresses systemic and pending issues, and uses citizen feedback to strengthen grievance redress, transparency, compliance, and preventive governance across banking, insurance, pension, and claim-related disputes.
March 27, 2026
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Official Development Assistance supports metro, healthcare and horticulture projects across India through Japan-backed loan agreements.
Japan has committed Official Development Assistance loans to India for four projects in urban transport, health and agriculture across Maharashtra, Karnataka and Punjab. The projects include Bengaluru Metro Rail Phase 3, Mumbai Metro Line 11, strengthening tertiary healthcare and medical education in Maharashtra, and promoting sustainable horticulture in Punjab. The assistance is channelled through loan agreements between the Government of India and JICA.
March 27, 2026
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Mutual Agreement Procedure application under treaty rules enables resident taxpayers to challenge inconsistent foreign tax actions.
Form No. 55 is the prescribed application by a resident assessee in India to invoke the Mutual Agreement Procedure where a foreign tax authority's action or order is considered inconsistent with the applicable Double Taxation Avoidance Agreement. The form is filed within the treaty time limit, usually within three years of first notification, and requires applicant details, foreign authority particulars, reasons for objection, supporting documents, and details of any remedy sought abroad. It may be submitted online or offline, must be e-verified, and cannot be withdrawn.
March 27, 2026
Show AI Summary
Double taxation relief through mutual agreement procedure begins with Form No. 55 for resident assessees.
Form No. 55 is an application by a resident assessee in India to the Competent Authority of India when a foreign tax authority's action or order is considered inconsistent with the applicable Double Taxation Avoidance Agreement. It is used to seek resolution under the Mutual Agreement Procedure, generally within the treaty time limit, and may be filed online or through the offline utility with supporting documents and verification by DSC or EVC. The form cannot be withdrawn after filing.
March 27, 2026
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Advance Pricing Agreement renewal form streamlines repeated transfer pricing filings and reduces compliance burden for similar transactions.
Form 54 is a renewal mechanism for an Advance Pricing Agreement application, intended for applicants who have already signed an APA or previously filed a pending APA application involving the same or substantially similar transactions. It reduces duplication and compliance burden, supports continuing or comparable international transactions, and may also cover rollback requests. The form is filed electronically by an eligible person and requires disclosures on the applicant's profile, covered transactions, rollback details, prior filings, and transfer pricing methodology.
March 27, 2026
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Windfall tax on diesel and ATF to be reviewed fortnightly as duties aim to secure domestic fuel supply.
Special additional excise duty and export duties were imposed on diesel and aviation turbine fuel to discourage exports and secure adequate domestic supply. The windfall levy will be reviewed on a fortnightly basis, reflecting a dynamic adjustment mechanism linked to supply conditions and market developments. The duty changes were announced alongside a reduction in excise duty on petrol and diesel for domestic consumption to moderate price pressures and reduce underrecoveries for oil marketing companies.
March 27, 2026
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Excise duty reduction on petrol and diesel triggers fiscal relief for oil companies amid unchanged retail pump prices.
Excise duty on petrol and diesel was reduced by notification with immediate effect, cutting the levy on petrol and removing the duty on diesel. The change was described as a reduction in the special additional excise duty component paid by oil marketing companies, while retail pump prices for consumers were reported to remain unchanged at the time of the announcement. The measure was reported to provide some fiscal relief to oil companies amid higher input costs, though political criticism said it did not translate into direct consumer relief.
March 27, 2026
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Advance pricing agreement renewal form streamlines repeated filings, reduces compliance burden, and supports rollback requests online.
Form 54 is an optional renewal application for taxpayers who have already entered into, or previously applied for, an advance pricing agreement involving the same or highly similar international transactions with an associated enterprise. It is intended to avoid duplication, reduce compliance burden, and streamline the renewal route, including rollback requests where eligible. The form must be filed online, once a year, with the prescribed documents, proof of payment, and a valid PAN, and it cannot be edited after submission and acknowledgment.

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PM Modi says will overcome West Asia crisis like Covid; stresses on dialogue, diplomacy to end conflict

March 23, 2026

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New Delhi, Mar 23 (PTI) Prime Minister Narendra Modi on Monday said the difficult global conditions caused by the West Asia conflict are likely to persist for a long time and called upon the nation to remain prepared and united, just as it had stood together during the COVID-19 pandemic.

In a statement in the Lok Sabha, PM Modi addressed concerns related to the impact on fuel, fertilisers, national security and other areas in India as well on its nationals residing in the West Asia region, detailing steps taken by the government to ensure that "ordinary families face as little trouble as possible", and said a unanimous voice should go out to the world from India's Parliament on this crisis.

Reaffirming India's unwavering commitment to humanity and peace, the prime minister said the dialogue and diplomacy remain the only path to resolution and every Indian effort is directed at de-escalation and the cessation of hostilities.

Informing the House that he has engaged with all relevant West Asian leaders and urged them to reduce tensions and end the conflict, Modi emphasised that attacks on commercial ships and obstruction of international waterways like the Strait of Hormuz, through which 20 per cent of the world's energy is transported, are"wholly unacceptable".

He said endangering any life in this war runs counter to the interests of humanity and "India's effort is to encourage all parties to arrive at a peaceful resolution as soon as possible".

On India's diplomatic response to the West Asia conflict, the Prime Minister said India's stand has been clear from the very beginning, when the US and Israel attacked Iran and the latter retaliated by targeting its Gulf neighbours and Israel, "one of expressing deep concern, advocating de-escalation, and opposing attacks on civilians and on energy and transport infrastructure".

"India, through diplomacy, is making continuous efforts for the safe passage of Indian ships even amidst the war environment. Due to such efforts, several of our ships that were stuck in the Strait of Hormuz have also arrived in India in recent days," he said.

The prime minister also drew the attention of the House to the internal security dimension of the crisis, warning that certain elements attempt to exploit such situations.

He said all security agencies have been placed on alert and that security across all domains, coastal, border, cyber, and strategic installations, is being further strengthened.

"Whether it is coastal security, border security, cyber security, or strategic installations, the security of all is being reinforced," he said.

Urging patience, restraint, and vigilance, and cautioning against those who may seek to exploit the situation by spreading falsehoods, engaging in black-marketing, or hoarding, Modi appealed to all state governments to ensure strict monitoring and swift action against such elements.

Expressing his abiding faith in the collective resolve of the nation, the Prime Minister said that when every government and every citizen of this country walk together, "we can challenge every challenge, this is our identity, and this is our strength".

The prime minister remarked that the difficult global conditions caused by this war are likely to persist for a long time and called upon the nation to remain prepared and united, just as it had stood together during the COVID-19 pandemic.

The prime minister said the crisis has been going on now for more than three weeks and it is having a very adverse impact on the global economy and on people's lives. The entire world is urging all parties for the earliest resolution of this crisis, he said.

This region is important to India for yet another reason, as nearly one crore Indians live and work in the Gulf countries and among the commercial ships that sail in these seas, the number of Indian crew members is also very high, he said.

"India's concerns are naturally greater, and therefore it is essential that a united and unanimous voice goes out to the world from India's Parliament on this crisis," he said.

Modi underscored how the energy diversification strategy pursued over the past decade has proven its worth in the current crisis.

He informed the House that India has expanded its energy import sources from 27 countries to 41 countries over the past 11 years, thereby reducing dependence on any single region.

Emphasising the foresight of this approach, Modi said in today's circumstances, the steps taken over the past decade regarding energy security have become even more relevant.

Modi said India has more than 5.3 million metric tonnes of strategic petroleum reserves, and the country is also working on arrangements for more than 6.5 million metric tonnes of storage.

Apart from this, he said, there are reserves held by the domestic oil companies.

"In the last 11 years, our refining capacity has increased significantly, and the government is in constant touch with suppliers from different countries. The effort is to ensure that oil and gas supplies continue from wherever possible," he said.

Highlighting the scale of the evacuation effort, the Prime Minister said more than 3,75,000 Indians have safely returned to India since the war began, including approximately 1,000 Indians from Iran alone, of whom over 700 are young medical students.

Addressing the broader economic ramifications, Modi acknowledged that energy is the backbone of the modern economy and that West Asia is a major source for global energy needs, making the current crisis a challenge for economies worldwide.

He said the government is working with a comprehensive short-term, medium-term, and long-term strategy, supported by strong economic fundamentals, sector-specific stakeholder consultations, and a dedicated Inter-Ministerial Group that meets daily to assess and resolve every difficulty in India's import-export chain.

"I am fully confident that through the joint efforts of the government and industry, we will be able to face these circumstances effectively," he said.

The prime minister said, unfortunately, several lives were lost and some people were injured during the conflict and their families are being given the necessary help, and treatment of the injured is being ensured.

He said another question is the impact of the war on agriculture, but the good part is that the country's farmers have filled the food grain reserves, so India is well prepared in terms of food security.

"We are also making efforts to ensure that the Kharif sowing takes place properly. For this, the government has made adequate arrangements for fertilisers to deal with any emergency. In the past as well, our government did not let any global crisis impact our farmers," he said.

Modi said that as the summer season has begun in India, electricity demand has increased, but all power plants in the country have adequate coal stock available.

"India has created a record by producing more than 1 billion tonnes of coal for the second consecutive year. In the last decade, the country has also taken major steps towards renewable energy," he said. PTI GJS NAB ACB RT

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