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March 25, 2026
Show AI Summary
Scientific research deduction claims depend on programme-specific Form 9 receipts, approval linkage, and statutory compliance requirements.
Form 9 is a statutory receipt for payments made towards an approved scientific research programme and links the payment stage with the approval granted in Form 8 and the sponsor's deduction claim under section 45(3)(c) of the Income-tax Act, 2025. It is issued by the designated executing institution, records sponsor details, payment particulars, programme information, approved cost, tax years and cumulative receipts, and is programme-specific. The receipt supports but does not itself establish entitlement to deduction, which remains subject to statutory compliance and verification.
March 25, 2026
Show AI Summary
Form 9 receipt for approved scientific research payments supports deduction claims and compliance tracking.
Form 9 is the prescribed receipt for payments received towards an approved scientific research programme under section 45(3)(c) read with Rule 30. It is issued to the sponsor by the executing institution, records the payment against the approved programme in FORM 8, and supports the sponsor's deduction claim subject to compliance with the Act and Rules. The form is programme-specific, may be issued for each payment or tranche including advance payments, and captures the sponsor details, payment particulars, approved cost, approved tax years, and cumulative receipts. It is not filed with the tax department but retained as supporting evidence.
March 25, 2026
Show AI Summary
Scientific research programme approval under tax law requires Form 8, with defined scope, cost, compliance and monitoring conditions.
Form 8 is the statutory approval order for a scientific research programme under section 45(3)(c) of the Income-tax Act, 2025 and Rule 30. It is issued after examination of a sponsor's Form 7 application, records the approved scope, duration, cost, tax years and conditions of the programme, and is signed by the designated authority. The approval is programme-specific, cost-specific and time-bound, while post-approval compliance includes separate books, audit, reporting, asset restrictions and final completion reporting.
March 25, 2026
Show AI Summary
Energy Star ratings shape window air conditioner pricing by raising upfront cost while lowering electricity bills and maintenance.
Energy Star ratings for window air conditioners reflect Bureau of Energy Efficiency standards and indicate how much cooling an AC delivers per unit of electricity consumed. Higher-rated units generally cost more upfront because they use advanced components, smarter controls, and more efficient motors and compressors, but they can lower electricity bills, reduce maintenance, and extend service life. Choosing the right star rating depends on usage patterns, room size, budget, and local electricity tariffs, with energy efficiency affecting both purchase price and long-term ownership cost.
March 25, 2026
Show AI Summary
Scientific research programme approval in FORM 8 governs tax deduction eligibility, compliance conditions, and programme-specific approval limits.
Approval in FORM 8 records the prescribed authority's sanction of a scientific research programme under section 45(3)(c) read with Rule 30, following an application in FORM 7. It is a statutory approval order, not a filing by the sponsor, and identifies the programme, approved tax years, approved total cost, and any attached conditions. FORM 8 is programme-specific and cost-specific, and deduction depends on compliance with the Act, the Rules, and post-approval obligations.
March 25, 2026
Show AI Summary
Scientific research approval through Form 7 creates a programme-specific gateway for deduction eligibility and post-approval compliance.
Prior approval for a sponsored scientific research programme is obtained through Form 7, which is the programme-specific application for approval of expenditure on scientific research carried out through a National Laboratory, University, Indian Institute of Technology or specified person. The prescribed authority examines the programme's feasibility and scientific merit, communicates approval or rejection in Form 8, and the approval is cost-specific and only a pre-condition for deduction. Post-approval compliance requires separate accounts, periodic reporting, restricted use of funds and completion reports.
March 25, 2026
Show AI Summary
Prior approval for scientific research deduction requires FORM 7 before commencement, with strict programme-specific compliance conditions.
A sponsor seeking deduction for expenditure on a scientific research programme must furnish FORM 7 as the prescribed application for prior approval before commencement. Separate applications are required for each programme, and the form calls for details of the sponsor, the proposed research programme, its duration and estimated cost, and the executing institution. Approval may be granted only for eligible programmes carried out through specified institutions, while market research, sales promotion, routine quality control, commercial production, and routine data collection are excluded.
March 25, 2026
Show AI Summary
Rupee weakness amid foreign fund outflows, lower crude prices and expectations of RBI dollar support.
The rupee weakened in early trade against the US dollar amid sustained foreign fund outflows and market uncertainty linked to the West Asia crisis. The decline was partly cushioned by lower global crude oil prices, a weaker dollar and a firm opening in domestic equity markets. Market participants also expected RBI intervention through dollar sales, while exporters were hedging and importers buying on dips.
March 25, 2026
Show AI Summary
Audit report compliance for deduction claims under income-tax law requires Form 6, UDIN, and electronic verification.
Form 6 is the prescribed income-tax audit report for an assessee claiming deduction under Section 44 or Section 51 of the Income-tax Act, 2025, and must be certified by an accountant. It is to be filed electronically through the Income-tax e-Filing Portal, verified by Digital Signature Certificate, and furnished one month before the due date for the return of income for the relevant Tax Year. The form requires audit confirmation, supporting records, UDIN generation, and assessee verification for claims under both deduction provisions.
March 25, 2026
Show AI Summary
Audit-certified deduction reporting requires electronic Form 6 filing, accountant certification, UDIN, and digital verification for qualifying expenditure claims.
Form 6 is the prescribed audit report for an eligible assessee claiming deductions under section 44 for preliminary or project-related expenditure or under section 51 for mineral prospecting and development expenditure. It must be certified by an accountant and furnished electronically through the Income-tax e-Filing Portal. The form is filed once in the first tax year in which the deduction is claimed, at least one month before the due date for furnishing the return of income, with UDIN generation and digital verification required.
March 25, 2026
Show AI Summary
Money laundering bail refusal highlights serious economic offences, sufficient PMLA material, and unresolved double mortgage allegations.
Bail was refused in a money laundering prosecution under the Prevention of Money Laundering Act where the court found sufficient material linking the accused to the offence and treated the recorded PMLA statements as forming a formidable case. The court observed that economic offences pose a serious threat to the financial health of the country and that the gravity, seriousness and magnitude of the alleged conduct, along with the accused's major role, weighed against release on bail. Partial repayment did not discharge criminal liability, and the absence of an explanation for the alleged double mortgage remained relevant at the bail stage.
March 24, 2026
Show AI Summary
Money laundering bail disputes hinge on fraudulent credit facilities, double mortgaging, and the gravity of economic offences.
Bail in a money laundering prosecution was opposed on the basis that the accused was linked to allegedly fraudulent borrowing and diversion of bank credit facilities, including mortgage and alleged double sale of secured properties. The prosecution relied on statements under the Prevention of Money Laundering Act and other material to contend that sufficient evidence connected the accused to the offence and that the matter involved a serious economic offence affecting the financial system.
March 24, 2026
Show AI Summary
Scheduled Caste status and religious conversion: membership ends immediately on conversion to a non-specified faith.
A person belonging to a Scheduled Caste loses that status on conversion to a religion other than Hinduism, Sikhism or Buddhism, and the loss is immediate and complete from the moment of conversion. The bar in the Scheduled Castes Order, 1950 is categorical, so a person who professes and practices a non-specified religion cannot claim Scheduled Caste membership for statutory benefits, protections, reservations or other entitlements flowing from that status.
March 24, 2026
Show AI Summary
Green budget drives welfare schemes, electric mobility, disaster readiness and sectoral infrastructure spending across Delhi.
Delhi's FY27 budget sets out a broad fiscal and welfare programme with major allocations for environmental protection, education, health, transport, urban development, social welfare and water supply. It introduces measures such as free diagnostic tests for newborn babies, bicycles for girl students, free LPG cylinders for ration card-holding families on Holi and Diwali, the Mahila Samriddhi Yojna, electric auto-rickshaw permits for women and transgender persons, and expanded Ayushman Bharat Health coverage. It also provides for electric buses, a semiconductor policy, disaster management infrastructure, firefighting upgrades and water and sewage projects.
March 24, 2026
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Preliminary expense disclosure in Form 5 requires electronic filing, detailed reporting, and strict compliance for income-tax deduction claims.
Form 5 is a mandatory electronic statement for an assessee claiming deduction for preliminary expenses under the Income-tax Act, 2025, to be furnished in accordance with Rule 27 and one month prior to the due date for filing the return of income. It requires disclosure of assessee particulars and transaction-level details of qualifying preliminary expenses, including feasibility reports, project reports, market or business surveys, and engineering services, with related PAN, TDS, and payment particulars.
March 24, 2026
Show AI Summary
Preliminary expenses deduction reporting requires electronic Form 5, with item-wise disclosure, verification, and timely portal filing.
Electronic Form 5 is the prescribed statement for reporting preliminary expenses claimed as a deduction under Section 44 of the Income-tax Act, 2025. It applies to eligible expenditure connected with setting up or extension of a business, including feasibility reports, project reports, market or business surveys, and engineering services related to business, and must be filed for each tax year through the income-tax portal using digital signature or electronic verification. The form requires disclosure of assessee particulars, item-wise expense details, service-provider information, payment particulars, and TDS data where applicable.
March 24, 2026
Show AI Summary
Functional cooperatives survey training set to standardise nationwide data collection and measure economic contribution.
Preparatory training was organised for the Rapid Survey of Functional Cooperatives before six months of field work beginning in April 2026. The workshop brought together senior officers and field functionaries who will serve as Master Trainers for subsequent regional training, with the aim of standardising nationwide survey operations. The survey will assess the contribution of functional cooperatives to employment generation and economic activity across rural and urban areas, and will estimate indicators such as Gross Value Added, Gross Value of Output and employment generated by cooperatives.
March 24, 2026
Show AI Summary
Unincorporated sector survey shows stronger employment, higher value added, rising wages and wider internet adoption across establishments.
Annual Survey of Unincorporated Sector Enterprises (ASUSE) 2025 covers unincorporated non-agricultural establishments in manufacturing, trade and other services, and collects data on workers, Gross Value Added, emoluments, fixed assets, loans, ownership, registration status and use of information and communication technology for policymaking and national accounts. The survey reports growth in establishments, employment, Gross Value Added, labour productivity, female-owned proprietary establishments, emolument per hired worker and internet use, and notes a revised sampling design enabling quarterly selection and district-level annual estimates.
March 24, 2026
Show AI Summary
District-led export promotion expands through local committees, action plans, and market access support for MSMEs and farmers.
District-led export promotion under the Districts as Export Hubs initiative is implemented through State Export Promotion Committees and District Export Promotion Committees across all States and Union Territories. District Export Action Plans identify export potential in local products and sectors, while outreach events, public data portals, and district-level committees are used to build awareness, address bottlenecks, and support exporters, manufacturers, MSMEs, farmers, and small-scale industries.
March 24, 2026
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Export policy and trade facilitation framework strengthens competitiveness, digital governance, and market access across India's export ecosystem.
India's export framework is being strengthened through policy support, financial incentives, digital trade facilitation, infrastructure development, and trade agreements to expand competitiveness and global market access. The Foreign Trade Policy 2023, RoDTEP, the Export Promotion Mission, export credit support, and export-linked infrastructure are described as core instruments for improving trade finance, logistics, market readiness, and MSME competitiveness. Digital governance tools and trade agreements are said to support faster compliance, transparency, market access, and investment flows.

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Customs & Trade

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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