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March 30, 2026
Guidance Note – Form 88
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Assessee information requests under the Income-tax Act now require online Form 88 filing by authorised public authorities only.
Form 88 is the prescribed application for obtaining information about an assessee under Section 258(2)(a) of the Income-tax Act, 2025. It is available only to authorised public authorities, including regulatory and law-enforcement agencies, government departments authorised under Rule 155, and other competent authorities empowered by the Central Government. A separate application is required for each assessee and each tax year; consolidated requests are not allowed. The form must be filed online through the e-Filing portal with electronic verification and supporting documents uploaded electronically.
March 30, 2026
WTO meet concludes; no consensus on extension of e-commerce duty moratorium
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E-commerce duty moratorium ends unresolved as WTO members defer tariff and TRIPS safeguards talks.
The World Trade Organization meeting ended without consensus on extending the moratorium on customs duties on electronic transmissions, leaving the issue of tariffs on digital downloads and streaming unresolved. The lapse of the moratorium also coincided with the expiry of the TRIPS non-violation complaint safeguard, increasing the possibility of challenges to WTO-compliant measures and reducing policy space for developing countries. Related WTO reform and e-commerce work programme discussions were also deferred for continued negotiation in Geneva.
March 30, 2026
Insolvency law main factor in improving health of country's banking sector: FM in Lok Sabha
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Insolvency and bankruptcy reform drives banking health, with proposed changes aimed at faster admission of resolution applications.
The Insolvency and Bankruptcy Code is described as a central mechanism for improving banking sector health through recovery of non-performing assets under the insolvency resolution process. The proposed amendment Bill seeks further changes to the framework, including measures to reduce the time taken for admission of insolvency resolution applications, while the resolution process is said to have coincided with better company performance and improved corporate governance.
March 30, 2026
Form 088 – Frequently Asked Questions
Show AI Summary
Taxpayer information requests under Form 088 require authorised filing, specific grounds, separate tax year submissions, and electronic portal authentication.
Form 088 is the online application used by authorised public authorities, regulatory bodies, law-enforcement agencies, and other competent authorities to seek specific taxpayer information under Section 258(2)(a) of the Income-tax Act, 2025. It must be filed separately for each taxpayer and each tax year through the e-Filing portal, with narrowly framed particulars, stated reasons, and supporting authorisation where necessary. Incomplete, overbroad, or unauthorised requests may be returned or rejected, and communications are issued electronically with portal-based status tracking.
March 30, 2026
Guidance Note – Form 81
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Tonnage Tax Scheme audit report filing requires accountant certification, supporting annexures, and electronic submission within the specified date.
Form No. 81 is prescribed for furnishing the audit report under section 232(21) for a company that has opted for taxation under the Tonnage Tax Scheme. The report, prepared and certified by an accountant, verifies books of account, computation of shipping income, compliance with charter-in limits, and other statutory conditions. It is to be furnished on or before the specified date and may include annexures such as charter arrangement certificates, related party notes, asset notes, and loss statements.
March 30, 2026
Form 81 – Frequently Asked Questions
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Tonnage Tax Scheme reporting requires accountant certification, separate books, and detailed disclosure of shipping income and compliance.
Form 81 is an accountant's report for a company opting for the Tonnage Tax Scheme, certifying the correctness of books of account and income computation for qualifying ships. It requires separate books, disclosure of charter-in compliance, shipping income, statutory reserve details, ship-wise tonnage income, related party transactions, depreciation, non-exclusive assets, and losses, with mandatory annexures where applicable and reasons for any negative or qualified answers.
March 30, 2026
Guidance Note – Form 80
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Tonnage Tax Scheme option filing requires Form 80, supporting vessel documents, and electronic verification of eligibility.
Form No. 80 is the prescribed electronic application for an Indian company engaged in operating ships or inland vessels to exercise or renew the option to be governed by the Tonnage Tax Scheme. It requires particulars of the applicant, ships or inland vessels, supporting certificates and approvals, and is used to verify whether the statutory conditions for coverage under Chapter XII-G are satisfied.
March 30, 2026
Form 80 – Frequently Asked Questions
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Tonnage tax scheme application rules govern Form 80 filing, renewal, verification, completeness, and false statement liability.
Form 80 is the mandatory application for an eligible Indian company engaged in the operation of ships or inland vessels to exercise or renew the option under the tonnage tax scheme. The form must be filed within the prescribed time, includes Part A for all cases and Part B only for renewal, and requires detailed ship-wise particulars with supporting annexures. It is filed with the jurisdictional Joint Commissioner and must be signed by the authorised signatory. Incomplete applications may be treated as invalid, and false statements in the form or annexures attract prosecution.
March 30, 2026
Guidance Note – Form 79
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Pass-through taxation reporting for investment funds through Form 79, with unit holder income disclosure and auto-generated statements.
Form 79 is the consolidated annual statement for Investment Funds to report income paid or credited to unit holders under the pass-through taxation framework. Eligible Category I or Category II AIFs, and comparable IFSCA-regulated funds subject to the stated conditions, must file it annually by 15 June with detailed fund-level income, loss, set-off, and unit holder-wise distribution particulars. The form requires verification by both an authorised person and a qualified accountant, and its filing triggers auto-generation of Form 78 statements for unit holders.
March 30, 2026
Form 79 – Frequently Asked Questions
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Investment fund income distribution reporting requires Form 79 filing online with supporting records and prescribed timelines.
Form 79 is the statement of income paid or credited by an investment fund to persons liable to tax on such income, and it must be filed by the person responsible for making the payment or credit on behalf of the fund. The statement is to be submitted online through the Income Tax e-filing portal by 15 June of the financial year following the tax year, with supporting records including audited financial statements, unit holder details, income distribution data, loss set-off computations, and the relevant registration certificate.
March 30, 2026
Guidance note - Form 78
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Pass-through taxation reporting through Form 78 requires unit holder income statements, capital gain codes, and timely furnishing
Form 78 is the individual unit holder statement for income distributed by an Investment Fund under section 224 and Rule 145, furnished by the person responsible for payment or credit on behalf of the Fund to each unit holder by 30 June of the following financial year. It is system-generated from the consolidated parent Form 79 and includes unit holder details, fund particulars, income or loss classification with capital gain codes, and deemed loss details under section 224(3). No separate documents are required, and the form supports transparent pass-through income reporting by unit holders.
March 30, 2026
Form 78 – Frequently Asked Questions
Show AI Summary
Pass-through income reporting through Form 78 supports compliance, income classification, capital gains coding, and loss carry-forward.
Form 78 is the statement of income paid or credited by an investment fund to each unitholder under section 224 of the Income-tax Act, 2025. It is a child form generated from the parent Form 79 through the e-filing portal and is not filed separately or offline. The form must be furnished by 30 June of the financial year following the tax year, and it helps unit holders report pass-through income, classify income under the correct heads, apply capital gains tax rate codes, and use deemed loss details for carry-forward purposes.
March 30, 2026
Guidance note - Form 77
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Business trust income distribution statements require auto-generated Form 77 for unit holders with income breakup and timely furnishing.
Form 77 is the individual unit holder statement furnished by a Business Trust to each unit holder for reporting income distributed during the tax year. It is generated automatically from Form 76 through the e-filing system, requires no separate attachments, and is furnished to each unit holder by 30 June following the tax year. The form captures unit holder details, business trust details, and income distribution particulars, including interest, letting, leasing or renting income, dividend income, and other income, and is verified by the responsible person for the trust.
March 30, 2026
Form 77 – Frequently Asked Questions
Show AI Summary
Pass-through income reporting under business trust rules through Form 77 and classified disclosure for unitholders.
Form 77 is the prescribed statement for furnishing income distributed or credited by a business trust to each unitholder under section 223. It is generated from the parent Form 76 through the prescribed e-filing portal, is not filed separately or offline, and must be furnished by 30 June of the following financial year. The form supports compliance by classifying pass-through income and assisting unitholders in reporting income under the appropriate heads.
March 30, 2026
Guidance note - Form 76
Show AI Summary
Business trust income reporting through Form 76, capturing distributions to unit holders under the pass-through taxation framework.
Form 76 is the annual income-tax statement required from a Business Trust registered with SEBI as a REIT or InvIT for reporting income distributed to unit holders under section 223 of the Income Tax Act, 2025 and rule 145 of the Income Tax Rules, 2026. The form captures the trust's basic details, trustee particulars, SEBI registration data, listing status, income classification, unit holder-wise distribution, and capital redemption details, and is to be filed electronically by 15 June of the financial year following the relevant tax year.
March 30, 2026
Rupee rebounds 128 paise from all-time low to 93.57 against US dollar in early trade
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RBI net open position cap for banks lifts rupee in early trade as dollar exposure is reduced
RBI lowered the net open position that banks may keep overnight to USD 100 million, requiring compliance by 10 April 2026. The circular was aimed at limiting banks' currency exposure in onshore foreign exchange markets and prompted position adjustment by banks holding long dollar positions. The measure had an immediate market effect, with the rupee recovering in early trade after recent weakness.
March 30, 2026
Form 76 – Frequently Asked Questions
Show AI Summary
Pass-through taxation for business trusts through Form 76 filing, income distribution reporting, and online compliance requirements.
Form 76 is the prescribed online statement for income paid or credited by a Business Trust to its unitholders. It must be filed by the person responsible for distributing income on behalf of the trust by 15 June of the following financial year, and the filer must possess the relevant registration certificate, audited accounts, and certified income distribution records. The form supports pass-through taxation for Business Trusts and the exemption structure for specified income streams.
March 30, 2026
Guidance note - Form 75
Show AI Summary
Pass-through income reporting through Form 75 enables investor-wise disclosure by venture capital funds and companies.
New Form 75 is a child form generated from Form 74 for furnishing an investor-wise statement of income paid, credited or deemed to be credited by a Venture Capital Company or Venture Capital Fund to investors. Linked to section 222 of the Income-tax Act, 2025 and rule 145 of the Income-tax Rules, 2026, it provides head-wise details of pass-through income for reporting in the return of income. The form is prepared annually for each investor, verified by the authorised person of the VCC or VCF, and distributed through the e-filing process.
March 30, 2026
Union Minister of Commerce and Industry Shri Piyush Goyal holds bilateral meeting with EU Trade Commissioner Mr Maros Sefcovic on the sidelines of WTO MC-14 in Yaounde, Cameroon
Show AI Summary
Member-driven WTO reforms discussed as India and the European Union review trade cooperation and advance free trade agreement processes.
India and the European Union reviewed trade and economic cooperation on the sidelines of the WTO Ministerial Conference, with discussion on WTO reform, the moratorium on customs duties on electronic transmissions, and the Investment Facilitation for Development Agreement. The parties agreed that WTO reforms should remain member-driven and considered steps to complete the necessary processes for the early signing of the recently concluded India-EU Free Trade Agreement.
March 30, 2026
Union Minister of Commerce and Industry Shri Piyush Goyal holds bilateral meeting with Canada’s Minister of International Trade Mr Maninder Sidhu on sidelines of WTO MC-14 in Yaounde, Cameroon
Show AI Summary
India-Canada CEPA talks advance alongside wider sectoral cooperation and WTO reform discussions at MC14.
India and Canada discussed expediting CEPA negotiations and broadening sectoral cooperation in shipbuilding, pharmaceuticals, tourism, education, nuclear energy, agriculture and critical minerals. The Ministers also exchanged views on WTO reforms, the customs duties moratorium on electronic transmissions, the Investment Facilitation for Development Agreement, dispute settlement and the MPIA, while India stressed consensus-based WTO decision-making and priority for unfinished agricultural mandates.

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The Banker Media Announces Asia’s Leading Annual Summit for Urban Cooperative Banks in Lucknow

March 24, 2026

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New Delhi [India], March 24: The Bharat Cooperative Banking Summit & Awards 2026, organised by The Banker Media, a flagship annual urban cooperative banks summit will be held from 5th to 7th June 2026 at Hotel Ramada, Lucknow. RUGR SIL Pvt. Ltd. joins BharatCoop 2026 as the Presenting Partner, reinforcing its leadership in regulatory technology, risk management solutions, and AI-driven compliance systems tailored to the unique needs of cooperative banks. The three-day event will convene CXOs, senior leaders, policymakers, technology experts, and innovators from cooperative banks across India to deepen strategic dialogue on the future of cooperative banking. Now recognised as a premier platform in the Indian financial ecosystem, BharatCoop 2026 embraces the theme “Empowering Cooperative Banks for an AI-Driven Future.” The Cooperative Banking Summit 2026 will explore how cooperative banks can leverage artificial intelligence, digital innovation, cybersecurity, and leadership strategies to enhance operational resilience, regulatory compliance, and customer-centric growth. Vivek Gupta, Chief Executive Officer, National Federation of Urban Cooperative Banks & Credit Societies Ltd. (NAFCUB) said, “The Bharat Cooperative Banking Summit 2026 is a platform for the sector to collaborate, innovate, and align with the evolving regulatory and digital landscape shaping the future of urban cooperative banking in India. It brings together leaders, regulators and technovators (technology innovators) offering a pivotal platform for knowledge exchange, and collective progress under one roof." Organised as one of the country’s most focused platforms dedicated exclusively to cooperative banks, the summit will convene chairpersons, CEOs, board members, regulators, fintech partners, and technology solution providers for three days of dialogue, strategy, and collaboration. This cooperative bank summit will spotlight the transformation of cooperative banking in an era increasingly shaped by artificial intelligence, digital infrastructure, cybersecurity resilience, and evolving regulatory expectations. The event will feature keynote addresses from sector leaders, high-level panel discussions, closed-door CXO roundtables, and solution showcases designed to bridge the gap between traditional banking models and future-ready digital operations. This Banking Summit and Awards 2026 will also recognise excellence within the cooperative movement through its awards segment, celebrating institutions and leaders who have demonstrated measurable impact in governance, innovation, financial inclusion, and digital transformation. With participation expected from cooperative banks across multiple states, the June summit aims to strengthen inter-state collaboration while aligning the sector with national priorities around financial inclusion, secure digital payments, and responsible AI adoption. Set against the cultural and administrative prominence of Lucknow, this cooperative banking summit event is positioned to play a pivotal role in shaping the next phase of cooperative banking reform and innovation in India. This cooperative banking summit and awards 2026 will also honour outstanding contributions to the cooperative movement through the Bharat Ratna Sahakarita Samman Awards 2026, recognising excellence in leadership, innovation, and service within the sector. Professionals, sponsors, exhibitors, and thought leaders interested in participating can visit the official event website for registration details, sponsorship packages, and speaking opportunities. About Bharat Cooperative Banking Summit & Awards (BharatCoop) Established as a transformative annual forum, the BharatCoop Summit brings together decision-makers and innovators to accelerate digital and strategic initiatives within India’s cooperative banking sector. Over the years, the event has emerged as a leading platform for industry collaboration, policy discourse, and tech-driven solutions tailored to cooperative banking challenges. About The Banker Media The Banker Media is a premier media platform dedicated to covering the banking, fintech, and financial services ecosystem in India. It delivers timely news, in-depth articles, expert interviews, and analysis on trends shaping the world of finance, technology adoption in banking, digital transformation, regulation, and market performance. The platform brings together leaders, innovators, decision-makers, and practitioners through insightful content, impactful storytelling, and strategic networking opportunities aimed at empowering professionals across the BFSI sector. For more information, you can visit: https://bharatcoop.com (Disclaimer: The above press release comes to you under an arrangement with PNN and PTI takes no editorial responsibility for the same.). PTI PWR

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