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April 2, 2026
Show AI Summary
TDS certificate issuance rules govern Form No. 131, requiring TRACES-based generation, timely delivery, and revised statements for corrections.
Form No. 131 is the prescribed TDS certificate for payments other than salary, issued by the deductor to the deductee as proof of tax deducted and deposited, and to enable TDS credit in the return of income. It is generated only after filing and processing of the quarterly TDS statement on the TRACES portal, must be downloaded and signed before issue, and is invalid if prepared by any other mode. The certificate must be issued within the prescribed time, corrected through revised TDS statements where necessary, and retained for records.
April 2, 2026
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TDS and TCS certificate rules shift to revised TRACES-based forms with defined issuance timelines and certificate structures.
TDS and TCS certificates under section 395(4) of the Income-tax Act, 2025 are to be issued in revised Form Nos. 130, 131, 132 and 133, replacing the earlier certificate forms under the Income-tax Act, 1961. The deductor, collector or employer must request generation and download through the TRACES portal, and the certificate is valid only when generated from that portal and signed digitally or physically by the deductor or collector. The revised forms prescribe separate issuance timelines, certificate structures and linkage to the relevant statements or challan-cum-statements.
April 2, 2026
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TDS certificate Form No. 130 formalises tax credit for salary, pension, and specified senior-citizen interest income.
Form No. 130 is the annual TDS certificate issued to salaried employees, pensioners, and specified senior citizens in relation to salary, pension, or eligible interest income on which tax has been deducted and deposited. It replaces Form 16 and serves as proof of deduction and deposit of tax, enabling the deductee to claim credit for TDS. The certificate is issued by the employer or specified bank through the TRACES system, after processing of quarterly TDS statements, and issuance is mandatory once tax has been deducted and deposited.
April 2, 2026
Show AI Summary
Tax deduction before remittance governs Form 129 applications to determine taxable income and treaty-based withholding for non-resident payments.
Form No. 129 is the electronic application used by a payer remitting sums, other than salary, to a non-resident individual or a foreign company to obtain a certificate determining the amount chargeable to tax before remittance and to authorise deduction of tax on that amount. The form applies before remittance, may be withdrawn before an order is passed, and requires payer and payee particulars, transaction details, supporting documents, and treaty-based or domestic taxability details for assessment by the Assessing Officer.
April 2, 2026
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GST revenue collections and refund adjustments for March 2026 show provisional gross, net and cess figures across domestic and import streams.
Gross and net GST revenue collections for March 2026 are reported on a provisional basis, with separate disclosure of domestic and import collections, refunds, net revenue and compensation cess. The statement presents gross GST revenue by CGST, SGST and IGST, shows domestic refunds and export-linked GST refunds through ICEGATE, and derives net domestic revenue, net customs revenue and total net GST revenue after refund adjustments. It also notes that compensation cess is a transitory arrangement until the loan and interest liability is discharged, and that the figures may vary on finalisation.
April 2, 2026
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Tax deduction at lower or nil rate through Form No. 129 for non-resident payments and remittances.
Form No. 129 is an online application by a payer to obtain a certificate for deduction of tax at a lower or nil rate on payments to a non-resident or foreign company. It is filed before remittance, requires supporting documents and verification through prescribed electronic methods, and may be withdrawn before the Assessing Officer passes an order. If eligibility and compliance requirements are satisfied, the Assessing Officer issues a certificate valid for the specified tax year; otherwise, tax is deducted at the applicable rate.
April 2, 2026
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Income-tax simplification and modernisation as the new Act replaces the old regime with streamlined compliance measures.
The Income-tax Act, 2025 comes into force from 1 April 2026 and replaces the long-standing Income-tax Act, 1961. The reform is presented as a comprehensive simplification and modernisation of India's direct tax framework, aimed at improving clarity, ease of compliance, and reader-friendly presentation without altering the underlying tax policy. The Income-tax Rules, 2026 have been notified to operationalise the new Act, and the corresponding forms have also been issued to make compliance simpler.
April 2, 2026
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Export obligation discharge certificates see accelerated disposal under a special drive to clear backlog and ease exporter compliance.
The Directorate General of Foreign Trade conducted a time-bound special drive for expeditious issuance of Export Obligation Discharge Certificates under the Advance Authorisation and Export Promotion Capital Goods schemes, with daily monitoring by senior officials to accelerate closure of export obligations and improve trade facilitation. The drive was designed to support an exporter-friendly ecosystem by enabling release of bank guarantees and bonds, reducing grievance burden, and strengthening compliance monitoring under the foreign trade framework. In view of the campaign's results, the special drive was extended for a further two months with fresh guidelines. The extension continues the administrative effort to expedite EODC disposal, support timely closure of export obligations, and reduce the operational burden on exporters.
April 2, 2026
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Conditional customs duty concessions for SEZ to DTA clearances impose value addition, cap limits, and anti-double-benefit safeguards.
Conditional customs duty concessions are notified for clearance of goods manufactured in Special Economic Zones to the Domestic Tariff Area, subject to a ceiling of 30 per cent of the highest annual Free on Board export value in the preceding three financial years. Eligible units must satisfy minimum 20 per cent value addition, obtain a Development Commissioner's certificate, and comply with audit requirements, while export benefits such as duty drawback on inputs are barred to prevent double benefits.
April 2, 2026
Show AI Summary
Lower or nil tax deduction certificate process under income tax law through electronic Form 128 filing and approval.
Form No. 128 is the electronic application under the Income-tax Act, 2025 for a certificate authorising lower or nil deduction of tax at source and lower collection of tax under section 395(1) and section 395(3). It may be filed by resident or non-resident applicants seeking reduced TDS or TCS on specified income, and requires applicant details, tax liability particulars, income estimates, supporting financial information, and payer/TAN details where applicable. The form is processed electronically, and any approved certificate can be shared with the payer for application of the authorised rate during its validity.
April 2, 2026
Show AI Summary
Lower or nil tax deduction certificate through TRACES requires advance electronic filing, PAN, and supporting documents.
Form No. 128 is the electronic application for a certificate authorising lower or nil deduction of income-tax and lower collection of income-tax under section 395(1) and section 395(3) of the Income-tax Act, 2025. The form is optional, must be filed through the TRACES portal before the relevant transaction, and cannot be processed once the TDS/TCS transaction is completed. It requires PAN, supporting documents, and electronic submission with e-verification.
April 2, 2026
Show AI Summary
Tax collection at source declaration for non-trading use of goods enables buyers to obtain goods without TCS.
Form No. 127 is the declaration required from a buyer to obtain goods without collection of tax at source where the goods are intended for manufacturing, processing, production, or generation of power and are not meant for trading. The buyer must furnish the declaration to the seller at or before the purchase or payment event, and the seller must verify the declaration, upload monthly details to the e-filing portal by the 7th of the following month, and forward the declaration to the tax authority.
April 2, 2026
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TCS exemption declaration for specified goods requires PAN, timely filing, and seller reporting obligations.
Form No. 127 is a buyer's declaration under section 394(2) of the Income-tax Act, 2025 for obtaining specified goods without collection of tax at source. A resident buyer may furnish the declaration to the seller where the goods are intended for manufacturing, processing, producing articles or things, or generating power, and not for trading. PAN is mandatory, the declaration must be furnished on or before the date of transaction, and once received the seller must report the particulars and include the transactions in the quarterly TCS statement.
April 2, 2026
Show AI Summary
Tax deduction relief for non-resident branch operations through a unified Form No. 126 compliance framework.
Form No. 126 is a unified self-declaration and treaty-benefit request for specified non-residents carrying on business or profession in India through a branch to obtain a certificate for receipt of certain sums without deduction of tax at source. Banking companies and insurers, and other eligible non-resident persons, must satisfy the conditions in Rule 209, including tax compliance, branch-based receipt on own account, and, for non-banking applicants, continuous business in India for five years and prescribed fixed assets. The application is filed electronically, processed by the Assessing Officer, and the certificate remains valid for the relevant tax year unless cancelled earlier.
April 2, 2026
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Rupee recovery follows RBI cap on banks' net open position amid capital outflows and crude-driven pressure.
Rupee recovered in early trade after the Reserve Bank of India capped banks' net open position in the onshore forward delivery market and required compliance by April 10, 2026. The currency remained under pressure from foreign capital outflows, a stronger dollar, rising crude oil prices, geopolitical volatility, widening trade deficit, declining remittances and sustained foreign portfolio investor selling.
April 2, 2026
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Customs duty exemption on critical petrochemical imports aims to stabilise supply chains and ease cost pressures.
Full customs duty exemption has been granted on specified critical petrochemical imports as a temporary and targeted measure to protect supply stability amid disruptions in global supply chains caused by the West Asia crisis. The exemption is intended to ensure continued availability of essential petrochemical inputs for domestic industry, reduce cost pressures on downstream sectors, and provide relief to consumers of final products. The exemption remains valid until June 30 and covers Methanol, Anhydrous ammonia, Toluene, Styrene, Dichloromethane, Vinyl chloride monomer, Poly butadiene, Styrene butadiene and Unsaturated polyester resins.
April 2, 2026
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GST fraud through fake firms and fake invoices exposed alleged illegal input tax credit claims and circular trading.
GST fraud involving fake firms, shell companies, fake invoices and circular trading was detected during a police investigation. The alleged racket used fake Aadhaar and PAN details to unlawfully avail input tax credit and underreported sales in GST returns, causing an estimated loss of around Rs 3 crore to the government exchequer, with the total involvement suspected to be higher. One accused was arrested, while efforts continued to trace other persons involved.
April 1, 2026
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GST revenues rise on stronger imports and domestic sales, marking one of the highest monthly collections this fiscal.
GST revenues rose about 9 per cent in March to over two lakh crore rupees, reaching the third highest monthly collection in the 2025-26 fiscal. The increase was supported by higher receipts from imports as well as domestic sales and purchases, reflecting a recovery in tax mop-ups after earlier tax cuts.
April 1, 2026
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State GST collection growth in Haryana leads the country, driven by stronger compliance, economic activity and taxpayer base expansion.
State GST collection growth in Haryana was reported as the highest among all states in FY26, with post-settlement SGST collection rising to Rs 48,289 crore from Rs 39,743 crore in FY25. The increase of 21.5 per cent exceeded the national average SGST growth of 5.7 per cent. Total GST collection in the State also grew by 8.6 per cent, placing Haryana fifth among states and Union Territories in gross domestic GST collection.
April 1, 2026
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Insolvency resolution framework tightened to speed up admissions, reduce delays, and support rescue of viable businesses.
Parliament has amended the Insolvency and Bankruptcy Code to speed up admission and resolution of insolvency cases, reduce backlog, and preserve enterprise value. The changes introduce stricter timelines, greater reliance on information utilities, stronger liquidation oversight, and an enabling framework for group and cross-border insolvency. The bill also replaces the underused fast-track process with a creditor-initiated framework, exempts MSMEs from disqualification under specified provisions, and requires insolvency applications to be admitted within 14 days once default is established.

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PMLA / Black Money

I-PAC raids: SC quizzes Bengal govt, says ED officers also have fundamental rights

March 24, 2026

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New Delhi, Mar 24 (PTI) The Supreme Court on Tuesday quizzed the West Bengal government over its objection to the maintainability of the Enforcement Directorate's plea on the alleged obstruction by Chief Minister Mamata Banerjee during a raid, asking about the fundamental rights of ED officers.

The top court remarked that some officers of the ED have filed petitions in their individual capacity seeking to know whether they cease to be citizens of India merely because they are officers of the agency.

The West Bengal government has questioned the maintainability of the ED's plea which alleged obstruction by Banerjee and other state authorities during its January 8 search of the office of political consultancy firm Indian Political Action Committee's (I-PAC) in Kolkata. The search was in connection with a money-laundering probe.

A bench of Justices Prashant Kumar Mishra and N V Anjaria was told by senior advocate Kapil Sibal, appearing for Banerjee, that a person who moves the court under Article 32 of the Constitution has to specifically set out which fundamental right of his has been violated.

"Please concentrate on the fundamental rights of the officers of the ED with whom the offence has been committed. If you only concentrate on ED, ED, ED and forget the second petition which is preferred by the individual officers who were the victims of that offence, you may miss the point and you will be in difficulty," Justice Mishra observed.

Sibal argued that the person (Deputy Director Robin Bansal) who filed the writ petition has not claimed a violation of any fundamental right.

"Not only that, assuming he has a fundamental right, then the petition must state which fundamental right has been violated," he said adding that in this particular case the ED is not even a person.

Sibal said any obstruction in the performance of a statutory duty is not a violation of a fundamental right.

"If someone obstructs a police officer, he can't file a petition under Article 32. He also can't file a 226 petition. There will be a prosecution launched for the obstruction of violating his right to discharge his functions," Sibal said.

At this juncture, Justice Mishra remarked, "If the CM barges into an ED investigation and commits an offence, your idea of remedy for the ED is to go to the state government which is headed by the CM and inform them about it and seek remedy?" Responding to the question, Sibal said, "Your lordships are assuming that the chief minister has committed an offence." "If ED is investigating under the Prevention of Money Laundering Act and some other offence has come to the notice of the officers, then the concerned agency, in this case the state government, should be informed as per Section 66 of PMLA," Sibal said.

Justice Mishra then said, "We are not assuming anything. That is the allegation.

"Do not mistake us. Every allegation is based on some facts, if there are no facts, there is no need to be investigated. That is what they are praying for, for CBI to investigate." Questioning the maintainability of the ED's plea over alleged obstruction by Chief Minister Banerjee during a raid, Sibal said a deputy director mentioned in the cause title was not present while the raids were being conducted.

Senior advocate Kalyan Banerjee, also appearing for the chief minister, argued that the state has to give consent for a CBI investigation and the constitutional court has the power in other cases.

The hearing remained inconclusive and will continue on April 14.

On January 15, the top court said the West Bengal chief minister's alleged obstruction in the ED's probe is "very serious" and agreed to examine if a state's law-enforcing agencies can interfere with any central agency's investigation into any serious offence as it stayed FIRs against the ED officials who raided I-PAC.

The ED has alleged interference and obstruction by the state government, including by Banerjee, in its probe and search operation at the I-PAC office and the premises of its director, Pratik Jain, in connection with an alleged coal-pilferage scam.

The top court, while staying the FIRs filed in West Bengal against the ED officials, had also directed the state police to protect the CCTV footage of the raids.

It had issued notices to Banerjee, the West Bengal government, former state DGP Rajeev Kumar and top cops on the ED's petitions seeking a CBI probe against them for allegedly obstructing its raids. PTI PKS PKS KSS KSS

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Acts Income Tax