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March 31, 2026
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Deemed application of income under FN 108 requires timely online filing by registered non-profit organisations.
Registered non-profit organisations may use FN 108 as the electronic statement for exercising the option to treat a shortfall in application of income as deemed application where income could not be applied because it was not received during the relevant tax year. The form is mandatory for such a claim, must be filed online by the return filing due date, requires a valid PAN, and cannot be edited after submission.
March 31, 2026
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Registration and approval conditions under Form 107 govern validity, disclosure, commercial activity, and cancellation safeguards.
Form No. 107 is the written order passed by the jurisdictional Principal Commissioner or Commissioner on an application in Form No. 105 for regular registration or approval, rejection of the application, cancellation of registration or approval, or a mixed order granting one section code while rejecting another. It records applicant particulars, the unique registration or approval number, the section, date, nature of activity, validity period and relevant tax years, and where applicable the reasons for rejection or cancellation. The form also sets out conditions on application of income, commercial activities, books of account, compliance with law, and true and complete disclosure.
March 31, 2026
Show AI Summary
Registration and approval orders under Form 107 govern grant, rejection, cancellation, and validity periods for eligible applicants.
Form No. 107 is the written order by which the jurisdictional Principal Commissioner or Commissioner grants regular registration or approval, rejects the application, cancels registration or approval, or grants one section code while rejecting the other. It is passed on receipt of Form No. 105, ordinarily within six months from the end of the quarter in which the application is made. The order may issue a 16 digit alphanumeric Unique Registration Number, and the validity of regular registration or approval is generally five tax years, with stated exceptions extending validity in specified cases.
March 31, 2026
Show AI Summary
Provisional registration and approval conditions under Form 106 cover income use, commercial activity limits, and disclosure compliance.
Form No. 106 is the order through which the Commissioner of Income Tax (CPC) grants provisional registration or provisional approval, or rejects an application made in Form No. 104. It captures applicant details, the provisional registration or approval number, the period of validity, and the authority issuing the order. The form prescribes conditions on application of income, commercial activities, maintenance of separate books, compliance with law, and true disclosure, and it may be cancelled if false information is found or electronic filing requirements are not met.
March 31, 2026
Show AI Summary
Preferential allotment of equity shares under a resolution plan supports AI expansion, technology platforms, and working capital needs.
Preferential allotment of equity shares by a listed artificial intelligence and digital transformation company pursuant to a Resolution Plan approved by the National Company Law Tribunal and in compliance with applicable SEBI Regulations, the Companies Act, 2013 and stock exchange requirements. The allotment comprised equity shares issued to strategic investors in the public non-promoter category at a premium, with participation from alternative investment funds, strategic investors and high-net-worth individuals.
March 31, 2026
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Provisional registration and approval under income tax rules require timely orders, a unique registration number, and compliance with filing requirements.
Provisional registration or provisional approval is granted through Form No. 106 after receipt of Form No. 104, with an order to be passed within one month from the end of the month of application. The provisional status remains valid for three tax years or up to six months from commencement of activities, whichever is earlier. The order issues a 16-digit Unique Registration Number and may later be cancelled after hearing if the application contains false or incorrect information or fails electronic filing and verification requirements.
March 31, 2026
Show AI Summary
Form 105 governs regular registration and approval of non-profit organisations, with filing, validity, documents, and re-application rules.
Form No. 105 is the electronic application for regular registration or regular approval of specified non-profit organisations and allied funds under the Income-tax Act, 2025. It covers applicants seeking registration to claim benefits available to registered non-profit organisations, and applicants seeking approval so that donations received may qualify for donor deduction. The form requires details of identity, formation, existing registration, income, office bearers, beneficial ownership, activities, assets, liabilities, and supporting documents. It also provides for filing timelines, validity periods, re-application, withdrawal, and correction of erroneous details before the order is passed.
March 31, 2026
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EMI calculators support smarter personal loan planning by helping borrowers assess repayments, tenure, and borrowing capacity in advance.
Personal loan planning increasingly depends on EMI calculators that allow borrowers to estimate monthly instalments, compare loan scenarios, adjust tenure for affordability, and assess the total cost of borrowing before applying. By entering the loan amount, tenure, and interest rate, applicants can review repayment obligations in advance and align borrowing decisions with monthly income and budget capacity, thereby supporting more disciplined financial planning and reducing the risk of over-borrowing. The personal loan product is presented as a flexible digital lending option with an online application process, minimal documentation, and fast approval features.
March 31, 2026
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Income tax return forms notified for assessment year 2026-27, setting filing eligibility across taxpayer categories and updated returns.
Income Tax Department notified all income tax return forms for assessment year 2026-27, enabling individuals, businesses and other entities to file returns for income earned in financial year 2025-26. The notification covers ITR forms 1 to 7 as well as ITR-U for updated returns, with the return-filing deadline for individuals and other non-audited taxpayers stated as 31 July. ITR-1 (Sahaj) is available to resident individuals with total annual income up to Rs 50 lakh deriving income from salary, one house property, other sources and agricultural income up to Rs 5,000. ITR-4 (Sugam) applies to individuals, Hindu Undivided Families and firms other than limited liability partnerships having total annual income up to Rs 50 lakh and income from business or profession. ITR-2 is for individuals and HUFs without business or professional income but having capital gains, while ITR-3 is for individuals and HUFs with income from proprietary business or profession.
March 31, 2026
Show AI Summary
Regular registration and approval for non-profit organisations through a common online form with event-based filing rules.
Form No. 105 is the common online application for regular registration of a non-profit organisation and for regular approval of a registered non-profit organisation or specified funds so that donor deductions may be available. It is mandatory only for applicants seeking these benefits, requires PAN, must be furnished electronically to the jurisdictional Principal Commissioner or Commissioner, and is filed within the prescribed time limits depending on commencement of activities, expiry of provisional status, expiry of existing registration or approval, inoperative registration, or modification of objects. The form is generally event-based, the regular registration or approval is ordinarily valid for five tax years, and a one-time re-application, withdrawal within seven days, correction before the order, and specified supporting documents are permitted.
March 31, 2026
Show AI Summary
Provisional registration and approval for non-profit organisations under Form 104 are granted through a simplified electronic application process.
Form No. 104 is the common electronic application for provisional registration or provisional approval for eligible non-profit organisations, registered non-profit organisations, regimental funds, and non-public funds established by the armed forces. It requires prescribed identification, incorporation, registration, ownership, return-filing, and supporting document details, and must be filed with the Commissioner of Income Tax (CPC) through the e-filing portal. Provisional registration or approval is granted through a written order with a Unique Registration Number, may be cancelled for false or non-compliant filings, may be surrendered if no exemption benefits were ever claimed, and may be withdrawn within seven days of filing.
March 31, 2026
Show AI Summary
Provisional registration and approval for non-profit organisations depend on online Form No. 104, mandatory PAN, and commenced activities rules.
Form No. 104 is the common electronic application for provisional registration under section 332(3) and provisional approval under section 354(2) for applicants whose activities have not commenced. It is filed online with the Commissioner of Income Tax (CPC), who must pass an order in Form No. 106 within one month from the end of the month of filing, unless the application is non-est. The provisional registration or approval is valid for three tax years or up to six months from commencement of activities, whichever is earlier, and may be cancelled for false information or defective filing. PAN is mandatory, offline filing is not permitted, and the form cannot be edited after submission.
March 31, 2026
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PAN allotment forms simplified into category-specific applications with mandatory contact details, supporting documents and improved verification.
PAN allotment applications are to be made in revised Forms 93, 94, 95 and 96 for four applicant categories: individual citizens of India, Indian entities, individuals who are not citizens of India, and foreign entities. The forms are category-specific, self-explanatory and aligned with the Income-tax Act and rules, with online or physical filing through PAN service providers, document verification, transmission to the Income Tax Department, and PAN generation with dispatch of the physical card where opted.
March 31, 2026
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Permanent Account Number application rules set forms, documents, fees, and correction procedures for Indian and foreign applicants.
Permanent Account Number (PAN) application is governed through prescribed forms for different applicant categories: Form 93 for individuals being citizens of India, Form 94 for non-individual Indian entities, Form 95 for individuals not being citizens of India, and Form 96 for non-individual foreign entities. PAN is a unique taxpayer identifier required for income-tax return filing and specified financial transactions. The application process requires prescribed supporting documents, incomplete or deficient applications are treated as invalid, and correction requests may be made separately after allotment.
March 31, 2026
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Corporate governance through independent director appointment and audit committee leadership to improve oversight, controls and compliance.
Appointment of an independent director and audit committee chair to strengthen corporate governance, financial oversight and compliance mechanisms. The role is stated to include supervision of financial reporting integrity, internal controls, enterprise risk management, regulatory compliance and audit processes, with the appointment intended to deepen board oversight and support disciplined, responsible and sustainable growth.
March 31, 2026
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Manufacturing activity rebounds as energy costs, supply-chain risks, and weak demand cloud China's growth outlook.
China's manufacturing activity returned to expansion in March as the official purchasing managers index rose above 50, ending two months of contraction. Analysts said the outlook remains vulnerable to higher energy costs, possible supply-chain disruption, a prolonged property-sector slump, and weaker global demand, while exports continue to play a key role in supporting growth.
March 30, 2026
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Asset restitution under PMLA advances recovery for PACL investors after attachment of properties in alleged investment fraud.
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March 30, 2026
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Rupee volatility intensifies as geopolitical tensions, dollar strength and RBI net open position caps pressure forex markets.
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March 30, 2026
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Money laundering attachment under PMLA targets immovable assets linked to alleged diversion and siphoning of company funds.
Provisional attachment under the Prevention of Money Laundering Act was issued in respect of land parcels and other immovable assets valued at more than Rs 271 crore. The attached properties included land parcels in Panvel and Shahapur talukas of Maharashtra, in connection with an ongoing money-laundering investigation concerning Rajendra Lodha, a former director of Lodha Developers. The allegations concerned diversion and siphoning of company funds and assets through unauthorised transfer of properties at undervalued prices, fabrication of Memorandums of Understanding, and misappropriation of inflated amounts.
March 30, 2026
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Summons compliance in excise policy probe challenged as the agency disputes acquittal and alleges deliberate non-appearance.
The Enforcement Directorate has challenged the acquittal of Arvind Kejriwal in two summons-compliance cases arising from the excise policy matter, alleging intentional failure to appear despite repeated summonses and deliberate creation of grounds to avoid the probe. The trial court had found that the ED failed to prove intentional disobedience. The broader excise policy and money-laundering proceedings remain pending in connected forums.

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Customs & Trade

Person loses Scheduled Caste status on converting from Hinduism, Sikhism, Buddhism: SC

March 24, 2026

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New Delhi, Mar 24 (PTI) In a significant decision, the Supreme Court on Tuesday held that a Scheduled Caste community person converting to a religion other than Hinduism, Sikhism or Buddhism loses the SC status from the moment of conversion regardless of birth.

A bench of Justices Prashant Kumar Mishra and Manmohan, which upheld an order of the Andhra Pradesh High Court, said that a person belonging to a Scheduled Caste community loses his Scheduled Caste status "immediately and completely" upon conversion to Christianity.

The bench said under Clause (1) of Article 342 of the Constitution, the President of India promulgated the Constitution (Scheduled Tribes) Order of 1950, identifying the tribes and tribal communities recognised as "Scheduled Tribes" for different states and Union Territories (UTs).

It said a person can claim benefits under the Constitution (Scheduled Tribes) Order, 1950 only if he/ she continues to belong to that particular tribe in substance and if, due to conversion or long-term abandonment of tribal customs, his/ her tribal identity is in doubt, that question becomes a factual matter to be determined at trial.

"No person who professes a religion other than Hindu, Sikh or Buddhist shall be deemed to be a member of a Scheduled Caste. This bar under Clause 3 of the Constitution (Scheduled Castes) Order, 1950 is categorical and absolute. Conversion to any religion not specified in Clause 3 results in immediate and complete loss of Scheduled Caste status from the moment of conversion regardless of birth," it said.

The top court said once a person belonging to a Scheduled Tribe converts to another religion, ultimately through the passage of time, the customs, rituals and other traits of that particular tribe may fall into eclipse.

"If so, in such circumstance, it is proved that the person in question has completely renounced himself from the customs, rituals and other traits of his tribe, and has assimilated into the converted religion following the practices and customs of that particular religion, a reasonable inference can be drawn that such a person shall not be considered a part of the tribe," it said.

The top court said when a person ceases to be a member of a Scheduled Caste by virtue of Order of 1950, the loss of such status carries with it the "automatic and immediate termination" of all eligibility for statutory benefits, protections, reservations, preferences and entitlements that are predicated upon or flow from such membership.

The bench noted the legislative history of Clause 3 of the Constitution (Scheduled Castes) Order, 1950 and said that originally it restricted Scheduled Caste status to persons professing the Hindu religion.

It said the order of 1950 was subsequently amended in the year 1956 to include persons professing the Sikh religion and later, in the year 1990, the provision was further extended to include persons professing the Buddhist religion.

"It is important to note that Christianity has not been included under this Order by any of these amendments," the top court said, adding that Christianity, by its very theological foundation, does not recognise or incorporate the institution of caste.

Analysing the Order of 1950, the bench said the claimant of a Scheduled Caste or Scheduled Tribe status must demonstrably belong to a caste or tribe which is specifically notified and recognised under Clause 2 of the Constitution (Scheduled Castes) Order, 1950 and Constitution (Scheduled Tribes) Order, 1950, and such status must be established by clear, cogent and unimpeachable evidence.

It said, "A person cannot simultaneously profess and practice a religion other than the ones specified in Clause 3 of Constitution (Scheduled Castes) Order, 1950 and claim membership of a Scheduled Caste at the same time." Justice Mishra, who penned the verdict on behalf of the bench, said a person who professes and practices such religion for personal, social and spiritual purposes cannot, in law, assert membership of a Scheduled Caste for the purpose of securing statutory benefits.

The bench, however, said in cases where a person claims to have reconverted back to Hindu, Sikh or Buddhist religion, then he has to fulfil three conditions – there must be a clear proof that the person originally belonged to a caste notified under the Order of 1950, there must be credible and unimpeachable evidence of bona fide reconversion to the original religion and there must be credible evidence establishing acceptance and assimilation by the members of the original caste and the concerned community.

"Mere self-proclamation is insufficient i.e., the community must recognise and accept the person as one of their own," it said.

The high court on April 30, 2025, held that once an individual converts to Christianity and actively professes and practices the faith, he cannot be regarded as a member of the Scheduled Caste community.

It had quashed charges filed by a complainant, Chinthada Anand, who had converted to Christianity and become a pastor but invoked the SC/ST Act in a criminal case.

The pastor filed a criminal case in 2021 against one Akkala Rami Reddy and others alleging that they assaulted him while he was performing pastoral duties and conducting Sunday prayers in a village in the state.

Aggrieved by the order, the man, a pastor, moved the apex court challenging the high court decision. PTI MNL MNL KSS KSS

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