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March 16, 2026
Show AI Summary
Tax Liability Breakup confirmation required in GSTR 3B: confirm or edit auto populated breakup to proceed with filing.
From February 2026 the portal auto populates the Tax Liability Breakup in GSTR 3B for supplies dated to previous tax periods when tax is paid in the current period; taxpayers must open the payment page tab, confirm or edit and save that breakup after offsetting liability, and only then proceed with filing using EVC or DSC, with the current confirmation requirement being applied in all cases pending portal resolution.
March 16, 2026
Show AI Summary
Wholesale price inflation set to rise as crude oil surge pushes wholesale costs higher, affecting manufacturing and non-food goods.
Wholesale price inflation rose to 2.13% in February 2026, led by higher prices in food and non-food articles and an uptick in manufactured goods; fuel and power deflation narrowed as global oil prices increased. Analysts warn that persistent crude oil price rises from geopolitical conflict will transmit more to WPI than retail CPI, likely pushing wholesale inflation higher in subsequent months. The report identifies basic metals, textiles and other manufacturing segments as contributors and stresses supply-chain, logistics and domestic manufacturing measures to contain cost-push pressures.
March 16, 2026
Show AI Summary
Tariff architecture uncertainty delays signing of interim trade agreement until US restores a stable global tariff framework.
The interim India-US trade framework remains unsigned pending establishment of a new US global tariff architecture; the previously agreed preferential tariff of 18 per cent for India is contingent on how the US restructures tariffs after a Supreme Court decision altered the prior emergency tariff regime. Negotiators have postponed final legalisation to ensure India's comparative advantage is preserved and to resolve outstanding non tariff and national security tariff issues before signing.
March 16, 2026
Show AI Summary
Base year revision of industrial production index to update methodology and weights, release planned soon.
Revision of the Index of Industrial Production base year involves updating the item basket, item weights, data sources, and factory list, and proposes adoption of a chain-linked approach to better capture emerging sectors and changes in industrial composition. A Technical Advisory Committee (TAC-IIP) will advise on methodological improvements, and the Ministry plans to release the revised IIP series under the new methodology in the near term.
March 16, 2026
Show AI Summary
Cooperative sector survey to estimate GVA and employment, collecting financial and labour data across cooperatives.
The National Statistics Office will use the National Cooperative Database to survey primary cooperatives, their federations and multistate societies across major sectors to estimate GVA/GVO and employment, collecting financial, tax, subsidy, distributive expense, depreciation and labour cost data for FY 2020 21 and FY 2023 24, while banking cooperatives will supply only employment data.
March 16, 2026
Show AI Summary
Project monitoring threshold revised; mandated projects are monitored via integrated portals with automated API data flows.
The Ministry released updated CPI and GDP series and will release a revised IIP series; NIC-2025 aligns with ISIC Revision 5. Under the Allocation of Business Rules, 1961, the Ministry monitors projects above the prescribed cost threshold using the PAIMANA portal, integrated with IPMP; line ministries and implementing agencies must update IPMP, and data are fetched into PAIMANA via APIs for online monitoring.
March 16, 2026
Show AI Summary
Base year revision of GDP and statistical modernisation enables nowcasting and real-time economic monitoring for policy guidance.
Revision of the GDP base year to 2022-23 integrates new data sources, NIC-2025 classification, and methodological improvements to improve national accounts measurement; the IIP series and price indices have been modernized (CAPI for CPI and secure online WPI transmission) and a nowcasting framework using high-frequency indicators and data dashboards provides near real-time assessments of economic activity for policy support.
March 16, 2026
Show AI Summary
Statistical data accountability strengthened through digital collection platforms and harmonised standards for reliable public dissemination.
MoSPI strengthened statistical data accountability by deploying digital collection tools-CAPI integrated with e SIGMA, AI enabled chatbots and multilingual interfaces-with in built validation for real time submission and automated checks. Measures include physical scrutiny by senior officers, regular training, state/UT capacity building under the Support for Statistical Strengthening sub scheme, and improved dissemination via an Advance Release Calendar, revamped portals and API exchange. Alignment with international and national standards is reflected in adoption of the United Nations Fundamental Principles of Official Statistics, the Statistical Quality Assessment Framework, harmonised classifications, and circulation of a National MetaData Structure to enhance clarity and discoverability.
March 16, 2026
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Digital data dissemination: GoIStats app provides selected socio economic indicators on the go with standalone platform policy and feedback.
The GoIStats mobile application serves as a digital data dissemination channel providing selected socio economic indicators and visualisations from nine statistical products and 178 infographics, with ongoing dataset onboarding, active user engagement metrics and an inbuilt feedback mechanism; there is no proposal to integrate the app with other national data platforms at this stage.
March 16, 2026
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RBI intervention follows sharp rupee depreciation amid oil-driven trade pressures and foreign fund outflows to stabilise markets.
The rupee weakened to a record low against the US dollar amid high crude prices, sustained foreign portfolio outflows and a widening merchandise trade deficit; the Reserve Bank of India intervened in FX markets to stabilise the currency and limit excessive volatility, while market participants noted domestic equity recovery and imminent international monetary policy decisions as key near term influences on USD INR dynamics.
March 16, 2026
Show AI Summary
Brand marketing strategy: Bleevo marks first anniversary, emphasizing pan-India expansion, creative talent, and integrated branding services.
Bleevo marks its first anniversary as a women-led Out-of-Home and integrated marketing agency from Chennai, focused on pan-India expansion and offering full-service branding, outdoor advertising, public relations, performance marketing, and brand experiences. The agency emphasizes a people-first approach, a young predominantly female team, and guiding clients through discovery to translate brand essence into design, strategy, and storytelling while building nationwide recall.
March 16, 2026
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Money laundering probe leads to arrest of food company promoter over alleged dairy product adulteration and forged export test reports.
Enforcement alleges the company manufactured and distributed adulterated dairy products by substituting milk fat with palm oil and other chemicals, supplied domestically and exported. Investigators allege multiple forged laboratory test reports were submitted to obtain export clearances while laboratories deny issuing them. The probe, which follows a local police complaint, targets proceeds from these activities as money laundering and has resulted in custodial remand of the company's principal for further PMLA investigative measures.
March 16, 2026
Show AI Summary
LPG supply prioritisation and PNG conversion policy secures fuel availability while imposing sectoral allocation controls.
Gujarat expanded LPG distribution and prioritised PNG connections, directing district collectors to coordinate with city gas distribution companies to encourage LPG-to-PNG conversion and facilitate new PNG connections for domestic and commercial users, while maintaining rising buffer stocks and sectoral LPG allocation rules where PNG is unavailable.
March 16, 2026
Show AI Summary
Digital inclusive finance recognition: WeBank's AI driven model advances accessibility and SME credit access across regions.
WeBank won four awards recognising its digital inclusive finance model and customer accessibility initiatives, retaining regional digital bank titles and adding awards for SME banking and a sign language service. The bank's AI native strategy strengthens infrastructure, toolchains, applications, governance and organisational design to integrate AI across business scenarios, deploying numerous AI applications and agents to enhance efficiency, risk management and customer experience. Its digital lending product Weiyedai and the Weilidai sign language service expand timely credit access for micro and small enterprises and provide accessible service for customers with hearing impairments.
March 16, 2026
Show AI Summary
Trade deficit widens as merchandise exports dip and imports surge, signalling supply-chain and geopolitical risks to trade.
Merchandise exports fell marginally in February while imports rose sharply, producing a monthly trade deficit; year to date exports rose modestly but imports grew faster. The Commerce Secretary warns of expected export softness in March due to logistical disruptions from the West Asia crisis, with trade-route interruptions, notably in the Strait of Hormuz, cited as the principal constraint on outbound shipments.
March 16, 2026
Show AI Summary
Wholesale price inflation rises driven by food and non-food articles, while retail inflation also edges upward.
Wholesale price inflation rose to 2.13% in February led by increases in food articles and manufactured products, with non-food articles spiking; fuel and power continued to record negative inflation. Retail inflation also rose to 3.2% in February, and the central bank has lowered policy rates in the current fiscal year while focusing on retail inflation for benchmark rate decisions.
March 16, 2026
Show AI Summary
Foreign exchange stability: rupee weakened as capital outflows and reserves decline increased market pressure.
Foreign exchange stability: the rupee weakened against the US dollar as foreign portfolio outflows, higher global crude prices and volatile equity markets drove the currency to near intra day lows; exchange data showed significant FII net selling and a notable weekly decline in forex reserves reported by the central bank, highlighting interacting external and domestic drivers relevant to reserve management and market stability.
March 16, 2026
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Pre-deposit linkage: link DRC-03 payments via DRC-03A on portal to avoid duplicate pre-deposit when filing appeal.
Payments made through Form GST DRC-03 are not automatically recognised against a Demand ID for pre-deposit calculation. Taxpayers must file Form GST DRC-03A on the GST portal to map the DRC-03 payment to the relevant Demand ID so that the Electronic Liability Register reflects the adjustment and the automated pre-deposit check will not require duplicate payment when filing an appeal.
March 16, 2026
Show AI Summary
Regulatory harmonization for medical devices drives export policy to expand global market access and manufacturing competitiveness.
Strengthening India's medical devices export ecosystem focuses on regulatory harmonization, streamlining approval processes, and coordination between industry and regulators to reduce compliance bottlenecks and facilitate exports, supported by trade policy measures to improve market access. Complementary measures include development of manufacturing clusters, expansion of testing and certification capacity, and incentives for research and development and innovation to build global brand recognition and scale high value manufacturing.
March 16, 2026
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Responsible Business Conduct: integrating ESG into corporate reporting, labour protections and insolvency frameworks for better market alignment.
The consultation advanced embedding Responsible Business Conduct and the social dimension of ESG across corporate, labour and financial frameworks by mapping national initiatives to the National Guidelines on Responsible Business Conduct, aligning SEBI's Business Responsibility and Sustainability Reporting with labour and social data, designing tiered compliance mechanisms for smaller enterprises, and exploring integration of employee wage protection and ESG considerations into insolvency and restructuring under the Insolvency And Bankruptcy Code.

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Form No. 17 – Frequently Asked Questions (FAQ)

March 25, 2026

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Form No. 17 – Frequently Asked Questions (FAQ)

(Form of application under section 45(3)(b) and section 45(4)(b) of the Income-tax Act, 2025)

Name of form as per I.T. Rules, 1962

Form No. 3CF

Name of form as per I.T. Rules, 2026

Form No 17

Corresponding section of I.T. Act, 1961

35

Corresponding section of I.T. Act, 2025

45

Corresponding Rule of I.T. Rules, 1962

5C,5F

Corresponding Rule of I.T. Rules, 2026

32,35

1. What is Form No. 17?

Ans: Form No. 17 is an application form prescribed for seeking approval under:

  • Section 45(3)(b) of the Income-tax Act, 2025 (in case of a company), and
  • Section 45(4)(b) of the Income-tax Act, 2025 (in case of a research association/ university/ college/ other institution).

2. Who should file Form No. 17?

Ans: Form No. 17 should be filed by any of the following applicants seeking approval under the Income-tax Act, 2025:

  • a Company (for approval under section 45(3)(b)), or
  • a Research association/ University/ College/ Other institution (for approval under section 45(4)(b)).

3. Is Form No. 17 mandatory?

Ans: Form No. 17 is mandatory only if the applicant wants to obtain approval under section 45(3)(b) or section 45(4)(b) of the Income-tax Act, 2025.

4. When can Form No. 17 be filed?

Ans: Form No. 17 can be filed at any time during the financial year preceding the tax year from which the approval is sought. However, application for tax year 2026-27 can be made during that tax year.

5. Where should Form No. 17 be filed?

Ans: The application in Form No. 17 shall be made to the Income Tax authority in the manner prescribed under the Rules.

6. What is the mode of filing Form No. 17?

Ans: Form No. 17 must be furnished electronically.

7. Should Form No. 17 be filed using DSC or EVC?

Ans: Form No. 17 shall be furnished electronically:

  • under Digital Signature (DSC), if the return of income is required to be furnished under digital signature; or
  • through Electronic Verification Code (EVC) in other cases.

8. Who should verify Form No. 17?

Ans: Form No. 17 must be verified by the person who is authorised to verify the return of income under section 265 of the Income-tax Act, 2025 (as applicable to the applicant).

9. What information is required in Form No. 17?

Ans: Form No. 17 requires the applicant to provide details broadly under the following parts:

(A) Part A – Incorporation / Constitution details

Includes details such as:

  • applicant type (company/ research association/ university/ college/ other institution)
  • name, address, PAN, status, residential status
  • email ID and contact number
  • relevant section code
  • incorporation/registration details
  • registrations under DARPAN/ FCRA/ Income-tax Act, 2025 (if applicable)
  • past rejection details (if any)

(B) Part B – Key persons and operational details

Includes:

  • details of founders, trustees, directors, shareholders holding 5% or more, etc.
  • beneficial owners (where applicable)
  • research facilities managed/ owned/ controlled
  • research projects undertaken in last three Tax Years
  • return filing details for last three Tax Years
  • income and expenditure details for last three Tax Years

10. What is the “Code relevant to Section” in Form No. 17?

Ans: In Form No. 17, the applicant must select the appropriate code depending on the nature of the organisation and the applicable clause. The codes include:

  • Research association [section 45(3)(a)(i)]
  • University/College/Other institution [section 45(3)(a)(i)]
  • Research association [section 45(3)(a)(ii)]
  • University/College/Other institution [section 45(3)(a)(ii)]
  • Company [section 45(3)(b)]

11. What registrations must be disclosed in Form No. 17?

Ans: The applicant must disclose registrations (where applicable), including:

  • registration under section 332 of the Income-tax Act, 2025 (if registered)
  • approval under Schedule VII of the Income-tax Act, 2025 (if approved)
  • approval/recognition by DSIR (if applicable)
  • registration/approval under section 45 of the Income-tax Act, 2025 (if already registered)
  • registration under FCRA Act (if registered)
  • registration on DARPAN portal (mandatory where applicant receives or intends to receive any grant/assistance from Government)

12. Is DARPAN registration mandatory to be filled in Form No. 17?

Ans: DARPAN registration number must be mandatorily provided if the applicant receives or intends to receive any grant or assistance from the Central Government or State Government.

13. What should be done if the applicant’s past application under section 45 was rejected?

Ans: If any past application for approval under section 45(3)(b) or 45(4)(b) (or corresponding provisions) was rejected, the applicant should provide copy of the rejection order.

14. What details of key persons are required in Form No. 17?

Ans: Form No. 17 requires details of all key persons such as:

  • Author(s)/ Founder(s)/ Settlor(s)/ Trustee(s)
  • Members of society/ governing council
  • Director(s)
  • shareholders holding 5% or more shareholding
  • office bearer(s)

The details include name, relation, PAN, address, mobile number and email ID.

15. What if a key person is not an individual?

Ans: If any person listed as a key person is not an individual, the applicant must provide details of natural persons who are beneficial owners (5% or more) of such person as on the date of application.

16. What operational details are required to be provided?

Ans: The applicant must provide details of laboratory/ research facility/ university/ college/ other institution managed/ controlled/ administered/ owned by the applicant, including:

  • name and PAN
  • whether notified/order passed under section 45 (Yes/No)
  • year of establishment
  • nature of activity
  • address
  • whether owned by applicant
  • person-in-charge details

17. What research project details must be furnished?

Ans: The applicant must provide details of research projects undertaken during the last three Tax Years, including:

  • project name
  • duration (from and to dates)
  • current status (ongoing/completed)
  • date of initiation
  • project cost/ estimated project cost
  • amount paid to other R&D institution (if any)

18. What income and expenditure details are required?

Ans: Form No. 17 requires details such as:

  • nature of business income (if any) and whether incidental to objectives
  • whether separate books maintained
  • return of income filed for last three Tax Years
  • donations and grants received for last three Tax Years
  • expenditure on research and non-research for last three Tax Years
  • annual research expenditure details for last three Tax Years

19. Is the Annexure in Form No. 17 mandatory?

Ans: The Annexure is to be filled only if the association claims exemption as per Schedule III (Table Sl. No. 23).

20. What enclosures/documents are required to be attached with Form No. 17?

Ans: The following documents/details may be required as enclosures (as applicable):

  • self-certified copy of instrument of creation (if constituted under an instrument)
  • self-certified copy of creation/establishment document (if not constituted under an instrument)
  • self-certified copy of registration documents (RoC/ firms & societies/ trusts etc.)
  • self-certified copy of FCRA registration (if applicable)
  • self-certified copy of existing notification/ order granting approval under section 45 (if any)
  • comprehensive note on research activities (or NIL declaration if none)
  • audited annual accounts for last three Tax Years (or NIL declaration for each year)
  • donors list for last three Tax Years (or NIL declaration)
  • patent/copyright/ trademark details (if any)

21. What are the key conditions applicable after approval is granted?

Ans: The approval granted is subject to conditions such as:

  • maintaining books of account / separate books of account for sums received for research
  • getting books audited and furnishing audit report by due date under section 263(1)
  • maintaining statement of donations received and amount applied for research
  • furnishing statement of research work done by due date under section 263(1)
  • ensuring activities remain genuine and as per conditions of approval

22. What is the due date for furnishing audit report and related statements after approval?

Ans: The audit report and required statements must be furnished by the due date of furnishing the return of income under section 263(1) of the Income-tax Act, 2025.

23. Can the approval granted under section 45 be withdrawn?

Ans: Yes. The prescribed authority may withdraw the approval granted under section 45(3)(b) or 45(4)(b) if it is satisfied that the applicant:

  • has ceased activities, or
  • activities are not genuine, or
  • activities are not being carried out in accordance with conditions/rules.

24. Will the applicant get an opportunity of being heard before rejection/withdrawal?

Ans: Yes. No order treating the application as invalid, rejecting the application, or withdrawing the approval shall be passed without giving a reasonable opportunity of being heard.

25. What is the processing timeline for Form No. 17?

Ans: The processing steps include:

  • deficiency letter may be served if defect/ document missing (within one month)
  • applicant must remove deficiency within 30 days from the end of the month in which the deficiency letter is served.
  • if complete, inquiry and recommendation by jurisdictional authority within 3 months
  • approval notification or rejection order to be issued within one year from the end of the month in which Form No. 17 is filed

26. How to ensure Form No. 17 is successfully submitted (DSC/ EVC steps)?

Ans: While submitting Form No. 17 electronically:

  • select the appropriate verification mode (DSC or EVC) as applicable
  • complete verification as per the authorised person under section 265
  • ensure acknowledgment is generated after successful submission

27. What is UDIN and when is it required in relation to Form No. 17?

Ans: UDIN (Unique Document Identification Number) is required for documents/certificates issued by an accountant (where applicable) as defined in the section 515(3)(b) of the Act. Where Form No. 17 requires audit report or certification by an accountant (such as statements certified by auditor), UDIN should be generated and mentioned as per professional requirements for validity and traceability.

28. Is Form No. 17 to be submitted physically also?

Ans: The form is to be furnished electronically. Additionally, the applicant is required to send a copy of the application in Form No. 17 to Member (IT), CBDT along with the acknowledgment receipt as evidence of having furnished the application form in duplicate in the office of the jurisdictional Commissioner/ Director.

29. What is the significance of Form No. 17 approval?

Ans: Approval under section 45(3)(b) or 45(4)(b) enables the applicant entity to be recognised for the purposes of the Income-tax Act, 2025, and supports eligibility of donors/payments as per the applicable provisions linked with such approval.

30. What common mistakes should be avoided while filing Form No. 17?

Ans: Applicants should avoid:

  • incorrect “Code relevant to Section” selection
  • incomplete registration details (DARPAN/ FCRA/Income-tax Act, 2025 approvals)
  • missing enclosures (instrument, audited accounts, donor lists, NIL declarations where required)
  • mismatch in key person details and beneficial ownership disclosures
  • not completing DSC/ EVC verification properly

Topics

Acts Income Tax