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July 29, 2026
Show AI Summary
Securitisation Note amendments seek stronger issuance efficiency, liquidity and transparency, with stakeholder consultation invited on proposed directions.
Draft amendments to securitisation transaction directions seek to improve the efficiency, liquidity and transparency of issuing and subsequently transferring Securitisation Notes. The proposals apply to commercial banks, small finance banks, non-banking financial companies and all India financial institutions. Public and stakeholder comments are invited through the designated regulatory consultation platform or alternatively by post or email.
July 29, 2026
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Rupee appreciation reflected weaker dollar conditions, equity inflows, crude oil movements and positive domestic market sentiment.
Foreign exchange market conditions supported an early appreciation of the rupee against the US dollar. A weaker US dollar, lower crude oil prices relative to earlier levels, positive domestic equity sentiment, and foreign institutional investors' net purchase of Indian equities were identified as key influences. The dollar index weakened ahead of a monetary policy announcement, while crude prices rose amid renewed geopolitical tensions. Domestic benchmark equity indices also advanced in early trade.
July 29, 2026
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Input Tax Credit unblocking allegedly involved illegal gratification, prompting a trap operation and apprehension of the officer and consultant.
Alleged bribery connected with unblocking Input Tax Credit arose after an electronics trader received a show-cause notice and had its ITC blocked. A private tax consultant allegedly conveyed that a State GST officer demanded illegal gratification for unblocking the credit and encouraged the trader to settle the demand. Following a complaint, a trap operation allegedly led to the apprehension of the officer and consultant, with further legal action in progress.
July 29, 2026
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Defence production licensing and Russian energy sanctions shaped discussions on Ukraine's security capacity, missile supply and diplomatic engagement.
Ukraine-US discussions addressed licences for domestic Patriot defence-system production, wider defence-production cooperation, technology exchange and missile supply funded through European resources. Ukraine also sought support for a sanctions bill designed to increase economic pressure on Russia by imposing tariffs on goods from major purchasers of Russian oil and gas and by sanctioning Russian leaders, financial institutions and energy projects. The proposed defence-production licence was identified as a longer-term measure, alongside calls for renewed diplomatic engagement.
July 29, 2026
Show AI Summary
Cooperative-sector modernisation strengthens rural finance through expanded credit societies, online audits, institutional connectivity and technology-enabled cooperative banking.
Cooperative-sector modernisation is presented as a mechanism for strengthening rural institutions, farmer prosperity and the rural economy. The separate Ministry of Cooperation provides an administrative, legal and policy framework for the cooperative movement. Key initiatives include establishing new primary agricultural credit societies and dairy cooperative societies, expanding business activities for primary agricultural credit societies, online auditing, and connecting cooperative institutions. District cooperative banks are described as important institutions for meeting the financial requirements of expanding service and dairy cooperative societies.
July 28, 2026
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Direct containerised rail freight movement enables seamless Kolkata Port-to-Biratnagar cargo transport without border transshipment under revised transit arrangements.
Direct containerised rail freight movement between Kolkata Port and Biratnagar Customs Yard has commenced under the revised India-Nepal Rail Transit Protocol. The service enables end-to-end commercial rail carriage without border transshipment through the Jogbani-Biratnagar broad-gauge connection. Implementation of the revised Letter of Exchange operationalises direct commercial rail access, intended to reduce transit time, logistics costs and cargo handling while improving supply-chain efficiency, reliability and cross-border trade.
July 28, 2026
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State governance reforms expand housing relief, local audits, MSME support, property records, welfare measures and clean-vehicle tax incentives.
The reforms provide concessional stamp duty and registration charges for eligible Economically Weaker Section housing beneficiaries, a statutory local-audit framework, and incentives for MSMEs and exports. They also establish rules for ownership records in Lal Dora areas and introduce a formula-based urban property-tax assessment framework with exemptions. Welfare measures cover compensation for specified unnatural custodial deaths, ex-Agniveer reservation, and compassionate appointments. Motor-vehicle tax measures provide a rebate for qualifying vehicles registered in women's names and exemptions for new electric vehicles.
July 28, 2026
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Investigation into alleged fund diversion faced scrutiny as agencies were required to disclose progress and decide on regular cases.
Investigation into alleged dubious transactions and fund diversion involving Indiabulls Housing Finance Limited remained under scrutiny because investigating agencies did not provide an updated status or take a final decision on registration of regular cases. The Central Bureau of Investigation and Delhi Police Economic Offences Wing were required to file a comprehensive affidavit and status report. The allegations concern loans allegedly routed through corporate entities to promoter-linked companies, alongside inquiries involving financial, corporate-fraud and market-regulatory agencies.
July 28, 2026
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MSME payment-delay reforms propose faster dispute resolution, enforceable settlement recovery, and invoice discounting to strengthen supplier liquidity.
The proposed amendment strengthens delayed-payment dispute resolution for micro and small enterprise suppliers through prescribed adjudication timelines and possible interim payment of at least half the awarded amount where a setting-aside application remains pending beyond six months. Mediated settlements and arbitral awards may be recovered as arrears of land revenue and are proposed to be legally enforceable debts under the insolvency framework. Central public sector enterprises would be required to route MSME invoice settlements through the Trade Receivables Discounting System.
July 28, 2026
Show AI Summary
Regional rural bank oversight strengthens financial performance, technology adoption, diversified lending and financial inclusion in remote communities.
Regional Rural Banks are regularly reviewed for financial performance, technology upgradation, MSME lending, loan diversification and financial inclusion in rural and remote areas. Their financial health improved over recent years, with growth in deposits, loans, credit-deposit ratio, net worth and capital adequacy, alongside improved asset-quality indicators. Financial-inclusion targets for bank-account access, micro-credit, insurance and pension schemes are set and periodically monitored to extend formal financial services.
July 28, 2026
Show AI Summary
Emergency credit guarantee support addresses business liquidity mismatches while public sector banks report stronger asset quality and sectoral lending growth.
Public sector banks reported improved balance-sheet health, rising business and lending, higher profits, stronger capital adequacy, and lower gross non-performing assets through FY 2025-26. Credit expanded across retail, agriculture, MSME, and infrastructure segments. Emergency Credit Line Guarantee Scheme 5.0 provides guarantee coverage to member lending institutions for eligible additional credit facilities addressing short-term liquidity mismatches, with full coverage for MSMEs and differentiated coverage for non-MSMEs and scheduled passenger airlines. Airline assistance is linked to peak credit outstanding and may require proportionate promoter or owner equity contribution above the applicable threshold.
July 28, 2026
Show AI Summary
Toy quality regulation and export support strengthen domestic manufacturing, safety compliance, market access, and competitiveness in the Indian toy sector.
Toy-sector measures combine quality regulation, import-duty changes, domestic manufacturing support, export facilitation, and promotional initiatives. The National Action Plan for Toys covers toy design, learning-oriented toys, quality monitoring, restrictions on unsafe imports, indigenous clusters, and domestic production. A Quality Control Order and BIS licensing framework support compliance with toy-safety standards. Cluster assistance, startup recognition, export-duty remission support, and zero-duty market access under specified trade agreements seek to strengthen competitiveness, while stated measures are associated with improved quality conformity, lower imports, and increased exports.
July 28, 2026
Show AI Summary
Preferential market access under free trade agreements supports export diversification, labour-intensive sectors, and exporter use of tariff concessions.
India's FTA framework is used to promote preferential tariff utilisation, export diversification and expanded market access. The Government monitors recently operationalised agreements through Certificates of Origin and partner-country trade data. Agreements with the UAE, Australia, Mauritius, Oman and EFTA are associated with increased product-line coverage, tariff preference utilisation and export opportunities. Labour-intensive sectors receive priority through preferential access, while calibrated tariff liberalisation and transition arrangements seek to protect sensitive domestic sectors. Trade e-Connect and the Trade Intelligence and Analytics Portal support exporters with market intelligence, rules of origin guidance, trade data and export-performance monitoring.
July 28, 2026
Show AI Summary
Preferential Market Access under free trade agreements supports export diversification, labour-intensive sectors, tariff utilisation and data-driven trade facilitation.
Preferential tariff utilisation under recently operationalised trade agreements is monitored through Certificates of Origin and partner-country trade data. Increased certificate issuance and expansion in exported HS-level tariff lines are treated as indicators of export diversification and market penetration. Labour-intensive sectors receive improved market-access opportunities under FTAs, while calibrated tariff liberalisation and transition arrangements preserve policy space for sensitive domestic sectors. Trade e-Connect and the Trade Intelligence and Analytics Portal provide exporters and policymakers with market intelligence, Rules of Origin guidance, FTA advisory services and trade-performance analytics.
July 28, 2026
Show AI Summary
Sports-quota government recruitment recognised medal-winning student-athletes for public employment across defence, policing, railways and other government institutions.
Sports-quota recruitment enabled medal-winning student-athletes to obtain government employment on the basis of sporting performances at state, national and international levels. Appointments covered armed forces, central armed police and paramilitary organisations, railways, police, the Income Tax Department, a public-sector bank, sports departments and other government institutions. The described sports framework provides scholarships, coaching, infrastructure, dietary support, travel, accommodation, equipment and selection-oriented physical, mental and personality-development training.
July 28, 2026
Show AI Summary
Sugar stock controls require dealers to limit inventory duration and quantity, declare holdings, and curb speculative buying.
Sugar dealers may not retain stock beyond thirty days from receipt or hold sugar above 4,000 quintals at any time or place. Government-account stocks and authorised Public Distribution System stocks are excluded. State Governments and Union territory administrations may prescribe limits only within the national ceiling and holding period. Dealers must declare and regularly update stock positions on the designated portal. The temporary restrictions are intended to maintain domestic availability, discourage speculative buying and contain sugar prices.
July 28, 2026
Show AI Summary
Credit Profile Management requires timely repayments, controlled utilisation, selective borrowing and prompt correction of credit-report inaccuracies.
A healthy credit profile depends on timely repayment of EMIs and credit-card dues, controlled credit utilisation and selective applications for new credit. Missed payments, sustained high utilisation and multiple hard enquiries may affect credit health and lender assessment. Individuals should periodically review credit reports for inaccurate personal details, closed loans recorded as active, missing repayment updates, duplicate loan entries or incorrect payment status, and promptly seek correction of discrepancies. Regular monitoring of credit score, repayment history, active accounts and enquiries supports informed credit-management decisions.
July 28, 2026
Show AI Summary
Gold loan repayment structures require borrowers to weigh EMI interest savings against bullet repayment cash-flow flexibility and maturity obligations.
Gold loans may be repaid through EMIs, which reduce principal and interest through periodic instalments, or through Bullet Repayment, which defers principal and accrued interest until maturity. The stated framework imposes tiered loan-to-value limits and caps consumption-purpose bullet loans at 12 months, with bullet-loan collateral assessment including projected interest. EMI repayment may reduce overall interest cost for borrowers with predictable income, while bullet repayment may preserve cash flow for borrowers expecting a defined future inflow. Borrowers should compare costs and review the Key Fact Statement before choosing a structure.
July 28, 2026
Show AI Summary
Illicit trade prevention requires coordinated intelligence sharing, risk-based shipment controls and public-private cooperation to protect supply-chain integrity.
Illicit trade prevention requires coordinated regional action through institutional intelligence-sharing, joint enforcement, regulatory alignment and public-private engagement. Proposed measures include risk-based pre-export assurance, shipment controls, digital customs tools and common principles adaptable to sector-specific risks. India is identified as a dialogue partner that can support secure regional trade through enforcement cooperation, intelligence exchange and risk-based governance. Analytical research, market intelligence, product-identification awareness and voluntary track-and-trace initiatives may assist in addressing illicit tobacco trade and strengthening lawful trade integrity.
July 28, 2026
Show AI Summary
Toy-sector competitiveness is advanced through a task force and playbook focused on manufacturing, innovation, quality compliance and exports.
Toy-sector competitiveness is proposed to be advanced through a dedicated task force and a playbook addressing manufacturing ecosystems, value chains, standards and compliance, skills, innovation, intellectual property and exports. The task force is intended to strengthen manufacturing capability, resolve value-chain bottlenecks, enable design and innovation, develop employment and skills, improve ease of doing business and support global value-chain integration. The roadmap emphasises domestic production, quality standards, localisation, branding, cluster development and support for MSMEs and startups.

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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