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    India placed in lower tariff tier at 10 pc under US Section 301 measures on forced labour: Govt
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    Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman outlines 5Rs of responsive tax governance; Calls for greater tax certainty and ...
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July 25, 2026
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US forced-labour tariffs place India in a lower tier while preserving exclusions for specified imports and Section 232 products.
US Section 301 forced-labour measures impose an additional 10 per cent tariff on imports from India, with India placed in a lower tariff tier than initially proposed. Generic pharmaceuticals, smartphones and certain specified products outside additional duties remain excluded, as do products already covered by Section 232 measures, including steel, aluminium and auto parts. The textile-specific mechanism has not yet been established or operationalised, and engagement continues in connection with bilateral trade agreement negotiations.
July 25, 2026
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Money-laundering investigation examines alleged fictitious expenses, circular vendor payments, and consultancy payments without services or deliverables.
A money-laundering investigation alleges misappropriation through fictitious expense entries, unsupported vouchers, and inflated vendor invoices used to withdraw funds in cash. The Enforcement Directorate further alleges that payments described as software or IT consultancy expenses were made to Exalogic Solutions Pvt Ltd and Veena T without services or deliverables. The report cites statements concerning the alleged sham payments, Exalogic's dependence on company funds, and subsequent transfers from its account. The PMLA case is based on a prosecution complaint concerning suspected financial irregularities.
July 25, 2026
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Tax certainty and taxpayer-centric administration drive simplified compliance, reduced litigation, digital service delivery, and stronger voluntary tax compliance.
Tax administration reform under the Income-tax Act, 2025, rules and forms is directed toward a simpler, transparent and taxpayer-centric system. Key priorities include reducing compliance costs and litigation through tax certainty, faster return processing, refunds, grievance redressal, voluntary compliance and timely appeal disposal. Digital initiatives, including PAN 2.0, ITBA 2.0, IEC 3.0, Kar Saathi and SAKSHAM NUDGE, are intended to simplify compliance and improve taxpayer experience. Capacity building in technology, international taxation, transfer pricing, digital assets and cybersecurity supports this reform agenda.
July 24, 2026
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Trade Practice Investigation: Tech-company antitrust fines prompt proposed tariffs and trade sanctions under federal trade law mechanisms.
A formal investigation into alleged unfair trade practices has been announced in response to European regulatory fines imposed on major United States technology companies. The stated concern is that digital antitrust penalties are unfairly directed at United States businesses, with possible tariffs on European Union imports indicated. The proposed response is linked to Section 301 of the Trade Act of 1974, permitting import taxes and other sanctions against unjustifiable, unreasonable or discriminatory trade practices.
July 24, 2026
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Import tariffs and energy costs heighten inflation risks, pressuring consumers, corporate profits and monetary-policy expectations amid market volatility.
Fresh tariffs on imports, rising energy prices and Middle East conflict are identified as concurrent pressures on global financial markets. The tariff measures apply to nearly all imports into the United States and are paid by importing companies, which typically pass the additional costs to consumers. Higher energy costs and tariffs may increase inflationary pressure, reduce household discretionary spending and affect corporate profitability, while influencing monetary-policy expectations. Investors also questioned whether substantial artificial-intelligence investment can support technology-sector valuations.
July 24, 2026
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Responsive tax governance promotes taxpayer convenience, correction of bona fide errors, tax certainty, prompt refunds and prevention of avoidable litigation.
Responsive tax governance requires convenience for honest taxpayers, correction of bona fide errors and firm consequences for deliberate tax evasion. The Income Tax Act, 2025 is intended to simplify the legal framework, reduce uncertainty and lower compliance costs, supported by stronger electronic filing infrastructure and prompt refund processing. Tax certainty should promote voluntary compliance and shift the focus from litigation management to litigation prevention through consistent guidance, simplified procedures, technology, standardised processes, effective grievance resolution and reduction of recurring taxpayer difficulties.
July 24, 2026
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Examination integrity safeguards prompt monitoring, enforcement action and proposed stricter penalties for paper leaks and institutional failures.
Examination integrity measures include reported termination of agency officials, contemplated legal and criminal action, proposed stricter punishment for paper leaks, and Supreme Court monitoring of preventive steps. The Supreme Court also prohibited unauthorised posting or uploading of audio-video court proceedings on social media and digital platforms without prior administrative permission. The updates further address taxpayer facilitation alongside firm action against evasion, trade measures connected with forced-labour concerns, and potential legal action concerning university communications to students.
July 24, 2026
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Foreign exchange market stabilisation supported rupee recovery as investor outflows, geopolitical tensions and elevated crude prices maintained currency pressure.
Foreign exchange market conditions saw the rupee recover against the US dollar amid reports of Reserve Bank of India intervention and dollar sales by public-sector banks to limit further depreciation. Foreign institutional investor outflows, weak domestic equity sentiment, geopolitical tensions, and elevated crude oil prices continued to pressure the currency. A decline in crude prices, diplomatic engagement, and central-bank intervention were identified as potential stabilising factors.
July 24, 2026
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Forced-labour import prohibition enabled lower tariff treatment for Sri Lankan goods, supporting export competitiveness and responsible trade practices.
Tariff treatment for Sri Lankan goods entering the United States was reduced after Sri Lanka prohibited imports of goods produced using forced labour. The prohibition placed Sri Lanka within the lower tariff category under the stated US framework. The reduction is described as supporting exporter competitiveness while reflecting commitments to fair trade, responsible business practices, internationally accepted labour standards, and sustainable economic reforms.
July 24, 2026
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One District One Product strengthens district product branding, market access, food-processing support and export-oriented value chains.
The One District One Product initiative supports district-identified products through branding, market access, exhibitions, capacity building and Government e-Marketplace onboarding. States and Union Territories select products and may leverage Central and State schemes, as no district-specific allocation is made. PM Ekta Malls and the PMFME Scheme support sales, food-processing projects, common infrastructure, branding, packaging, quality standardisation and food-safety compliance. Districts as Export Hubs promotes export-potential products through export committees, action plans and value-chain coordination.
July 24, 2026
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Services export promotion expands market access, professional mobility, qualification recognition and trade outreach for Indian service suppliers.
Services export promotion combines targeted market and sector strategies, removal of domestic impediments, trade agreements and export-promotion activity. Free Trade Agreements secure market access and national treatment for Indian service suppliers, support transparent and time-bound authorisation processes, and facilitate temporary mobility of skilled professionals. Mutual Recognition Agreement provisions seek recognition of qualifications and licensing requirements. The framework also addresses social-security coordination, student mobility, traditional medicine and double-taxation commitments for IT services. The Services Export Promotion Council supports market development, trade facilitation, capacity building and international outreach.
July 24, 2026
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Free trade agreement negotiations advance as India and Israel address market access, origin rules, customs facilitation and economic cooperation.
India and Israel completed the second round of negotiations for a proposed Free Trade Agreement under the Terms of Reference signed in November 2025. Technical discussions covered trade in goods and services, rules of origin, sanitary and phytosanitary measures, technical barriers to trade, intellectual property rights, customs procedures, trade facilitation and economic cooperation. Both sides sought to narrow gaps, identify areas of convergence and work towards early conclusion of a balanced, comprehensive and mutually beneficial agreement.
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Direct card acquiring enables cross-border merchants to manage payment processing, settlement, risk monitoring and disputes without intermediary acquirers.
Visa Principal Membership enables Glomo to operate as a direct non-bank acquirer for Visa-powered merchant card payments through GIFT IFSC. It allows direct management of merchant acquisition, processing, settlement, transaction approval optimisation, fraud and risk monitoring, and dispute and chargeback handling without intermediary acquirers. The arrangement is intended to accelerate onboarding and processing, enhance control over risk policies and merchant experience, and support cross-border acceptance and settlement, including management of multiple currencies, banking systems and regulatory requirements.
July 24, 2026
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Foreign exchange reserves rose as foreign currency assets increased, while gold reserves fell and IMF reserve position declined.
Foreign exchange reserves increased during the reported week, principally because foreign currency assets rose, including valuation effects from movements in non-US currencies held in reserve. Gold reserves declined, Special Drawing Rights increased, and the reserve position with the International Monetary Fund decreased. Earlier reserve declines were associated with rupee pressure and foreign-exchange market intervention through dollar sales.
July 24, 2026
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Consumer electronics financing enables instalment purchases of affordable earbuds through in-store loan and reusable credit facilities, subject to approval.
Affordable Boult earbuds are described as offering extended battery life, fast charging, dynamic drivers, low-latency gaming modes, Environmental Noise Cancellation, Bluetooth connectivity, and selected active noise-cancellation features. Models are compared by audio, calling, gaming, and charging specifications. Purchases through partner stores may be financed through an Easy EMI Loan or Insta EMI Card, subject to in-store application and approval, with instalment tenures and possible zero-down-payment offers on selected models.
July 24, 2026
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Trade-tariff concerns and oil-price volatility deepen risk aversion, extending equity market losses amid geopolitical tensions and foreign outflows.
Indian equity markets extended their losing streak amid caution over United States trade-tariff concerns, West Asia tensions, oil-price volatility, foreign equity outflows and selling in selected blue-chip shares. Higher oil prices were identified as a potential pressure on macroeconomic indicators and growth prospects. New import tariffs were described as a constraint for export-oriented economies, particularly technology-heavy markets, while investors may diversify exposure across emerging-market opportunities.
July 24, 2026
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Dual-use export controls restrict supplies to European entities amid reciprocal Russia-related sanctions and non-proliferation concerns.
China imposed dual-use export controls on 14 European entities in response to European Union sanctions affecting Chinese and Hong Kong enterprises. Chinese companies cannot export dual-use items to the listed organisations, and foreign companies are barred from supplying them with dual-use items made in China. China stated that the restrictions protect national security and interests and support international non-proliferation obligations in the context of Russia-related sanctions.
July 24, 2026
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Foreign-exchange market intervention supported rupee stabilisation amid investor outflows, weak equities, geopolitical tensions and elevated crude oil prices.
Foreign-exchange market conditions supported a rupee recovery against the US dollar following reported Reserve Bank of India intervention and dollar sales by public-sector banks. Pressure on the currency persisted due to foreign institutional investor outflows, weak domestic equity sentiment, geopolitical tensions and elevated crude oil prices. Lower crude prices, a weaker dollar index and further central bank intervention were identified as potential stabilising influences.
July 24, 2026
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Forward-looking statements receive safe-harbor qualification amid reported IFRS performance, AI-led transformation initiatives, and revised revenue-growth guidance.
Infosys reported first-quarter IFRS financial performance, including revenue growth, operating margin, earnings per share, free cash flow, and large-deal contract value, while revising revenue-growth guidance and retaining operating-margin guidance. The release describes AI-led enterprise transformation, cloud modernization, digital banking, financial-crime operations, and technology services engagements. Forward-looking statements are subject to safe-harbor protection and may differ materially because of business, talent, economic, technological, regulatory, cybersecurity, litigation, investigation, and tariff-related risks.
July 24, 2026
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Forced-labour import enforcement drives new tariffs as expiring stopgap levies and market uncertainty heighten trade-compliance concerns.
Import tariffs were announced on goods from trading partners said not to have fully enforced prohibitions on products made with forced labour. The measures apply to imports from 60 trading partners representing most United States imports and were introduced as existing stopgap levies approached expiry, following a Supreme Court setback affecting other tariff measures. The announcement occurred amid market uncertainty linked to energy-route disruptions, rising crude-oil prices, inflation concerns, and scrutiny of artificial-intelligence investment spending.

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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