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April 2, 2026
Show AI Summary
Defence exports growth reflects India's indigenous manufacturing strength, wider global acceptance, and streamlined export regulation.
India's defence exports recorded a new high, driven by indigenous manufacturing strength, wider global acceptance of Indian defence products, and a collaborative ecosystem involving defence public sector undertakings and private industry. The exports reached more than 80 countries, while the number of exporters increased, reflecting growing participation in the sector. The ministry also noted that streamlined export regulatory processes, a revamped online portal, and simplified authorisation procedures supported this growth.
April 2, 2026
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Foreign exchange market restrictions by RBI drove dollar unwinding and triggered a meaningful rupee rebound.
RBI took twin foreign exchange market restrictions by capping banks' net open rupee positions and barring non-deliverable forward offerings to corporates. The measures were directed at limiting banks' activity in onshore forward markets and were described as forcing dollar unwinding, thereby producing a meaningful rebound in the rupee.
April 2, 2026
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Quarterly TDS statement for non-salary payments requires deductor details, deductee-wise reporting, and prescribed filing steps.
Form No. 140 is the quarterly TDS statement for non-salary payments to resident deductees, filed by persons responsible for deduction of tax on specified payments such as interest, commission, brokerage, professional fees, and rent. The form requires deductor particulars, tax payment details, and a deductee-wise annexure covering PAN, amount paid or credited, tax deducted and deposited, deduction rate, and related certificate details. Filing is quarterly, supported by challans and PAN details, and involves preparation, validation, and upload through the prescribed electronic or facilitation-centre process.
April 2, 2026
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Foreign exchange market curbs drive rupee higher as banks adjust positions under Reserve Bank restrictions.
Reserve Bank of India measures to curb banks' activity in the onshore and derivative foreign exchange markets led to a sharp appreciation in the rupee after recent volatility and heavy pressure from capital outflows, a stronger dollar and higher crude prices. The central bank capped the net open position on the Indian rupee for banks at USD 100 million and required compliance by a specified deadline, while also restricting authorised dealers from offering non-deliverable derivative contracts involving the rupee to resident or non-resident users. Users were further barred from rebooking foreign exchange derivative contracts, whether deliverable or non-deliverable, once cancelled after the issuance of the instructions.
April 2, 2026
Show AI Summary
Tax deduction statement filing governs quarterly reporting, electronic submission, correction limits, and acknowledgment for non-salary resident payments.
Form No. 140 is the quarterly electronic statement of deduction of tax at source for non-salary payments made to resident deductees, and it is mandatory for all deductors responsible for such payments. It must be filed within the prescribed quarterly due dates, cannot be edited after submission, and corrections may be filed only after processing by CPC-TDS within the specified two-year time limit. Successful filing on the TRACES portal generates an Acknowledgment Receipt Number.
April 2, 2026
Show AI Summary
Excess TDS and TCS refund claims move through a TRACES-based electronic form with pre-filled challan details and digital signing.
Form No. 139 is the electronic refund application by which a deductor, collector, or eligible taxpayer may claim refund of excess tax paid under Chapter XIX. Filing is permitted where the corresponding TDS or TCS statement has been processed and the excess remains as an unmatched or unconsumed challan credit. The application requires challan particulars, utilisation details, refund amount, declaration, digital signature, and supporting bank and tax records.
April 2, 2026
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Excess TDS/TCS refund claims under Form No. 139 must be filed online, after processing, and only when credit remains unallowed.
Form No. 139 is the prescribed online application for a deductor or collector to claim refund of excess TDS/TCS deposited under Chapter XIX-B of the Income-tax Act, 2025, where the excess is not adjusted against any other liability in the system. The form may be filed only after the relevant statement has been processed, cannot be edited after acknowledgment is generated, and is not maintainable once the deductee has been allowed credit for the same tax. Approved refunds, along with interest, are credited to the prevalidated bank account, and refund arising from appellate or rectification orders does not require filing of the form.
April 2, 2026
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Quarterly TDS statement for salary and specified senior citizen income streamlines deductor reporting, annexures, and filing compliance.
Form No. 138 is the quarterly TDS statement for salary and specified senior citizen income, replacing Form 24Q and being filed under the Income-tax Act, 2025 and the Income-tax Rules, 2026. It is used by employers and specified deductors to report tax deducted and deposited, together with deductor particulars, deductee-wise details, and quarterly annexures. Annexure I applies to all quarters, while Annexure II and Annexure III are filed only in the last quarter for salary and specified senior citizen income details.
April 2, 2026
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Quarterly TDS statement filing requires electronic submission, prescribed annexures, correction limits, and timely compliance for tax credit reporting.
Form No. 138 is a quarterly electronic TDS statement required from employers deducting tax from salaries and specified banks deducting tax from pension and interest income of specified senior citizens. Only Annexure-I is filed for all quarters, while Annexure-II and Annexure-III are filed only for Q4. The form must be filed within the prescribed quarterly due dates, cannot be edited after submission, and may be corrected within two years after processing by CPC-TDS.
April 2, 2026
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TDS/TCS book adjustment reporting requires monthly filing of Form 137 for government office tax credits.
Form No. 137 is the monthly TDS/TCS book adjustment statement filed by Government offices and related accounts offices to report tax deducted or collected without challan and credit it to the Central Government account through the book adjustment system. It is filed under the Income-tax Rules, 2026 by offices remitting TDS/TCS through book entry rather than challan, with prescribed due dates, accounts office particulars, DDO-wise transfer voucher details and supporting AIN, TAN and voucher data. Processing generates Book Identification Numbers for DDOs for use in quarterly TDS/TCS statements.
April 2, 2026
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TDS/TCS book adjustment reporting requires mandatory electronic filing, AIN-based processing, and BIN generation for government offices.
Form No. 137 is the monthly consolidated TDS/TCS book adjustment statement for government offices where tax is credited to the Central Government without challan payment. It is mandatory for the concerned Accounts Officer, must be filed electronically within the prescribed time, and may be revised to correct mistakes. An Accounts Office Identification Number is required, and processing of the form generates a Book Identification Number used for related TDS/TCS statements and tax credit flow.
April 2, 2026
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Customs duty exemption on critical petrochemicals aims to steady supply chains and ease input costs across manufacturing sectors.
Temporary customs duty exemption granted on critical petrochemical products to address supply disruptions arising from the West Asia conflict and consequent global shipping and supply chain disturbances. The measure is directed at preserving the availability of essential petrochemical inputs for domestic industry, maintaining supply stability, and easing cost pressures on sectors dependent on petrochemical feedstock and intermediates, including plastics, packaging, textiles, pharmaceuticals, chemicals and automotive components. The exemption applies to specified petrochemical goods, including methanol, anhydrous ammonia, toluene, styrene, dichloromethane, vinyl chloride monomer, poly butadiene, styrene butadiene and unsaturated polyester resins.
April 2, 2026
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Accounts Office Identification Number application governs book-adjustment TDS/TCS reporting, supervisory verification, and TRACES-based allotment.
Form No. 136 is the statutory application for allotment of an Accounts Office Identification Number (AIN) to government Accounts Officers making TDS/TCS payments through book adjustment without challan production. The form is required only once, and the allotted AIN is mandatory for filing Form No. 137 statements for monthly reporting of such remittances. It requires applicant particulars, declarations, supervisory counter-verification, and code-based annexures, and may be filed online on TRACES or offline before the jurisdictional Commissioner of Income-tax (TDS).
April 2, 2026
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Accounts Office Identification Number rules govern AIN allotment, filing modes, eligibility, and later modification for government offices.
Form No. 136 is the application for allotment of an Accounts Office Identification Number (AIN) for Central and State Government Accounts Offices making TDS/TCS payments through book adjustment. AIN is a unique seven-digit identifier, and non-government offices are not eligible. The form may be filed online through the TRACES portal or offline before the jurisdictional Commissioner of Income-tax (TDS). Only one AIN is allotted to an Accounts Office, and details may later be modified. TAN is not mandatory, though it must be mentioned if already available.
April 2, 2026
Show AI Summary
Tax Deduction and Collection Account Number forms now require category-specific details, documents, and streamlined filing rules.
Forms Nos. 134 and 135 are prescribed for allotment of a unique Tax Deduction and Collection Account Number (TAN), with Form 134 for Government applicants and Form 135 for non-Government applicants. They apply to persons required to deduct or collect tax at source, file TDS/TCS statements, or issue TDS/TCS certificates. The revised forms separate Government and non-Government categories and require category-specific particulars, mandatory PAN-related details, and supporting documents. The process may be completed online or physically and results in TAN allotment and dispatch of the TAN letter.
April 2, 2026
Show AI Summary
Tax Deduction and Collection Account Number rules define TAN application forms, eligibility, documents, fee and correction procedures.
TAN is the unique identifier used for TDS and TCS compliances and must be quoted in related communications and filings. Under the Income-tax Rules, 2026, TAN applications are made through Form No. 134 for Government category deductors and Form No. 135 for non-Government applicants, either offline at authorised PAN centres or online through the prescribed portals. Incomplete applications are treated as invalid, post-submission edits are not permitted, correction requests may be made after allotment, and the fee is payable. Government applicants require AIN and the prescribed certificate; non-Government applicants require identity, address and incorporation-related documents, with PAN mandatory.
April 2, 2026
Show AI Summary
Bail cancellation for non-compliance leads to surrender, passport restraint, forfeiture of deposit, and insolvency-linked conditions.
Cancellation of bail granted in connection with the alleged Grand Venice Mall scam after non-compliance with bail conditions. The Supreme Court directed surrender within one week, barred release of the passport without leave of the Court, and ordered forfeiture and disbursal of the deposited bail amount. Fresh regular bail may be sought only after twelve months and subject to compliance with the insolvency proceedings invoked against the petitioner's companies under the Insolvency and Bankruptcy Code, 2016.
April 2, 2026
Show AI Summary
TCS certificate issuance rules govern Form No. 133, including TRACES generation, correction, duplicate issue, and credit claims.
Form No. 133 is the prescribed TCS certificate under section 395(4)(a) of the Income-tax Act, 2025, issued by the person responsible for collection of tax at source to the collectee as proof of tax collected and deposited with the Central Government. It enables the collectee to claim TCS credit on filing the return of income. The certificate is generated only after filing and processing of the quarterly TCS statement in Form No. 143 through the TRACES portal, must be issued within the prescribed time, and may be corrected, preserved, or reissued as a duplicate in accordance with the stated requirements.
April 2, 2026
Show AI Summary
TDS certificate compliance requires Form 132 for specified payments, TRACES generation, and timely issuance after processing.
Form No. 132 is the consolidated TDS certificate for specified payments such as rent, immovable property transfers, technical services, contractual payments and transfer of Virtual Digital Assets. It must be issued by the deductor after tax is deducted and deposited, serves as proof of tax deposited with the Central Government, and enables the deductee to claim TDS credit. The certificate is generated from TRACES only after the challan-cum-statement in Form No. 141 is filed and processed, and it must be issued within 15 days from the due date for that filing.
April 2, 2026
Show AI Summary
TDS certificate issuance rules govern Form No. 131, requiring TRACES-based generation, timely delivery, and revised statements for corrections.
Form No. 131 is the prescribed TDS certificate for payments other than salary, issued by the deductor to the deductee as proof of tax deducted and deposited, and to enable TDS credit in the return of income. It is generated only after filing and processing of the quarterly TDS statement on the TRACES portal, must be downloaded and signed before issue, and is invalid if prepared by any other mode. The certificate must be issued within the prescribed time, corrected through revised TDS statements where necessary, and retained for records.

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Guidance Note - Form 17

March 25, 2026

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Guidance Note on Form No. 17

Form No. 17 is an Income tax form used by an Indian company applying for approval u/s 45(3)(b)and by a research association, university, college or other institution applying for approval u/s 45(4)(b) of the Income Tax Act, 2025.

Purpose of Form No. 17

The primary purpose of filing Form No. 17 is to:

Apply for approval u/s 45(3)(b) of the Act by an Indian company and u/s 45(4)(b) of the Act by a research association, university, college or other institution.

Filing Requirements

Who can file: An Indian company, research association, university, college or other institution seeking to claim benefit available u/s 45(3)(b) of the Act

When to file: 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 at any time during that tax year.

How to file: The form must be filed electronically, either using a Digital Signature Certificate (DSC) or through an electronic verification code (EVC). The form shall be verified by the person who is authorised to verify the return of income under section 265 of the Income Tax Act, 2025. 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. Information required: The form requires general taxpayer details, specific details of the scientific research being undertaken by the applicant taxpayer (e.g., name, duration, date of initiation, present status, cost of the project etc.), and details of business, if any, of the taxpayer and details of donations/ grants received.

Frequency and Due Date

Frequency: Form No. 17 is an application form to seek approval u/s 45(3)(b) or 45(4)(b) of the Income Tax Act, 1961. It is generally filed once when the taxpayer decides to seek approval under the said sections.

Due Date: The Form No. 17 can be filed at any time during the financial year preceding the tax year from which the approval is sought.

Structure of Form No. 17

The form is divided into the following key parts:

Part -A

Personal Information: This section captures basic identifying information about the assessee:

Full name of the assessee

Permanent Account Number (PAN)/ Aadhaar Number

Address

Tax year

Residential status

Type of the taxpayer making application

Details of previous rejected applications under these provisions

Part -B

This part has several tables seeking the following details:

Details of key persons: This table seeks details such as Name, PAN, relation with the taxpayer etc of persons such as Author, Founder, Settlor, Trustee, shareholders holding 5% or more of shareholding etc.

Operational details: This table seeks details of laboratory/ research facility etc owned, managed or controlled by the applicant taxpayer and details of person-in-charge and activities carried out by such facilities.

Research projects undertaken: This table seeks details such as name of project, date of initiation, duration of project, current status and projected costs of research projects undertaken by the taxpayer during last 3 tax years.

Income and Expenditure: The tables under this heading seek details of business income, if any, of the taxpayer and details of ITR filed during last 3 tax years. Besides other tables seek details of income received from donations/grants by the taxpayer and expenditure made on scientific research during last 3 tax years.

Declaration/Verification: The form concludes with a verification section where the assessee (or an authorized person) declares that the information provided is correct and complete. The form must be verified electronically, either by digital signature or electronic verification mode.

Key Points to Note

Mandatory Filing: To apply for approval u/s 45(3)(b) & 45(4)(b) of the Income Tax Act, 2025, an Indian company or a research association, university, college or other institution must file Form No. 17 in the prescribed manner.

Filing Deadline: The 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 at any time during that tax year.

Documents required

Proof of identity and address: PAN card and Aadhaar card.

Audited annual accounts

Bank statements: To verify income and expenses.

Form 26AS: To reconcile any tax deducted at source.

Details of registrations/ approvals received under other provisions of the Income Tax Act, DARPAN portal and FCRA 2010.

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)

Outcome Details

Deduction for donation made: The primary purpose of Form No. 17 is to apply for approval u/s 45(3)(b) & 45(4)(b). Any donations made to an entity approved under these sections becomes eligible for deduction from income of the donor.

Deficiency notice and enquiry by the prescribed authority: The prescribed authority may issue a deficiency notice to the applicant in case any defect is noticed which the applicant may correct within one month from the end of the month in which the deficiency letter is served. If the applicant fails to remove the deficiency within the prescribed period, the Commissioner shall send his recommendation treating the application as invalid. The prescribed authority will complete its inquiry and make recommendation to the central government within 3 months.

Notification u/s 45: After the Form No. 17 is filed, the prescribed authority after satisfying itself as provided in the grants approval and the central government notifies the entity u/s 45 of the Income Tax Act, 2025 and any donation made to such entity is eligible for deduction.

Post approval annual compliances: After the approval is granted to an entity such entity shall submit following documents to the jurisdiction Commissioner of Income Tax:

(a) a detailed note on the research work undertaken by it during the tax year;

(b) a summary of research articles published in national or international journals during the tax year;

(c) any patent or other similar rights applied for or registered during the tax year;

(d) programme of research projects to be undertaken during the forthcoming tax year and the financial allocation for such programme.

Challenges and Solutions:

The revised Form No. 17 is proposed to be a smart form aimed at enhancing user experience and providing ease of filing through

auto-population/ pre-filling of relevant details using information available in ITR.

real time validations & error handling

tab for ticking appropriate options

Standardization of name & address fields etc.

Common Changes made across Forms:

Assessment/ Financial/ Previous year or years have been replaced with Tax year or years, wherever appearing in the Form/ Annexure.

Sections, Clauses and Schedules changed as per the Income-tax Act, 2025.

Topics

Acts Income Tax