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March 25, 2026
Show AI Summary
Audit-certified deduction reporting requires electronic Form 6 filing, accountant certification, UDIN, and digital verification for qualifying expenditure claims.
Form 6 is the prescribed audit report for an eligible assessee claiming deductions under section 44 for preliminary or project-related expenditure or under section 51 for mineral prospecting and development expenditure. It must be certified by an accountant and furnished electronically through the Income-tax e-Filing Portal. The form is filed once in the first tax year in which the deduction is claimed, at least one month before the due date for furnishing the return of income, with UDIN generation and digital verification required.
March 25, 2026
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Money laundering bail refusal highlights serious economic offences, sufficient PMLA material, and unresolved double mortgage allegations.
Bail was refused in a money laundering prosecution under the Prevention of Money Laundering Act where the court found sufficient material linking the accused to the offence and treated the recorded PMLA statements as forming a formidable case. The court observed that economic offences pose a serious threat to the financial health of the country and that the gravity, seriousness and magnitude of the alleged conduct, along with the accused's major role, weighed against release on bail. Partial repayment did not discharge criminal liability, and the absence of an explanation for the alleged double mortgage remained relevant at the bail stage.
March 24, 2026
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Money laundering bail disputes hinge on fraudulent credit facilities, double mortgaging, and the gravity of economic offences.
Bail in a money laundering prosecution was opposed on the basis that the accused was linked to allegedly fraudulent borrowing and diversion of bank credit facilities, including mortgage and alleged double sale of secured properties. The prosecution relied on statements under the Prevention of Money Laundering Act and other material to contend that sufficient evidence connected the accused to the offence and that the matter involved a serious economic offence affecting the financial system.
March 24, 2026
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Scheduled Caste status and religious conversion: membership ends immediately on conversion to a non-specified faith.
A person belonging to a Scheduled Caste loses that status on conversion to a religion other than Hinduism, Sikhism or Buddhism, and the loss is immediate and complete from the moment of conversion. The bar in the Scheduled Castes Order, 1950 is categorical, so a person who professes and practices a non-specified religion cannot claim Scheduled Caste membership for statutory benefits, protections, reservations or other entitlements flowing from that status.
March 24, 2026
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Green budget drives welfare schemes, electric mobility, disaster readiness and sectoral infrastructure spending across Delhi.
Delhi's FY27 budget sets out a broad fiscal and welfare programme with major allocations for environmental protection, education, health, transport, urban development, social welfare and water supply. It introduces measures such as free diagnostic tests for newborn babies, bicycles for girl students, free LPG cylinders for ration card-holding families on Holi and Diwali, the Mahila Samriddhi Yojna, electric auto-rickshaw permits for women and transgender persons, and expanded Ayushman Bharat Health coverage. It also provides for electric buses, a semiconductor policy, disaster management infrastructure, firefighting upgrades and water and sewage projects.
March 24, 2026
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Preliminary expense disclosure in Form 5 requires electronic filing, detailed reporting, and strict compliance for income-tax deduction claims.
Form 5 is a mandatory electronic statement for an assessee claiming deduction for preliminary expenses under the Income-tax Act, 2025, to be furnished in accordance with Rule 27 and one month prior to the due date for filing the return of income. It requires disclosure of assessee particulars and transaction-level details of qualifying preliminary expenses, including feasibility reports, project reports, market or business surveys, and engineering services, with related PAN, TDS, and payment particulars.
March 24, 2026
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Preliminary expenses deduction reporting requires electronic Form 5, with item-wise disclosure, verification, and timely portal filing.
Electronic Form 5 is the prescribed statement for reporting preliminary expenses claimed as a deduction under Section 44 of the Income-tax Act, 2025. It applies to eligible expenditure connected with setting up or extension of a business, including feasibility reports, project reports, market or business surveys, and engineering services related to business, and must be filed for each tax year through the income-tax portal using digital signature or electronic verification. The form requires disclosure of assessee particulars, item-wise expense details, service-provider information, payment particulars, and TDS data where applicable.
March 24, 2026
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Functional cooperatives survey training set to standardise nationwide data collection and measure economic contribution.
Preparatory training was organised for the Rapid Survey of Functional Cooperatives before six months of field work beginning in April 2026. The workshop brought together senior officers and field functionaries who will serve as Master Trainers for subsequent regional training, with the aim of standardising nationwide survey operations. The survey will assess the contribution of functional cooperatives to employment generation and economic activity across rural and urban areas, and will estimate indicators such as Gross Value Added, Gross Value of Output and employment generated by cooperatives.
March 24, 2026
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Unincorporated sector survey shows stronger employment, higher value added, rising wages and wider internet adoption across establishments.
Annual Survey of Unincorporated Sector Enterprises (ASUSE) 2025 covers unincorporated non-agricultural establishments in manufacturing, trade and other services, and collects data on workers, Gross Value Added, emoluments, fixed assets, loans, ownership, registration status and use of information and communication technology for policymaking and national accounts. The survey reports growth in establishments, employment, Gross Value Added, labour productivity, female-owned proprietary establishments, emolument per hired worker and internet use, and notes a revised sampling design enabling quarterly selection and district-level annual estimates.
March 24, 2026
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District-led export promotion expands through local committees, action plans, and market access support for MSMEs and farmers.
District-led export promotion under the Districts as Export Hubs initiative is implemented through State Export Promotion Committees and District Export Promotion Committees across all States and Union Territories. District Export Action Plans identify export potential in local products and sectors, while outreach events, public data portals, and district-level committees are used to build awareness, address bottlenecks, and support exporters, manufacturers, MSMEs, farmers, and small-scale industries.
March 24, 2026
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Export policy and trade facilitation framework strengthens competitiveness, digital governance, and market access across India's export ecosystem.
India's export framework is being strengthened through policy support, financial incentives, digital trade facilitation, infrastructure development, and trade agreements to expand competitiveness and global market access. The Foreign Trade Policy 2023, RoDTEP, the Export Promotion Mission, export credit support, and export-linked infrastructure are described as core instruments for improving trade finance, logistics, market readiness, and MSME competitiveness. Digital governance tools and trade agreements are said to support faster compliance, transparency, market access, and investment flows.
March 24, 2026
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Startup ecosystem collaboration advances industry-linked innovation support for HVAC, manufacturing, testing, and pilot deployment opportunities.
Industry-linked innovation support is being advanced through a Memorandum of Understanding to strengthen the manufacturing and startup ecosystem. The collaboration is directed at product startups working in HVAC technologies, digital solutions, advanced manufacturing processes, and supply chain innovation, with the aim of enabling scalable, industry-relevant solutions through structured engagement. Startups will receive mentorship, testing facilities, R&D infrastructure, pilot opportunities, market linkages, and structured Proof-of-Concept programmes.
March 24, 2026
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Unauthorised electronic banking transactions framework updated with compensation, AI fraud detection, and stronger mule account safeguards.
RBI has revised its framework on unauthorised electronic banking transactions, including a proposed compensation mechanism for small-value fraudulent transactions, to update customer-liability rules in response to technological change. The broader framework also relies on AI-driven fraud detection, mule account surveillance, real-time transaction monitoring, and public financial literacy campaigns to curb cyber fraud and strengthen safe banking practices.
March 24, 2026
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Unclaimed financial assets: regulators expand digital portals, nomination reforms and simplified claim processes to help rightful claimants trace funds.
Measures by RBI, IRDAI and SEBI simplify identification, tracing and settlement of unclaimed financial assets through claim reforms, digital portals, nomination requirements and awareness drives. RBI has consolidated claim directions, introduced an incentive scheme, supported common application procedures and launched UDGAM; IRDAI and SEBI have adopted similar tracing, documentation and portal-based mechanisms for insurance proceeds and mutual fund amounts. Banks transfer long-inactive balances to the DEA Fund, and a nationwide campaign supported restitution of unclaimed assets to rightful owners.
March 24, 2026
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Fundamental rights of ED officers shape maintainability debate over alleged obstruction during a money-laundering raid.
Maintainability of the ED's plea was examined in relation to alleged obstruction during a money-laundering raid at the I-PAC office. The issue was whether ED officers, acting in their individual capacity, could invoke fundamental rights under Article 32 and whether the petition had to identify the specific right allegedly violated. Arguments also addressed whether obstruction of statutory duties amounts to a constitutional violation and the relevance of Section 66 of PMLA in the context of the investigation and reporting of related offences.
March 24, 2026
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Transfer of assets in India reporting requires accountant-certified Form 4, electronic filing, and cross-verification of returned income.
Form 4 is an accountant's report for income attributable to transfer of assets located in India under section 9(10), filed once in a tax year along with the return of income. It captures taxpayer details, transfer particulars, income derived, values of Indian and global assets, valuation methodology, and supporting documents such as valuation reports, financial statements, and sale documents. The form is filed electronically with UDIN and digital signature, and is used for cross-verification of income offered in the return.
March 24, 2026
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AI wealth intelligence platform scales regulated fee-only advisory for Indian investors with unified financial insights.
A SEBI-RIA licensed wealth management platform has raised seed funding to scale a purpose-trained AI wealth intelligence product for Indian investors. The platform aggregates financial data across banks, brokerages, mutual funds, and other accounts into a unified view of assets, liabilities, portfolio performance, risk exposure, diversification, and concentration, and presents structured, actionable insights for personal finance decision-making. It operates on a zero-commission, fee-only advisory model aligned with investor interests.
March 24, 2026
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Income attributable to transfer of assets in India requires an accountant's report filed online with UDIN and a valid PAN.
Form 4 is an accountant's report for computing income attributable to transfer of assets located in India, to be filed once in a tax year along with the return of income through the e-filing portal with a valid PAN and UDIN. The form requires supporting valuation, financial, and sale-related documents, cannot be edited after submission, and does not require proof of tax payment at filing, though payment evidence may be needed for return processing.
March 24, 2026
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Cybercrime investigation coordination under money laundering law expands through data-sharing platforms, FIR access, and victim-centric complaint handling
The Enforcement Directorate has identified proceeds of crime in cybercrime investigations under the Prevention of Money Laundering Act, while sharing information with other law enforcement agencies through nodal officers and under Section 66(2) when relevant contraventions are noticed. It also uses the SAHYOG, Samanvaya and cyber police portal, along with the Inter-operable Criminal Justice System portal, for cybercrime data sharing, analytics and access to FIRs. A standard operating procedure has been issued for complaints through the National Cybercrime Reporting Portal and the Citizen Financial Cyber Fraud Reporting and Management System.
March 24, 2026
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Zero Coupon Bond compliance reporting under Form 3 requires accountant certification of investment use, timelines, and sinking fund maintenance.
Form 3 under Rule 7 is the accountant's certificate for notified Zero Coupon Bonds issued by infrastructure capital companies, infrastructure capital funds, infrastructure debt funds and public sector companies. It certifies, for each relevant tax year, the amount of bond proceeds actually invested and verifies compliance with the prescribed utilisation timelines, minimum investment thresholds and, for infrastructure debt funds, maintenance of a sinking fund and investment of accrued interest in Government securities. The form is filed electronically with digital signature or electronic verification and includes the accountant's certificate with UDIN where applicable.

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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