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March 26, 2026
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Additional employee cost deduction guidance for audited assessees filing Form 34 with Chartered Accountant verification.
Form 34 is the prescribed report to be filed with the return of income by audited assessees claiming deduction for additional employee cost under section 146 of the Income-tax Act, 2025. It is verified by a Chartered Accountant and filed under Rule 68. The deduction is stated to be 30% of the additional employee cost for three tax years, and the form applies to assessees earning business or professional income who are liable to audit under section 44AB and satisfy the payment conditions for employee emoluments through permitted banking or electronic modes.
March 26, 2026
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Marine insurance loss and abandonment claims explained through partial loss, total loss and claim documentation requirements.
Marine insurance distinguishes partial loss from total loss, including particular average loss, general average loss, actual total loss and constructive total loss. Abandonment allows the insured to relinquish rights in damaged or lost cargo or vessel to the insurer and claim the insured value when recovery or repair is not commercially viable. The claim process depends on prompt notice, formal relinquishment, supporting documents, surveyor assessment and verification under the policy terms.
March 26, 2026
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Additional employee cost deduction through Form 34 depends on audit, eligibility conditions, and prescribed payment modes.
Deduction for additional employee cost is claimed through Form 34, which audited assessees must file with the return of income and have verified by a Chartered Accountant. The form applies to business or professional assessees liable to audit and supports a deduction of 30% of additional employee cost for three consecutive tax years. Additional employees are subject to eligibility conditions, and emoluments exclude employer pension or provident fund contributions and terminal lump-sum payments.
March 26, 2026
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SEZ deduction claim documentation requires Form 33, reserve account details and plant acquisition particulars for verification.
Form 33 is the prescribed statement for an assessee claiming deduction in respect of profits and gains derived by newly established units in SEZ under section 144 of the Income-tax Act, 2025. It is to be furnished along with the return of income and verified by the proprietor, partner or director. The form captures particulars of the assessee, the unit, the SEZ Reinvestment Allowance Reserve Account, withdrawals from the reserve, and details of plant or machinery purchased from withdrawn amounts, together with verification and e-verification requirements.
March 26, 2026
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SEZ reinvestment reserve reporting: Form 33 supports deduction claims for new plant and machinery purchases under section 144.
Form 33 is the prescribed statement for assessees claiming deduction under section 144 in respect of profits and gains derived by newly established units in SEZs. It is filed where amounts are withdrawn from the SEZ Reinvestment Reserve Account for purchase of new plant or machinery, and it must be verified by the proprietor, partner, or director. The form is to be filed along with the return of income, and the deduction is based on the particulars reported in the form.
March 26, 2026
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Audit report form requirements govern deduction claims under specified income-tax provisions, with section-wise disclosures and chartered accountant verification.
Form 32 is the prescribed audit-report form for assessees claiming deductions under the specified provisions of the Income-tax Act, 2025, and it must be verified by a Chartered Accountant. The form is filed by the due date applicable to the audit report and requires basic particulars, section-specific disclosure fields, supporting documents such as agreements, SEZ notifications, start-up certification, turnover and profit details, and capital expenditure details where relevant. Filing is completed by entering the applicable deduction particulars and electronic verification through the Chartered Accountant's DSC.
March 26, 2026
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Insolvency and Bankruptcy Code misuse allegations surface over creditor voting control and resolution process conduct in a fraud FIR.
Fraud allegations arose from an FIR filed on the basis of an Enforcement Directorate complaint linked to a money laundering probe. The complaint stated that Experion entities were examined in relation to the insolvency proceedings of Dignity Buildcon Private Limited and were said to have misused the Insolvency and Bankruptcy Code during the Corporate Insolvency Resolution Process. It further alleged acquisition of debt and debentures to increase voting rights in the Committee of Creditors and pressure on the authorised representative of Alchemist Asset Reconstruction Company to vote for a resolution plan.
March 26, 2026
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Audit report requirements govern deductions for specified business, start-ups, SEZ units, and North-Eastern eligible businesses.
Form 32 is the audit report required for deductions under the specified provisions of the Income-tax Act, 2025, and must be verified by a Chartered Accountant. It applies to claims for specified business capital expenditure, industrial and infrastructure undertakings, SEZ development, eligible start-ups, housing projects, North-Eastern business units, and newly established SEZ units, and must be filed by the audit-report due date. The document also states the conditions for specified business capital expenditure, start-up eligibility and duration, and the qualifying North-Eastern businesses.
March 26, 2026
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Rent deduction declaration requires Form 31, with landlord details, rent evidence, and e-verification alongside the return.
Form 31 is the declaration to be furnished by an assessee claiming deduction under section 134 of the Income-tax Act, 2025 in respect of rent paid for residential accommodation. It applies to a resident individual who pays rent for furnished or unfurnished accommodation, does not receive house rent allowance, and does not own residential property at the place of employment or residence. The form is to be filed along with the return of income and requires rent details, landlord particulars, supporting documents, and e-verification through DSC or Aadhaar.
March 26, 2026
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Rent deduction declaration under section 134 requires Form 31 for eligible resident individuals without house rent allowance.
Form 31 is the declaration required for claiming deduction under section 134 for rent paid for residential accommodation. It applies to a resident individual who does not receive house rent allowance and does not own residential property at the place of employment or residence. The form must be filed along with the return of income, and the deduction is available on the basis of details furnished in the form, subject to the annual ceiling of Rs. 60,000.
March 26, 2026
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Deduction for dependant with disability requires Form 30, supported by medical certification, filing details, and electronic verification.
Deduction for maintenance, medical treatment, training and rehabilitation of a dependant with disability is supported by Form 30, which must be filed by a resident individual claiming expenditure for a dependant with disability or payments under an approved scheme. The form is filed with the return of income, supported by the medical authority certificate, and requires completion of assessee details, patient and disability particulars, upload of the signed verification, and e-verification through DSC or Aadhaar.
March 26, 2026
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Disability-related tax deduction requires Form 30, medical certification, and timely filing with the return of income.
Deduction is available for maintenance, including medical treatment, training and rehabilitation, of a dependant who is a person with disability, and for payments made under a qualifying insurance or specified scheme. Form 30 is the prescribed statement for claiming the deduction and must be filed by a resident individual along with the return of income. The medical authority certificate must be uploaded online, and a fresh certificate is required when a temporary disability certificate expires.
March 26, 2026
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Carry forward and set-off of amalgamated losses depends on Form 29 production certification and verified compliance.
Form 29 is the prescribed certificate for an amalgamated company to evidence achievement and maintenance of the prescribed level of production in an undertaking received through amalgamation. It is filed with the return of income to support compliance with the conditions for carry forward and set-off of accumulated loss and unabsorbed depreciation of the amalgamating company. The form must be certified by the principal officer and verified by an accountant, and it requires confirmation that the prescribed production threshold has been achieved and maintained within the specified period.
March 26, 2026
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Freight disruption and export relief measures shape India's response to West Asia-linked logistics stress and production shortages.
West Asia-related disruption in shipping and logistics has led to steep increases in freight charges, container shortages, stranded cargo and shipment cancellations affecting exporters in eastern India. Perishable goods, engineering products, textiles and medicines are among the sectors most affected, while the LPG supply crunch has added to production difficulties and air cargo costs have risen because of route changes and cancellations. The text also refers to relief measures, including waiver-based port concessions, the RELIEF scheme for conflict-linked losses and reimbursement support for eligible MSME exporters.
March 26, 2026
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Production compliance certificate governs carry forward and set-off benefits for amalgamated companies under the income tax rules.
Form 29 is the mandatory certificate under Rule 60 for an amalgamated company claiming carry forward and set-off of accumulated losses and unabsorbed depreciation under Section 116(4)(b)(iii). It certifies achievement and maintenance of the prescribed production level in acquired industrial undertakings, requires electronic filing with the return of income, and may cover multiple amalgamating companies. The production condition is 50% of installed capacity within four years of amalgamation and maintenance up to five years, with possible governmental relaxation in suitable cases.
March 26, 2026
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Slump sale reporting requires accountant certification of net worth and capital gains through online Form 28 filing.
Accountant's report in Form No. 28 (Form No. 3CEA) is required for an assessee undertaking a slump sale to certify the computation of net worth and capital gains under the Income Tax Act, 2025. The form applies where an undertaking or division is transferred as a going concern for a lump-sum consideration without assigning individual values to assets and liabilities. It must be furnished online on the income tax e-filing portal on or before the due date for filing the assessee's income tax return.
March 26, 2026
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Slump sale reporting under income tax law requires mandatory accountant certification, online filing, and timely submission through Form 28.
Form No. 28 is the accountant's report required under section 77(4) of the Income-tax Act, 2025 for computation of capital gains in a slump sale. It applies where an undertaking or division is transferred as a going concern for lump-sum consideration without assigning separate values to assets and liabilities, and it is mandatory for certifying net worth and capital gains. The form must be filed once in a year on or before the due date for the income-tax return, only online, and cannot be edited after submission. A valid PAN is required.
March 26, 2026
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Capital gains attribution framework for specified entities filing Form 27 with valuation support and electronic certification.
Form 27 is filed by every specified entity to furnish details of the amount attributed to capital assets remaining with the entity where a specified person receives capital asset or stock-in-trade on dissolution or reconstitution. It supports computation under Rule 50 and must be certified on the basis of a registered valuer's report. The form is filed electronically with the return of income and includes particulars of the amount taxable, its attribution to remaining assets, and the valuer's details.
March 26, 2026
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Form No. 27 reporting requirement governs valuation-based attribution of income on dissolution or reconstitution of a specified entity.
Form No. 27 is a mandatory income-tax reporting form prescribed under Rule 50 for a specified entity where income becomes taxable under section 67(10) on dissolution or reconstitution and a specified person receives capital asset, stock-in-trade, or both. It operationalises the attribution of such taxable income to the capital assets remaining with the specified entity and must be furnished for each tax year in which the relevant event occurs. The form requires electronic filing with the return of income and valuation-based attribution supported by a registered valuer's report.
March 26, 2026
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Tax audit Form No. 26 standardises disclosures, audit reporting, and filing requirements under the new income tax framework.
Prescribed Form No. 26 is the audit report and statement of particulars under section 63 of the Income-tax Act, 2025 read with rule 47 of the Income-tax Rules, 2026. Parts A and B contain the substantive disclosures for tax audit compliance, including books of account, method of accounting, income, expenses, losses, depreciation, deductions, international taxation, TDS/TCS, indirect taxation and quantitative details. Part C applies where accounts are audited under another law, while Part D applies where they are not. The form is required for specified business and professional thresholds and certain presumptive taxation cases, and is furnished through a structured online filing process.

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Customs & Trade

Himachal cuts power tariff by one paisa per unit for all consumers

March 25, 2026

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Shimla, Mar25 (PTI) The Himachal Pradesh government will reduce power tariff by one paisa per unit for all categories of electricity consumers in FY27, and the new rates will be effective from April 1, 2026.

The Tariff Order for Himachal Pradesh State Electricity Board Limited (HPSEBL) was issued by Himachal Pradesh Electricity Regulatory Commission (HPERC) here on Wednesday.

The Commission estimated the Annual Revenue Requirement (ARR) of the HPSEBL for the financial year 2026-27 at Rs 8,636.16 crore after truing up for the past periods in comparison to Rs 8,403.25 crore for 2025-26.

The average cost of supply for HPSEBL after truing up has been estimated to be Rs 6.75 per unit by the commission for FY27 against Rs 6.76 per unit for FY26, which is a reduction of 1 paisa per unit compared to last year.

Accordingly, the Commission has reduced the energy charges prevailing at present by a rate of 1 paisa per unit for all categories of consumers.

The tariff for lifeline consumers with consumption up to 60 units will be Rs 4.71 per unit, domestic consumers in 1-125 units slab and above 125 units would be Rs 5.44 per unit and Rs 5.89 per unit, respectively, while the Non-Domestic and Agricultural consumers in 0-20 kVA slab would be charged at Rs 6.37 per unit and Rs 5.03 per unit.

The tariff for commercial consumers in the 0-20 kVA (kilovolt-ampere) slab and 20-100 kVA has been determined at Rs 6.39 per unit and Rs 6.30 per unit, while the tariff above 100 kVA would be Rs 6.20 per unit.

The tariff for small industry in 0-20 kVA slab has been fixed at Rs 5.71 per unit, while the tariff for 21 kVA to 50 kVA slab and Medium Industrial consumers (50-100kVA) would be Rs 5.60 per unit.

The tariff for large Industry with EHT (Extra High Tension) of 220 kV and above, 132 kV and above and 66 kV and above has been fixed at Rs 5.45 per unit, Rs 5.50 per unit and Rs 5.55 per unit, respectively, while the charges for Railways and electric vehicle (EV) charging would be Rs 6.29 per unit and Rs 6.78 per unit.

The tariff for irrigation and drinking water supply has been determined at Rs 6.41 per unit for LT (low tension), Rs 6.01 per unit for HT (High Tension) and Rs 5.61 per unit for EHT.

Similarly, the tariff for bulk supply would be Rs 6.17 per unit (LT), Rs 5.67 per unit (HT) and Rs 5.47 per unit for EHT and Rs 6.36 per unit for street lighting.

The tariff order has made no mention regarding subsidy to domestic consumers, as it was for the state government to decide about it and compensate the HPSEB, sources in the Regulatory Commission said. PTI BPL BAL BAL

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Acts Income Tax