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    August 18, 2026
    Sitharaman asks public sector banks to focus on youth; provide cool, simple banking to suit their needs
    August 18, 2026
    I-T department officials discuss roadmap for improving services for taxpayers
    August 18, 2026
    India-UK trade agreement to benefit Haryana's industries and services sector: CM Saini
    August 18, 2026
    FM asks banks to keep pace with youth expectation; calls for outreach campaign from Oct 2
    August 18, 2026
    CCI approves acquisition of certain equity shareholding in Bharti Life Insurance Company by Prudential Corporation Holdings
    August 18, 2026
    Suspicious foreign remittances under I-T department scanner
    August 18, 2026
    Delhi tightens rules for ration shops, makes big stock discrepancies an FIR offence
    August 18, 2026
    Regional Rural Banks (RRBs) Record Strong Growth in Credit Delivery during FY 2025–26
    August 18, 2026
    METSTO Delivers Adjustable Pallet Racking System Solutions for Warehouses
    August 18, 2026
    China rolls out new measures to boost consumption in counties, smaller cities
    August 18, 2026
    Strengthening Collaboration to Preserve Sovereignty: Collaborative Cash Ecosystems - Global Strategies to Preserve Trust and Sovereignty - Keynote Add...
    August 18, 2026
    SC asks CBI to examine all six allegations of dubious transactions involving Indiabulls
    August 18, 2026
    Cyber fraudsters invent 'boss' scam to target companies; Ahmedabad cops bust international network
    August 18, 2026
    Personal Loan Prepayment Charges: What RBI Rules Say in 2026
    August 18, 2026
    Zeeba Revamps Packaging and Announces Chef Vikas Khanna as Its Global Brand Ambassador
    August 18, 2026
    Paul Merchants Finance Launches Loan Against Silver, Becomes India’s First NBFC to Set Up Exclusive Silver Loan Branches
    August 18, 2026
    CarePass Launches This Independence Day, Bringing Healthcare Savings Across India's Top and Premium Hospitals
    August 18, 2026
    Keralam CM flags off containers from Vizhinjam, marking start of EXIM operations
    August 18, 2026
    Kerala: Fresh ED raids in CMRL-Exalogic Solutions case
    August 18, 2026
    ED raids KPSC office, ex-chairman in veterinary officers hiring 'scam' case
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    August 18, 2026
    Sitharaman asks public sector banks to focus on youth; provide cool, simple banking to suit their needs
    August 18, 2026
    I-T department officials discuss roadmap for improving services for taxpayers
    Show AI Summary
    Taxpayer service improvement and litigation reduction guide administrative planning for stronger infrastructure, systems, coordination and future tax department functioning.
    Improvement of taxpayer services, reduction of tax litigation, infrastructure strengthening and preparation of an actionable roadmap for future Income Tax Department functioning were considered as operational priorities. Deliberations covered e-HRMS, service matters, reservation policy, systems administration, capacity building, expenditure budgeting, TDS administration, inter-agency coordination, and office infrastructure. Officials identified institutional challenges and priorities for strengthening taxpayer-facing and internal departmental functions.
    August 18, 2026
    India-UK trade agreement to benefit Haryana's industries and services sector: CM Saini
    Show AI Summary
    Duty-free UK market access strengthens export opportunities for Indian goods and services, supporting MSMEs, agriculture, manufacturing and global value-chain participation.
    India-UK Comprehensive Economic and Trade Agreement provides duty-free access to the UK market for nearly all Indian exports and may improve the competitiveness of Haryana's manufacturing, agricultural, MSME and services sectors. Preferential access covers products including textiles, engineering goods, auto parts, processed foods and pharmaceuticals, while agricultural exports remain subject to exceptions for sensitive products. The agreement also provides market access across 137 UK services sub-sectors, supporting IT, digital, professional, financial and technical services and facilitating global value-chain participation.
    August 18, 2026
    FM asks banks to keep pace with youth expectation; calls for outreach campaign from Oct 2
    Show AI Summary
    Youth banking outreach promotes campus engagement, financial awareness, responsible credit discipline and long-term access to formal banking services.
    Public sector banks are urged to conduct a month-long "Banking for Youth" outreach campaign from 2 October 2026 for persons above 16 years of age. Outreach through educational and skill-development campuses should combine account opening, financial awareness and direct engagement. Banks should develop tailored youth strategies to build long-term banking relationships. Proposed measures include online learning content, lifestyle-linked benefits, dedicated youth banking support, and awareness of credit scores, credit products and government credit schemes. A dedicated youth banking-awareness portal may serve as a single access point for appropriate banking services and financial opportunities.
    August 18, 2026
    CCI approves acquisition of certain equity shareholding in Bharti Life Insurance Company by Prudential Corporation Holdings
    Show AI Summary
    Competition approval for Prudential's acquisition of equity shareholding in an Indian life insurer supports the proposed insurance-sector combination.
    Competition approval has been granted for Prudential Corporation Holdings Limited to acquire certain equity shareholding in Bharti Life Insurance Company Limited. The acquirer is the holding company for its group's insurance and asset-management operations in Asia and supports operations in Asia and Africa. The target is an IRDAI-licensed Indian life insurer.
    August 18, 2026
    Suspicious foreign remittances under I-T department scanner
    Show AI Summary
    Suspicious foreign remittance verification targets shell entities and requires accountants to conduct diligent taxability checks before certification.
    Verification of suspicious outward foreign remittances focuses on entities with little or no reported business activity, their controllers, and accountants issuing tax-determination certificates. Scrutiny addresses remittances disproportionate to reported turnover, non-filers, entities not operating from declared addresses, and payments whose stated purposes appear inconsistent with reported activity. Form 15CB/Form 146 certification requires accountants to examine taxability through books of account and relevant documentation, validating tax deduction at source and applicable treaty compliance. Accountants must exercise due care, diligence and professional judgment before certifying remittances.
    August 18, 2026
    Delhi tightens rules for ration shops, makes big stock discrepancies an FIR offence
    Show AI Summary
    Fair Price Shop regulation introduces graded stock-shortage penalties, mandatory FIRs for major discrepancies, and restructured licensing requirements.
    Fair Price Shop regulation introduces quantity-based penalties for stock discrepancies, ranging from performance-guarantee forfeiture and replenishment obligations to interim suspension, cancellation-related action and mandatory FIR registration for major shortages. Repeated or deliberate diversion or manipulation of public distribution supplies may lead to cancellation, blacklisting and FIR registration. Licensing now includes continuing regular licences and short-term temporary licences, with wider eligibility, points-based selection, card-linked performance guarantees and compulsory approved e-PoS, weighing-scale and iris-scanner use.
    August 18, 2026
    Regional Rural Banks (RRBs) Record Strong Growth in Credit Delivery during FY 2025–26
    Show AI Summary
    Priority sector lending strengthened rural credit access through agricultural, micro-enterprise and weaker-section finance, reinforcing financial inclusion and sustainable development.
    Regional Rural Banks expanded rural credit delivery while maintaining strong Priority Sector Lending performance during FY 2025-26. Almost all Regional Rural Banks met the prescribed overall priority-sector target. Agriculture and allied activities remained the largest priority-sector component, with farm credit accounting for nearly all agricultural lending. MSME finance predominantly supported micro enterprises, rural entrepreneurs, artisans and small businesses. Lending to weaker sections and finance for housing, education, renewable energy and social infrastructure promoted inclusive access to institutional credit and sustainable rural development.
    August 18, 2026
    METSTO Delivers Adjustable Pallet Racking System Solutions for Warehouses
    Show AI Summary
    Adjustable pallet racking systems support customised, scalable warehouse storage through configurable layouts, safety assessment, installation and lifecycle support.
    Adjustable pallet racking systems are configurable warehouse-storage solutions for varied inventory dimensions, weights and product types. They support bulk pallet storage, multi-level picking and high-density configurations through adjustable beams and shelves, load-bearing capacity, structural durability and space-efficient layouts. Storage configurations are customised after assessing inventory dimensions, payload requirements, available space and material-movement frequency, with support for design, installation, inspections and after-sales service.
    August 18, 2026
    China rolls out new measures to boost consumption in counties, smaller cities
    Show AI Summary
    Domestic consumption expansion targets lower-tier markets through improved retail channels, distribution networks, employment support and household income opportunities.
    China has introduced measures to strengthen domestic consumption in counties, smaller cities, townships and rural areas. The measures include upgrading township commercial centres, rural markets and local fairs; encouraging domestic and international brands to establish regional debut stores; and reusing existing land resources to improve services. They also seek better services for elderly persons and children, stronger urban-rural distribution networks, county-level employment and resident income channels. The strategy supports a shift towards household consumption amid weak domestic demand, property-sector pressures and subdued consumer sentiment.
    August 18, 2026
    Strengthening Collaboration to Preserve Sovereignty: Collaborative Cash Ecosystems - Global Strategies to Preserve Trust and Sovereignty - Keynote Address [Contributions by Shri Sanjeev Prakash, Chief General Manager, and Ms. Hema Chatterjee, General Manager, Reserve Bank of India, are gratefully acknowledged. delivered by Shri Shirish Chandra Murmu, Deputy Governor at Focus Group Discussion: Global Cash Management, 2026, organised by Bank Indonesia in Jakarta, Indonesia, on August 13, 2026
    Show AI Summary
    Currency management preserves monetary sovereignty through clean notes, secure logistics, decentralised distribution, durable banknotes, and sustainable cash-cycle operations.
    Currency management supports trust in cash and monetary sovereignty through demand planning, secure production, distribution, replacement, and disposal. The Clean Note Policy requires good-quality banknotes to be available in required denominations and locations, with unfit notes continuously withdrawn and replaced. A decentralised Currency Chest network distributes fresh currency, processes returned notes, supports linked bank branches, and operates under licensing, real-time reporting, inspection, and audit requirements. Current priorities include managing uncertain cash demand, improving note durability, and reducing the carbon footprint of the cash cycle.
    August 18, 2026
    SC asks CBI to examine all six allegations of dubious transactions involving Indiabulls
    Show AI Summary
    Independent investigation of alleged dubious transactions requires examination of all six allegations despite prior police conclusions.
    Investigation into alleged dubious transactions involving Indiabulls Housing Finance Limited and related entities must cover all six allegations identified by the Enforcement Directorate. The CBI must independently examine five allegations previously reviewed by the Delhi Police Economic Offence Wing, irrespective of its conclusion, and submit a comprehensive report. Further investigation into the sixth allegation depends on the special PMLA court deciding the CBI's pending application, after which the CBI must provide a progress or status report.
    August 18, 2026
    Cyber fraudsters invent 'boss' scam to target companies; Ahmedabad cops bust international network
    Show AI Summary
    Boss scam prevention requires independent verification of payment requests and avoidance of malicious WhatsApp attachments that enable executive impersonation.
    Boss scam, or CEO impersonation fraud, uses malicious WhatsApp attachments and impersonation of regulatory officials or company executives to obtain control of WhatsApp sessions and issue fraudulent payment instructions. The alleged network supplied SIM cards, dummy SIMs, WhatsApp accounts and one-time passwords to cyber-fraud operators, illustrating a Cybercrime as a Service model. Preventive measures include avoiding suspicious ZIP, executable, library and APK files and independently verifying all financial-transfer requests.
    August 18, 2026
    Personal Loan Prepayment Charges: What RBI Rules Say in 2026
    Show AI Summary
    Floating-rate personal loan prepayment protections prohibit charges and compulsory lock-ins for qualifying individual non-business borrowers from 2026.
    Prepayment charges are prohibited for part or full repayment of qualifying floating-rate loans availed by individual borrowers for non-business purposes and sanctioned or renewed on or after 1 January 2026. Compulsory lock-in periods cannot restrict prepayment of such loans. Fixed-rate personal loans may still attract prepayment or foreclosure charges under lender policy and contractual terms. Borrowers should check the loan's rate type, sanction letter, loan agreement and key fact statement, where applicable, and compare applicable charges with potential interest savings before early repayment.
    August 18, 2026
    Zeeba Revamps Packaging and Announces Chef Vikas Khanna as Its Global Brand Ambassador
    Show AI Summary
    Premium Basmati rice positioning drives Zeeba's packaging refresh and ambassador-led campaign focused on quality, authenticity and domestic expansion.
    Zeeba has refreshed its packaging and appointed Chef Vikas Khanna as global brand ambassador to support expansion in India. Its "Aisa Basmati Nahi Dekha" campaign positions the brand around export-quality Basmati rice, consistency, authenticity and a superior culinary experience. Promotional activity will extend across digital, retail and consumer touchpoints. The premium Basmati range is described as carefully sourced, naturally aged and processed according to global quality standards, with emphasis on grain quality, authentic taste, purity and consistency.
    August 18, 2026
    Paul Merchants Finance Launches Loan Against Silver, Becomes India’s First NBFC to Set Up Exclusive Silver Loan Branches
    Show AI Summary
    Silver-collateral lending creates a formal secured-credit channel for eligible borrowers, subject to regulatory requirements and lender policies.
    Loans against silver collateral have been introduced following the Reserve Bank of India's Lending Against Gold and Silver Collateral Directions, 2025, enabling eligible regulated lenders to accept silver as security. The offering provides a formal and transparent credit channel against eligible silver jewellery, ornaments and approved silver coins. It is intended for individuals, proprietors and MSMEs requiring liquidity for personal, business and other legitimate financial needs, subject to lending policies and applicable regulatory requirements.
    August 18, 2026
    CarePass Launches This Independence Day, Bringing Healthcare Savings Across India's Top and Premium Hospitals
    Show AI Summary
    Healthcare discount membership provides instant savings on out-of-pocket care at participating premium providers without insurance claims or paperwork.
    CarePass is a healthcare savings membership card providing instant point-of-billing discounts at participating premium healthcare providers across India. It covers out-of-pocket spending on hospital treatment, diagnostics, dental, vision, dermatology, hair and skin care, and IVF and maternity services, without claim processing, waiting periods or paperwork. Members present a digital CarePass at a participating provider to receive the applicable discount. Four membership tiers offer differing benefits, with higher tiers including tele-consultations and annual health checks. CarePass is a discount membership and not an insurance product.
    August 18, 2026
    Keralam CM flags off containers from Vizhinjam, marking start of EXIM operations
    Show AI Summary
    EXIM operations at Vizhinjam commence with container movement, supported by investor facilitation, infrastructure backing and port-led logistics development.
    EXIM operations at Vizhinjam international seaport commenced with the flagging off of two containers after a successful trial export shipment. The state government proposes investor engagement, regulatory facilitation and infrastructure support to expand global export activities through the port. Mission Samudra is to operate as a port-led industrial and logistics development scheme. The deep-water port was developed under a public-private partnership model and had received commercial commissioning certification.
    August 18, 2026
    Kerala: Fresh ED raids in CMRL-Exalogic Solutions case
    Show AI Summary
    Money-laundering investigation under PMLA expands through searches into alleged consultancy payments linked to CMRL and Exalogic Solutions.
    Money-laundering investigation under the Prevention of Money Laundering Act involves fresh searches connected with Cochin Minerals and Rutile Ltd and Exalogic Solutions. The inquiry concerns alleged fraudulent payments made under the guise of IT consultancy services and a purported money trail involving persons allegedly connected with those transactions. The action follows earlier searches and questioning in relation to the same matter.
    August 18, 2026
    ED raids KPSC office, ex-chairman in veterinary officers hiring 'scam' case
    Show AI Summary
    Recruitment examination irregularities trigger money-laundering investigation into alleged bribery, paper leaks, answer-sheet tampering, and preferential veterinary officer selections.
    Money-laundering investigation under the Prevention of Money Laundering Act concerns alleged irregularities in veterinary officers' final selection through a public recruitment examination. Searches covered premises linked to commission officials, alleged intermediaries, the digital evaluation entity, and selected candidates. Allegations include bribery demands, examination-paper leakage, OMR answer-sheet tampering, and facilitation of selection for relatives of commission officials.

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      Home› news › Income Tax › 2026 › March, 2026 › This
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      Income Tax

      Form 31 – Frequently Asked Questions

      March 26, 2026

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      Form 31 – Frequently Asked Questions

      Declaration to be filed by the assessee claiming deduction under section 134 of the Income-tax Act, 2025

      Name of form as per I.T. Rules, 1962

      Form 10BA

      Name of form as per I.T. Rules, 2026

      31

      Corresponding section of I.T. Act, 1961

      80GG

      Corresponding section of I.T. Act, 2025

      134

      Corresponding Rule of I.T. Rules, 1962

      11B

      Corresponding Rule of I.T. Rules, 2026

      65

      1. What is Form 31?

      Ans. Form 31 is required to be furnished by an assessee who intends to claim deduction under Section 134 on rent paid for residential accommodation. The maximum deduction that can be availed under this section is Rs. ₹60,000 per annum.

      2. Who should file Form 31?

      Ans. A resident individual, availing deduction in respect of any expenditure incurred towards payment of rent for any furnished or unfurnished accommodation, who does not receive house rent allowance (HRA) and does not own any residential property at the location of employment or residence, should file this form.

      3. What is the Due Date to file Form 31?

      Ans. Form 31 is required to be filed along with the Return of Income. Hence, the due date for filing return of income for individuals will be the due date to file this form.

      4. Why is Form 31 important?

      Ans. The deduction on rental income, subject to maximum of Rs. 60,000 in a financial year, is allowed based on details filed in Form 31.  

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