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March 26, 2026
Marine insurance 101: Understanding loss and abandonment claims
Show AI Summary
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
Form 34 – Frequently Asked Questions
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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
Guidance Note – Form 33
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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Reinvestment Allowance Reserve Account, withdrawals from the reserve, and details of plant or machinery purchased from withdrawn amounts, together with verification and e-verification requirements.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
Form 33 – Frequently Asked Questions
Show AI Summary
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
Guidance Note – Form 32
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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
Delhi Police EOW books entities of Gurugram-based firm Experion for fraud
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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
Form 32 – Frequently Asked Questions
Show AI Summary
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
Guidance Note - Form 31
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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
Form 31 – Frequently Asked Questions
Show AI Summary
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
Guidance Note - Form 30
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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
Form 30 – Frequently Asked Questions
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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
Guidance Note - Form 29
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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
Freight surge, LPG shortage amid West Asia crisis hit exports from east India
Show AI Summary
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
Form 29 – Frequently Asked Questions (FAQs)
Show AI Summary
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
Guidance Note - Form 28
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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
Form No. 28 Frequently Asked Questions
Show AI Summary
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
Guidance Note - Form 27
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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
Form No. 27 – Frequently Asked Questions (FAQs)
Show AI Summary
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
Guidance Note - Form 26
Show AI Summary
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.
March 26, 2026
Form No. 26 – Frequently Asked Questions (FAQs)
Show AI Summary
Mandatory audit reporting under Form No. 26 introduces clause-wise disclosures, UDIN compliance, and schedule-based tax audit filing.
Form No. 26 is the mandatory audit report and statement of particulars for persons carrying on business or profession whose accounts are required to be audited under section 63. It applies from tax years commencing on or after 1 April 2026, is due one month before the return filing deadline, and must be signed by an Accountant with UDIN, and FRN where applicable. The form uses Part B clause-wise Yes/No reporting with trigger-based schedules, and Parts C and D for audit reporting depending on whether accounts are audited under another law.

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Form 36 – Frequently Asked Questions

March 26, 2026

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Form 36 – Frequently Asked Questions

Certificate for claiming deduction under section 151(5) of the Income-tax Act, 2025 by authors of certain books in receipt of royalty income

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

10CCD

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

36

Corresponding section of I.T. Act, 1961

80QQB

Corresponding section of I.T. Act, 2025

151(5)

Corresponding Rule of I.T. Rules, 1962

19AC

Corresponding Rule of I.T. Rules, 2026

70

1: What is Form 36 ?

Ans: Form 36 is the prescribed form for filing of certificate for claim of deduction under section 151(5) of the Income-tax Act’ 2025 (“ITA 2025”) by authors of scientific, literary or artistic books (including books with ISBN numbers and similar publications), who are in receipt of royalty income or copyright fees or any lump sum consideration etc. in respect of such books, during the relevant tax year.

2: Who should file Form 36?

Ans: Any author, who is in receipt of income of the following nature, in connection with the publication of scientific, literary or artistic book, and who intends to claim deduction under section 151(5) of the Income Tax Act, 2025, should file the certificate in Form 36, -

➢ Royalty,

➢ Copyright fees,

➢ Lump-sum consideration for assignment or transfer of copyright, or

➢ Any similar income.

3. Who is required to verify the Form 36?

Ans. The author, who is in receipt of royalty income etc., during the relevant tax year, is required to make a self-declaration in Part B of the Form 36, to the effect that the deduction claimed is respect of the royalty income is in accordance with section 151 of the Act. Further, the publisher of the book, or the person responsible for making payment to such author, is also required to certify the details of the books published, and payments made to the author, independently in Part B of the Form 36.

4: Where and how the Form 36 is required to be filed?

Ans: The Form 36 shall be filed electronically on the e-filing portal of Income-tax Department. The form shall be furnished electronically either under digital signature or through electronic verification code, duly verified by the author. The details of the books published, and payments made to the author (as mentioned by the author in Rows 3 to 7 of Part B), are further required to be certified by the publishing house.

5: What is the time limit for filing Form 36?

Ans: The certificate in Form 36 for claim of deduction under section 151(5) of the ITA’ 2025 is required to be filed electronically on or before such “due date” for filing return of income prescribed under section 263(1)(c) of the ITA’ 2025, as may apply for the author claiming the deduction. This time limit is specified in the statute itself.

6: What documents are required to file Form 36?

Ans: The following documents may be required while filing Form 36, -

➢ Agreement between the Author and the Publisher,

➢ Royalty/fee statements,

➢ Bank advisories,

➢ Foreign Inward Remittance Certificate/ bank entry,

➢ Approval of competent authority for extension of period, if any, in case of foreign inward remittances

➢ ISBN copy/ publication record

7. Is Form 36 mandatory?

Ans: Filing of a valid Form 36 within the specified time limit, is a mandatory condition for making an admissible claim of deduction under section 151(5), by an author of books of certain nature in respect of royalty income etc. received during the relevant tax year.

8: Can I edit Form 36 after submission?

Ans: No. Once Form 36 is validly submitted, after self-declaration by the author and certification by the publishing house, and acknowledgment is generated, it cannot be edited. Please ensure that all details are correct before final submission.

9: Do I need to attach any document with the Form 36?

Ans: No. It is not mandatory to attach any document with the Form 36.

10: While filling Part A and Part B, can I leave any field blank?

Ans:

➢ PAN of the Author is mandatory. Name and complete address thereof shall be pre-filled, which can be updated by the user.

➢ PAN of the Publishing House can be left blank only if it is a foreign entity having no PAN.

➢ ISBN of the book published may be provided, if available.

➢ Amounts in Columns 5 to 8 of Part B may be mentioned, if applicable.

➢ Amount of deduction claimed in Column 9 is a mandatory field.

11: What if the author does not have a PAN?

Ans: Form 36 cannot be submitted without a valid PAN of the Author.

12: Can Form 36 be filed offline?

Ans: No. Form 36 can only be submitted online through the Income Tax e-Filing portal.

13: Why is Form 36 important?

Ans: Filing of a valid certificate in Form 36 within the specified time limit is a mandatory compliance for claiming deduction in respect of royalty income etc. from books of certain nature, under section 151(5) of the ITA’ 2025. However, the claim of deduction is further subject to fulfillment of various other eligibility conditions, as prescribed in the statute.

14. Can I mention the amounts of foreign inward remittances in the foreign currency?

Ans. No. The amounts of royalty received in foreign currency is required to be stated in Indian rupees, in the rows (7) and (8).

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