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    Energy prices soar to levels not seen in years as Iran names new supreme leader, digs in
    RBI Issues Draft Amendment Directions for ‘Review of Framework of Limiting Customer Liability in Digital Transactions’
    Guangdong aims to shoulder greater responsibilities at the beginning of the 15th Five-Year Plan period
    Federal Bank Strengthens Focus on Wealth Management Business
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    Implementation of Unique Identifiers for Aadhaar-based Authentication Transaction.
    Regarding the reimbursement of the amount equivalent to the State Goods and Services Tax (SGST) payable for the exhibition of the film "Shatak – 100...
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March 9, 2026
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Force majeure declarations amid Middle East conflict trigger supply disruptions and spur talks of releasing strategic oil reserves.
Attacks on production and shipping linked to the Iran conflict have reduced exports and prompted a national oil company to declare force majeure, relieving contractual obligations during extraordinary disruption. Some producers have cut output as storage fills, while major consuming states are considering coordinated releases of strategic petroleum reserves and domestic measures to prevent hoarding and price collusion to stabilize markets.
March 9, 2026
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Limiting customer liability in digital transactions expanded to cover more fraud and introduce a temporary compensation mechanism.
RBI has published draft Amendment Directions to broaden the scope of limits on customer liability in digital transactions to include additional fraudulent electronic banking transactions, mandate faster bank processing of fraud complaints, and establish a temporary compensation mechanism for small-value frauds subject to a one-year review aimed at shifting more compensation responsibility to banks.
March 9, 2026
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Provincial development priorities: prioritize industry technology integration and service sector modernization under the new five year plan.
Guangdong sets strategic provincial development priorities for the 15th Five-Year Plan, prioritizing industry technology integration and the cultivation of large-scale industrial clusters in fields such as 6G, embodied artificial intelligence, and quantum technology. Simultaneously, the province will accelerate high-quality service sector development through six strategic dimensions-integration, high-end advancement, digital intelligence, green development, internationalization, and diversification-by expanding investment, building world-class industrial parks, and creating diverse platforms while inviting external participants and talent to engage in provincial opportunities.
March 9, 2026
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Wealth management platform expansion strengthens bank's direct advisory franchise while maintaining strategic collaboration with existing partner.
Federal Bank launched Fed Wealth and a Wealth Hub to develop an in house wealth franchise offering fixed income, equities, mutual funds, alternatives and GIFT City solutions, and will establish specialised Wealth Hubs for private advisory and virtual consultations. The Bank restructured its arrangement with Equirus Capital to align product and service architecture for affluent and UHNI clients while ensuring uninterrupted service for existing Equirus customers, retaining a minority stake in Equirus and continuing targeted collaboration to offer select Equirus products to UHNI clients.
March 9, 2026
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Oil supply disruption drives crude price surge and market volatility amid Middle East conflict, threatening shipping and energy inflation.
Crude oil prices surged as the Iran war damaged energy infrastructure and disrupted shipping through the Strait of Hormuz, constraining exports and prompting production cuts by regional producers. Attacks on depots and transfer terminals, reduced tanker traffic, and filling storage tanks tightened physical supply, fueling market volatility, higher fuel and natural gas prices, and inflationary pressures. Discussions of strategic petroleum reserve releases and official assurances were cited as potential mitigating measures against persistent disruptions.
March 9, 2026
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Oil supply disruption drives crude prices up, threatening global inflation and straining markets and fuel costs.
Crude oil prices surged after the Iran war disrupted production and maritime transit through the Strait of Hormuz, impeding tanker movement and prompting output cuts by producers as storage tanks filled. Attacks on oil and gas facilities and depots further reduced exports, transmitting supply shocks into elevated crude and natural gas prices, higher retail fuel costs, intensified market volatility, and upward pressure on inflation, with major buyers potentially seeking alternative suppliers.
March 9, 2026
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Export Obligation extension grants automatic relief for advance and EPCG authorisations, no application or fee required.
Automatic extension of the Export Obligation (EO) period is provided for specified Advance Authorisations and EPCG Authorisations, without requiring separate applications or payment of composition fees, operating alongside existing Foreign Trade Policy and Handbook of Procedures provisions; DGFT regional authorities will verify EO compliance at the time of issuance of Export Obligation Discharge Certificates, closure, or regularisation, and Customs have been informed to permit exports consistent with the revised EO timeline.
March 9, 2026
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Technological self-sufficiency drives China's industrial policy, prompting state-led subsidies and supply-chain strategies to counter foreign tech restrictions.
China's 2026 and five-year plans combine near-term focus on expanding domestic demand with a strategic push for technological self-sufficiency. The state will deploy industrial policy and sizeable subsidies to accelerate breakthroughs in AI, semiconductors, batteries, biotech, 6G, electric vehicles and commercial aviation, seeking supply-chain resilience in response to foreign technology restrictions, while acknowledging risks of manufacturing oversupply and international trade tensions.
March 9, 2026
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Energy supply disruption raises oil prices and fuels market volatility with implications for fuel costs and economic risk.
Oil prices rose above one hundred dollars per barrel after conflict involving Iran disrupted production and shipping through the Persian Gulf, reducing tanker transits via the Strait of Hormuz, prompting production cuts and storage fill-ups among regional producers, and following attacks on oil and gas facilities that tightened global crude availability and heightened market volatility.
March 8, 2026
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Sanctions waiver allows delivery of Russian-origin crude already loaded, enabling refiners to secure alternate supplies amid shipping disruptions.
A temporary sanctions waiver permitting sale and delivery of Russian-origin crude loaded prior to the cutoff enables Indian refiners to accept in transit Russian cargoes without breaching sanctions; refiners are also sourcing additional supplies from non-conflict regions, maintaining processing rates and using onshore and strategic reserves to preserve inventory coverage while facing higher freight, insurance and commodity price risks.
March 7, 2026
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Trade preference: India secured preferential market access under a bilateral framework with the US, affecting tariffs and procurement.
A bilateral trade framework with the US sets reciprocal tariff adjustments and market-access commitments, with India agreeing to reduce or eliminate tariffs on a broad set of US industrial and agricultural products and declaring procurement commitments for US goods; final legalisation is pending after changes in US tariff policy and postponement of negotiators' talks.
March 7, 2026
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Illicit export of controlled drug by mislabelling and forged customs papers exposed, forensic testing confirmed substance.
Three individuals were arrested for exporting etomidate by mislabelling consignments as aloe vera powder and a personal care ingredient, using forged customs documents and air cargo from Mumbai; Raman spectrography confirmed etomidate, the suspects admitted contacts with overseas drug-cartel members, and shipments were bound for jurisdictions where etomidate is treated as a controlled or prohibited substance.
March 7, 2026
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Government emergency power to direct refineries ensures LPG supply while domestic cooking gas prices rise.
Domestic cooking gas prices were raised significantly and commercial LPG rates were increased separately; state differentials reflect local tax incidence. The rise was linked to global energy price spikes and supply disruptions through the Strait of Hormuz. The government invoked emergency powers to direct refineries to boost LPG production and indicated petrol and diesel prices will not be raised immediately because state oil companies can absorb short term cost pressures.
March 7, 2026
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Port facilitation measures urged to permit charge waivers and operational steps to manage disruption from West Asia crisis.
The Ministry's Standard Operating Procedure requires each port to appoint a nodal officer as single point of contact to secure timely action and mandates that ports consider, case by case and depending on circumstances, requests for reduction, waiver or remission of charges including storage rent and change of vessel charge; permit storage of Middle East bound cargo as transshipment cargo; allot additional storage; facilitate ad hoc berthing and expedited return movement of export cargo; prioritise perishable cargo handling; and coordinate with Customs and DGFT for implementation.
March 7, 2026
Show AI Summary
Export obligation relief extends EO for specified advance and EPCG authorisations without composition fee to aid exporters facing shipping disruptions.
The DGFT has automatically extended the export obligation period, block-wise, for specified advance authorisations and EPCG authorisations expiring between March and May, until August 31, 2026, without payment of the composition fee, supplementing existing foreign trade policy extension mechanisms to assist exporters affected by shipping and supply-chain disruptions.
March 7, 2026
Show AI Summary
Vehicle smuggling exposed; arrests follow forged registrations and alleged official complicity, customs pursue custody.
A cross border smuggling scheme brought high end used vehicles from Bhutan into India without payment of Customs duties, re registering them using forged documents; Customs' "Operation Numkhor," aided by state police, led to arrests, seizures and a planned court application for custody to further investigate alleged organiser conduct including involvement of a District Transport Officer and duplicate registrations identified by the auditor.
March 7, 2026
Show AI Summary
Emergency powers invoked to boost domestic LPG production amid supply disruptions following Middle East conflict.
Retail LPG prices for household and commercial cylinders were increased, with non subsidised domestic cylinders and Ujjwala beneficiaries affected and commercial cylinders rising by a larger margin; the hikes are attributed to global energy price spikes and supply disruptions via the Strait of Hormuz. To augment domestic supplies, the government invoked Emergency Powers directing refineries to ramp up LPG production, while state taxes continue to cause regional price differences.
March 7, 2026
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Unique Transaction Identifiers mandated for each scheme to improve traceability; notify UIDAI and adopt LITE code where applicable.
REs implementing Aadhaar authentication must embed a Unique Transaction Identifier (up to five alphabetic characters appended to the transaction ID) for each scheme/service/use case, notify UIDAI using the Annexure III format before implementation, and follow Annexure I guidelines; low volume government entities may apply for a LITE Code via their AUA/KUA under the SOP in Annexure II, with secure logging, compliance obligations, and license/penalty consequences if thresholds are exceeded.
March 7, 2026
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SGST reimbursement for film exhibition approved subject to print week limits, ticket price restrictions, and treasury deposit compliance.
Reimbursement of the State Goods and Services Tax (SGST) equivalent for the film is approved subject to conditions: no increase in prevailing entry fees or changes to seating-class capacities; a statewide cumulative print week ceiling limiting the product of prints and weeks and an overall exhibition duration cap of three months; ticket sales must reflect reduction of the SGST component during the notified period; and multiplex/cinema owners must deposit the SGST amount into the treasury following the prescribed procedure.
March 7, 2026
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Free Trade Agreements expansion broadens market access and mobility, protecting sensitive sectors while promoting exports and investment.
India has expanded its network of Free Trade Agreements, implementing bilateral and plurilateral instruments that broaden preferential market access for agriculture, exporters of garments, leather and handicrafts, AYUSH and organic products, and digital services, while introducing mobility and post-study work pathways and measures to catalyse investment; negotiations are described as balancing market access with protections for sensitive sectors and domestic industry to align trade expansion with national self-reliance and economic transformation.

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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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Acts Income Tax