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March 31, 2026
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Permanent Account Number application rules set forms, documents, fees, and correction procedures for Indian and foreign applicants.
Permanent Account Number (PAN) application is governed through prescribed forms for different applicant categories: Form 93 for individuals being citizens of India, Form 94 for non-individual Indian entities, Form 95 for individuals not being citizens of India, and Form 96 for non-individual foreign entities. PAN is a unique taxpayer identifier required for income-tax return filing and specified financial transactions. The application process requires prescribed supporting documents, incomplete or deficient applications are treated as invalid, and correction requests may be made separately after allotment.
March 31, 2026
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Corporate governance through independent director appointment and audit committee leadership to improve oversight, controls and compliance.
Appointment of an independent director and audit committee chair to strengthen corporate governance, financial oversight and compliance mechanisms. The role is stated to include supervision of financial reporting integrity, internal controls, enterprise risk management, regulatory compliance and audit processes, with the appointment intended to deepen board oversight and support disciplined, responsible and sustainable growth.
March 31, 2026
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Manufacturing activity rebounds as energy costs, supply-chain risks, and weak demand cloud China's growth outlook.
China's manufacturing activity returned to expansion in March as the official purchasing managers index rose above 50, ending two months of contraction. Analysts said the outlook remains vulnerable to higher energy costs, possible supply-chain disruption, a prolonged property-sector slump, and weaker global demand, while exports continue to play a key role in supporting growth.
March 30, 2026
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Asset restitution under PMLA advances recovery for PACL investors after attachment of properties in alleged investment fraud.
Assets worth more than Rs 15,000 crore have been restored under the Prevention of Money Laundering Act to a Supreme Court-appointed committee for distribution to investors allegedly defrauded in the PACL collective investment scheme. A special PMLA court ordered restitution of 455 immovable properties to the Justice Lodha Committee, reflecting the statutory remedy of restoration of attached assets to victims of fraud and proceeds of crime. The ED's action is part of an investigation into allegations of an illegal collective investment scheme and the attachment of properties held by PACL entities, family members and associates.
March 30, 2026
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Rupee volatility intensifies as geopolitical tensions, dollar strength and RBI net open position caps pressure forex markets.
The rupee fell sharply in intra-day trade and briefly crossed the 95-per-US dollar level before closing at 94.70, with volatility attributed to heightened geopolitical tensions, risk-off sentiment, a firm dollar index and higher crude oil prices. The Reserve Bank of India reduced the net open position that banks may maintain overnight and capped Net Open Position (NOP-INR) at USD 100 million through a circular dated March 27, 2026, with compliance required by April 10, as part of monitoring currency exposure in a volatile foreign exchange market.
March 30, 2026
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Money laundering attachment under PMLA targets immovable assets linked to alleged diversion and siphoning of company funds.
Provisional attachment under the Prevention of Money Laundering Act was issued in respect of land parcels and other immovable assets valued at more than Rs 271 crore. The attached properties included land parcels in Panvel and Shahapur talukas of Maharashtra, in connection with an ongoing money-laundering investigation concerning Rajendra Lodha, a former director of Lodha Developers. The allegations concerned diversion and siphoning of company funds and assets through unauthorised transfer of properties at undervalued prices, fabrication of Memorandums of Understanding, and misappropriation of inflated amounts.
March 30, 2026
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Summons compliance in excise policy probe challenged as the agency disputes acquittal and alleges deliberate non-appearance.
The Enforcement Directorate has challenged the acquittal of Arvind Kejriwal in two summons-compliance cases arising from the excise policy matter, alleging intentional failure to appear despite repeated summonses and deliberate creation of grounds to avoid the probe. The trial court had found that the ED failed to prove intentional disobedience. The broader excise policy and money-laundering proceedings remain pending in connected forums.
March 30, 2026
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Rupee depreciation and forex speculation curb as the Reserve Bank limits bank net open positions in the onshore market.
The rupee fell sharply against the US dollar in FY26 because of foreign fund outflows, high crude prices, global dollar strength, tariff pressure, geopolitical tensions, and volatile markets. The Reserve Bank of India intervened by selling dollars and later introduced a measure requiring banks to limit net open positions in the onshore currency market to curb excessive speculation and reduce one-sided bets against the rupee.
March 30, 2026
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Insolvency resolution process dispute tests value maximisation, fair bidding and creditor discretion in Jaiprakash Associates acquisition plan.
Vedanta Ltd has challenged the approval of Adani Enterprises Ltd.'s resolution plan for Jaiprakash Associates Ltd. in insolvency proceedings and sought a stay on its implementation. The dispute concerns the validity of the resolution plan, the approvals granted by the Committee of Creditors and the adjudicating authority, and the application of the Insolvency and Bankruptcy Code principles of value maximisation, fair bidding, feasibility and execution. The appellate tribunal has sought a response from the Committee of Creditors and noted that implementation of the plan will remain subject to the outcome of the appeals.
March 30, 2026
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Money laundering and fugitive offender laws address bank fraud attachments, confiscation, and restrictions on economic offenders abroad.
The Enforcement Directorate has investigated bank fraud matters under the Prevention of Money Laundering Act, with arrests, prosecution complaints, convictions, attachment of proceeds of crime, and confiscation and restitution of assets in some cases. The Fugitive Economic Offenders Act, 2018 is described as a measure to deter offenders from evading Indian law by staying abroad and provides for confiscation of properties, proceeds of crime and benami properties, lookout notices, and restrictions on raising capital, acquiring shares, or voting rights.
March 30, 2026
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Notice of demand under the income tax law sets payment timelines, appellate details, and options for instalments or extension.
Form 103 is the notice of demand issued by the Assessing Officer under section 289 of the Income-tax Act, 2025 read with rule 179 of the Income-tax Rules, 2026, to communicate tax, interest, penalty or any other sum payable for a tax year or block period. It is based on an assessment order, penalty order, TDS default, rectification, order giving effect, or other order creating a recoverable demand. The demand is ordinarily payable within 30 days, may be modified by the Assessing Officer, and reduction below 30 days needs prior approval of the Joint Commissioner.
March 30, 2026
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Social and environmental statistics dissemination strengthens evidence-based policymaking through MoSPI's digital platforms, SDG dashboard, and stakeholder consultations.
MoSPI regularly releases social and environmental statistics publications through its official website and related digital platforms, including environment statistics, environment accounts, SDG indicator reports, and thematic demographic reports. The Ministry also uses the India SDG Dashboard, e-Sankhyiki portal, and Advance Release Calendar to support centralized data access, monitoring, and timely dissemination, while expert groups and stakeholder consultations are used to improve coverage, quality, relevance, accessibility, and public awareness.
March 30, 2026
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Artificial intelligence integration improves data discovery and user interaction on the Ministry's eSankhyiki portal and revamped website.
Artificial intelligence is being integrated into the eSankhyiki portal and the Ministry's revamped website to improve accessibility, searchability and usability of reports, datasets and publications. An AI-enabled chatbot has also been hosted to improve data discovery and user interaction, while no specific timeline has been fixed for full implementation of the AI-enabled tools.
March 30, 2026
Show AI Summary
Energy statistics compilation highlights expanded energy-sector data coverage, harmonised end-use reporting, and growth in renewables and consumption.
The National Statistics Office has released the annual publication Energy Statistics India 2026, an integrated statistical compendium on India's energy sector. The publication brings together data on reserves, capacity, production, consumption, and import-export of major energy commodities, and includes energy balance tables, graphs, and sustainable energy indicators aligned with international standards. The 33rd edition expands coverage by adding credit flow, world energy statistics, coal consumption through e-auction, imported non-coking coal, sector-wise electricity consumption, and bunker supply data, while harmonising end-use consumption statistics across energy commodities.
March 30, 2026
Show AI Summary
Notice of demand in Form 103 sets out tax dues, payment timelines, and options for extension or instalments.
Notice of demand in Form 103 is issued by the Assessing Officer under section 289 of the Income-tax Act, 2025 read with Rule 179 of the Income-tax Rules, 2026 to communicate tax, interest, penalty or other sums payable for a tax year or block period. The demand is ordinarily payable within 30 days from service of the notice, though the Assessing Officer may alter the due date; any shortening requires prior approval of the Joint Commissioner. The assessee may pay through prescribed modes or seek extension or instalments before expiry of the payment period.
March 30, 2026
Show AI Summary
Union Government monthly accounts show consolidated receipts, expenditure and tax devolution up to February 2026.
Monthly accounts of the Union Government for the period up to February 2026 for FY 2025-26 record consolidated receipts, expenditure and tax devolution. The Government received total receipts of Rs.27,91,943 crore, comprising net tax revenue, non-tax revenue and non-debt capital receipts, and transferred Rs.12,66,369 crore to State Governments as devolution of share of taxes, higher than the previous year by Rs.85,837 crore. Total expenditure incurred up to February 2026 stood at Rs.40,44,592 crore, including revenue expenditure and capital expenditure.
March 30, 2026
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TDS credit mismatch resolution through electronic filing of Form No. 102 for aligning tax years and deduction records.
Form No. 102 is an electronic application for claiming TDS credit where income was offered to tax in one tax year but the related tax was deducted and reported by the deductor in a later year. The form is filed by eligible taxpayers to align the TDS credit with the correct tax year, and it requires particulars of the assessee, the relevant income, the deduction details, and supporting documents. The application is submitted through the e-filing portal and processed by the Assessing Officer.
March 30, 2026
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TDS credit mismatch relief through Form No. 102 allows taxpayers to align credit with the correct tax year online.
Form No. 102 is an optional online application for claiming TDS credit where income was included in a return for one tax year but the tax was deducted and deposited in a subsequent tax year. It may be filed by any taxpayer to align the TDS credit with the correct tax year in cases of timing mismatch, subject to a filing window of two years from the end of the financial year in which the TDS was deducted and reported. The form contains Part A and Part B, requires a valid PAN, cannot be edited after submission, and is filed only through the e-filing portal.
March 30, 2026
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Tax evasion detection in hospitality sector expands through data analytics, GST matching, and digital payment verification.
A state-wide tax enforcement drive in the hospitality sector has identified suspected turnover suppression through data analytics, risk assessment, and comparison with GST returns. The investigation covers establishments such as dhabas, restaurants, eateries, bakeries, sweet shops, and catering services, using tax intelligence inputs, online billing data, and digital payment records to verify reported turnover against actual receipts.
March 30, 2026
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Inventory valuation report requirements under tax law govern Cost Accountant certification, filing timelines, and verification of inventory valuation.
Form 101 is the prescribed inventory valuation report to be furnished by a Cost Accountant when an Assessing Officer directs valuation of inventories under Section 268(5)(ii) of the Income-tax Act, 2025 read with Rule 171. It is used to support correct inventory valuation for tax computation and verification, and is filed only when special valuation is directed. The report must be submitted within the time allowed by the Assessing Officer, subject to any extension not exceeding six months from the end of the month in which the direction is received.

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Excise duty cut on petrol-diesel due to assembly polls: Congress slams govt

March 27, 2026

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New Delhi, Mar 27 (PTI) The Congress on Friday alleged that the government's excise cuts on petrol and diesel were because of assembly elections and pointed out that consumer prices in India were not reduced even when global crude oil prices fell on seven different occasions in the past 12 years.

The opposition party's attack came after the government slashed excise duty on petrol to Rs 3 per litre and exempted diesel fully from the duty.

Congress general secretary in-charge communications Jairam Ramesh said, "When global crude oil prices fell as they did on seven different occasions in the past 12 years consumer prices in India were not reduced." "Today's announcement was because of assembly elections. Wait till April 30th," he said.

Assembly elections in Assam, Kerala and Puducherry will be held on a single day on April 9, in Tamil Nadu on April 23, and in two phases in West Bengal on April 23 and 29, while votes will be counted for all polls on May 4.

The Congress's media and publicity department head, Pawan Khera, said, "If you saw the headlines about petrol and diesel prices 'coming down' and thought the government had offered relief to your pocket, you'd be mistaken." As of now, prices remain the same for dealers and for consumers, he claimed.

"What has actually been reduced is the 'special additional excise duty', a levy paid by Oil Marketing Companies to the government. The words 'special' and 'additional' reveal how unnecessary this tax is," Khera said on X.

He pointed out that these companies had been absorbing losses since the outbreak of the conflict in West Asia.

"The government has now merely agreed to share a small part of that burden but reducing the 'special additional' levy - that too almost a month later," the Congress leader said.

"Relief exists but only in the narrative -- not in reality. Instead of manufacturing headlines and fooling people, the government should focus on delivering actual relief to consumers," he said.

In another post, Khera pointed out the rise in fuel prices, irrespective of crude prices over the years.

"Modi's Masterstroke: Cheaper crude. Costlier fuel. In May 2014, crude oil was at $106.94 per barrel. Petrol cost Rs 71.71 per litre, and diesel Rs 56.71. Fast forward to just before the West Asia conflict — crude oil had fallen to around USD 70 per barrel. But petrol was selling at Rs 94.72 per litre, and diesel at Rs 87.62 in Delhi," he said.

India also bought crude oil from Russia at a discounted rate, but the benefit did not translate into relief for consumers, he said.

"It only made the Ambanis richer," Khera said.

He added, "Because between 2014 and 2026, the government revised the excise duty a total of 21 times, increasing it 12 times. So much for Achche Din!" The Congress leader also lashed out at Petroleum Minister Hardeep Singh Puri for saying that the government decided to "take a hit" on its own finances to safeguard Indian citizens.

"Oh, how magnanimous! The tone is patronising and condescending - packaging as charity and favour what is, in fact, the basic responsibility of any government. Mr Puri, the government and the money both are of the people of India. They do not belong to #Epstein," Khera said.

"This language also reeks of entitlement – it sounds more like a ruler doling out favours from his own coffers, rather than a government spending the 'people's money' for the 'people'," he said.

"Clearly sharing friends with monarchs like Prince Andrew has deteriorated his sense of democratic responsibility and accountability. Every time he speaks, he undermines his own suitability for the office he holds," Khera said.

Congress MP Manish Tewari slammed Puri, saying he portrayed this move as if the government was paying out of its own pocket.

Global crude prices have risen by almost 50 per cent since the United States and Israel launched military strikes against Iran on February 28, triggering sweeping retaliation from Tehran.

In a notification issued on March 26, the Finance ministry cut excise duty to Rs 3 a litre, from Rs 13 a litre earlier, while the levy on diesel was slashed to nil from Rs 10 earlier.

The duty cuts are effective immediately, the ministry said.

Despite the spike in international prices, retail pump rates have not been changed, putting a strain on the finances of oil companies.

The government cuts stand to give some relief to oil companies.

Tracking the excise duty cut notification, shares of fuel retailers IOC, BPCL, and HPCL opened higher on BSE.

International oil prices touched USD 119 per barrel earlier this month, before pulling back to around USD 100 per barrel.

India imports 88 per cent of its crude oil and roughly half of its natural gas. These mostly come via the Strait of Hormuz. PTI ASK VN VN

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