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    Person loses Scheduled Caste status on converting from Hinduism, Sikhism, Buddhism: SC
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March 24, 2026
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Scheduled Caste status and religious conversion: membership ends immediately on conversion to a non-specified faith.
A person belonging to a Scheduled Caste loses that status on conversion to a religion other than Hinduism, Sikhism or Buddhism, and the loss is immediate and complete from the moment of conversion. The bar in the Scheduled Castes Order, 1950 is categorical, so a person who professes and practices a non-specified religion cannot claim Scheduled Caste membership for statutory benefits, protections, reservations or other entitlements flowing from that status.
March 24, 2026
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Green budget drives welfare schemes, electric mobility, disaster readiness and sectoral infrastructure spending across Delhi.
Delhi's FY27 budget sets out a broad fiscal and welfare programme with major allocations for environmental protection, education, health, transport, urban development, social welfare and water supply. It introduces measures such as free diagnostic tests for newborn babies, bicycles for girl students, free LPG cylinders for ration card-holding families on Holi and Diwali, the Mahila Samriddhi Yojna, electric auto-rickshaw permits for women and transgender persons, and expanded Ayushman Bharat Health coverage. It also provides for electric buses, a semiconductor policy, disaster management infrastructure, firefighting upgrades and water and sewage projects.
March 24, 2026
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Preliminary expense disclosure in Form 5 requires electronic filing, detailed reporting, and strict compliance for income-tax deduction claims.
Form 5 is a mandatory electronic statement for an assessee claiming deduction for preliminary expenses under the Income-tax Act, 2025, to be furnished in accordance with Rule 27 and one month prior to the due date for filing the return of income. It requires disclosure of assessee particulars and transaction-level details of qualifying preliminary expenses, including feasibility reports, project reports, market or business surveys, and engineering services, with related PAN, TDS, and payment particulars.
March 24, 2026
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Preliminary expenses deduction reporting requires electronic Form 5, with item-wise disclosure, verification, and timely portal filing.
Electronic Form 5 is the prescribed statement for reporting preliminary expenses claimed as a deduction under Section 44 of the Income-tax Act, 2025. It applies to eligible expenditure connected with setting up or extension of a business, including feasibility reports, project reports, market or business surveys, and engineering services related to business, and must be filed for each tax year through the income-tax portal using digital signature or electronic verification. The form requires disclosure of assessee particulars, item-wise expense details, service-provider information, payment particulars, and TDS data where applicable.
March 24, 2026
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Functional cooperatives survey training set to standardise nationwide data collection and measure economic contribution.
Preparatory training was organised for the Rapid Survey of Functional Cooperatives before six months of field work beginning in April 2026. The workshop brought together senior officers and field functionaries who will serve as Master Trainers for subsequent regional training, with the aim of standardising nationwide survey operations. The survey will assess the contribution of functional cooperatives to employment generation and economic activity across rural and urban areas, and will estimate indicators such as Gross Value Added, Gross Value of Output and employment generated by cooperatives.
March 24, 2026
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Unincorporated sector survey shows stronger employment, higher value added, rising wages and wider internet adoption across establishments.
Annual Survey of Unincorporated Sector Enterprises (ASUSE) 2025 covers unincorporated non-agricultural establishments in manufacturing, trade and other services, and collects data on workers, Gross Value Added, emoluments, fixed assets, loans, ownership, registration status and use of information and communication technology for policymaking and national accounts. The survey reports growth in establishments, employment, Gross Value Added, labour productivity, female-owned proprietary establishments, emolument per hired worker and internet use, and notes a revised sampling design enabling quarterly selection and district-level annual estimates.
March 24, 2026
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District-led export promotion expands through local committees, action plans, and market access support for MSMEs and farmers.
District-led export promotion under the Districts as Export Hubs initiative is implemented through State Export Promotion Committees and District Export Promotion Committees across all States and Union Territories. District Export Action Plans identify export potential in local products and sectors, while outreach events, public data portals, and district-level committees are used to build awareness, address bottlenecks, and support exporters, manufacturers, MSMEs, farmers, and small-scale industries.
March 24, 2026
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Export policy and trade facilitation framework strengthens competitiveness, digital governance, and market access across India's export ecosystem.
India's export framework is being strengthened through policy support, financial incentives, digital trade facilitation, infrastructure development, and trade agreements to expand competitiveness and global market access. The Foreign Trade Policy 2023, RoDTEP, the Export Promotion Mission, export credit support, and export-linked infrastructure are described as core instruments for improving trade finance, logistics, market readiness, and MSME competitiveness. Digital governance tools and trade agreements are said to support faster compliance, transparency, market access, and investment flows.
March 24, 2026
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Startup ecosystem collaboration advances industry-linked innovation support for HVAC, manufacturing, testing, and pilot deployment opportunities.
Industry-linked innovation support is being advanced through a Memorandum of Understanding to strengthen the manufacturing and startup ecosystem. The collaboration is directed at product startups working in HVAC technologies, digital solutions, advanced manufacturing processes, and supply chain innovation, with the aim of enabling scalable, industry-relevant solutions through structured engagement. Startups will receive mentorship, testing facilities, R&D infrastructure, pilot opportunities, market linkages, and structured Proof-of-Concept programmes.
March 24, 2026
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Unauthorised electronic banking transactions framework updated with compensation, AI fraud detection, and stronger mule account safeguards.
RBI has revised its framework on unauthorised electronic banking transactions, including a proposed compensation mechanism for small-value fraudulent transactions, to update customer-liability rules in response to technological change. The broader framework also relies on AI-driven fraud detection, mule account surveillance, real-time transaction monitoring, and public financial literacy campaigns to curb cyber fraud and strengthen safe banking practices.
March 24, 2026
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Unclaimed financial assets: regulators expand digital portals, nomination reforms and simplified claim processes to help rightful claimants trace funds.
Measures by RBI, IRDAI and SEBI simplify identification, tracing and settlement of unclaimed financial assets through claim reforms, digital portals, nomination requirements and awareness drives. RBI has consolidated claim directions, introduced an incentive scheme, supported common application procedures and launched UDGAM; IRDAI and SEBI have adopted similar tracing, documentation and portal-based mechanisms for insurance proceeds and mutual fund amounts. Banks transfer long-inactive balances to the DEA Fund, and a nationwide campaign supported restitution of unclaimed assets to rightful owners.
March 24, 2026
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Fundamental rights of ED officers shape maintainability debate over alleged obstruction during a money-laundering raid.
Maintainability of the ED's plea was examined in relation to alleged obstruction during a money-laundering raid at the I-PAC office. The issue was whether ED officers, acting in their individual capacity, could invoke fundamental rights under Article 32 and whether the petition had to identify the specific right allegedly violated. Arguments also addressed whether obstruction of statutory duties amounts to a constitutional violation and the relevance of Section 66 of PMLA in the context of the investigation and reporting of related offences.
March 24, 2026
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Transfer of assets in India reporting requires accountant-certified Form 4, electronic filing, and cross-verification of returned income.
Form 4 is an accountant's report for income attributable to transfer of assets located in India under section 9(10), filed once in a tax year along with the return of income. It captures taxpayer details, transfer particulars, income derived, values of Indian and global assets, valuation methodology, and supporting documents such as valuation reports, financial statements, and sale documents. The form is filed electronically with UDIN and digital signature, and is used for cross-verification of income offered in the return.
March 24, 2026
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AI wealth intelligence platform scales regulated fee-only advisory for Indian investors with unified financial insights.
A SEBI-RIA licensed wealth management platform has raised seed funding to scale a purpose-trained AI wealth intelligence product for Indian investors. The platform aggregates financial data across banks, brokerages, mutual funds, and other accounts into a unified view of assets, liabilities, portfolio performance, risk exposure, diversification, and concentration, and presents structured, actionable insights for personal finance decision-making. It operates on a zero-commission, fee-only advisory model aligned with investor interests.
March 24, 2026
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Income attributable to transfer of assets in India requires an accountant's report filed online with UDIN and a valid PAN.
Form 4 is an accountant's report for computing income attributable to transfer of assets located in India, to be filed once in a tax year along with the return of income through the e-filing portal with a valid PAN and UDIN. The form requires supporting valuation, financial, and sale-related documents, cannot be edited after submission, and does not require proof of tax payment at filing, though payment evidence may be needed for return processing.
March 24, 2026
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Cybercrime investigation coordination under money laundering law expands through data-sharing platforms, FIR access, and victim-centric complaint handling
The Enforcement Directorate has identified proceeds of crime in cybercrime investigations under the Prevention of Money Laundering Act, while sharing information with other law enforcement agencies through nodal officers and under Section 66(2) when relevant contraventions are noticed. It also uses the SAHYOG, Samanvaya and cyber police portal, along with the Inter-operable Criminal Justice System portal, for cybercrime data sharing, analytics and access to FIRs. A standard operating procedure has been issued for complaints through the National Cybercrime Reporting Portal and the Citizen Financial Cyber Fraud Reporting and Management System.
March 24, 2026
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Zero Coupon Bond compliance reporting under Form 3 requires accountant certification of investment use, timelines, and sinking fund maintenance.
Form 3 under Rule 7 is the accountant's certificate for notified Zero Coupon Bonds issued by infrastructure capital companies, infrastructure capital funds, infrastructure debt funds and public sector companies. It certifies, for each relevant tax year, the amount of bond proceeds actually invested and verifies compliance with the prescribed utilisation timelines, minimum investment thresholds and, for infrastructure debt funds, maintenance of a sinking fund and investment of accrued interest in Government securities. The form is filed electronically with digital signature or electronic verification and includes the accountant's certificate with UDIN where applicable.
March 24, 2026
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Aadhaar-based service delivery strengthens transparency, direct welfare transfer, and beneficiary targeting across public administration.
Aadhaar is highlighted as a governance instrument for transparent and efficient service delivery, linking citizens to bank accounts and enabling Direct Benefit Transfer so subsidies and financial assistance reach eligible beneficiaries directly. It is described as reducing fraud, eliminating ghost beneficiaries, and improving access to welfare schemes and government services across rural and underserved sections. The text also notes Aadhaar's use in birth registration, healthcare, health insurance claims, property-related matters, agricultural grain procurement, pension distribution, and food security implementation.
March 24, 2026
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Platform fee increases in food delivery reflect higher operating costs, GST inclusion, and rising delivery expenses.
Food delivery platforms increased the platform fee charged to users on a per-order basis, with the revised charge stated to be inclusive of GST. The fee is a fixed amount added to delivery and restaurant charges and is linked to operating costs, technology maintenance, and customer support. The increase comes alongside comparable revisions by competing services and against the backdrop of rising fuel costs affecting delivery operations.
March 24, 2026
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Accounting outsourcing services for SMEs expand compliance support across GST, payroll, income tax filing, and financial reporting.
Accounting outsourcing services for SMEs combine bookkeeping, GST compliance, income tax filing, payroll management, accounts payable and receivable support, and financial advisory under a single engagement model. The service package addresses rising demand from small and medium-sized enterprises seeking assistance with GST filing cycles, payroll compliance, audit preparation, and maintenance of accurate financial records while managing business operations. The offering includes monthly reconciliation and financial reporting, GST return filing, input tax credit reconciliation, ITR filing, payroll processing with PF/ESI compliance and TDS on salaries, vendor and debtor tracking, and budgeting and cash flow planning.

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Excise duty cut on petrol, diesel with eye on elections in four states: TMC member Saket Gokhale

March 27, 2026

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New Delhi, Mar 27 (PTI) The excise duty cut on petrol and diesel has been done with an eye on the upcoming assembly elections in four states and not because the government cared for consumers, TMC Rajya Sabha member Saket Gokhale.

Participating in a discussion on the Finance Bill 2026 in the Upper House, Gokhale demanded an assurance from Finance Minister Nirmala Sitharaman that fuel prices will not be increased after April 29, when voting is completed in four states -- Assam, West Bengal, Tamil Nadu, and Kerala.

After the excise cut was announced, he said ministers of the government have been saying "since morning how the Modi government is taking a hit at its own resources, to its own revenues, instead of increasing petrol and diesel prices".

"This is happening because four major states are going to elections. The only reason that this excise duty cut has been done today is because this government cannot, absolutely cannot, raise fuel prices when four major states are going into elections," Gokhale asserted.

If the government really cared for the welfare of people so much and did not want to burden them with high prices, he asked why the benefit of buying discounted crude from Russia in the last four years was not passed on to consumers.

"For the last four years the government was purchasing crude oil at extremely discounted prices, below USD 60 per barrel. We were purchasing discounted crude from Russia. In these four years, (out of) this benefit... not a single rupee was passed on to consumers at petrol and diesel pumps," Gokhale noted.

The TMC member asked if the finance minister will "give a commitment on the floor of this House that after April 29 when the voting is completed in all the four states, the government will promise that it will not increase the petrol and diesel prices at fuel pumps even by one rupee?" He further said, "That is the commitment that the finance minister should give today, that this excise duty is permanent. We are not going to raise prices after April 29." Gokhale alleged that "the government does not think about people, they only think about elections." Sanjay Seth of BJP, however, said the war in West Asia has spiked crude oil price and most countries in the world have hiked their domestic oil prices.

"But the government cut excise duty instead of passing the burden on common people... this shows how Prime Minister Narendra Modi is concerned about the common people," he asserted.

Taking part in the discussion, Shaktisinh Gohil of Congress said the Budget did not have anything for the poor and the middle class, while the benefits have only been provided to the rich and big corporate houses.

While flagging lack of steps to tackle high unemployment among the youth, he also lashed out at the government for removing import duty on items like soya bean and said the interest of Indian farmers has been compromised.

How will Indian farmers compete with those in the US who have large land parcels using modern machinery and are subsidised by the government there, Gohil asked.

He also questioned the rationale behind making zero import duty on critical minerals saying no foreign player will be willing to make large investments for exploration in the sector in India.

P Wilson of DMK in his remarks said the NDA government came to power promising 'Sabka Saath Sabka Vikas' but "what we have today (is) a regime 'Sabka Bojh Sirf Unka Vikas', which means burden on many and benefits for the chosen few." In the Budget, welfare expenditure has been slashed, gender budget has been cut and schemes that sustain the poor have been shortchanged, he added.

The members of the House also raised issues related to GST and defence budget allocation.

Ashok Kumar Mittal of AAP said on GST that while the government claimed ease of doing business has improved, the ground reality is different. It has become "ease of doing harassment and a mode of tax terrorism", he alleged.

"In 2024, 40,000 MSMEs and 10,000 startups were forced to shut," Mittal said, observing that first, the tax liability of a business is calculated, followed by raid on a shopkeeper and officials have the power of immediate arrest.

He also called for effective utilisation of public money, saying Rs 48,000 crore was allocated for Smart City Yojana but "we don't know of a single smart city".

He also alleged cost overruns and missed deadliness on the Ahmedabad-Mumbai bullet train project.

S Niranjan Reddy of YSRCP urged the government to "please do something out of the box for ensuring that the defence Budget and the defence allocation goes up".

He called for improvement in judicial infrastructure and justice delivery mechanism.

Pointing at several capacity constraints, Reddy highlighted the huge pendency of cases in various courts, saying the pendency is affecting justice delivery mechanism.

Suggesting a faster adoption away from oil and gas, he called for removal of GST on electric vehicles.

He also urged the government to consider increasing the speed of privatisation of PSUs.

Manas Ranjan Mangaraj of the BJD pointed to a "pattern of systematic neglect of Odisha", saying the state is not asking for charity but for its rightful share.

He also demanded fiscal incentives and a fair share of mineral royalties for the state, saying on Odisha tourism has immense untapped potential. PTI RKL RSN TRB

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