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March 28, 2026
Guidance note - Form 71
Show AI Summary
Audit report compliance for offshore banking unit investment divisions governs exemption and concessional taxation claims under income tax rules.
Form 71 is the mandatory audit report for a registered investment division of an offshore banking unit where a specified fund seeks exemption under section 11 read with Schedule VI or concessional taxation under section 210(3) of the ITA 2025. It certifies fulfilment of the prescribed eligibility conditions, including separate books, audit by an accountant, relevant documentation, and filing by the specified date. The form is filed electronically with supporting records and, when validly furnished, supports the claim to exemption or concessional rates.
March 28, 2026
Form 71 - Frequently Asked Questions
Show AI Summary
Tax exemption compliance for specified funds depends on timely electronic filing of Form 71 and accountant verification.
Form 71 is the prescribed audit report for verification by an accountant in respect of the computation of exempt income of a specified fund attributable to the investment division of an offshore banking unit. It is linked to the claim of exemption or taxation at concessional rates for eligible income, and its filing is one of the conditions for admissibility of that claim. The form must be filed electronically on the income-tax e-filing portal and verified by the accountant either through digital signature or electronic verification code. It cannot be filed offline, and once validly submitted and acknowledged it cannot be edited.
March 28, 2026
Guidance note - Form 70
Show AI Summary
Specified fund compliance for Form 70 governs exempt income reporting and concessional taxation claims for offshore banking units.
Form 70 is the prescribed e-form for a specified fund to furnish the annual statement of exempt income attributable to the investment division of an offshore banking unit under section 11 read with Schedule VI, together with income taxable at concessional rates under section 210(3) of the ITA 2025. Filing is mandatory for a specified fund seeking exemption or concessional taxation and must be made electronically on the e-filing portal by the due date, with supporting documents, verification by the Trustee or Principal Officer, and the audit report in Form 71 certifying separate accounts and audit of the eligible investment division.
March 28, 2026
Form 70 - Frequently Asked Questions
Show AI Summary
Exempt income reporting through Form 70 requires electronic filing, verification, and timely compliance for specified fund benefits.
Form 70 is the annual statement for a specified fund to report exempt income and income taxable at concessional rates in relation to the investment division of an offshore banking unit. It must be verified by the Principal Officer or Managing Trustee and filed electronically on the Income-tax e-filing portal within the prescribed due date. Filing a valid form is a mandatory condition for claiming exemption or concessional taxation, and the form cannot be filed offline or edited after valid submission. A valid PAN of the fund and the verifier is required, along with prescribed supporting documents and mandatory attachments.
March 28, 2026
Guidance note - Form 69
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Concessional taxation for specified funds depends on timely filing of Form 69 with income and unit-holder details.
Form 69 is the prescribed annual statement for a specified fund to report income attributable to units held by non-residents, other than a permanent establishment in India, for concessional taxation. The form is a mandatory compliance requirement and must be filed electronically on or before the due date, with trustee or principal officer verification. It includes fund particulars, registration details, and computations of income from securities and capital gains, supported by constituting documents, registration certificate, financial statements, securities statements, and unit-holder residency details.
March 28, 2026
Form 69 - Frequently Asked Questions
Show AI Summary
Concessional taxation for specified funds requires electronic Form 69 filing, verification, and timely supporting disclosures.
Form 69 is the prescribed electronic statement for a specified fund claiming concessional taxation on income attributable to units held by a non-resident, other than a permanent establishment in India. A valid filing within the prescribed due date is a mandatory condition for the concessional rate benefit. The form must be verified by the Principal Officer or Managing Trustee, supported by the prescribed annexures and documents, and cannot be edited after submission and acknowledgment.
March 28, 2026
Guidance note - Form 68
Show AI Summary
Exempt income reporting under Form 68 streamlined for specified funds with electronic filing and updated verification requirements.
Form 68 is the annual statement prescribed for specified funds seeking exemption under Section 11 read with Schedule VI of ITA 2025 in respect of income attributable to units held by a non-resident, other than a permanent establishment in India. It is filed electronically by the Principal Officer on or before the return due date, and captures particulars of the fund, income, exempt income, unit-holder details, and the working of income attributable to non-resident holders. The guidance note also describes the supporting documents and the simplified filing updates, including IFSCA registration, mandatory document upload, and verification in place of declaration.
March 28, 2026
Form 68 - Frequently Asked Questions
Show AI Summary
Exempt income statement filing for specified funds requires verified online submission within the prescribed due date.
Form 68 is the prescribed electronic statement for claiming exemption of income of specified funds under section 11 read with Schedule VI [Table: Sl. Nos. 1 to 4] of the Income-tax Act, 2025, in respect of income attributable to units held by a non-resident other than a permanent establishment of such non-resident in India. The form must be verified by the Principal Officer or Managing Trustee, filed only through the Income-tax e-filing portal, and furnished on or before the applicable due date. Valid filing requires mandatory PAN details, specified annexures, and satisfaction of the statutory eligibility conditions.
March 28, 2026
Guidance note - Form 67
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Alternate Minimum Tax reporting gets a structured Form 67 update with CA certification, itemised computation, and digital filing.
Form 67 is a chartered accountant's report for certifying book profit, adjusted total income and Alternate Minimum Tax liability under the updated section 206 framework. It applies to non-corporate taxpayers subject to the AMT regime, is furnished annually with the return of income, and must be digitally signed. The revised form introduces itemised computation fields, category-based AMT rates, and system-enabled validation through the e-filing process.
March 28, 2026
Form No.67 - Frequently Asked Questions
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Alternate Minimum Tax compliance through Form 67 requires CA certification, electronic filing, and timely submission with the return.
Form 67 is prescribed for furnishing details relating to the computation of Adjusted Total Income and Alternate Minimum Tax (AMT) under section 206(2) of the Income-tax Act, 2025. It applies to persons other than companies, subject to stated exceptions, and is not required for certain specified taxpayers where adjusted total income does not exceed twenty lakh rupees. The form is used to determine AMT on adjusted total income, with tax payable at the higher of the regular tax or AMT, and it incorporates adjustments such as depreciation and other specified items.
March 28, 2026
Guidance note - Form 66
Show AI Summary
Minimum Alternate Tax reporting through Form 66 demands Chartered Accountant certification, digital filing, and return-linked book profit verification.
Companies liable to Minimum Alternate Tax must furnish Form 66, a Chartered Accountant-certified report on book profit and MAT computation, annually with the income tax return. The form is digitally signed, accepted by the company through the e-filing portal, and linked to the return for processing. It contains company particulars, profit adjustments, transition amount, final MAT computation, auditor certification, and supporting financial and tax documents.
March 27, 2026
Delhi court rejects Siddiqui plea for ED’s unrelied documents at pre-cognisance stage
Show AI Summary
Access to unrelied ED documents denied at pre-cognisance stage in an ongoing money-laundering investigation.
Access to documents seized by the Enforcement Directorate but not relied upon in the chargesheet was refused at the pre-cognisance stage in an ongoing Prevention of Money Laundering Act matter. The court held that the accused had already been supplied with the prosecution complaint and relied-upon documents, and that disclosure of unrelied material was not required before cognisance when the investigation remained pending.
March 27, 2026
India-US trade agreement designed to protect domestic sensitivities: Govt tells LS
Show AI Summary
Trade agreement framework balances market access with farmer safeguards, calibrated tariff concessions, and export opportunities across key sectors.
India and the United States have agreed on a framework for an interim trade agreement intended to expand reciprocal and mutually beneficial trade while protecting domestic sensitivities, particularly in agriculture and dairy. The framework contemplates improved market access, rules of origin, action on non-tariff barriers, and cooperation on standards, digital trade, economic security, technology, supply chain resilience, energy and manufacturing. Limited and calibrated tariff concessions have been offered on select agricultural products through quota-based mechanisms, phased concessions and partial duty reductions, with the quotas kept within existing import levels to avoid adverse impact on domestic farmers.
March 27, 2026
Rupee settle at all-time low of 94.85 against US dollar
Show AI Summary
Rupee weakness deepens as higher crude prices, dollar strength and foreign selling weigh on currency and reserves.
The rupee weakened sharply to a historic low against the US dollar amid sustained pressure from higher crude oil prices, a stronger greenback, foreign investor selling, and energy-led inflation concerns. India's foreign exchange reserves also declined during the reporting week, driven by a fall in gold reserves. The government indicated plans to mobilise substantial borrowing through dated securities in the April-September period, while noting a reduction in gross market borrowing after G-Sec switches.
March 27, 2026
Centre plans to borrow Rs 8.2 lakh cr from market in first half of FY27 to fund fiscal deficit
Show AI Summary
Government borrowing calendar set for dated securities, green bonds, retail bidding and flexible issuance management.
The Centre plans to raise gross market borrowings through dated securities in the first half of FY 2026-27 to finance the fiscal deficit, with borrowing spread across weekly auctions and multiple maturities. The borrowing calendar includes sovereign green bonds, non-competitive bidding for specified retail investors, and flexibility to modify issuance amounts, maturities, instruments and timing in consultation with the Reserve Bank of India, depending on funding needs and market conditions.
March 27, 2026
Goyal holds talks with USTR Jamieson Greer; discusses next steps in India-US BTA negotiations
Show AI Summary
Bilateral trade agreement negotiations advance as India and the US discuss WTO issues, tariffs, and next steps in talks.
India and the United States continued discussions on the next steps in the bilateral trade agreement negotiations, covering the WTO agenda, the India-US BTA, and ways to deepen bilateral economic cooperation and trade ties. A framework for the first phase has been finalised, but the legal text remains unsigned, and the chief negotiators' meeting was postponed because of changes in the US tariff architecture and the need to await the revised global tariff framework before the interim trade agreement is signed.
March 27, 2026
Lockdown not even under discussion, no situation to impose it: Govt
Show AI Summary
Energy supply stability assured as government rules out lockdown, citing adequate fuel stocks and anti-hoarding measures.
The government ruled out any lockdown and said India has adequate stocks of petrol, diesel and LPG, with fuel retail operations continuing normally despite energy supply disruptions linked to the war in West Asia. Officials said rumours have caused panic buying, while alternative sourcing, higher domestic LPG production, excise duty cuts, export levies, export diversion directions and intensified anti-hoarding enforcement are being used to stabilise supplies and protect consumers.
March 27, 2026
Andhra CM welcomes Centre's excise duty cut on fuel, lauds PM Modi
Show AI Summary
Excise duty cut on petrol and diesel aims to shield consumers from global fuel price volatility.
The Union Government reduced excise duty on petrol and diesel by Rs 10 per litre to prevent a retail price increase caused by rising global oil prices. The move was described as a people-centric measure intended to shield consumers from fuel price volatility and wider shortages linked to global instability.
March 27, 2026
States'€™ borrowing costs harden to over 8 pc tracking uptick in G-sec yields amid Middle East conflict
Show AI Summary
State borrowing costs harden as bond yields rise, forcing partial bids and higher returns in volatile fixed-income markets.
States' borrowing costs hardened in a State Development Loan auction as cut-off yields rose across long-term maturities, with several securities moving above 8 per cent. The increase tracked a broader rise in government bond yields amid global oil price pressures, inflationary concerns and weakness in the rupee, causing some states to accept only partial borrowing amounts or reject bids. The report notes that higher bond yields may keep borrowing costs elevated and increase volatility in fixed-income markets.
March 27, 2026
Bank loan 'fraud': ED files chargesheet against ex-RCOM executive Punit Garg
Show AI Summary
Money laundering proceedings over bank loan fraud allegations include diversion of proceeds through offshore entities and property transactions.
Money laundering proceedings under the Prevention of Money Laundering Act concern a former senior executive of Reliance Communications and another accused in an alleged bank loan fraud case. The allegations include concealment, layering and diversion of proceeds of crime through foreign subsidiaries and offshore entities, purchase and sale of a Manhattan condominium during the insolvency process, and routing of sale proceeds through an asserted sham investment arrangement. The allegations also include personal diversion of funds for overseas education-related payments.

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News and Press Release

PLI Schemes attract over ₹2.16 lakh crore investment, drive ₹20.41 lakh crore production and generate 14.39 lakh jobs

March 27, 2026

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Govt of India launched the ‘Make in India’ initiative on 25th September 2014 to facilitate Investment, foster Innovation, build best in class Infrastructure, and make India a hub for manufacturing, design, and innovation. Presently, Make in India 2.0 focuses on 27 sectors including 15 manufacturing sectors, implemented across various Ministries and Departments and State Governments. The list of sectors under Make in India 2.0 is enclosed at Annexure I.

The other major measures taken up under the “Make in India” initiative include Start- up India, National Single Window System, GIS enabled Land Bank, Foreign Direct Investment (FDI) policy reforms, PM Gati Shakti National Master Plan for integrated planning of multimodal infrastructure, Project Monitoring Group to remove bottlenecks in setting up of major infrastructure projects, setting up of industrial parks, interventions to improve ease of doing business, measures for reduction in compliance burden, rationalization of labor laws, introduction of Goods and Services Tax, policy measures to boost domestic manufacturing through public procurement orders and Phased Manufacturing Programme (PMP).

As part of Make in India initiative, the Production Linked Incentive (PLI) schemes have been  implemented  across  14  key  sectors,  namely  Large-Scale  Electronics Manufacturing (LSEM), IT Hardware, Pharmaceuticals, Bulk Drugs, Medical Devices, Automobiles and Auto Components, Advanced Chemistry Cell Batteries, Solar PV modules, Telecom & Networking Products, Food Processing, Textiles, Specialty Steel, White Goods, Drones & Drone Components by incentivizing incremental production and sales,. The PLI schemes have facilitated fresh investments in the identified sectors and supported the expansion of manufacturing capacities.

The PLI schemes have generated investments exceeding ₹2.16 lakh crore as of 31th December 2025. The investments made under the PLI Schemes have led to incremental production and sales of over ₹20.41 lakh crore, as of 31st December, 2025. Further, the Schemes have resulted in an employment generation of over 14.39 lakh (direct and indirect), and 836 applications have been approved across all 14 sectors covered under the PLI framework.

The impact of PLI Schemes has been significant across various sectors in India. The Schemes have contributed substantially towards strengthening domestic manufacturing capacity, enhancing exports, generating employment and reducing the import dependence across multiple strategic sectors. Details of actual investments, increase in production and employment generation during the last three years is enclosed at Annexure II. The state-wise data under PLI is not centrally maintained.

To support the development of Micro Small and Medium Enterprises (MSMEs), the Central Government supplements the efforts of State/UT Governments through various schemes, programmes and policy initiatives. This inter alia includes various schemes and programmes such as:-

  1. Prime Minister's Employment Generation Programme (PMEGP): PMEGP provides margin money subsidy up to 35%, for setting up of new micro enterprises, in the non-farm sector with project cost of Rs. 50 lakh for Manufacturing and Rs. 20 lakh for Service enterprises.

  2. Credit Guarantee Scheme for Micro and Small Enterprises:The scheme is implemented through Credit Guarantee Fund Trust for Micro and Small Enterprises to provide credit guarantee for loans extended to MSEs. The ceiling for guarantee coverage under the scheme is Rs 10 crore.

  3. Self-Reliant India (SRI) Fund: The fund has been set up to infuse Rs. 50,000 crore as equity funding in MSMEs with a provision of Rs. 10,000 crore from the Government of India and Rs. 40,000 crore through Private Equity/Venture Capital Funds. The Budget 2026-27 has also announced a support of Rs 2000 crore to top up the Self-Reliant India Fund set up in 2021 to continue support to micro enterprises and maintain their access to risk capital.

  4. Under the Digital India programme, the Ministry of Electronics and Information Technology (MeitY) offers services on Digital Infrastructure as a Utility, Governance and Services on Demand, Digital Empowerment of Citizens and MSMEs. Digital payments are also done by MSMEs through different platforms.

To attract investments and provide an enabling eco-system for the overall development across states and sectors the Central Government in collaboration with State Governments implements various schemes such as National Industrial Corridor Development Programme, UNNATI for the North-eastern States, New Central Sector Scheme for Jammu and Kashmir, Startup India.

Under the National Industrial Corridor Development Programme (NICDP), various greenfield industrial areas/region/nodes are being developed across India with the objective of creating manufacturing and investment destinations that are globally competitive. Till date about 20 projects under NICDP have been approved. Moreover, Industrial parks are being developed in partnership with state governments and private sector. There are currently 306 plug-and-play industrial parks in India, and an additional 20 plug-and-play industrial parks and smart cities are being developed by the National Industrial Corridor Development Corporation (NICDC).

The UNNATI (Uttar Poorva Transformative Industrialization) Scheme provides support to industries to enhance regional infrastructure, generate employment, and promote resilience and economic growth in the North-eastern States. Under this scheme, incentives like Capital Investment Incentive (CII), Capital Interest Subvention (CIS) and Manufacturing & Services linked incentive (MSLI) are being provided.

For the Industrial Development of Jammu and Kashmir, the Government of India is implementing the New Central Sector Scheme (NCSS), 2021 with a financial outlay of ₹28,400 Crore for encouraging new investments. Incentives like Capital Investment Incentive (CII), Capital Interest Subvention (CIS), Goods & Services Tax Linked Incentive (GSTLI) and Working Capital Interest Subvention (WCIS) are being provided under this scheme.

Further, the Government has approved the Employment Linked Incentive (ELI) Scheme to support employment generation, enhance employability and social security across all sectors, with special focus on manufacturing sector. With an outlay of Rs 99,446 Crore, the ELI Scheme aims to incentivize the creation of more than 3.5 Crore jobs in the country, over a period of 2 years. Out of these, 1.92 Crore beneficiaries will be first timers, entering the workforce.

The Government has been implementing the PM Internship Scheme with an objective to enhance industry-relevant skills, improve job readiness, and foster professional exposure through structured internships in India’s top-performing companies and institutions. In Round I of the Pilot Project, more than 1.81 lakh candidates have applied and the partner companies made over 82,000 internship offers to over 60,000 candidates. In Round II, more than 2.14 lakh candidates have applied and the partner companies made over 83000 internship offers to over 71000 candidates.

The Government has also been taking up various measures for facilitating and promoting investments across sectors through interventions to improve ease of doing business and policy measures to boost domestic manufacturing, which include National Single Window System, GIS enabled Land Bank, Foreign Direct Investment (FDI) policy reforms, PM Gati Shakti National Master Plan for integrated planning of multimodal infrastructure, Project Monitoring Group to remove bottlenecks in setting up of major infrastructure projects.

This information was given by the Minister of State for Ministry of Commerce & Industry, Shri Jitin Prasada, in Rajya Sabha today.

ANNEXURE-I

ANNEXURES REFERRED TO IN REPLY TO PARTS (a) to (c) OF THE RAJYA SABHA UNSTARRED QUESTION NO. 3880 FOR ANSWER ON 27.03.2026

Manufacturing Sectors

  1. Aerospace and Defence

  2. Automotive and Auto Components

  3. Pharmaceuticals and Medical Devices

  4. Bio-Technology

  5. Capital Goods

  6. Textile and Apparels

  7. Chemicals and Petro chemicals

  8. Electronics System Design and Manufacturing (ESDM)

  9. Leather & Footwear

  10. Food Processing

  11. Gems and Jewellery

  12. Shipping

  13. Railways

  14. Construction

  15. New and Renewable Energy

Service Sectors

  1. Information Technology & Information Technology enabled Services (IT & ITeS)

  2. Tourism and Hospitality Services

  3. Medical Value Travel

  4. Transport and Logistics Services

  5. Accounting and Finance Services

  6. Audio Visual Services

  7. Legal Services

  8. Communication Services

  9. Construction and Related Engineering Services

  10. Environmental Services

  11. Financial Services

  12. Education Services

 

ANNEXURE-II

ANNEXURES REFERRED TO IN REPLY TO PARTS (a) to (c) OF THE RAJYA SABHA UNSTARRED QUESTION NO. 3880 FOR ANSWER ON 27.03.2026

Details of actual investments, increased in production and employment generation under PLI Schemes

Details/Year

Upto FY 2022-23

Upto FY 2023-24

Upto FY 2024- 2025

Upto FY 2025-26*

Investments

0.51 lakh crore

1.18 lakh crore

1.76 lakh crore

2.16 lakh crore

Sales/Production

4.50 lakh crore

9.71 lakh crore

16.50 lakh crore

20.41 lakh crore

Employment

3 lakhs

8 lakhs

12 lakhs

14.39 lakhs

*upto 31st December 2025

Topics

Acts Income Tax
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