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April 3, 2026
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Tax deduction default relief through Form 149 allows deductors to regularise failure to deduct tax once deductee tax payment is verified.
Form No. 149 provides a mechanism for a deductor to regularise failure to deduct tax at source where the deductee has already filed a return and paid the tax due. The Accountant's certificate in Annexure A confirms that the deductee filed the return, included the relevant income, and paid the tax. The form may be filed for resident or non-resident deductees, and if accepted the deductor is not treated as an assessee in default, though interest remains payable until the deductee files the return. Filing is initiated through TRACES and the e-filing portal.
April 3, 2026
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Quarterly remittance reporting by IFSC units requires Form 148 filing for cross-border payments and e-verification.
Form No. 148 requires every IFSC unit making remittance to a non-resident other than a company or to a foreign company to file a quarterly statement through the e-Filing portal, whether the remittance is taxable or not. The form consolidates remittance reporting, prescribes quarterly due dates, and sets out unit details and remittance particulars to be furnished and verified online. Non-compliance within the due date may attract a penalty of up to Rs. 1 lakh, while remittances not chargeable to tax continue to be reported in Form No. 148 instead of Part D of Form No. 145.
April 3, 2026
Show AI Summary
Mandatory quarterly remittance reporting by IFSC units requires online filing, DSC verification, and timely compliance.
Form No. 148 is a mandatory quarterly statement for IFSC units making remittances to a non-resident other than a company or to a foreign company. It must be filed online through the e-Filing portal, e-verified by DSC, and furnished by the 15th day of the month following each quarter. The form requires remittee and remittance details, cannot be modified after submission, and non-filing or late filing may attract a penalty of up to Rs. 1 lakh.
April 3, 2026
Show AI Summary
Foreign remittance reporting requires quarterly Form No. 147 filing with linked Form No. 145 details and digital verification.
Form No. 147 requires authorised dealers to furnish a quarterly statement of remittances to non-residents and foreign companies through the e-Filing portal. Filing is due each quarter after obtaining ITDREIN and mapping an authorised person, with Part A covering dealer particulars and Part B covering remitter, remittee and remittance details, including Form No. 145 acknowledgement particulars where applicable. Non-filing within time attracts penalty, and the form is integrated with the Department's risk profiling and verification system.
April 3, 2026
Show AI Summary
Authorised dealer reporting for cross-border remittances requires mandatory quarterly Form No. 147 filing and electronic verification.
Form No. 147 is a mandatory quarterly statement filed by an Authorised Dealer for remittances to a non-resident, other than a company, or to a foreign company. It must be filed only through the e-Filing portal, after generation of ITDREIN and mapping of an authorised person with a valid Digital Signature Certificate for e-verification. The form is due quarterly by the 15th of the month following each quarter and is supported by Form No. 145 details. Late filing may attract penalty.
April 3, 2026
Show AI Summary
Accountant's certificate for foreign remittances requires chargeability review, treaty relief analysis, and e-verification before payment is made.
Form No. 146 is the accountant's certificate for specified foreign remittances to a non-resident other than a company or to a foreign company where the payment or aggregate payments exceed the prescribed threshold and no Assessing Officer certificate has been obtained. It requires the Chartered Accountant to certify chargeability under domestic income-tax provisions and applicable DTAA relief, with supporting details on remitter, remittee, remittance, tax deduction, and verification. The form is filed through the e-filing system, e-verified using DSC, may be withdrawn within seven days, and inaccurate certification exposes the accountant to penalty.
April 3, 2026
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Accountant's certificate for foreign remittances governs taxability checks, digital filing, withdrawal limits, and one-time consumption for Part C.
Form No. 146 is the accountant's certificate required for filing Part C of Form No. 145 where a remittance is chargeable to tax and exceeds the prescribed threshold during the tax year. It is certified by a registered Chartered Accountant with a Digital Signature Certificate and assignment of Form No. 145, Part C, and it examines chargeability under the Income-tax Act and any applicable Double Taxation Avoidance Agreement. The form is filed online or through the offline utility, verified by Digital Signature Certificate, and may be withdrawn within seven days subject to the linked filing status.
April 3, 2026
Show AI Summary
Pre-remittance declaration for foreign payments streamlines TDS compliance, verification, and risk profiling under the income-tax framework.
Form No. 145 is the mandatory pre-remittance declaration for payments to a non-resident not being a company or to a foreign company, intended to capture foreign remittances chargeable to tax in India and support TDS compliance, departmental verification, and risk profiling. It is an event-based form required before remittance, subject to specified exceptions, and is structured into four parts depending on whether the remittance is chargeable to tax, exceeds the prescribed threshold, or is supported by an Assessing Officer certificate, an accountant's certificate in Form No. 146, or no taxability. The guidance also covers filing methods, supporting documents, e-verification, withdrawal, penalties for non-compliance, and recent field-level changes for electronic reconciliation.
April 3, 2026
Show AI Summary
Mandatory foreign remittance declaration governs payments to non-residents, with exemptions, verification rules, and penalty exposure for non-compliance.
Mandatory declaration is required before remitting funds outside India to a non-resident, other than a company, or to a foreign company. The form is filed by the person responsible for the payment, subject to specified exemptions, and must be furnished before the remittance is made. The filing structure depends on whether the remittance is chargeable to tax, the applicable threshold during the tax year, and whether an Assessing Officer certificate or an Accountant's certificate has been obtained. Supporting documents, e-verification, withdrawal rights, and penalty consequences are also specified.
April 3, 2026
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Tax deducted at source on non-resident payments is reported through Form 144 with quarterly deductee-wise compliance requirements.
Quarterly statement in Form No. 144 is the prescribed TDS return for reporting tax deducted at source on payments other than salary made to non-resident persons, including non-resident Indians and foreign companies. The form covers interest, royalty, technical fees, dividends, and similar cross-border remittances, and is filed by deductors for the relevant tax year. It contains deductor particulars, tax paid details, and a deductee-wise annexure, and requires challans, PAN details, and treaty documents where benefits are claimed.
April 2, 2026
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Egg brand initiative to boost poultry farming, strengthen local production and support rural entrepreneurship in Maharashtra.
Maharashtra is planning to develop a state-specific egg brand and expand poultry farming to strengthen local egg production, reduce dependence on imports from southern states and improve supply chain stability. The initiative is linked to rural entrepreneurship and allied agricultural activity, with the aim of creating a stable market for poultry farmers, improving quality assurance and increasing incomes in rural areas. Financial assistance is being provided under the Mukhyamantri Gramin Pashudhan Udyojakata Yojana for poultry units at two levels, with higher subsidy support for SC and ST beneficiaries.
April 2, 2026
Show AI Summary
Parliamentary legislative reform advanced across insolvency, service law, decriminalisation, and transgender rights during the extended Budget session.
Parliament's extended Budget session focused on key legislative measures covering financial business, service law reform, decriminalisation, insolvency reform, state reorganisation, and transgender rights. Bills reported as passed or considered included measures on Central Armed Police Forces, Andhra Pradesh Reorganisation, transgender persons' protection, Jan Vishwas amendments, and the Insolvency and Bankruptcy Code, with some bills referred for further scrutiny and one proposed amendment on foreign contribution not taken up.
April 2, 2026
Show AI Summary
GST revenue growth and tax administration reforms lifted Haryana's SGST collections and expanded the taxpayer base.
Haryana recorded 22 per cent growth in gross State GST revenue in FY26, with post-settlement SGST collections rising to Rs 48,289 crore and its national rank improving from ninth to sixth. The number of registered GST taxpayers increased to 6,30,818, while the growth was linked to GST rate rationalisation reforms and improved tax administration.
April 2, 2026
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GST revenue growth in Bihar remained strong despite rate rationalisation, election slowdown, and IGST settlement deductions.
Bihar's commercial taxes department reported total revenue collections of Rs 43,324 crore for the 2025-26 financial year, with GST collections of Rs 32,801 crore and net GST receipt of Rs 32,077 crore after IGST settlement deduction. The department said the 9.2 per cent GST growth remained significant despite GST rate rationalisation and an election-related slowdown. The state ranked fourth among large states in total GST collection, while petrol collections declined and the Registration Department exceeded its revenue target.
April 2, 2026
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Foreign exchange controls tighten as RBI caps bank rupee positions and restricts derivative rebooking to curb volatility.
Reserve Bank of India measures were reported to have triggered a sharp recovery in the rupee after recent foreign exchange volatility. The action included a cap on the net open position in the Indian rupee for banks, a bar on offering non-deliverable derivative contracts involving the rupee to resident or non-resident users, and a restriction on rebooking cancelled foreign exchange derivative contracts. The measures were described as a response to evolving market conditions and to curb risk in derivative activity.
April 2, 2026
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Foreign exchange counters at airports can now exchange Indian rupee notes for residents and non-residents beyond immigration controls.
Residents, as well as non-residents, may exchange Indian rupee notes at foreign exchange counters in departure halls of international airports beyond the immigration or customs desk. The earlier facility at such counters was limited to buying Indian rupees from non-residents and selling foreign currency to them. The Master Direction on Money Changing Activities is being amended to reflect the expanded exchange scope.
April 2, 2026
Show AI Summary
Tax deduction statements for non-resident payments require quarterly electronic filing, with correction statements allowed after processing.
Form No. 144 is the quarterly statement for deduction of tax at source on payments other than salary made to non-residents. It is mandatory for every deductor required to deduct tax on such payments, must be filed electronically within the prescribed quarterly due dates, and cannot be edited after submission. Corrections may be filed after processing by CPC-TDS within two years from the end of the relevant tax year. Successful filing on TRACES generates an Acknowledgment Receipt Number.
April 2, 2026
Show AI Summary
LPG supply prioritisation reshapes refinery allocations as propylene is partly redirected to ease petrochemical shortages.
The government has adjusted refinery output directions in response to LPG import disruptions and petrochemical feedstock shortages. After requiring C3 and C4 streams to be used exclusively for LPG production, the Ministry later allowed part of the propylene supply to return to the petrochemical industry. The policy is presented as a balance between domestic LPG supply security and the needs of sectors such as packaging and condom manufacturing, alongside partial restoration and enhancement of commercial LPG allocations for priority consumers.
April 2, 2026
Show AI Summary
Tax collected at source reporting through Form 143 streamlines quarterly filing, certificate issuance, and collectee credit tracking.
Quarterly reporting of tax collected at source is filed in Form No. 143 by collectors responsible for collection on specified transactions under the Income-tax Act, 2025. The form requires collector particulars, challan and deposit details, and collectee-wise annexure information on amounts, dates, rates, tax collected and deposited, with quarterly due dates and utility-based electronic filing. Processing may lead to default corrections, issuance of the collectee tax certificate, and reflection of TCS as credit in the collectee's tax record.
April 2, 2026
Show AI Summary
Tax collection at source statement filing requires quarterly electronic submission, correction limits, and acknowledgment on the portal.
Form No. 143 is the mandatory quarterly electronic statement for collection of tax at source on specified goods and transactions, to be filed by the collector, seller, operator or authorised person responsible for collection at the time of debit or receipt of payment. It follows a quarterly due-date schedule, cannot be edited after submission, and may be corrected only through a correction statement after processing by CPC-TDS, within two years from the end of the relevant tax year. Successful filing generates an Acknowledgment Receipt Number on the TRACES portal.

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Customs & Trade

Achieving 'Viksit Bharat' requires collective effort of 1.4 bn citizens amid global challenges: Modi

March 28, 2026

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Noida, Mar 28 (PTI) Prime Minister Narendra Modi on Saturday urged citizens to work with dedication and unity to tackle global challenges, and said that the government prioritizes securing India's interests and safeguarding "families and farmers".

Referring to the ongoing conflict in West Asia, while addressing a gathering at the inauguration of the first phase of the Noida International Airport in Jewar, the Prime Minister said achieving "Viksit Bharat" would require collective effort and unity among 1.4 billion citizens.

He stressed that the government's priority is to enhance citizens' convenience by saving time and reducing costs.

"I once again appeal to the people of the country that we must face this crisis calmly, with patience and unity. This is a global crisis, but we must prioritise India's interests. That is our greatest strength," he said.

He said he had discussed the situation in detail in Parliament and also held extensive and "very positive" deliberations with the Chief Ministers of various states.

The Prime Minister urged political parties to refrain from making irresponsible statements during such times.

"Those who make remarks that harm the country may gain some points in political debates, but such actions will never be forgiven by the people," he said, recalling how voters rejected misinformation campaigns during the COVID-19 pandemic.

The remarks come against the backdrop of political controversies during the COVID-19 pandemic, when Samajwadi Party chief Akhilesh Yadav had publicly expressed reluctance to take a COVID-19 vaccine, triggering a political debate over vaccine hesitancy.

The controversy was a talking point in the run-up to the 2022 Uttar Pradesh Assembly elections, in which the Samajwadi Party was defeated, and the BJP retained power.

The PM said that India is confronting the challenges arising from the ongoing conflict in West Asia with full strength.

Highlighting that India depends on crude oil and gas from conflict-affected regions, Modi said: “The government is taking necessary steps to ensure the burden does not fall on families and farmers." Inaugurating phase-I of the Noida International Airport, Modi said, "Today marks the beginning of a new chapter in the journey towards a Viksit Uttar Pradesh and a Viksit Bharat." He said Jewar Airport would boost economic activity in the region. "Noida International Airport will create new opportunities for farmers, small traders and youngsters of Western Uttar Pradesh," he said.

Modi was accompanied by Chief Minister Yogi Adityanath, Civil Aviation Minister Kinjarapu Ram Mohan Naidu and other dignitaries.

Hitting out at the main opposition party in the state, Modi said the Samajwadi Party had turned Noida into an "ATM for loot", but under BJP, it is now emerging as a powerful engine of development.

He added that Noida, once neglected by earlier governments, is now ready to welcome the world, reflecting the spirit of a self-reliant India.

Highlighting the government's aviation policy, Modi said: "We launched the UDAN scheme to ensure that air travel remains within the reach of ordinary families. In the past few years, more than 1.6 crore people have travelled at affordable fares under this scheme." UDAN scheme has recently been expanded with an approved outlay of around Rs 29,000 crore, with plans to develop new airports in smaller cities and build around 200 helipads in the coming years.

Modi said Jewar Airport would benefit a wide region covering Agra, Mathura, Aligarh, Ghaziabad, Meerut, Etawah, Bulandshahr and Faridabad.

Expressing pride, he said Uttar Pradesh now ranks among the states with the highest number of international airports.

Modi said the Jewar area is emerging as a logistics hub with the convergence of dedicated freight corridors at Dadri, enabling faster movement of goods to ports in Bengal and Gujarat.

He recalled that the airport project was first approved in 2003 during the tenure of former Prime Minister Atal Bihari Vajpayee, adding that improved connectivity would enhance food processing and agricultural exports from western Uttar Pradesh.

Modi expressed gratitude to sugarcane farmers, saying ethanol produced from their crop has helped reduce India's dependence on crude oil imports.

He said that without increased ethanol production and its blending with petrol, the country would have had to import an additional 4.5 crore barrels of crude oil annually.

He noted that the initiative has helped save about Rs 1.5 lakh crore in foreign exchange.

Modi said India's aviation sector is growing rapidly, leading to increased demand for aircraft. "These new aircraft and services will require a large workforce for operations, servicing and maintenance. This presents a huge opportunity for the youth," he said.

The Prime Minister highlighted the lack of adequate Maintenance, Repair and Overhaul (MRO) facilities in India in the past, noting that nearly 85 per cent of aircraft had to go abroad for servicing.

"Our government has resolved to make India self-reliant in the MRO sector. Large-scale facilities are now being developed in the country, and an MRO facility has also been launched at Jewar," he said.

Modern transport systems like Metro and Vande Bharat trains are being expanded Modi said, adding “the Delhi-Meerut Namo Bharat train has already benefited more than 2.5 crore passengers, reducing travel time from hours to minutes," he said.

The Prime Minister said the government has made unprecedented investments in the sector over the past 11 years. "The infrastructure budget has increased more than sixfold. About Rs 17 lakh crore has been spent on highways and expressways, and over 1 lakh kilometres of highways have been constructed," he said.

The first phase of the airport, developed at an estimated cost of Rs 11,200 crore, is envisioned as a multi-modal transport hub.

The project includes a cargo hub with an initial handling capacity of over 2.5 lakh metric tonnes annually, expandable to around 18 lakh metric tonnes. The airport's initial passenger handling capacity will be 12 million passengers per annum, scalable up to 70 million. PTI CDN KIS DRR

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