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March 30, 2026
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Kisan Credit Card access expands through digital issuance, concessional lending, and stronger grievance redressal for farmers.
Measures supporting the Kisan Credit Card ecosystem focus on expanding credit access, improving digital issuance, and strengthening financial inclusion for farmers, including small and marginal farmers. Priority Sector Lending guidelines and the Ground Level Agriculture Credit target operate as key policy instruments for scaling KCC coverage, with a sub-target for small and marginal farmers and incentive and disincentive frameworks intended to encourage more equitable agricultural credit distribution. The KCC scheme also covers working capital for animal husbandry, dairying and fisheries, while the Modified Interest Subvention Scheme provides concessional short-term agricultural loans through KCC with an additional prompt repayment incentive.
March 30, 2026
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Priority sector lending supports rural credit flow through agriculture targets, refinance support, and self-help group programmes.
Priority sector lending and related government measures are used to maintain uninterrupted rural credit flow for agriculture, MSMEs and self-help groups. Reserve Bank of India policy requires specified banks to allocate at least 18% of adjusted net bank credit or credit equivalent of off-balance sheet exposures, whichever is higher, to agriculture, with a 10% sub-target for small and marginal farmers. Concessional refinance support and NABARD programmes further assist rural financial institutions, self-help groups and microenterprises.
March 30, 2026
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Rupee volatility and RBI forex exposure cap reshape market sentiment amid geopolitical tensions and dollar strength.
Rupee volatility in foreign exchange markets intensified amid geopolitical tensions, risk-off sentiment, elevated dollar demand and firmer crude prices, with the currency touching an intra-day low before settling lower against the US dollar. The Reserve Bank of India reduced the net open position that banks may maintain overnight and capped the Net Open Position (NOP-INR) for banks at USD 100 million, with compliance required by 10 April, as part of oversight of banks' foreign exchange exposure.
March 30, 2026
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Quarterly reporting of non-resident client details through Form 092 requires online filing, declarations, and timely verification.
Quarterly reporting requirements apply to specified funds and stock brokers dealing with non-resident clients under Rule 157. Form 092 is the prescribed quarterly statement for furnishing non-resident client particulars, including name, contact details, country of residence, Tax Identification Number, and, where TIN is unavailable, the unique identification number issued by the foreign jurisdiction. The form must be filed online on the e-Filing portal within 15 days from the end of each quarter, and all non-resident clients dealt with during the quarter may be reported in the same return.
March 30, 2026
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Public interest refusal to furnish information under income-tax law now uses electronic Form 91 with DIN authentication.
Form 91 is the statutory electronic form used by the designated Income-tax authority to refuse furnishing information requested under section 258(2)(a) of the Income-tax Act, 2025 where disclosure is not considered to be in the public interest. It is issued only by the competent authority, records the application reference, assessee details and relevant tax year, and states the refusal on public interest grounds. The form is authenticated through a system-generated DIN and electronic issuance details, creating a formal and traceable record distinct from forms used for furnishing information or intimation of non-availability.
March 30, 2026
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Money laundering probe intensifies as Nepal widens scrutiny of former prime ministers and protests continue after arrests.
Protests continued in Nepal after the arrest of former Prime Minister K P Sharma Oli and former home minister Ramesh Lekhak in connection with the alleged suppression of the Gen Z protests, while the Department of Money Laundering Investigation and police intensified scrutiny of former prime ministers Sher Bahadur Deuba, K P Sharma Oli and Pushpa Kamal Dahal. The probe expanded after preliminary enquiries and the arrest of former minister Deepak Khadka in a money laundering case, with allegations of financial benefits for facilitating licences and contracts and forensic confirmation of burnt banknote fragments.
March 30, 2026
Show AI Summary
Public interest refusal for tax information requests through Form 091 by the designated Income-tax authority.
Form 091 is the prescribed income-tax form used by the designated Income-tax authority to refuse furnishing information sought under section 258(2)(a) of the Income-tax Act, 2025, where disclosure is not considered to be in the public interest. It is issued only after an information request is received and declined, applies separately for each tax year, and is authenticated by the authority's signature, name, and designation without requiring an official seal.
March 30, 2026
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Insolvency code amendments tighten timelines, add creditor-initiated resolution, and curb frivolous delays in the process.
Insolvency and Bankruptcy Code amendments introduce stricter timelines, an out-of-court creditor-initiated resolution mechanism, and an enabling framework for group and cross-border insolvency. The revised framework replaces the underutilised fast-track route with a creditor-initiated insolvency process based on debtor-in-possession and creditor-in-control principles, subject to safeguards and defined timelines. The amendments also provide deterrent measures against abuse of process, including penalties for vexatious and frivolous proceedings, and seek to protect the integrity of the resolution system by discouraging delay-causing litigation.
March 30, 2026
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Non-availability of information intimation under Form 90 is issued electronically after record verification and DIN authentication.
Form 90 is the electronic intimation issued by the designated Income-tax authority under section 258(2)(a) of the Income-tax Act, 2025, where requested information is unavailable in departmental records or no assessment has been made for the relevant tax year. It is generated after verification of records, authenticated through the Department's system with DIN, and includes the application reference, assessee name, and mandatory tax year. The form is event-based, has no fixed periodicity or due date, and standardises the term tax year for clear and traceable communication.
March 30, 2026
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Non-availability of information intimation under income tax law through Form 090 communicates missing records, not rejection.
Form 090 is the prescribed intimation used by the designated Income-tax authority to communicate that information sought under section 258(2)(a) of the Income-tax Act, 2025 is not available in departmental records for the specified tax year. It is issued electronically after verification of records, is event-based, and must be furnished separately for each tax year. The form requires the exact tax year, recipient details, DIN and date, application reference, assessee name, and a statement confirming non-availability of information or that no assessment has been made.
March 30, 2026
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Electronic information disclosure under the Income-tax Act, 2025 uses Form 89 for structured, traceable furnishing or refusal.
Form 89 is the electronic statutory form used by the designated Income-tax authority to furnish permissible information in response to a valid application by an authorised public authority under section 258(2)(a) of the Income-tax Act, 2025, for a specified assessee and a single tax year. It is an event-based form, furnished through the Department's system with DIN and system-generated authentication, and is linked to the corresponding application in Form 88. The form contains assessee particulars in Part A and disclosure-limited information details in Part B, and it also allows recording of refusal, wholly or partly, where disclosure is not considered to be in the public interest.
March 30, 2026
Show AI Summary
Taxpayer information disclosure under authorised application governs Form 089, with electronic furnishing and limited, confidential disclosure.
Form 089 is the statutory online form used by designated income-tax authorities to furnish taxpayer-related information in response to a valid application made by an authorised public authority under section 258(2)(a) of the Income-tax Act, 2025. It is tax-year specific, furnished electronically, and may be used only for information available in departmental records and within the permissible scope of disclosure. The authority may refuse disclosure for unauthorised, invalid, incomplete, or overbroad requests, and the reasons must be recorded electronically.
March 30, 2026
Show AI Summary
Assessee information requests under the Income-tax Act now require online Form 88 filing by authorised public authorities only.
Form 88 is the prescribed application for obtaining information about an assessee under Section 258(2)(a) of the Income-tax Act, 2025. It is available only to authorised public authorities, including regulatory and law-enforcement agencies, government departments authorised under Rule 155, and other competent authorities empowered by the Central Government. A separate application is required for each assessee and each tax year; consolidated requests are not allowed. The form must be filed online through the e-Filing portal with electronic verification and supporting documents uploaded electronically.
March 30, 2026
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E-commerce duty moratorium ends unresolved as WTO members defer tariff and TRIPS safeguards talks.
The World Trade Organization meeting ended without consensus on extending the moratorium on customs duties on electronic transmissions, leaving the issue of tariffs on digital downloads and streaming unresolved. The lapse of the moratorium also coincided with the expiry of the TRIPS non-violation complaint safeguard, increasing the possibility of challenges to WTO-compliant measures and reducing policy space for developing countries. Related WTO reform and e-commerce work programme discussions were also deferred for continued negotiation in Geneva.
March 30, 2026
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Insolvency and bankruptcy reform drives banking health, with proposed changes aimed at faster admission of resolution applications.
The Insolvency and Bankruptcy Code is described as a central mechanism for improving banking sector health through recovery of non-performing assets under the insolvency resolution process. The proposed amendment Bill seeks further changes to the framework, including measures to reduce the time taken for admission of insolvency resolution applications, while the resolution process is said to have coincided with better company performance and improved corporate governance.
March 30, 2026
Show AI Summary
Taxpayer information requests under Form 088 require authorised filing, specific grounds, separate tax year submissions, and electronic portal authentication.
Form 088 is the online application used by authorised public authorities, regulatory bodies, law-enforcement agencies, and other competent authorities to seek specific taxpayer information under Section 258(2)(a) of the Income-tax Act, 2025. It must be filed separately for each taxpayer and each tax year through the e-Filing portal, with narrowly framed particulars, stated reasons, and supporting authorisation where necessary. Incomplete, overbroad, or unauthorised requests may be returned or rejected, and communications are issued electronically with portal-based status tracking.
March 30, 2026
Show AI Summary
Tonnage Tax Scheme audit report filing requires accountant certification, supporting annexures, and electronic submission within the specified date.
Form No. 81 is prescribed for furnishing the audit report under section 232(21) for a company that has opted for taxation under the Tonnage Tax Scheme. The report, prepared and certified by an accountant, verifies books of account, computation of shipping income, compliance with charter-in limits, and other statutory conditions. It is to be furnished on or before the specified date and may include annexures such as charter arrangement certificates, related party notes, asset notes, and loss statements.
March 30, 2026
Show AI Summary
Tonnage Tax Scheme reporting requires accountant certification, separate books, and detailed disclosure of shipping income and compliance.
Form 81 is an accountant's report for a company opting for the Tonnage Tax Scheme, certifying the correctness of books of account and income computation for qualifying ships. It requires separate books, disclosure of charter-in compliance, shipping income, statutory reserve details, ship-wise tonnage income, related party transactions, depreciation, non-exclusive assets, and losses, with mandatory annexures where applicable and reasons for any negative or qualified answers.
March 30, 2026
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Tonnage Tax Scheme option filing requires Form 80, supporting vessel documents, and electronic verification of eligibility.
Form No. 80 is the prescribed electronic application for an Indian company engaged in operating ships or inland vessels to exercise or renew the option to be governed by the Tonnage Tax Scheme. It requires particulars of the applicant, ships or inland vessels, supporting certificates and approvals, and is used to verify whether the statutory conditions for coverage under Chapter XII-G are satisfied.
March 30, 2026
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Tonnage tax scheme application rules govern Form 80 filing, renewal, verification, completeness, and false statement liability.
Form 80 is the mandatory application for an eligible Indian company engaged in the operation of ships or inland vessels to exercise or renew the option under the tonnage tax scheme. The form must be filed within the prescribed time, includes Part A for all cases and Part B only for renewal, and requires detailed ship-wise particulars with supporting annexures. It is filed with the jurisdictional Joint Commissioner and must be signed by the authorised signatory. Incomplete applications may be treated as invalid, and false statements in the form or annexures attract prosecution.

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Guidance Note – Form 91

March 30, 2026

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Form 91 – Refusal to Furnish Information

Purpose:

Form 91 is a statutory form used by the Income-tax Department to formally refuse the furnishing of information requested under section 258(2)(a) of the Income-tax Act, 2025, where the designated authority is not satisfied that disclosure of such information is in the public interest.

Who should Furnish Form 91:

Form 91 is furnished only by the designated Income-tax authority competent under section 258(2)(a) of the Income-tax Act, 2025. It is not filed by taxpayers or applicant public authorities.

Mode of Furnishing:

Form 91 is furnished electronically through the Income-tax Department’s system. The form is authenticated through a system-generated Document Identification Number (DIN) and the signature, name and designation of the issuing Income-tax authority. No separate physical seal is required.

Frequency & Due Dates:

  • Form 91 is event-based and is issued only where disclosure of information is refused on grounds of public interest.
  • There is no fixed periodicity and no statutory due date prescribed for issuance of Form 91.

Structure of Form 91:

Header Details:

  1. Form number, Document Identification Number (DIN), office of the issuing authority and date.
  2. Recipient details.
  3. Reference to the application received under section 258(2)(a) of the Act.

Content Section:

  1. Reference to the application date under section 258(2)(a).
  2. Name of the assessee.
  3. Relevant tax year (mandatory).
  4. Clear statement recording that the designated authority is not satisfied that it is in the public interest to furnish the information requested and, therefore, declines to furnish the same.

Certain details in the form are pre-filled by the system to the extent available and are required to be verified by the issuing authority before submission.

Signature Section:

  1. Signature of the issuing authority.
  2. Name of the issuing authority.
  3. Designation of the issuing authority.

Documents / Inputs Required:

  • Valid application requesting information under section 258(2)(a) of the Income-tax Act, 2025 (Form 88).

Filing / Issuance Count:

Issuance of Form 91 depends on the number of applications received under section 258(2)(a) where the designated authority determines that disclosure is not in the public interest.

Process Flow for Issuance of Form 91:

  • Receipt of application from an authorised public authority under section 258(2)(a).
  • Examination of the application and assessment of whether disclosure would be in the public interest.
  • Determination that the information requested cannot be furnished on grounds of public interest.
  • Preparation of Form 91 through the electronic system with reference to the application date, assessee name and tax year.
  • System-based authentication and electronic issuance of Form 91 to the applicant public authority.

Outcome of Processed Form 91:

  • Provides official and reasoned communication to the applicant regarding refusal to furnish the requested information.
  • Establishes a formal and traceable record of refusal through DIN.
  • Distinguishes refusal on public interest grounds from cases of non-availability of information (Form 90) or furnishing of information (Form 89).

Brief Note on Broad or Qualitative Changes Proposed:

  • Updated Legal Reference: Alignment from section 138(1)(b) of the Income-tax Act, 1961 to section 258(2)(a) of the Income-tax Act, 2025.
  • Tax-Year Specificity: Explicit requirement to mention the relevant tax year instead of assessment year, ensuring consistency with the 2025 Act.
  • Electronic Issuance: Introduction of DIN and system-generated authentication in place of manual signatures and seals.
  • Clear Public Interest Test: Simplified and precise wording to clearly record refusal based on lack of public interest.

Challenges and Solutions:

1. Challenge: Inconsistent terminology such as “assessment year” used across older forms.

Solution: Standardisation to the term “tax year” across Form 91 and other related forms under the 2025 Act.

Common Changes Made Across Forms:

1. Electronic issuance through the Department’s system

Form 91 is generated and issued electronically by the designated Income-tax authority, ensuring traceability through DIN and system-based authentication.

2. Replacement of “Assessment Year” with “Tax Year”

The terminology has been standardised to “tax year” in line with the Income-tax Act, 2025, eliminating ambiguity and ensuring consistency across all related forms.

3. Updated statutory references to the Income-tax Act, 2025

References to section 138(1)(b) of the Income-tax Act, 1961 have been replaced with section 258(2)(a) of the Income-tax Act, 2025.

4. Removal of physical signatures, stamps, and seals

Authentication is through electronic signature details (name, designation, DIN) as generated by the system, removing the requirement for physical seals or manual signatures.

5. Clear distinction from furnishing and non-availability forms

Form 91 is clearly positioned as a refusal on grounds of public interest, distinct from:

  • Form 89 (furnishing information), and
  • Form 90 (intimation of non-availability of information).

6. System-supported pre-filling of data

Key details such as applicant reference, assessee particulars, and tax year are pre-filled to the extent available, reducing errors and improving processing efficiency.

Topics

Acts Income Tax