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March 30, 2026
Show AI Summary
Business trust income distribution statements require auto-generated Form 77 for unit holders with income breakup and timely furnishing.
Form 77 is the individual unit holder statement furnished by a Business Trust to each unit holder for reporting income distributed during the tax year. It is generated automatically from Form 76 through the e-filing system, requires no separate attachments, and is furnished to each unit holder by 30 June following the tax year. The form captures unit holder details, business trust details, and income distribution particulars, including interest, letting, leasing or renting income, dividend income, and other income, and is verified by the responsible person for the trust.
March 30, 2026
Show AI Summary
Pass-through income reporting under business trust rules through Form 77 and classified disclosure for unitholders.
Form 77 is the prescribed statement for furnishing income distributed or credited by a business trust to each unitholder under section 223. It is generated from the parent Form 76 through the prescribed e-filing portal, is not filed separately or offline, and must be furnished by 30 June of the following financial year. The form supports compliance by classifying pass-through income and assisting unitholders in reporting income under the appropriate heads.
March 30, 2026
Show AI Summary
Business trust income reporting through Form 76, capturing distributions to unit holders under the pass-through taxation framework.
Form 76 is the annual income-tax statement required from a Business Trust registered with SEBI as a REIT or InvIT for reporting income distributed to unit holders under section 223 of the Income Tax Act, 2025 and rule 145 of the Income Tax Rules, 2026. The form captures the trust's basic details, trustee particulars, SEBI registration data, listing status, income classification, unit holder-wise distribution, and capital redemption details, and is to be filed electronically by 15 June of the financial year following the relevant tax year.
March 30, 2026
Show AI Summary
RBI net open position cap for banks lifts rupee in early trade as dollar exposure is reduced
RBI lowered the net open position that banks may keep overnight to USD 100 million, requiring compliance by 10 April 2026. The circular was aimed at limiting banks' currency exposure in onshore foreign exchange markets and prompted position adjustment by banks holding long dollar positions. The measure had an immediate market effect, with the rupee recovering in early trade after recent weakness.
March 30, 2026
Show AI Summary
Pass-through taxation for business trusts through Form 76 filing, income distribution reporting, and online compliance requirements.
Form 76 is the prescribed online statement for income paid or credited by a Business Trust to its unitholders. It must be filed by the person responsible for distributing income on behalf of the trust by 15 June of the following financial year, and the filer must possess the relevant registration certificate, audited accounts, and certified income distribution records. The form supports pass-through taxation for Business Trusts and the exemption structure for specified income streams.
March 30, 2026
Show AI Summary
Pass-through income reporting through Form 75 enables investor-wise disclosure by venture capital funds and companies.
New Form 75 is a child form generated from Form 74 for furnishing an investor-wise statement of income paid, credited or deemed to be credited by a Venture Capital Company or Venture Capital Fund to investors. Linked to section 222 of the Income-tax Act, 2025 and rule 145 of the Income-tax Rules, 2026, it provides head-wise details of pass-through income for reporting in the return of income. The form is prepared annually for each investor, verified by the authorised person of the VCC or VCF, and distributed through the e-filing process.
March 30, 2026
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Member-driven WTO reforms discussed as India and the European Union review trade cooperation and advance free trade agreement processes.
India and the European Union reviewed trade and economic cooperation on the sidelines of the WTO Ministerial Conference, with discussion on WTO reform, the moratorium on customs duties on electronic transmissions, and the Investment Facilitation for Development Agreement. The parties agreed that WTO reforms should remain member-driven and considered steps to complete the necessary processes for the early signing of the recently concluded India-EU Free Trade Agreement.
March 30, 2026
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India-Canada CEPA talks advance alongside wider sectoral cooperation and WTO reform discussions at MC14.
India and Canada discussed expediting CEPA negotiations and broadening sectoral cooperation in shipbuilding, pharmaceuticals, tourism, education, nuclear energy, agriculture and critical minerals. The Ministers also exchanged views on WTO reforms, the customs duties moratorium on electronic transmissions, the Investment Facilitation for Development Agreement, dispute settlement and the MPIA, while India stressed consensus-based WTO decision-making and priority for unfinished agricultural mandates.
March 30, 2026
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India-UK trade cooperation advances as both sides review CETA implementation and promote wider stakeholder outreach.
India and the United Kingdom reviewed implementation of the India-UK Comprehensive Economic and Trade Agreement after completing internal approval processes, and looked forward to its entry into force in line with the agreed timeline. The discussion also emphasised outreach initiatives, business delegations and regional engagement to broaden stakeholder use of the agreement and ensure its benefits reach businesses across both countries.
March 30, 2026
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Member-driven WTO reform and India-New Zealand trade cooperation advance alongside FTA progress and sectoral engagement.
India and New Zealand discussed preparations for the Prime Minister's visit, progress toward the India-New Zealand Free Trade Agreement, and practical cooperation in agriculture and sports. India reiterated support for a member-driven WTO, emphasising General Council-led reform, consideration of the moratorium on customs duties on electronic transmissions, and incorporation of the Investment Facilitation for Development Agreement, while both sides stressed the need for clarity, progress, and continued member engagement.
March 30, 2026
Show AI Summary
Fisheries subsidies negotiations stress equity, sustainability and special treatment for developing countries and artisanal fishers.
India's position in the fisheries subsidies negotiations at the World Trade Organization centred on preserving sustainability, equity and development space in the second phase of discussions on overcapacity and overfishing. India supported a Ministerial Decision that would guide Phase II negotiations in line with Sustainable Development Goal 14.6 and emphasised the need for Special and Differential Treatment for developing countries and least developed countries, together with the principles of Common but Differentiated Responsibilities and Respective Capabilities and the Polluter Pays Principle. India pressed for a lengthy transition period, stronger disciplines on distant-water industrial fishing fleets, a permanent carve-out for small-scale and artisanal fishers, and subsidy disciplines based on per capita intensity.
March 30, 2026
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WTO e-commerce duty moratorium remains unresolved as members fail to agree on extension and talks continue
Failure to agree at the WTO Ministerial Conference on extending the moratorium on customs duties for electronic transmissions leaves the issue unresolved, with negotiations to continue in Geneva. The moratorium on e-commerce duty bans, together with the related TRIPS non-violation and situation complaints moratorium, is due to expire at the end of the month. The conference also advanced WTO reform, fisheries subsidies negotiations, and decisions on small economies and special and differential treatment under the SPS and TBT Agreements.
March 29, 2026
Show AI Summary
E-commerce customs duty moratorium extension faces split views as members debate digital trade and revenue implications.
World Trade Organisation members are negotiating whether to extend the moratorium on customs duties on electronic transmissions, including digital downloads and streaming, as the current extension is due to expire. Members remain divided on the duration of any further extension, with some opposing renewal or preferring a short extension and others seeking a longer period. The issue is linked to ongoing concerns over the treatment of digital imports and the scope of the duty ban that has been periodically renewed since 1998.
March 29, 2026
Show AI Summary
Misdeclared import consignment leads to seizure of hydroponic marijuana at airport and arrest of one person.
Customs authorities at Pune International Airport seized a consignment of hydroponic marijuana that had been declared as food items and packed in boxes labelled as "Mandarin orange sacs". The goods arrived from Bangkok, and inspection revealed sealed tin cans containing a vacuum-sealed pack of hydroponic marijuana. The entire consignment yielded 76.58 kg of the contraband, and one person was arrested in connection with the seizure.
March 29, 2026
Show AI Summary
Trade agreement negotiations advance as India discusses Canada, UK, EU and New Zealand economic cooperation priorities.
India and Canada discussed expediting negotiations for a comprehensive economic partnership agreement, alongside cooperation in high-tech sectors, clean energy transition, nuclear energy, agriculture, and critical minerals. India and the United Kingdom reviewed implementation of the comprehensive economic and trade agreement, with both sides completing their respective approval processes and looking forward to its entry into force. India and the European Union reviewed progress on the recently concluded free trade agreement, while India and New Zealand discussed preparations for the prime minister's upcoming visit.
March 29, 2026
Show AI Summary
Strait of Hormuz shipping disruption eases as Indian LPG tankers safely transit and support domestic fuel supply.
Safe transit of Indian-flagged LPG tankers through the Strait of Hormuz has been maintained despite conflict-related disruption to shipping in the region. The passage of additional carriers, together with earlier arrivals of LPG, crude oil and gasoline vessels, has helped support India's fuel supply chain at a time when the country depends heavily on imported LPG for domestic cooking gas demand. Continued maritime monitoring, coordination for vessels remaining in the western Persian Gulf, and repatriation of Indian seafarers have also been facilitated.
March 29, 2026
Show AI Summary
Jet fuel taxation relief is being explored to ease airline operating costs amid West Asia conflict pressures.
Measures are being explored to reduce the impact of the West Asia conflict on airlines, including discussions with state governments on lowering taxes on jet fuel. Airlines are facing higher operating costs because of surging oil prices, airspace curbs, and longer flight routes, with aviation turbine fuel forming a substantial part of total expenses and value added tax on such fuel varying across states.
March 29, 2026
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Tea land transfer concerns prompt calls for clear guidelines, labour law harmonisation, and protection of industry liabilities.
Tea planters' body has sought clear guidelines before implementation of the amended law for transfer of housing line land to tea garden workers, citing administrative, financial and legal complications where land is mortgaged and labour quarters are company-built assets. It has also pointed to continuing management responsibility for housing and welfare amenities under labour law, urged full recognition of in-kind benefits for wage computation, requested release of pending subsidy payments, and called for policy support, market diversification, quality control, and a minimum sustainable price for made tea.
March 28, 2026
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National unity and aviation expansion drive highlighted as leaders urge restraint amid global crises and promote regional growth.
Prime Minister urged unity and restraint in responding to global crises, warning political parties against divisive remarks that may harm national interests. He linked the inauguration of Noida International Airport, its cargo terminal and MRO facility to a broader push for connectivity, regional growth and lower travel costs. The address also highlighted aviation expansion, the UDAN scheme, logistics development, transport infrastructure and self-reliance in the MRO sector.
March 28, 2026
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Aviation and infrastructure policy drive regional growth, affordable travel, domestic maintenance capacity and reduced import dependence.
Government policy on aviation, infrastructure and energy is presented as part of a broader strategy to advance economic development, improve citizen convenience and strengthen national resilience amid global disruption. The address emphasised safeguarding the interests of families and farmers, reducing costs and saving time, while maintaining calm and unity during external crises. It also highlighted the inauguration of Noida International Airport as a transport and logistics hub, the expansion of the UDAN scheme, development of domestic maintenance, repair and overhaul capacity, and ethanol blending as a measure to reduce crude oil imports and foreign exchange outgo.

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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