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    Gold tumbles Rs 9,050, silver declines by Rs 10,500/kg in Delhi on weak demand
    Jaishankar reaffirms India's steadfast ties with Russia; calls for removal of non-tariff barriers for USD 100 bn trade goal
    Government has introduced a Model Context Protocol server to facilitate linking of Artificial Intelligence tools with Official Statistical databases
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    AU Small Finance Bank Strengthens Its Digital Banking with an Enhanced Savings Ecosystem
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    Government introduces Credit Guarantee Scheme for Microfinance Institutions-2.0 (CGSMFI-2.0)
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March 23, 2026
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Gold and silver prices fall sharply as weak demand, rate expectations, and dollar strength pressure bullion markets.
Gold and silver prices fell sharply in Delhi amid subdued domestic demand and weak global trends. Analysts linked the decline to higher interest rate expectations, stronger US Treasury yields, a firmer dollar, and inflation concerns arising from geopolitical tensions. The commentary also noted that slower reserve accumulation by some central banks and weaker spot prices overseas added to the pressure on bullion markets.
March 23, 2026
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Non-tariff barriers and trade liberalisation drive India-Russia efforts to expand bilateral trade and economic partnership.
India and Russia are seeking to deepen their strategic and economic partnership by addressing non-tariff barriers and regulatory impediments, with the stated objective of expanding annual bilateral trade to USD 100 billion by 2030. The stated measures include continued efforts to conclude the India-Eurasian Economic Union free trade agreement, use of the skilled Indian workforce, and coordination within multilateral forums such as BRICS, SCO, G20 and the UN.
March 23, 2026
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Artificial Intelligence data integration advances with a Model Context Protocol server linking verified official statistical databases.
Government has introduced a Model Context Protocol (MCP) server to link Artificial Intelligence tools and platforms with official statistical databases through the National Statistical Portal e-Sankhyiki. The server enables access to verified Government data and has been expanded from a beta release to cover 21 statistical products, including major datasets such as labour force, price index, industrial production, and national accounts series.
March 23, 2026
Show AI Summary
Sustainable Development Goals reporting framework tracks poverty, gender equality, labour and social protection progress through annual national indicators.
National statistics reporting for the Sustainable Development Goals is updated through the annual release of the SDG-National Indicator Framework Progress Report on National Statistics Day. The framework comprises 284 national indicators in the 2025 report, with the Ministry of Statistics and Programme Implementation responsible for the national indicator framework and States/Union Territories responsible for State Indicator Frameworks. The report draws on data from line ministries and departments, including Periodic Labour Force Survey data, and records progress under poverty, gender equality, labour, wage, employment, and social security indicators.
March 23, 2026
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Consumer Price Index base revision strengthens measurement through updated baskets, weights, and e-commerce price collection methods.
Consumer Price Index measurement has been strengthened through a comprehensive base revision from 2012=100 to 2024=100, using Household Consumption Expenditure Survey 2023-24 data to update the CPI item basket and weights. The revision expands coverage, introduces methodological refinements, adopts an international classification system, and incorporates administrative and e-commerce data to make the index more robust and representative. Price collection from e-commerce and online platforms is carried out weekly, and monthly average prices from weekly transaction observations are used in CPI compilation.
March 23, 2026
Show AI Summary
Infrastructure project monitoring through PAIMANA and PMG strengthens data-driven oversight, escalation, and delay resolution.
Project monitoring of ongoing Central Sector infrastructure projects costing Rs. 150 crore and above is being undertaken through PAIMANA, a web-based system of the Ministry of Statistics and Programme Implementation. The portal captures project status, expenditure details, and delay tracking for nationwide infrastructure projects, and is integrated with the Integrated Project Monitoring Portal under the principle of "One Data One Entry" to enable automatic data fetching, reduce manual entry, and provide stakeholders with customised dashboards and direct access to project progress information.
March 23, 2026
Show AI Summary
Cooperative bank governance reforms strengthen transparency, depositor protection, fraud control, and supervisory accountability across the sector.
Strengthening governance of cooperative banks through amendments to the Banking Regulation Act and the Multi-State Cooperative Societies Act, 2002 is described as a set of supervisory safeguards intended to improve transparency, accountability and depositor protection. The measures include a maximum of 10 consecutive years for the term of board directors of cooperative banks, excluding the chairperson and whole-time directors, and the creation of a Cooperative Ombudsman to handle complaints and appeals by members concerning deposits, equitable benefits from the society's functioning, and other matters affecting individual rights. The establishment of a Cooperative Election Authority is also identified as a governance reform aimed at ensuring free and fair elections in multi-state cooperative societies.
March 23, 2026
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Dialogue and diplomacy guide India's response to the West Asia conflict, alongside security preparedness and energy resilience.
India's response to the West Asia conflict is framed around dialogue, diplomacy, de-escalation and protection of civilian life, with emphasis on avoiding attacks on civilians, energy infrastructure and transport infrastructure, and on opposing obstruction of international waterways. The position stresses that commercial shipping routes must remain safe, that attacks on ships and disruption of the Strait of Hormuz are unacceptable, and that sustained diplomatic engagement with regional leaders is being used to seek a peaceful resolution and secure the passage of Indian vessels. The crisis is also presented as a matter of national preparedness and internal security.
March 23, 2026
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Banking and corporate fraud investigation faces court push for a fair, transparent, time-bound probe into alleged irregularities.
The Supreme Court directed the CBI and the ED to conduct a fair, dispassionate, transparent, and time-bound investigation into alleged banking and corporate fraud involving Anil Dhirubhai Ambani Group firms. It also required all concerned financial institutions to cooperate fully and allowed the agencies to approach the court if any government body failed to extend cooperation. The proceedings concerned allegations of loan fraud, diversion of public funds, fabricated financial statements, forged bank guarantees, and other irregularities across multiple group entities.
March 23, 2026
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Rupee weakness deepens as crude prices, dollar strength and foreign outflows drive the currency to a record low.
The rupee weakened sharply against the US dollar, falling to a fresh record closing low after breaching the 94-per-dollar level for the first time. The decline was linked to rising global crude prices, sustained foreign fund outflows, a stronger US dollar, and a steep fall in domestic equity markets, with the local currency remaining under pressure throughout the trading session. Market participants noted that worsening global sentiment and geopolitical tensions were weighing on the rupee, while periodic intervention by the Reserve Bank was expected to provide support at lower levels.
March 23, 2026
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Director disqualification under the Companies Act stayed amid dispute over writ jurisdiction and NCLT control.
A division bench of the Kerala High Court stayed a single bench order that had disqualified the office-bearers and Board of Directors of SNDP Yogam for alleged non-compliance with statutory requirements under the Companies Act, 2013. The controversy concerned writ petitions alleging irregularities in the organisation's functioning and the contention that issues of directors' disqualification and company management fall within the jurisdiction of the National Company Law Tribunal. The bench had earlier directed maintenance of status quo pending a fresh list of directors before later issuing the stay.
March 23, 2026
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Corporate compliance reform bill aims to decriminalise minor offences, rationalise penalties, and ease business regulation.
The Corporate Laws (Amendment) Bill, 2026 proposes amendments to the Limited Liability Partnership Act, 2008 and the Companies Act to facilitate ease of doing business, ease compliance burdens, rationalise penalties, decriminalise certain minor corporate offences, and convert several procedural lapses from criminal liability to monetary penalties. It also seeks to streamline regulatory processes, reduce litigation, and improve the corporate compliance framework for companies and LLPs, including one person companies, small companies, startups, and producer companies. The Bill was referred to a joint parliamentary committee for detailed examination and recommendations.
March 23, 2026
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Digital-first savings banking gains focus as AU Small Finance Bank expands a seamless, secure customer journey.
AU Small Finance Bank is strengthening its digital-first savings banking model by refining the customer journey across its Digital Savings Account portfolio. The enhanced ecosystem is designed to provide a seamless, intuitive, secure and mobile-first experience across multiple account segments, with simplified onboarding and clearer day-to-day account management. The approach also emphasizes guided decision-making, transparent communication on savings account essentials, faster access to core services through its mobile app, and an operating framework based on simplicity, accessibility and reliability.
March 23, 2026
Show AI Summary
Rupee depreciation intensifies as crude prices, dollar strength and foreign outflows keep pressure on the currency.
The rupee weakened sharply in early trade and touched a record low against the US dollar amid elevated global crude prices, a strong dollar, foreign fund outflows and weakness in domestic equity markets. Market participants linked the depreciation to heightened dollar demand from oil imports and continued selling by foreign institutional investors. The Reserve Bank of India was reported to be active in the market at various levels, with expectations of possible intervention to curb further depreciation, while the dollar index remained firm and Brent crude continued to trade at elevated levels.
March 23, 2026
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Mutual credit guarantee for MSMEs expands eligibility, eases upfront costs, and adds stronger support for exporter units.
Mutual Credit Guarantee Scheme for MSMEs has been modified to widen eligibility, reduce upfront burden, and extend guarantee support for credit used to purchase plant, machinery, and equipment. The revised terms include service sector MSMEs, a reduced machinery cost threshold, a 10-year guarantee tenure, and refundable upfront contribution requirements. Special provisions for exporter MSMEs prescribe eligibility conditions, a capped guaranteed loan amount, higher guarantee coverage, and a concessional guarantee fee structure.
March 23, 2026
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Credit guarantee support for microfinance lending boosts financing to NBFC-MFIs, with capped rates and differentiated coverage.
Credit guarantee support is introduced for lending to NBFC-MFIs and MFIs through the National Credit Guarantee Trustee Company Limited to strengthen financing for on-lending to small borrowers within the Reserve Bank of India's microfinance definition. The scheme extends differentiated guarantee cover of 80% for small, 75% for medium and 70% for large NBFC-MFIs or MFIs, with a guarantee fee of 0.50% per annum and lending caps linked to EBLR or MCLR plus 2% per annum. The scheme remains valid until 30 June 2026 or until loans aggregating to Rs. 20,000 crore are guaranteed.
March 22, 2026
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Rural economy support and targeted welfare measures shape the Himachal Budget, with higher support prices and fiscal restraint steps.
The Budget for 2026-27 emphasised rural economy support, welfare-linked subsidies, and sector-specific price interventions. It proposed free electricity for identified poor families, monthly assistance for eligible women, housing support for poor households, higher support prices for crops, milk and fish, and reduced royalty on fish caught from reservoirs. The Budget also provided for forest-based livelihood measures, plantation-linked employment, eco-tourism development, and targeted support for shepherd communities, alongside temporary salary deferral measures to address fiscal stress.
March 21, 2026
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Discontinuation of Revenue Deficit Grant increases fiscal pressure; state enacts salary deferments and targeted welfare measures in budget.
The budget responds to discontinuation of the Revenue Deficit Grant by reducing overall expenditure and imposing temporary salary deferments for listed officeholders and senior officials for six months, while allocating funds to complete pending works. It shifts subsidies to targeted welfare-free electricity for identified low income households, monthly cash transfers to eligible women, housing for selected poor families-and specifies sectoral measures including increased procurement prices for milk, a minimum support price for fish with reduced royalty, formation of a Kisan Aayog and a Women's Tourism Fund, and allocations for eco tourism and forest plantation.
March 21, 2026
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Credit rating upgrade strengthens NBFC's access to capital and supports strategic funding and growth plans.
IBL Finance Limited, an RBI registered fintech NBFC, has been assigned a long term investment grade rating of BBB with a Stable outlook. The rating is supported by governance, risk management and compliance frameworks, a healthy net worth, comfortable gearing and an elevated CRAR, diversified debt resources and majority promoter commitment. The company's portfolio is largely secured lending to financial institutions with improving gross and net NPA ratios and rapid AUM and net worth growth; forward looking statements are qualified by standard risk disclaimers.
March 21, 2026
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Balancing speed and production-quality in AI 3D model generation enables rapid conversion of concepts into usable assets.
Tripo Studio unifies rapid text-to-3D and image-to-3D generation with production-grade post-processing-automatic segmentation, automated retopology balancing efficiency and detail, AI PBR texturing with selective refinement, and AI auto-rigging-while offering Smart Mesh for clean low-poly topology and H3.1 for high-density fidelity, and a DCC Bridge for direct export to major 3D tools, enabling faster conversion of concepts into production-ready assets.

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Form 99 – Frequently Asked Questions (FAQ)

March 30, 2026

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Form 99 – Frequently Asked Questions (FAQ)

Appeal to the Joint commissioner of Income-tax

(Appeals) or the Commissioner of Income-tax (Appeals)

Name of form as per I.T. Rules, 1962

Form 35

Name of form as per I.T. Rules, 2026

99

Corresponding section of I.T. Act, 1961

249

Corresponding section of I.T. Act, 2025

358

Corresponding Rule of I.T. Rules, 1962

45

Corresponding Rule of I.T. Rules, 2026

167

1. What is Form 99?

Ans: Form 99 is the prescribed electronic form for filing an appeal before the Joint Commissioner of Income-tax (Appeals) or the Commissioner of Income-tax (Appeals) against a relevant order passed by an Income-tax Authority under the Income-tax Act, 2025.

2. Who can file Form 99?

Ans: Form 99 can be filed by an appellant who is aggrieved by an appealable order passed by an Income-tax Authority under sections 356 or 357 of the Income-tax Act, 2025

3. Is filing of Form 99 mandatory?

Ans: No. Filing of Form 99 is optional.

It is required only if the assessee chooses to prefer an appeal against the relevant order instead of accepting the order or opting for any alternative remedy provided under the Act.

4. What is the time limit for filing Form 99?

Ans: The appeal should be presented within 30 days of the following date:

(a) Where the appeal relates to any assessment or penalty, the date of service of notice of demand relating to the assessment or penalty.

(b) In any other case, the date on which intimation of the order sought to be appealed against is served

5. What details are required in Part A of Form 99?

Ans: Part A requires personal and identification details of the appellant, including:

  • Name
  • Complete address
  • PAN
  • TAN (mandatory in appeals against TDS orders)
  • Updated mobile number and email ID

Most details will be auto-populated but can be edited, where permitted.

6. What information is required in Part B relating to the relevant order?

Ans: Part B captures details of the order against which appeal is filed, including:

  • Relevant tax year or block period
  • DIN of the Order against which Appeal is preferred
  • Section and sub-section of the Order against which Appeal is preferred
  • Date of order
  • Date of service of notice of demand, in case the Appeal is preferred against an Assessment Order or Penalty Order
  • Details of the Income-tax Authority passing the order
  • Jurisdictional Assessing Officer details

7. How should Tax Year or Block Period be selected in Form 99?

Ans: The appellant must select either:

  • Tax Year, or
  • Block Period,

depending on whether the appeal relates to a regular assessment or to an order passed under sections 294 or 298 of the Income-tax Act, 2025.

8. Is payment of tax a pre-condition for filing Form 99?

Ans: Yes. Filing of Form 99 is subject to compliance with statutory conditions regarding payment of tax, including:

  • Payment of tax due on income returned, where a return has been filed, or
  • Payment of advance tax as prescribed under section 358(6)(b), where no return has been filed, as applicable.
  • Deposit of tax, borne by the deductor, if the appeal relates to any tax deductible on payments to Non – Residents as mentioned under section 393(2)

9. What details are required in Part D (Appeal Details)?

Ans: Part D captures quantitative details of disputed amounts, depending on the nature of the Orders against which appeal is preferred, such as:

  • Block assessment cases
  • Regular assessment or loss cases
  • Penalty matters
  • TDS/TCS default cases

Auto-populated figures must be verified, and only the disputed amounts are to be entered by the appellant.

10. What information is required in Part E relating to pending appeals?

Ans: Part E seeks disclosure of whether any other appeal of the same taxpayer is pending before any Joint Commissioner (Appeals) or Commissioner (Appeals). This information may be auto-populated and can be edited to provide additional details.

11. What is required to be filed in Part F of Form 99?

Ans: Part F requires filing of:

  • Statement of Facts
  • Grounds of Appeal, with each ground not exceeding 100 words
  • Relevant sections cited, amount involved, and status of similar grounds already decided in prior appeals if any
  • Additional documentary evidence, if any, in accordance with rule 192
  • Details of Declaration filed in Form No.117, in case the tax payer claims identical question of law is pending before High Court or Supreme Court (repetitive appeal).

12. Can additional evidence be filed along with Form 99?

Ans: Yes. Additional documentary evidence may be filed, subject to:

  • Selection of “Yes” in the relevant field, and
  • Upload of details linking each document to the specific grounds of appeal, and
  • Compliance with rule 192 of the Income-tax Rules.

13. What details are required in Part G relating to filing of appeal?

Ans: Part G requires furnishing of:

  • Due date of filing appeal
  • Whether there is any delay in filing
  • Grounds for condonation of delay, if applicable
  • Details of appeal fees paid
  • Supporting documents relevant to the grounds of appeal

14. What happens if there is a delay in filing Form 99?

Ans: In case of delay, the appellant must:

  • Select “Yes” in the relevant field, and
  • Upload a separate statement explaining the grounds for condonation of delay.

15. Can Form 99 be filed offline?

Ans: Form 99 is required to be filed electronically through the prescribed income-tax e-filing system in cases where e-filing of return of income is mandatory for the appellant.

16. Can Form 99 be revised after filing?

Ans: No. Once Form 99 is filed and verified, it cannot be revised. The appellant should carefully review all details before submission.

17. Who can verify Form 99?

Ans: Form 99 must be verified by the appellant or by an authorised person who is competent to verify the return of income under section 265 of Income Tax Act, 2025.

18. Can Appeal be filed in cases where immunity u/s 440 of the Income Tax Act 2025, is also sought?

Ans: No. The appellant or the authorised person who is verifying Form 99, has to certify in the verification that no immunity u/s 440 of the Income Tax Act, 2025 is filed.

19. Why is Form 99 important?

Ans: Form 99 enables:

  • Statutory redressal of grievances against assessment and other orders
  • Structured presentation of disputed issues
  • Filing of appeals in a transparent and standardised electronic manner
  • Effective functioning of the appellate mechanism under the Income-tax Act, 2025  

Topics

Acts Income Tax