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March 30, 2026
Show AI Summary
Union Government monthly accounts show consolidated receipts, expenditure and tax devolution up to February 2026.
Monthly accounts of the Union Government for the period up to February 2026 for FY 2025-26 record consolidated receipts, expenditure and tax devolution. The Government received total receipts of Rs.27,91,943 crore, comprising net tax revenue, non-tax revenue and non-debt capital receipts, and transferred Rs.12,66,369 crore to State Governments as devolution of share of taxes, higher than the previous year by Rs.85,837 crore. Total expenditure incurred up to February 2026 stood at Rs.40,44,592 crore, including revenue expenditure and capital expenditure.
March 30, 2026
Show AI Summary
TDS credit mismatch resolution through electronic filing of Form No. 102 for aligning tax years and deduction records.
Form No. 102 is an electronic application for claiming TDS credit where income was offered to tax in one tax year but the related tax was deducted and reported by the deductor in a later year. The form is filed by eligible taxpayers to align the TDS credit with the correct tax year, and it requires particulars of the assessee, the relevant income, the deduction details, and supporting documents. The application is submitted through the e-filing portal and processed by the Assessing Officer.
March 30, 2026
Show AI Summary
TDS credit mismatch relief through Form No. 102 allows taxpayers to align credit with the correct tax year online.
Form No. 102 is an optional online application for claiming TDS credit where income was included in a return for one tax year but the tax was deducted and deposited in a subsequent tax year. It may be filed by any taxpayer to align the TDS credit with the correct tax year in cases of timing mismatch, subject to a filing window of two years from the end of the financial year in which the TDS was deducted and reported. The form contains Part A and Part B, requires a valid PAN, cannot be edited after submission, and is filed only through the e-filing portal.
March 30, 2026
Show AI Summary
Tax evasion detection in hospitality sector expands through data analytics, GST matching, and digital payment verification.
A state-wide tax enforcement drive in the hospitality sector has identified suspected turnover suppression through data analytics, risk assessment, and comparison with GST returns. The investigation covers establishments such as dhabas, restaurants, eateries, bakeries, sweet shops, and catering services, using tax intelligence inputs, online billing data, and digital payment records to verify reported turnover against actual receipts.
March 30, 2026
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Inventory valuation report requirements under tax law govern Cost Accountant certification, filing timelines, and verification of inventory valuation.
Form 101 is the prescribed inventory valuation report to be furnished by a Cost Accountant when an Assessing Officer directs valuation of inventories under Section 268(5)(ii) of the Income-tax Act, 2025 read with Rule 171. It is used to support correct inventory valuation for tax computation and verification, and is filed only when special valuation is directed. The report must be submitted within the time allowed by the Assessing Officer, subject to any extension not exceeding six months from the end of the month in which the direction is received.
March 30, 2026
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Inventory valuation reporting in Form 101 requires Cost Accountant certification when valuation is directed for tax compliance.
Inventory Valuation Report in Form 101 is furnished by an assessee when the Assessing Officer directs inventory valuation under section 268(5)(ii) of the Income-tax Act, 2025 read with rule 171 of the Income-tax Rules, 2026. The report is prepared and certified by a Cost Accountant after examining books, records and supporting documents, and is used for accurate inventory valuation for tax computation, verification and compliance with the Income Computation and Disclosure Standards. Form 101 is filed only for the tax year in which the direction is issued, within the time allowed by the Assessing Officer.
March 30, 2026
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E-commerce moratorium and TRIPS safeguard lapse as WTO ministers fail to reach consensus on digital trade rules.
Failure of the WTO ministerial conference to reach consensus on the extension of the e-commerce moratorium left unresolved the commitment not to impose customs duties on electronic transmissions. The deadlock reflected differing positions on the duration of the extension, and the lapse raises the prospect that members may impose import duties on digital transmissions. The same impasse also ended the safeguard against non-violation complaints under the TRIPS Agreement, increasing the risk that WTO-compliant measures may be challenged for affecting expected commercial gains.
March 30, 2026
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Proceeds of crime attachment under PMLA prevails over debt recovery laws in tainted asset proceedings.
Attachment of proceeds of crime under the Prevention of Money Laundering Act was described as prevailing over debt recovery legislation, including the SARFAESI and RDB Acts, where the property is linked to money laundering. The key legal point is that the PMLA operates with overriding effect in relation to attachment proceedings concerning tainted assets, and debt recovery mechanisms do not displace action taken under the anti-money laundering framework.
March 30, 2026
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Special audit report requirements under income tax law clarified for Form 100, supporting compliance and verification.
Form 100 is the audit report furnished by an Accountant when an assessee is directed to get accounts audited under section 268(5)(i) of the Income-tax Act, 2025. It certifies examination of the books of account and financial statements and records whether the accounts present a true and fair view. The report is filed only on a special audit direction, together with supporting financial statements, books, bank statements, and applicable audit reports, within the period specified by the Assessing Officer.
March 30, 2026
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ESG performance and sustainability leadership drive YES BANK's top ranking in S&P Global's banking assessment.
YES BANK reported improved ESG performance under the S&P Global Corporate Sustainability Assessment 2025, with a score of 79 out of 100 and recognition as India's highest-rated bank in the assessment. The bank stated that this result marked its fourth consecutive inclusion in the S&P Global Sustainability Yearbook and placed it among the top 15% of global banking leaders, based on evaluation across climate strategy, operational eco-efficiency, financial inclusion, human capital development, human rights, corporate governance, and risk management.
March 30, 2026
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RBI foreign exchange restrictions and weak crude-linked sentiment deepen pressure on equities and banking stocks.
Indian equity markets ended sharply lower amid escalating geopolitical tensions in West Asia, higher crude oil prices, weak global cues, and continued foreign fund outflows. Banking stocks faced additional pressure after RBI restrictions on banks' foreign exchange positions aimed at stabilising the rupee, while market participants flagged oil-price volatility and rupee weakness as risks to input costs and near-term earnings revisions.
March 30, 2026
Show AI Summary
Special audit report filing under Form 100 requires accountant certification, supporting records, and online submission compliance.
Form 100 is the audit report to be furnished by an Accountant when the Assessing Officer directs a special audit under section 268(5)(i). It certifies examination of the assessee's accounts and their true and fair view, and is filed only for the tax year in which the direction is issued. The form requires signed verification, supporting financial and accounting records, and submission through the e-filing portal with annexures and documents. The revised form aligns with the Income-tax Act, 2025 and uses simplified tabular reporting.
March 30, 2026
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Income-tax rate changes and procedural reforms reshape reassessment, penalties, tax credits, and indirect tax schedules in the finance bill.
Finance Bill, 2026 gives effect to the Central Government's financial proposals for the financial year 2026-2027 and operates as the Finance Act, 2026 with specified commencement dates. It revises income-tax rates, surcharge structures and health and education cess, and makes extensive amendments to the Income-tax Act, 1961 and the Income-tax Act, 2025 covering reassessment, return filing, assessment timelines, interest, penalty, waiver, immunity, tax credits, deductions, and related procedural rules. The Bill also updates indirect tax provisions, including customs, customs tariff and GST-linked schedule entries, by substituting, inserting and omitting specified rates and classifications.
March 30, 2026
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Income-tax appeal filing in Form 99 requires electronic submission of facts, grounds, supporting documents and disputed details.
Form No. 99 is prescribed for filing an appeal before the Joint Commissioner of Income-tax (Appeals) or the Commissioner of Income-tax (Appeals) against an appealable order passed by an Income-tax Authority. It is furnished electronically and captures the relevant order, taxes paid, disputed amounts, grounds of appeal, statement of facts, supporting documents and additional evidence, so that the appeal may be registered and processed in the prescribed appellate manner.
March 30, 2026
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PMLA attachment of proceeds of crime overrides prior secured interests under debt recovery laws in property disputes.
PMLA has an overriding confiscatory framework for attachment of proceeds of crime, and its operation is not displaced merely because the attached property is subject to a prior mortgage or secured interest under debt recovery laws. The court noted that SARFAESI and the Recovery of Debts and Bankruptcy Act serve different objects and cannot prevail over PMLA in attachment proceedings. Where confiscation has been ordered or trial has commenced, claims of legitimate interest in the attached property must be adjudicated by the Special Court.
March 30, 2026
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Census data confidentiality and land dispute adjudication qualifications shape key legal concerns in recent public interest litigation.
Individual census data is to remain confidential and cannot be used as evidence or to obtain benefits under any government scheme. A public interest petition has also sought a revenue judicial service for land disputes, with minimum legal qualifications and training for public servants adjudicating such matters.
March 30, 2026
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Electronic appeal filing under Form 99 requires timely submission, tax compliance, verified grounds, and prescribed supporting disclosures.
Form 99 is the prescribed electronic appeal form for filing an appeal before the Joint Commissioner of Income-tax (Appeals) or the Commissioner of Income-tax (Appeals) against an appealable order under the Income-tax Act, 2025. The appeal is optional and must be filed within 30 days from the relevant date. The form requires disclosure of appellant details, order particulars, disputed amounts, pending appeals, grounds of appeal, additional evidence, delay condonation, appeal fees, and supporting documents. Filing is subject to statutory tax-payment conditions, must be electronically filed where return e-filing is mandatory, cannot be revised after verification, and must be verified by the appellant or an authorised person.
March 30, 2026
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Quarterly non-resident reporting in Form 92 mandates structured electronic filing, annexure declarations, and standardized identity details.
Quarterly reporting in Form 92 requires specified funds and stock brokers dealing with non-resident clients to furnish standardised information under Rule 157 through the Income-tax Department's electronic filing system. The form is submitted quarterly, may include multiple non-residents in one return, and is intended to support monitoring, compliance, verification of residency particulars, and information exchange for cross-border investments. Form 92 uses a structured Part A and Part B format, requires Annexure A-1 declarations from each non-resident, and calls for PAN details of the filer, with no other supporting documents to be uploaded.
March 30, 2026
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Banking outlet coverage through GIS monitoring expands access in villages under RBI-guided infrastructure planning.
Banking outlet coverage in inhabited villages is monitored through the Jan Dhan Darshak GIS-based application, which tracks bank branches, Business Correspondents and India Post Payments Bank outlets within a five-kilometre radius. On the basis of bank-uploaded data, 99.92% of villages in the country and 100% of villages in Dadra and Nagar Haveli are covered within the prescribed radius. Expansion in uncovered areas is a continuous process under extant RBI guidelines, overseen by the State Level Bankers' Committee or Union Territory Level Bankers' Committee.
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.

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Guidance Note – Form 107

March 31, 2026

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Form No. 107 – Order for regular registration u/s 332, approval u/s 354, rejection of application and cancellation of registration or approval and rejection of application

Purpose:

Form No. 107 is an order passed by the jurisdictional Principal Commissioner or Commissioner for granting of registration or approval after receipt of application in Form No. 105.

Who Should File:

NA

Frequency & Due Dates:

In all cases, except as provided below, the validity of regular registration/approval is 5 tax years commencing from the tax year in which such application is made and the Principal Commissioner or Commissioner shall be required to pass the order of granting the regular registration or approval (or cancellation of the same) within 6 months from the end of the quarter in which application is made.

Certain exceptions:

(i) when the application is made where the provisional registration/provisional approval of the applicant is due to expire and activities have not commenced or where the where the period for approval of a registered non-profit organisation is due to expire, in this scenario, the validity of the regular registration/approval shall be five tax years following the tax year in which such application is made.

(ii) Where the total income of the Applicant, without giving effect to the provision of Part B of Chapter XVII during each of the two tax years, preceding the current tax year in which the application is made, does not exceed Rs 5 core, and the Applicant has been registered or approved earlier under the Income-tax Act, 1961 or the Act, then the validity of the regular registration shall be 10 tax years.

Structure of Form No. 107:

Part-A (Particulars of the Applicant) Information of Name, PAN and Address of the Applicant

Part B (Details of Registration or Approval granted)

Document Identification Number

Registration/Approval Number (Unique Registration Number)

Section in which registration/approval is being granted

Date of registration/approval

Nature of activity for which registration/approval is being granted

Period of validity for which the Applicant is registered or approved

Tax years for which the Applicant is registered or approval

Part C: Details of rejection of application or Cancellation of registration or approval granted

  • Date of opportunity afforded to the Applicant before rejection or cancellation:
  • Reasons of rejection/cancellation

Part D: Conditions subject to which registration/approval is being granted

(I) Application of Income

a) any income of the registered non-profit organisation shall not be applied, other than for its objects;

b) the registered non-profit organisation shall not apply any part of its total income for private religious purposes (which does not enure for the benefit of the public);

c) the registered non-profit organisation, created or established after the commencement of this Act for charitable purpose, shall not apply any part of its income for the benefit of any particular religious community or caste other than the Scheduled Castes or the Scheduled Tribes or backward classes or women and children;

(II)Conditions in respect of carrying out commercial activities

a) the registered non-profit organisation (other than a registered non-profit organisation carrying out advancement of any other object of general public utility) shall not carry out any commercial activity unless such commercial activity is incidental to the attainment of the objectives of the registered non-profit organisation;

b) the registered non-profit organisation, carrying out advancement of any other object of general public utility, shall not carry out any commercial activity unless such commercial activity is undertaken in the course of actual carrying out of advancement of any object of the general public utility;

c) the aggregate receipts from the commercial activity or activities carried out by the registered non-profit organisation, carrying out advancement of any other object of general public utility, shall not exceed 20% of the total receipts of such registered non-profit organisation of the relevant tax year.

(III) Books of accounts

a) Separate books of account shall be maintained by the registered non-profit organisation in respect of the commercial activity that is incidental to the attainment of the objectives;

b) the registered non-profit organisation, carrying out advancement of any other object of general public utility, shall maintain separate books of accounts for any commercial activity undertaken by it.

(IV) Compliance with the requirements of law and conditions

a) the registered non-profit organisation shall not carry out any activity which is not genuine or is not being carried out in accordance with all or any of the conditions subject to which it was registered;

b) the registered non-profit organisation shall comply with the requirements of any other law.

(V) True and complete disclosure

The form for registration/approval in Form No. 105 shall be duly filled in by providing all the information or documents and no false or incorrect information or documents have been provided.

(VI) Validity of registration

Registration / Approval shall not be valid, it if is cancelled by the Principal Commissioner or Commissioner irrespective of the tax years for which it was granted.

This order is liable to be withdrawn by the Principal Commissioner or Commissioner if it is subsequently found that the activities of the Applicant are not genuine or if they are not carried out in accordance with all or any of the conditions subject to which it is granted, if it is found that the Applicant has obtained the approval by fraud or misrepresentation of facts or the application contains any false or incorrect information or it is found that the assessee has violated any condition provided in the Income-tax Act, 2025.

(VII) Reasons for rejection of application for condonation of delay or registration or approval or cancellation of earlier registration or approval

(VIII) Part F: Details of the Authority passing the order: Name and Designation o the authority passing the order

What are the documents required to file the Form No. 107?

NA

Filing Count:

This Form is not available on e-filing portal, but is on ITBA.

What is the process flow of filing Form No. 107?

NA

Outcome of Processed Form No.107:

On receipt of an application in Form No. 105, the Principal Commissioner or Commissioner, shall pass an order in writing in Form No.107,-

(a) issuing a 16 digit alphanumeric Unique Registration Number (URN) and granting registration or approval;

(b) rejecting the application;

(c) rejecting the application and also cancelling the registration or approval; or

(d) granting registration or approval under for one section code and rejecting the application under the other section code mentioned in the application.

Brief note on broad or qualitative changes proposed:

Key updates include the following

  • Overall Form No. 107 has been streamlined and aligned with the new sections and phrases under the Income-tax Act, 2025.
  • At the top of the Form, it has been specifically provided whether the Form is for approval u/s 332 or 354 or rejection or cancellation of registration or approval and rejection of applications that the applicant can know it upfront.
  • The CIT has been allowed to change the section code which may be different from section code in which application is made.
  • Conditions subject to which registration/approval is granted has been structured.
  • Other changes as per re-application and condonation of delay procedure which has newly introduced have been made.

Challenges and Solutions:

NA

Common Changes made across Forms:

  1. Assessment / Financial / Previous year or years have been replaced with Tax year or years, wherever appearing in the Form/Annexure.
  2. Sections, Clauses and Schedules changes as per the Income-tax Act, 2025.
  3. Currency symbol “Rs.” has been replaced with “₹”.

Topics

Acts Income Tax