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    CCI approves proposed acquisition of additional shareholding of Valuedrive Technologies Pvt Ltd by Setu AIF Trust, Konark Trust, and MMPL Trust
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March 26, 2026
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Competition approval for additional shareholding acquisition in Valuedrive Technologies through an alternative investment and trust co-investment structure.
The Competition Commission of India approved the proposed acquisition of additional shareholding in Valuedrive Technologies Private Limited by Setu AIF Trust, Konark Trust and MMPL Trust. The transaction concerns acquisition of shares on a fully diluted basis through an alternative investment fund and private trust co-investment structure. Valuedrive Technologies Private Limited operates as an operating-cum-holding company for the Spinny Group and carries on an electronic platform business for used motor vehicles, together with related subsidiary activities.
March 26, 2026
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Competition law approval for acquisition of shares in a listed NBFC by a Japan-based banking institution.
Competition Commission of India approval was granted for the acquisition of certain shares in Shriram Finance Limited by MUFG Bank Ltd. The acquirer is a Japan-based banking institution wholly owned and controlled by Mitsubishi UFJ Financial Group, Inc., and carries on banking-related activities in India including corporate banking loans, deposit accounts, remittances, trade finance, bank guarantees and hedging. The target is a listed non-banking financial company registered with the Reserve Bank of India, classified as an Investment and Credit Company and an NBFC-Upper Layer, engaged in financing commercial goods and passenger vehicles, construction equipment, farm equipment, MSMEs, two-wheelers, gold and personal loans.
March 26, 2026
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Competition approval for acquisition of Groww Asset Management shareholding by State Street Global Advisors
Competition approval was granted for the proposed acquisition of shareholding in Groww Asset Management Limited by State Street Global Advisors, Inc. The target manages schemes of Groww Mutual Fund, including equity, hybrid, debt and exchange traded fund schemes. State Street operates under the State Street Investment Management brand as the asset management arm of State Street Corporation. The detailed order of the Commission would follow.
March 26, 2026
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Competition combination approval for Coursera and Udemy merger, creating sole control over Udemy through a subsidiary merger.
Competition Commission of India approved a proposed combination involving the merger of Chess Merger Sub, a wholly owned subsidiary of Coursera Inc., with and into Udemy Inc., with Udemy surviving as a wholly owned subsidiary of Coursera. The transaction results in Coursera acquiring sole control over Udemy, and the combined company is expected to have post-closing shareholding in which existing Coursera stockholders hold approximately 59% and existing Udemy stockholders approximately 41% on a fully diluted basis.
March 26, 2026
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Competition approval for renewable energy investment in Aditya Birla Renewables through equity subscription by GIP EM Star.
Competition Commission of India approved the subscription of certain equity share capital of Aditya Birla Renewables Limited by GIP EM Star Pte. Ltd. The acquirer is incorporated in Singapore and is ultimately linked to Global Infrastructure Management, LLC and BlackRock, Inc. The target, headquartered in Mumbai, is engaged in renewable energy power generation, including solar and wind power.
March 25, 2026
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Inflation targeting framework retained with a 4 per cent objective and a 2 per cent tolerance band for the next cycle.
The central government, in consultation with the Reserve Bank, has notified the inflation target for 1 April 2026 to 31 March 2031 at 4 per cent, with an upper tolerance level of 6 per cent and a lower tolerance level of 2 per cent. The framework continues to place the Monetary Policy Committee in charge of setting the policy rate needed to achieve the inflation objective within the prescribed band.
March 25, 2026
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Insolvency resolution delays under the bankruptcy code draw debate over tribunal capacity, creditor recoveries, and reform priorities.
Delay in insolvency resolution under the Insolvency and Bankruptcy Code remained the central issue in parliamentary discussion on the Insolvency and Bankruptcy Code (Amendment) Bill, 2025. Members referred to tribunal capacity constraints, overburdened case loads, delayed liquidation and resolution timelines, value deterioration, and low realisations to creditors as continuing problems in the insolvency ecosystem. The select committee report was noted as seeking to address these structural concerns through amendments aimed at improving the functioning of the insolvency and bankruptcy framework.
March 25, 2026
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Electricity tariff reduction cuts power charges by one paisa per unit across all consumer categories for FY27.
Electricity tariff for all consumer categories in Himachal Pradesh has been reduced by one paisa per unit for FY27, effective from 1 April 2026. The tariff order fixes the average cost of supply at Rs 6.75 per unit after truing up, resulting in a corresponding reduction in energy charges across consumer classes. The revised schedule sets category-wise tariffs for domestic, commercial, industrial, agricultural, railway, EV charging, irrigation, bulk supply, and street lighting consumers, while domestic subsidy is left to the state government decision and compensation mechanism.
March 25, 2026
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Money laundering attachment over Mahadev betting assets targets alleged proceeds of crime and overseas luxury properties.
Provisional attachment under the Prevention of Money Laundering Act was issued against immovable assets linked to the Mahadev Online Book betting operation, including luxury properties in Dubai, apartments in Burj Khalifa and two properties in Delhi. The attached assets were alleged to represent proceeds of crime generated from illegal online betting activities controlled through entities associated with the main promoter of the platform.
March 25, 2026
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Insolvency and Bankruptcy Code reform focuses on faster resolution, out-of-court settlements, and cross-border insolvency provisions.
The Insolvency and Bankruptcy Code is described as a revival and resolution framework that has generated substantial recoveries through resolution of bankrupt companies and improved creditor-debtor discipline. The proposed amendment bill seeks to reduce the time taken for admission of insolvency resolution applications, speed up case clearance, support out-of-court resolution, and address cross-border insolvency and discretionary provisions.
March 25, 2026
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Power tariff unchanged as the commission prioritizes revenue neutrality, loss reduction, and efficiency in electricity distribution.
The Haryana Electricity Regulatory Commission kept power tariff unchanged for the 2026-27 financial year and treated the Annual Revenue Requirement of the distribution licensees as revenue-neutral despite a projected revenue gap. The order linked the decision to improved efficiency in revenue collection, receivables management, power procurement and loss reduction, while also fixing distribution loss levels and directing feeder-level monitoring to curb losses.
March 25, 2026
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Permanent Establishment audit reporting governs royalty and technical fees income for non-residents under the prescribed form.
Form No. 24 is a prescribed audit report for non-residents, foreign companies, and other non-resident entities deriving royalty or fees for technical services from India through a Permanent Establishment or fixed place of profession in India. It is certified by an Accountant and is mandatory where such income is effectively connected with the Indian Permanent Establishment or fixed place of profession. The form requires books of account, supporting documents, annexures, and electronic certification details, and is furnished annually before the return due date. Furnishing and acceptance of the form support assessment on a net income basis.
March 25, 2026
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Skill Development Project notification under income tax law links approval, audit compliance, and renewal conditions for eligible companies.
Form 23 is the CBDT notification form for an approved Skill Development Project under Section 47(1)(b) of the Income-tax Act, 2025 read with Rules 39 and 40. It is issued after Form 22 is examined and recommended by NCVET, and it specifies the approved Tax Year(s), project particulars, conditions, and validity for up to three Tax Years. The framework requires separate books, audit, prescribed reporting, compliance with notification conditions, and permits renewal or revocation depending on project performance and statutory compliance.
March 25, 2026
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Skill development project notification governs approval, tax-year limits, conditions, and compliance for income-tax benefits.
Form 23 is the income-tax notification form for an approved skill development project under Section 47(1)(b) of the Income-tax Act, 2025, issued after approval under Rule 39. It notifies the project in the Official Gazette, specifies the approved tax years, and sets the terms, duration, and expenditure limits. The notification is issued by the Central Board of Direct Taxes on recommendation of NCVET, and contains the company's particulars, project details, training institute details, approved tax years, estimated expenditure, and attached conditions.
March 25, 2026
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Skill Development Project approval under income tax rules requires Form 22 filing, structured disclosures, and electronic verification.
Form 22 is the prescribed Income-tax application by which an eligible company seeks approval of a Skill Development Project under Section 47(1)(b) of the Income-tax Act, 2025 read with Rule 39. The form is filed with the National Council for Vocational Education and Training for recommendation to the Central Board of Direct Taxes, and it must be submitted electronically using DSC or EVC before commencement of the project. It requires disclosure of company particulars, project particulars, training institute details, prior notifications or revocations, return of income data, penalties, outstanding tax demands, expenditure projections, and supporting annexures.
March 25, 2026
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Free trade agreements and voluntary CSR are highlighted as tools for quality-led growth and inclusive development.
India's expanded free trade agreements are presented as a means of securing preferential market access for goods and services, with reduced or zero duty benefits linked to stronger export competitiveness. Indian industry, farmers, MSMEs, fishermen and artisans are urged to use these opportunities through a sustained focus on quality, higher standards and improved production and service capability. The statement also presents voluntary corporate social responsibility beyond statutory minima as an example of tangible social commitment.
March 25, 2026
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Multilateral trading system priorities shape India's agenda on WTO reform, food security, digital trade, and development concerns.
The WTO Ministerial Conference agenda covers WTO reform, the e-commerce work programme and moratorium, investment facilitation for development, fisheries subsidies, and agriculture-related issues. India's priorities include a development-centric multilateral trading system, a permanent solution on Public Stockholding for food security, effective Special and Differential Treatment, and a fully functional, automatic, and binding dispute settlement mechanism. India also supports policy space in digital trade, balanced fisheries subsidy disciplines, and investment facilitation for developing countries.
March 25, 2026
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Startup ecosystem partnership expands incorporation support, mentorship and financial tools for early-stage founders through a dedicated platform.
DPIIT entered into a strategic partnership with a leading fintech platform through a Memorandum of Understanding to strengthen India's startup ecosystem by supporting startups, innovators and entrepreneurs with financial tools, founder enablement programmes and ecosystem assistance. The collaboration is directed towards helping early- and growth-stage startups scale through digital payment solutions, financial infrastructure, incorporation support, mentorship and structured guidance for formalising and expanding operations. A dedicated platform, Startup Sahayak, has been launched to provide end-to-end assistance for early-stage founders, including company incorporation, access to schemes and guidance on funding opportunities.
March 25, 2026
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Cooperative sector survey training strengthens data quality and prepares nationwide collection on economic contribution and employment generation.
The Rapid Survey of Functional Cooperatives is being prepared through an all-India training workshop to equip master trainers with conceptual clarity, survey methodology, technical know-how, and uniform understanding of survey concepts. The survey will be conducted nationwide from April 2026 using the National Cooperative Database as the sampling frame and a web-based data collection system to generate sector-wise estimates of economic contribution and employment generation.
March 25, 2026
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Infrastructure project monitoring through PAIMANA tracks ongoing Central Sector projects, sector-wise progress, and new additions across Ministries.
Central Sector infrastructure projects worth Rs.150 crore and above are monitored through the PAIMANA portal, which standardises infrastructure tracking, auto-updates project data from Ministries and Departments, and supports timely review and data-driven decision-making. As of February 2026, the portal records 1,948 ongoing projects across 17 Central Ministries and Departments, with a revised cost of Rs.41.98 lakh crore and cumulative expenditure of Rs.19.71 lakh crore. The portfolio covers multiple sectors, led by Transport & Logistics and Energy, and includes new additions and commissioned projects during February 2026.

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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