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    Form 117 – Frequently Asked Questions
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April 1, 2026
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Identical question of law declaration streamlines tax disputes by binding pending cases to the higher court's final decision.
Form 117 is the optional declaration used by an assessee to state that a question of law in the relevant case is identical to a question already pending before the High Court or Supreme Court in the assessee's own case for another assessment year. It may be filed before the Assessing Officer or the appellate authority, requires prescribed particulars and supporting documents, and once admitted binds the assessee to the final decision on that identical question while not stopping the pending proceedings.
April 1, 2026
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Cross-objections before the Income-tax Appellate Tribunal require timely filing, supporting documents, and structured grounds under the prescribed form.
Form 116 is the prescribed memorandum of cross-objections to the Income-tax Appellate Tribunal, enabling a respondent in an appeal to challenge any part of the order appealed against without filing a separate appeal. It may be filed by a respondent, including an assessee, deductor, or the Income-tax Department, only after an appeal has been filed and notice of that appeal has been received. The form is to be furnished within thirty days, accompanied by relevant orders and supporting documents, and may include grounds for condonation of delay where applicable.
April 1, 2026
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Cross-objections before the Tribunal must be filed in the prescribed form, with separate grounds, tax effect, and timely notice-based filing.
Form 116 is the prescribed memorandum of cross-objections before the Income-tax Appellate Tribunal in response to an appeal already filed by the opposite party. It is available to a respondent such as an assessee, the Income-tax Department, or a government deductor, and must be filed within 30 days of receipt of notice. The form cannot be filed independently of an existing appeal, and each ground of cross-objection must be numbered, stated separately, and accompanied by the corresponding tax effect.
April 1, 2026
Show AI Summary
Income-tax appeal form governs Tribunal filings, prescribed time limits, supporting documents, and electronic submission requirements.
Form No. 115 is the prescribed appeal form for filing an appeal before the Income-tax Appellate Tribunal against appealable orders of income-tax authorities. It is to be filed by an aggrieved assessee or by the Income-tax Department, within two months from the end of the month in which the order is communicated, and may be accompanied by the relevant orders, grounds, statements, and supporting documents. The form is filed electronically, along with the prescribed fee, and is structured to capture appellant details, respondent details, appeal particulars, disputed amounts, grounds of appeal, and verification.
April 1, 2026
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Income-tax appeal procedure: Form 115 sets out filing requirements, tax effect details, fee payment, and Tribunal jurisdiction.
Form 115 is the prescribed memorandum of appeal for filing an appeal before the Income-tax Appellate Tribunal against specified orders under the Income-tax Act and Rules. It may be filed by an aggrieved assessee or by the Income-tax Department, and must be presented before the Tribunal having jurisdiction over the case. The form requires particulars of the parties, appeal details, disputed amount, grounds of appeal, fee payment, supporting documents, signature and verification, and it is not revisable after filing.
April 1, 2026
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Donation certificate form generated after donor reporting and processing of donation particulars under the Income Tax Act, 2025.
Form 114 is an acknowledgement and certificate of donation under the Income Tax Act, 2025, generated for a donor only after due filing and successful processing of Form-113 by a registered non-profit organisation. It records voluntary donations made during the relevant reporting period and contains Part A for donee information and Part B for donor information. The guidance also notes simplification of the form and alignment with the Act, including updated tax-year terminology.
April 1, 2026
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Donation reporting compliance under Form 113 enables electronic filing, donor acknowledgement, and subsequent income tax claim support.
Form 113 is the electronic statement through which a registered non-profit organisation furnishes particulars of donations received during the tax year. It is filed for the reporting period by 31 May of the following tax year and contains Part A for the organisation's details and Part B for donor and donation particulars. Successful filing and processing support donor claim of the reported donation in a subsequent return of income and generation of Form 114 as the donation certificate or acknowledgement.
April 1, 2026
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Donation reporting and donor certificates require mandatory electronic filing, enabling verified tax claims for voluntary contributions.
Registered non-profit organisations must electronically furnish the donation statement and issue the corresponding donor certificate within the prescribed reporting cycle. FN 113 records particulars of voluntary donations received during the tax year, while FN 114 is the acknowledgement or certificate for the donor. Filing is mandatory, requires a valid PAN, and must be done on the e-filing portal. A correction statement may be filed after submission, and a revised certificate may be issued if needed. The reporting process supports verification of donation claims and enables the donor to claim the relevant exemption or deduction in the return of income.
April 1, 2026
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GST collections rise on stronger domestic and import revenues, with net receipts also showing steady year-on-year growth.
Gross Goods and Services Tax (GST) collections rose by 8.8 per cent in March 2026 to over Rs 2 lakh crore, supported by higher tax realisations from domestic sales and imports. Refund issuance increased by 13.8 per cent to Rs 22,074 crore, and net GST revenues stood at about Rs 1.78 lakh crore after adjustment for refunds. For the full 2025-26 fiscal year, gross GST revenue rose 8.3 per cent to over Rs 22.27 lakh crore, while net revenues increased 7.1 per cent to Rs 19.34 lakh crore.
April 1, 2026
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Crypto tax compliance tools expand in India with INR pricing, Schedule VDA reporting, and automated filing support.
India's VDA tax compliance environment requires accurate transaction tracking, timely filing, and Schedule VDA-ready reporting, particularly in light of the flat tax on gains, transaction-level TDS, and the absence of loss offsets. A crypto tax platform has introduced INR-denominated paid plans for Indian users after an initial free rollout, while keeping a free portfolio-tracking option available without tax report downloads. The paid plans are presented as a means of enabling users to obtain filing documents, automate transaction import, and generate India-specific tax reports aligned with the Income Tax framework.
April 1, 2026
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Manufacturing excellence drives PAN Health's recognition for scale, quality, and growth in disposable personal hygiene products.
PAN Health received the 'Excellence in Manufacturing - Healthcare & Pharmaceuticals' award at the ET Entrepreneur Awards 2026 for its manufacturing scale, quality focus, and contribution to the disposable personal hygiene sector. The company is presented as a fast-growing Indian manufacturer aligned with the Make in India vision, operating a large facility in Rajkot, Gujarat, and producing multiple categories of hygiene products under brands including Little Angel, Liberty, and Everteen.
April 1, 2026
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Trade barriers and tariff flexibility in India draw fresh US concerns over market access, standards and digital restrictions.
The report says India maintains high applied import duties and wide tariff flexibility, while also using numerous non-tariff barriers such as licensing requirements, Quality Control Orders, customs barriers, testing and certification mandates, and price controls. It further criticises opaque quantitative restrictions, burdensome import licensing for remanufactured goods, discretionary tariff changes, and complex customs exemptions. The report also flags concerns over standards, government procurement, foreign equity limits, digital trade barriers and internet shutdowns affecting market access and commercial operations.
April 1, 2026
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Net open position cap for banks tightened to curb foreign exchange exposure and reinforce currency risk management.
RBI capped the Net Open Position in Indian rupees for banks at USD 100 million, with compliance required by April 10, 2026. The measure requires banks to reduce currency exposure and align positions with the prescribed limit, reflecting regulatory control over foreign exchange exposure and risk management in bank dealings.
April 1, 2026
Show AI Summary
Advance Pricing Agreements boost transfer pricing certainty as safe harbour reforms streamline compliance and strengthen business certainty.
CBDT signed a record number of Advance Pricing Agreements with Indian taxpayers in FY 2025-26, including unilateral and bilateral agreements, taking the cumulative APA count beyond the 1,000-mark since inception. The APA programme is described as a mechanism for strengthening transfer pricing certainty, easing compliance, and improving ease of business. Safe Harbour Rules complement the framework by prescribing fixed margins for specified international transactions, while recent reforms consolidate technology service categories, raise the eligibility threshold, and introduce a more automated process.
April 1, 2026
Show AI Summary
Domestic satellite preference and internet shutdown controls are flagged as trade barriers affecting satellite services and digital commerce.
Preference for domestic satellites in direct-to-home television services, restrictions on direct foreign contracting, and procedural delays in accessing foreign satellite capacity are described as barriers to foreign trade. The report also urges an open skies satellite policy to expand market access. Localised internet shutdowns and increased takedown requests are said to impede the digital economy, while satellite communication providers face security instructions on interception, blocking, routing, registration, disclosure, geo-fencing, data localisation, and phased sourcing of ground infrastructure.
March 31, 2026
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Disproportionate assets probe leads to recovery of cash, vehicles and property documents from senior officials.
Police action against two senior Bihar government officers for alleged possession of disproportionate assets led to searches at multiple locations and recovery of property documents, cash, luxury items and vehicle records. The Economic Offences Unit registered separate FIRs against Kishanganj SDPO Gautam Kumar and Saharsa DRDA director Vaibhav Kumar after preliminary findings indicated assets allegedly far in excess of their known income, with suspected benami properties and investments traced to family members and associates. Searches yielded documents relating to numerous land parcels, residential property, insurance and financial investments, bank deposits, cash, luxury watches, high-end vehicles and other valuables.
March 31, 2026
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Free trade agreements and apple imports raise concerns over Himachal orchardists' economic interests and market competitiveness.
Himachal Pradesh's apple sector was discussed in the context of free trade agreements with the European Union, the United States, New Zealand and other countries, with concern that lower import duties on apples could affect the economic interests of local growers. A private resolution urged the central government to frame a policy to safeguard orchardists, and the government accepted the resolution. The debate also noted that Himachal apples must improve in quality to compete with imports and that the state lags behind those markets in quality standards.
March 31, 2026
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Sanctions waiver revives Iranian crude trade as a cargo heads to Gujarat amid refinery inventory pressures.
India's crude oil trade may see a renewed shipment of Iranian oil after a sanctions waiver allowed oil "on the water" to be purchased for a limited period. A vessel carrying about 600,000 barrels of Iranian crude has reportedly been observed heading toward Vadinar in Gujarat, marking the first such delivery since imports stopped in 2019 after sanctions tightening. The development is linked to Indian refiners' need for cargoes amid tightening inventories, while the government has stated that any resumption of purchases will depend on techno-commercial feasibility.
March 31, 2026
Show AI Summary
Registered non-profit organisation audit reporting in Form 112 standardises income, foreign contribution, and related person disclosures.
Form 112 is the annual audit report required to be furnished electronically under section 348 for a registered non-profit organisation whose total income exceeds the maximum amount not chargeable to income-tax in the relevant tax year. The form is filed through the e-filing portal on or before 30 September of the following year, with a Chartered Accountant certificate and annexure covering audited particulars, income classification, application of income, donations, related person transactions, specified violations, loans, borrowings, and supporting schedules. The guidance also consolidates earlier audit forms into a common Form 112 with different schedules for small and large registered non-profit organisations.
March 31, 2026
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Electronic audit report filing for registered non-profit organisations is mandatory, time-bound, and tied to exemption eligibility under the income-tax law.
Form 112 is the electronic audit report prescribed under section 348 of the Income-tax Act, 2025, for a registered non-profit organisation whose income exceeds the basic non-taxable limit. It must be filed annually through the e-filing portal, one month before the due date for the return of income, and cannot be edited after acknowledgment or filed offline. PAN is mandatory, and supporting documents include registration papers, audited financials, related forms, FCRA records, AIS, and TDS returns.

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Versigent Launches as New Publicly Traded Company

April 1, 2026

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Company Positioned for Success and Value Creation as Leading Global Provider of Signal, Data & Power Distribution Systems New Delhi, India & Schaffhausen, Switzerland– Business Wire India • Versigent to Begin Trading on the New York Stock Exchange (NYSE) as “VGNT” Effective Today • Executive Team to Ring NYSE Opening Bell April 1, 2026 Versigent PLC (NYSE: VGNT) today announced the completion of its separation from Aptiv PLC (NYSE: APTV) and its launch as an independent, publicly traded company. Versigent’s shares will begin trading on the New York Stock Exchange (NYSE) under the ticker symbol “VGNT” today where members of the Company’s leadership team are scheduled to ring the Opening Bell. Versigent is a global leader in the design, manufacturing, and delivery of low- and high-voltage power electrical architectures. With engineering centers on four continents and manufacturing operations in more than 25 countries, Versigent combines global scale with regional responsiveness to serve customers across growing end markets. “Today marks an important milestone as Versigent begins its next chapter as an independent company built on a century of leadership in advanced power distribution solution systems,” said Joseph Liotine, Chief Executive Officer of Versigent. “As demand grows for greater capability with less complexity, our unmatched combination of engineering expertise, advanced manufacturing excellence, and global scale gives us a distinct advantage. Versigent is purpose-built to amplify our customers’ urgent needs to power smarter, faster, and safer features without compromise.” Versigent launches with approximately $8.8 billion of revenue, $528 million of net income and $893 million of adjusted EBITDA in 2025, supported by industry-leading design and engineering capabilities, advanced manufacturing expertise, and a broad global production footprint. Versigent enters the public markets with a cash generative business model and a strong balance sheet that supports disciplined reinvestment and shareholder returns. As an independent company, Versigent will continue to prioritize operational excellence, distinctive innovation and disciplined capital allocation aligned with long-term value creation. “Versigent is well positioned to unlock greater value as we enter the public markets,” said Doug Ostermann, Chief Financial Officer of Versigent. “We launch with clear priorities and a strong financial profile, including top-line revenue growth of more than three percent and industry-leading double-digit EBITDA margins that we expect to expand by more than 200 basis points over the next three years. Our business is globally scaled, highly engineered and consistently cash-generative, with a path to $1 billion in free cash flow by 2028. Through a balanced and disciplined capital allocation strategy, we are investing thoughtfully in the business while prioritizing attractive returns for shareholders.” The separation as an independent, publicly traded company was completed through the distribution, effective April 1, 2026 at 12:01 a.m., Eastern Standard Time, of all the issued and outstanding ordinary shares of Versigent to Aptiv shareholders of record as of the close of business on March 17, 2026, the record date for the distribution. Aptiv shareholders received one ordinary share of Versigent for every three shares of Aptiv common stock held. Aptiv shareholders of record will also receive cash in lieu of any fractional shares to which they would otherwise be entitled. The transaction was completed as a tax-free spin-off for both Swiss and U.S. federal income tax purposes. Versigent will announce first quarter business results on May 5, 2026 with a conference call occurring at 4:15 p.m. ET., which can be accessed by visiting www.ir.versigent.com. Versigent operated as part of Aptiv prior to the separation on April 1st 2026. The historical financial measures presented in this release were derived from Aptiv’s accounting records and are presented on a carve-out basis. Forward-Looking Statements This press release contains forward-looking statements that reflect, when made, Versigent’s current views with respect to current events, business plans and financial performance. Such forward-looking statements are subject to many risks, uncertainties and factors relating to Versigent’s operations and business environment, which may cause the actual results of Versigent to be materially different from any future results, express or implied, by such forward-looking statements. All statements that address future operating, financial or business performance or Versigent’s strategies or expectations are forward-looking statements. In some cases, you can identify these statements by forward-looking words such as “may,” “might,” “will,” “should,” “expects,” “plans,” “intends,” “anticipates,” “believes,” “estimates,” “predicts,” “projects,” “potential,” “outlook” or “continue,” and other comparable terminology. Factors that could cause actual results to differ materially from these forward-looking statements are discussed under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Versigent’s information statement included in its registration statement on Form 10 filed with the Securities and Exchange Commission. New risks and uncertainties arise from time to time, and it is impossible for Versigent to predict these events or how they may affect Versigent. It should be remembered that the price of the ordinary shares and any income from them can go down as well as up. Versigent disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events and/or otherwise, except as may be required by law. Use of Non-GAAP Financial Information This press release contains information about Versigent’s financial results which are not presented in accordance with GAAP. Specifically, Adjusted EBITDA is a non-GAAP financial measure. Management believes the non-GAAP financial measure used in this press release is useful to both management and investors in their analysis of the Company’s financial position, results of operations and liquidity. In particular, management believes Adjusted EBITDA is a useful measure in assessing the Company’s ongoing financial performance that, when reconciled to the corresponding GAAP measure, provides improved comparability between periods through the exclusion of certain items that management believes are not indicative of the Company’s core operating performance and that may obscure underlying business results and trends. Management also uses the non-GAAP financial measure for internal planning and forecasting purposes. The non-GAAP financial measure included in this press release is reconciled to the most directly comparable GAAP financial measure in the attached supplemental schedule at the end of this press release. Non-GAAP measures should not be considered in isolation or as a substitute for our reported results prepared in accordance with GAAP and, as calculated, may not be comparable to other similarly titled measures of other companies. Adjusted EBITDA: Adjusted EBITDA is presented as a supplemental measure of the Company’s financial performance which management believes is useful to investors in assessing the Company’s ongoing financial performance that, when reconciled to the corresponding U.S. GAAP measure, provides improved comparability between periods through the exclusion of certain items that management believes are not indicative of the Company’s core operating performance and which may obscure underlying business results and trends. Our management utilizes Adjusted EBITDA in its financial decision-making process to evaluate performance of the Company and for internal reporting, planning and forecasting purposes. Adjusted EBITDA is defined as net income before depreciation and amortization (including asset impairments), interest expense, income tax (expense) benefit, other income (expense), net, equity income (loss), net of tax, restructuring, other acquisition and portfolio project costs (which includes costs incurred to integrate acquired businesses and to plan and execute product portfolio transformation actions, including business and product acquisitions and divestitures), and other special items. Not all companies use identical calculations of Adjusted EBITDA, therefore this presentation may not be comparable to other similarly titled measures of other companies. Consolidated Adjusted EBITDA (Unaudited) Year Ended December 31, 2025 (in millions) Net income attributable to Versigent $ 528 Interest income (3) Income tax benefit (6) Net income attributable to noncontrolling interest 18 Depreciation and amortization 227 EBITDA $ 764 Other expense, net 10 Equity income, net of tax (13) Restructuring 86 Separation costs 42 Other acquisition and portfolio project costs 4 Adjusted EBITDA $ 893 About Versigent Versigent is a global leader in the purposeful design and advanced manufacturing of low and high voltage electrical architectures. Building on a legacy of engineering excellence and trusted partnerships, Versigent delivers versatile, intelligent solutions engineered to unlock greater capabilities for our customers. Powering one in six passenger vehicles in production today, Versigent’s high performance signal, power, and data distribution systems are trusted by industry leaders across automotive, commercial vehicles, agriculture and energy storage. With engineering and manufacturing centers on four continents and operations in more than 25 countries, Versigent’s 138,000 employees match global scale with regional responsiveness to deliver consistent quality and reliable performance connecting the world to faster, smarter and safer experiences. Visit www.versigent.com. To View the Image, Click on the Link Below: Versigent (Disclaimer: The above press release comes to you under an arrangement with Business Wire India and PTI takes no editorial responsibility for the same.). PTI PWR

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