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March 28, 2026
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Alternate Minimum Tax compliance through Form 67 requires CA certification, electronic filing, and timely submission with the return.
Form 67 is prescribed for furnishing details relating to the computation of Adjusted Total Income and Alternate Minimum Tax (AMT) under section 206(2) of the Income-tax Act, 2025. It applies to persons other than companies, subject to stated exceptions, and is not required for certain specified taxpayers where adjusted total income does not exceed twenty lakh rupees. The form is used to determine AMT on adjusted total income, with tax payable at the higher of the regular tax or AMT, and it incorporates adjustments such as depreciation and other specified items.
March 28, 2026
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Minimum Alternate Tax reporting through Form 66 demands Chartered Accountant certification, digital filing, and return-linked book profit verification.
Companies liable to Minimum Alternate Tax must furnish Form 66, a Chartered Accountant-certified report on book profit and MAT computation, annually with the income tax return. The form is digitally signed, accepted by the company through the e-filing portal, and linked to the return for processing. It contains company particulars, profit adjustments, transition amount, final MAT computation, auditor certification, and supporting financial and tax documents.
March 27, 2026
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Access to unrelied ED documents denied at pre-cognisance stage in an ongoing money-laundering investigation.
Access to documents seized by the Enforcement Directorate but not relied upon in the chargesheet was refused at the pre-cognisance stage in an ongoing Prevention of Money Laundering Act matter. The court held that the accused had already been supplied with the prosecution complaint and relied-upon documents, and that disclosure of unrelied material was not required before cognisance when the investigation remained pending.
March 27, 2026
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Trade agreement framework balances market access with farmer safeguards, calibrated tariff concessions, and export opportunities across key sectors.
India and the United States have agreed on a framework for an interim trade agreement intended to expand reciprocal and mutually beneficial trade while protecting domestic sensitivities, particularly in agriculture and dairy. The framework contemplates improved market access, rules of origin, action on non-tariff barriers, and cooperation on standards, digital trade, economic security, technology, supply chain resilience, energy and manufacturing. Limited and calibrated tariff concessions have been offered on select agricultural products through quota-based mechanisms, phased concessions and partial duty reductions, with the quotas kept within existing import levels to avoid adverse impact on domestic farmers.
March 27, 2026
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Rupee weakness deepens as higher crude prices, dollar strength and foreign selling weigh on currency and reserves.
The rupee weakened sharply to a historic low against the US dollar amid sustained pressure from higher crude oil prices, a stronger greenback, foreign investor selling, and energy-led inflation concerns. India's foreign exchange reserves also declined during the reporting week, driven by a fall in gold reserves. The government indicated plans to mobilise substantial borrowing through dated securities in the April-September period, while noting a reduction in gross market borrowing after G-Sec switches.
March 27, 2026
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Government borrowing calendar set for dated securities, green bonds, retail bidding and flexible issuance management.
The Centre plans to raise gross market borrowings through dated securities in the first half of FY 2026-27 to finance the fiscal deficit, with borrowing spread across weekly auctions and multiple maturities. The borrowing calendar includes sovereign green bonds, non-competitive bidding for specified retail investors, and flexibility to modify issuance amounts, maturities, instruments and timing in consultation with the Reserve Bank of India, depending on funding needs and market conditions.
March 27, 2026
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Bilateral trade agreement negotiations advance as India and the US discuss WTO issues, tariffs, and next steps in talks.
India and the United States continued discussions on the next steps in the bilateral trade agreement negotiations, covering the WTO agenda, the India-US BTA, and ways to deepen bilateral economic cooperation and trade ties. A framework for the first phase has been finalised, but the legal text remains unsigned, and the chief negotiators' meeting was postponed because of changes in the US tariff architecture and the need to await the revised global tariff framework before the interim trade agreement is signed.
March 27, 2026
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Energy supply stability assured as government rules out lockdown, citing adequate fuel stocks and anti-hoarding measures.
The government ruled out any lockdown and said India has adequate stocks of petrol, diesel and LPG, with fuel retail operations continuing normally despite energy supply disruptions linked to the war in West Asia. Officials said rumours have caused panic buying, while alternative sourcing, higher domestic LPG production, excise duty cuts, export levies, export diversion directions and intensified anti-hoarding enforcement are being used to stabilise supplies and protect consumers.
March 27, 2026
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Excise duty cut on petrol and diesel aims to shield consumers from global fuel price volatility.
The Union Government reduced excise duty on petrol and diesel by Rs 10 per litre to prevent a retail price increase caused by rising global oil prices. The move was described as a people-centric measure intended to shield consumers from fuel price volatility and wider shortages linked to global instability.
March 27, 2026
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State borrowing costs harden as bond yields rise, forcing partial bids and higher returns in volatile fixed-income markets.
States' borrowing costs hardened in a State Development Loan auction as cut-off yields rose across long-term maturities, with several securities moving above 8 per cent. The increase tracked a broader rise in government bond yields amid global oil price pressures, inflationary concerns and weakness in the rupee, causing some states to accept only partial borrowing amounts or reject bids. The report notes that higher bond yields may keep borrowing costs elevated and increase volatility in fixed-income markets.
March 27, 2026
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Money laundering proceedings over bank loan fraud allegations include diversion of proceeds through offshore entities and property transactions.
Money laundering proceedings under the Prevention of Money Laundering Act concern a former senior executive of Reliance Communications and another accused in an alleged bank loan fraud case. The allegations include concealment, layering and diversion of proceeds of crime through foreign subsidiaries and offshore entities, purchase and sale of a Manhattan condominium during the insolvency process, and routing of sale proceeds through an asserted sham investment arrangement. The allegations also include personal diversion of funds for overseas education-related payments.
March 27, 2026
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Minimum alternate tax and book profit reporting through Form 66, with CA certification, exemptions, and MAT credit rules.
Form No. 66 is the prescribed electronic statement for furnishing details of book profit and minimum alternate tax under section 206(1) of the Income-tax Act, 2025. It applies to companies where normal tax is lower than the minimum tax, must be filed along with the return of income, and requires certification by an Accountant/Chartered Accountant. The FAQ explains book-profit adjustments, MAT credit, exemptions, Ind-AS transition amounts, and the consequences of incorrect or missing filing.
March 27, 2026
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Patent box regime filing through Form 65 enables eligible resident assessees to opt for concessional royalty taxation.
Form 65 is the prescribed application for an eligible resident assessee to exercise the option under Section 194(1) of the Income-tax Act, 2025 for royalty income from a patent developed and registered in India. It relates to the concessional 10% tax rate under the patent box regime and requires the assessee to forgo deductions or allowances against such royalty income. The form is filed electronically by the return-filing due date, with patent details, royalty particulars, expenditure information and verification requirements.
March 27, 2026
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Concessional royalty taxation under Form 65 requires resident eligibility, electronic filing, and a five-year lock-in period.
Form 65 is the prescribed income-tax application by which a resident assessee opts for concessional taxation on royalty income from a patent developed and registered in India. The form enables taxation at a flat 10% rate on gross royalty, with surcharge and cess, subject to conditions including denial of deductions, Indian patent registration, and development in India. The option must be filed electronically by the return due date, cannot be revised or withdrawn for that year, and carries a five-tax-year lock-in.
March 27, 2026
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Tax deduction verification through Form 61 requires e-filing, irrevocable authorisation, and proof of transmission to the financial institution.
Form No. 61 is an irrevocable authorisation enabling tax authorities to obtain information and records from a financial institution in a Notified Jurisdictional Area for verifying deduction claims on payments made to that institution. It is filed once for the tax year before the income-tax return due date, through the e-filing portal, with details of the institution, payment, supporting documents, and proof that the first copy has been deposited or transmitted. The assessee must send the first copy to the institution and submit the second copy with proof to the Assessing Officer.
March 27, 2026
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Notified jurisdictional area disclosures: Form 61 authorisation enables tax authorities to access financial records for deduction verification.
Form No. 61 is an irrevocable authorisation enabling the Central Board of Direct Taxes and designated income-tax authorities to obtain information and records from a financial institution located in a notified jurisdictional area for the purpose of claiming deduction in respect of payments made to such institution. The form must be filed once for the relevant tax year before the due date for filing the income-tax return, through the e-filing portal, and verified by DSC or EVC as applicable. The assessee must submit the first copy to the financial institution and the second copy with proof to the Assessing Officer, while waiving privacy, data protection and banking secrecy protections.
March 27, 2026
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Excise duty reduction and export duty hike reshape fuel pricing to ease under-recoveries and protect domestic supply.
Excise duty on petrol and diesel has been reduced, while export duty on diesel and aviation turbine fuel has been increased, to address under-recoveries of oil marketing companies, support domestic fuel availability, and limit consumer price pressure amid volatility in global oil markets. The revised rates are stated to operate on a fortnightly review basis, with the policy rationale emphasising energy security, domestic supply prioritisation, and response to disrupted international crude and product markets.
March 27, 2026
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International group reporting designation requires Form No. 60 for appointing the entity that files the Country-by-Country Report.
Form No. 60 is the intimation to be furnished on behalf of an international group having multiple constituent entities resident in India for designating a single constituent entity to file the Country-by-Country Report in Form No. 59. The form requires particulars of the international group, the parent entity, the designated constituent entity, and the other constituent entities resident in India, including name, address and PAN details. It is to be filed as an e-form through the income tax e-filing portal, at least 30 days before the due date for Form No. 59, followed by preview and e-verification before submission.
March 27, 2026
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Country-by-Country reporting compliance for international groups, covering filing triggers, due dates, and e-form submission requirements.
Form No. 59 is the prescribed e-form for filing the Country-by-Country Report of an international group. It applies to a resident parent entity or alternate reporting entity where the consolidated group revenue exceeds the prescribed threshold, and in specified cases to a resident constituent entity where the parent is not required to report, there is no exchange arrangement with India, or a notified systemic failure exists. The report is ordinarily due within twelve months from the end of the reporting accounting year, with a shorter period in cases involving notified systemic failure. The form captures entity particulars, tax jurisdiction details, constituent entity data, and additional information.
March 27, 2026
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Country-by-country reporting intimation by Indian constituent entities sets out the reporting entity and filing location for the group report.
Form No. 58 is an intimation by every constituent entity resident in India, where the parent entity of the international group is not resident in India, regarding whether it is an alternate reporting entity and, if not, the details of the parent entity or alternate reporting entity and their country or territory of residence. The form informs the income-tax authorities where the Country-by-Country Report will be filed and must be submitted two months before the due date for furnishing that report.

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HIGHLIGHTS

April 1, 2026

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New Delhi, Apr 1 (PTI) Following are the top stories at 9 pm NATION DEL87 LDALL FCRA (8.43 PM)

As BJP and Oppn spar, debate on FCRA amendment bill in LS deferred New Delhi/Alappuzha: A discussion in the Lok Sabha on a bill to amend the Foreign Contribution Regulation Act (FCRA) scheduled for Wednesday was deferred amid a political slugfest, with the opposition alleging that the new measures could curb minority rights and tighten government control over NGOs.

CAL74 AS-POLL-2NDLDALL PM (8.33 PM)

Assam polls: PM woos tea garden workers, accuses Congress of planning law to protect infiltrators Gogamukh/Behali (Assam): Prime Minister Narendra Modi on Wednesday launched the BJP’s poll campaign in Assam, predicting a "hat-trick" for his party with people's blessings and asserted that the Congress will achieve a "century of defeats" in elections.

DEL54 PM-WASIA-MEETING (5.14 PM)

PM Modi to review with senior ministers situation arising following West Asia conflict New Delhi: Prime Minister Narendra Modi on Wednesday evening will review with a group of senior cabinet ministers the situation arising due to the West Asia conflict and the availability of critical needs including food, energy and fuel security of common people.

PAR34 LS-LD JAN VISHWAS (8.06 PM)

Lok Sabha passes Jan Vishwas amendment bill to promote ease of doing business New Delhi: The Lok Sabha on Wednesday passed a bill to amend 784 provisions in 79 central laws for decriminalising and rationalising minor offences to further improve the country's business environment.

PAR19 LS-AMARAVATI-LD BILL (3.53 PM)

Lok Sabha passes bill to recognise Amaravati as sole and permanent capital of Andhra Pradesh New Delhi: A bill seeking to recognise Amaravati as the sole and permanent capital of Andhra Pradesh was passed by the Lok Sabha on Wednesday, with the opposition Congress also supporting it along with the NDA.

BOM18 DEF-WASIA-LD NAVY CHIEF (8.47 PM)

Indian Navy was minutes away from striking Pak from sea during Op Sindoor: Admiral Tripathi Mumbai: The Indian Navy was minutes away from striking Pakistan from the sea during Operation Sindoor when Islamabad requested stoppage of kinetic actions, Navy chief Admiral Dinesh K Tripathi said on Wednesday.

CAL61 WB-POLLS-2ND LD MAMATA (6 PM)

Be cautious while filing nominations, new officers may reject them: Mamata to TMC nominees Kolkata: Trinamool Congress supremo Mamata Banerjee on Wednesday alleged that officials recently appointed by the Election Commission were entrusted to reject nominations of her party's poll candidates and urged them to be cautious while filing their nominations.

MDS57 KL-POLLS-LD RAJNATH (6.57 PM)

'God not secure in Kerala', LDF betrayed Lord Ayyappa for few pieces of gold: Rajnath Singh Kochi: Senior BJP leader and Defence Minister Rajnath Singh on Wednesday launched a scathing attack on the ruling LDF in poll-bound Kerala, alleging that "God was not secure" in the state known as God's own country, as the Left front betrayed Lord Ayyappa for a few pieces of gold -- a reference to the Sabarimala gold loss cases.

DEL73 PB-BJP-OFFICE-2NDLD EXPLOSION (7.34 PM)

Blast outside BJP office in Chandigarh; NIA rushed, no casualties Chandigarh: A blast outside the Punjab BJP headquarters here Wednesday evening sent people panicking, with police saying a "crude" device appeared to have been hurled. No casualties were reported.

MDS48 TN-POLLS-STALIN-NDA (5.02 PM)

'NDA will not hesitate to change TN's name as Dakshina Pradesh,' alleges Stalin Tiruchirappalli: DMK President and Chief Minister M K Stalin on Wednesday alleged that if the NDA assumed power in the state, they will not hesitate to even change Tamil Nadu's name into Dakshina Pradesh.

LEGAL LGD39 SC-WB-2NDLD SIR (6.32 PM)

SIR in Bengal: 19 appellate tribunals to decide on pleas against exclusion or inclusion, says SC New Delhi: Nineteen appellate tribunals headed by former chief justices and high court judges will decide on the pleas of those excluded from the voter list during the Special Intensive Revision (SIR) of the electoral rolls in poll-bound West Bengal, the Supreme Court said on Wednesday.

LGD32 DL-HC-CHILD TRAFFICKING (5.24 PM)

Delhi HC says Delhi has become 'mandi' for child trafficking, seeks police's response on PIL New Delhi: The national capital has become a "mandi" for child trafficking, the Delhi High Court said on Wednesday and asked the railways and the police to respond to a petition raising concern over such incidents blatantly happening at railway stations and surrounding areas.

BUSINESS DEL52 BIZ-2NDLDALL ATF-PRICE-HIKE (5 pm)

ATF hike for domestic airlines limited to 8.5%; commercial LPG, premium petrol prices rise New Delhi: Aviation turbine fuel (ATF) prices for domestic airlines were raised by a calibrated 8.5 per cent on Wednesday, instead of more than doubling as warranted by a war-driven surge in global oil prices, even as rates for commercial LPG and premium petrol were also increased amid firm energy trends.

DEL40 BIZ-LD GST COLLECTION (3.20 pm)

GST collections rise 9 pc to over Rs 2 lakh cr in March, third highest in FY26 New Delhi: GST revenues grew about 9 per cent in March, scaling to the pre-tax cut level of over Rs 2 lakh crore, the third highest monthly collection in the 2025-26 fiscal, buoyed by mop-ups from imports as well as domestic sales and purchases, government data showed on Wednesday.

FOREIGN FGN31 US-H1B (1.03 pm)

USCIS completes H-1B cap selection process for FY 2027 Washington: The US Citizenship and Immigration Services said it has met the annual quota of 85,000 H-1B cap beneficiaries for FY-2027 and completed the regular and advanced-degree selection lotteries.

FGN39 ISRAEL-INDIA-ARMS (1.07 pm)

Israeli defence firm supplies first batch of light machine guns to India Jerusalem: A leading Israeli small arms manufacturer has delivered the first batch of light machine guns (LMGs) to India under the 'Make in India' initiative with technology transfer.

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