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March 30, 2026
Show AI Summary
Investment fund income distribution reporting requires Form 79 filing online with supporting records and prescribed timelines.
Form 79 is the statement of income paid or credited by an investment fund to persons liable to tax on such income, and it must be filed by the person responsible for making the payment or credit on behalf of the fund. The statement is to be submitted online through the Income Tax e-filing portal by 15 June of the financial year following the tax year, with supporting records including audited financial statements, unit holder details, income distribution data, loss set-off computations, and the relevant registration certificate.
March 30, 2026
Show AI Summary
Pass-through taxation reporting through Form 78 requires unit holder income statements, capital gain codes, and timely furnishing
Form 78 is the individual unit holder statement for income distributed by an Investment Fund under section 224 and Rule 145, furnished by the person responsible for payment or credit on behalf of the Fund to each unit holder by 30 June of the following financial year. It is system-generated from the consolidated parent Form 79 and includes unit holder details, fund particulars, income or loss classification with capital gain codes, and deemed loss details under section 224(3). No separate documents are required, and the form supports transparent pass-through income reporting by unit holders.
March 30, 2026
Show AI Summary
Pass-through income reporting through Form 78 supports compliance, income classification, capital gains coding, and loss carry-forward.
Form 78 is the statement of income paid or credited by an investment fund to each unitholder under section 224 of the Income-tax Act, 2025. It is a child form generated from the parent Form 79 through the e-filing portal and is not filed separately or offline. The form must be furnished by 30 June of the financial year following the tax year, and it helps unit holders report pass-through income, classify income under the correct heads, apply capital gains tax rate codes, and use deemed loss details for carry-forward purposes.
March 30, 2026
Show AI Summary
Business trust income distribution statements require auto-generated Form 77 for unit holders with income breakup and timely furnishing.
Form 77 is the individual unit holder statement furnished by a Business Trust to each unit holder for reporting income distributed during the tax year. It is generated automatically from Form 76 through the e-filing system, requires no separate attachments, and is furnished to each unit holder by 30 June following the tax year. The form captures unit holder details, business trust details, and income distribution particulars, including interest, letting, leasing or renting income, dividend income, and other income, and is verified by the responsible person for the trust.
March 30, 2026
Show AI Summary
Pass-through income reporting under business trust rules through Form 77 and classified disclosure for unitholders.
Form 77 is the prescribed statement for furnishing income distributed or credited by a business trust to each unitholder under section 223. It is generated from the parent Form 76 through the prescribed e-filing portal, is not filed separately or offline, and must be furnished by 30 June of the following financial year. The form supports compliance by classifying pass-through income and assisting unitholders in reporting income under the appropriate heads.
March 30, 2026
Show AI Summary
Business trust income reporting through Form 76, capturing distributions to unit holders under the pass-through taxation framework.
Form 76 is the annual income-tax statement required from a Business Trust registered with SEBI as a REIT or InvIT for reporting income distributed to unit holders under section 223 of the Income Tax Act, 2025 and rule 145 of the Income Tax Rules, 2026. The form captures the trust's basic details, trustee particulars, SEBI registration data, listing status, income classification, unit holder-wise distribution, and capital redemption details, and is to be filed electronically by 15 June of the financial year following the relevant tax year.
March 30, 2026
Show AI Summary
RBI net open position cap for banks lifts rupee in early trade as dollar exposure is reduced
RBI lowered the net open position that banks may keep overnight to USD 100 million, requiring compliance by 10 April 2026. The circular was aimed at limiting banks' currency exposure in onshore foreign exchange markets and prompted position adjustment by banks holding long dollar positions. The measure had an immediate market effect, with the rupee recovering in early trade after recent weakness.
March 30, 2026
Show AI Summary
Pass-through taxation for business trusts through Form 76 filing, income distribution reporting, and online compliance requirements.
Form 76 is the prescribed online statement for income paid or credited by a Business Trust to its unitholders. It must be filed by the person responsible for distributing income on behalf of the trust by 15 June of the following financial year, and the filer must possess the relevant registration certificate, audited accounts, and certified income distribution records. The form supports pass-through taxation for Business Trusts and the exemption structure for specified income streams.
March 30, 2026
Show AI Summary
Pass-through income reporting through Form 75 enables investor-wise disclosure by venture capital funds and companies.
New Form 75 is a child form generated from Form 74 for furnishing an investor-wise statement of income paid, credited or deemed to be credited by a Venture Capital Company or Venture Capital Fund to investors. Linked to section 222 of the Income-tax Act, 2025 and rule 145 of the Income-tax Rules, 2026, it provides head-wise details of pass-through income for reporting in the return of income. The form is prepared annually for each investor, verified by the authorised person of the VCC or VCF, and distributed through the e-filing process.
March 30, 2026
Show AI Summary
Member-driven WTO reforms discussed as India and the European Union review trade cooperation and advance free trade agreement processes.
India and the European Union reviewed trade and economic cooperation on the sidelines of the WTO Ministerial Conference, with discussion on WTO reform, the moratorium on customs duties on electronic transmissions, and the Investment Facilitation for Development Agreement. The parties agreed that WTO reforms should remain member-driven and considered steps to complete the necessary processes for the early signing of the recently concluded India-EU Free Trade Agreement.
March 30, 2026
Show AI Summary
India-Canada CEPA talks advance alongside wider sectoral cooperation and WTO reform discussions at MC14.
India and Canada discussed expediting CEPA negotiations and broadening sectoral cooperation in shipbuilding, pharmaceuticals, tourism, education, nuclear energy, agriculture and critical minerals. The Ministers also exchanged views on WTO reforms, the customs duties moratorium on electronic transmissions, the Investment Facilitation for Development Agreement, dispute settlement and the MPIA, while India stressed consensus-based WTO decision-making and priority for unfinished agricultural mandates.
March 30, 2026
Show AI Summary
India-UK trade cooperation advances as both sides review CETA implementation and promote wider stakeholder outreach.
India and the United Kingdom reviewed implementation of the India-UK Comprehensive Economic and Trade Agreement after completing internal approval processes, and looked forward to its entry into force in line with the agreed timeline. The discussion also emphasised outreach initiatives, business delegations and regional engagement to broaden stakeholder use of the agreement and ensure its benefits reach businesses across both countries.
March 30, 2026
Show AI Summary
Member-driven WTO reform and India-New Zealand trade cooperation advance alongside FTA progress and sectoral engagement.
India and New Zealand discussed preparations for the Prime Minister's visit, progress toward the India-New Zealand Free Trade Agreement, and practical cooperation in agriculture and sports. India reiterated support for a member-driven WTO, emphasising General Council-led reform, consideration of the moratorium on customs duties on electronic transmissions, and incorporation of the Investment Facilitation for Development Agreement, while both sides stressed the need for clarity, progress, and continued member engagement.
March 30, 2026
Show AI Summary
Fisheries subsidies negotiations stress equity, sustainability and special treatment for developing countries and artisanal fishers.
India's position in the fisheries subsidies negotiations at the World Trade Organization centred on preserving sustainability, equity and development space in the second phase of discussions on overcapacity and overfishing. India supported a Ministerial Decision that would guide Phase II negotiations in line with Sustainable Development Goal 14.6 and emphasised the need for Special and Differential Treatment for developing countries and least developed countries, together with the principles of Common but Differentiated Responsibilities and Respective Capabilities and the Polluter Pays Principle. India pressed for a lengthy transition period, stronger disciplines on distant-water industrial fishing fleets, a permanent carve-out for small-scale and artisanal fishers, and subsidy disciplines based on per capita intensity.
March 30, 2026
Show AI Summary
WTO e-commerce duty moratorium remains unresolved as members fail to agree on extension and talks continue
Failure to agree at the WTO Ministerial Conference on extending the moratorium on customs duties for electronic transmissions leaves the issue unresolved, with negotiations to continue in Geneva. The moratorium on e-commerce duty bans, together with the related TRIPS non-violation and situation complaints moratorium, is due to expire at the end of the month. The conference also advanced WTO reform, fisheries subsidies negotiations, and decisions on small economies and special and differential treatment under the SPS and TBT Agreements.
March 29, 2026
Show AI Summary
E-commerce customs duty moratorium extension faces split views as members debate digital trade and revenue implications.
World Trade Organisation members are negotiating whether to extend the moratorium on customs duties on electronic transmissions, including digital downloads and streaming, as the current extension is due to expire. Members remain divided on the duration of any further extension, with some opposing renewal or preferring a short extension and others seeking a longer period. The issue is linked to ongoing concerns over the treatment of digital imports and the scope of the duty ban that has been periodically renewed since 1998.
March 29, 2026
Show AI Summary
Misdeclared import consignment leads to seizure of hydroponic marijuana at airport and arrest of one person.
Customs authorities at Pune International Airport seized a consignment of hydroponic marijuana that had been declared as food items and packed in boxes labelled as "Mandarin orange sacs". The goods arrived from Bangkok, and inspection revealed sealed tin cans containing a vacuum-sealed pack of hydroponic marijuana. The entire consignment yielded 76.58 kg of the contraband, and one person was arrested in connection with the seizure.
March 29, 2026
Show AI Summary
Trade agreement negotiations advance as India discusses Canada, UK, EU and New Zealand economic cooperation priorities.
India and Canada discussed expediting negotiations for a comprehensive economic partnership agreement, alongside cooperation in high-tech sectors, clean energy transition, nuclear energy, agriculture, and critical minerals. India and the United Kingdom reviewed implementation of the comprehensive economic and trade agreement, with both sides completing their respective approval processes and looking forward to its entry into force. India and the European Union reviewed progress on the recently concluded free trade agreement, while India and New Zealand discussed preparations for the prime minister's upcoming visit.
March 29, 2026
Show AI Summary
Strait of Hormuz shipping disruption eases as Indian LPG tankers safely transit and support domestic fuel supply.
Safe transit of Indian-flagged LPG tankers through the Strait of Hormuz has been maintained despite conflict-related disruption to shipping in the region. The passage of additional carriers, together with earlier arrivals of LPG, crude oil and gasoline vessels, has helped support India's fuel supply chain at a time when the country depends heavily on imported LPG for domestic cooking gas demand. Continued maritime monitoring, coordination for vessels remaining in the western Persian Gulf, and repatriation of Indian seafarers have also been facilitated.
March 29, 2026
Show AI Summary
Jet fuel taxation relief is being explored to ease airline operating costs amid West Asia conflict pressures.
Measures are being explored to reduce the impact of the West Asia conflict on airlines, including discussions with state governments on lowering taxes on jet fuel. Airlines are facing higher operating costs because of surging oil prices, airspace curbs, and longer flight routes, with aviation turbine fuel forming a substantial part of total expenses and value added tax on such fuel varying across states.

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Form No. 131– Frequently Asked Questions (FAQ)

April 2, 2026

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Form No. 131 (Earlier Form No. 16A)

Form No. 131– Frequently Asked Questions (FAQ)

Certificate u/s 395(4)(a) of the Income-tax Act, 2025 for Tax Deducted at Source

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

16A

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

131

Corresponding section of I.T. Act, 1961

203

Corresponding section of I.T. Act, 2025

395(4)(a)

Corresponding Rule of I.T. Rules, 1962

31

Corresponding Rule of I.T. Rules, 2026

215(1) [Table: Sl. No. 2]

1. What is Form No. 131 and its use?

Ans: Form No. 131 is a certificate prescribed under section 395(4)(a) of the Income-tax Act, 2025 for tax deducted at source (TDS). Such certificate is issued by the deductor to the deductee on whose behalf tax has been deducted at source. It serves as proof of tax deducted and deposited with the Central Government on behalf of deductee who had earned income other than salary and which was subjected to TDS. The form is meant to enable deductee to claim TDS credit at the time of filing of the ITR.

2. Who issues the certificate in Form No. 131?

Ans: Any person responsible for deduction of tax at source under the relevant provisions of the Income-tax Act, 2025, on payments other than salary, is required to issue TDS certificate in this form.

3. Is it mandatory for the deductor to issue Form No. 131?

Ans: Yes. it is the responsibility of the person deducting tax at source to issue Form No. 131 once tax has been deducted and deposited.

4. Can Deductor issue Form No. 131 to the deductees without having filed TDS statement?

Ans: No. Quarterly TDS statement in Form No. 140/144 must be filed for the certificate to be generated and issued from TRACES Portal of Income-tax Department. This form is generated on processing of quarterly TDS statements in Form No. 140 or 144.

5. Can Form No. 131 be issued offline?

Ans: No. The TDS certificate in Form No. 131 must be downloaded from the TRACES website and the deductor should provide it to the deductee after signing it digitally or manually. The certificate in Form No. 131 prepared by the deductor through any other mode/process will not be a legal or valid TDS certificate.

6. What are the due dates for issuing Form No. 131?

Ans: The due date for issuance of TDS certificate in Form No. 131 is within 15 days from the due date of furnishing of quarterly statement of tax deducted at source.

The details are as follows:

Quarter

Period

Due Date

Q1

Apr – Jun

15th August of the Financial Year

Q2

Jul – Sep

15th November of the Financial Year

Q3

Oct – Dec

15th February of the Financial Year

Q4

Jan – Mar

15th June of the Financial Year immediately following the Tax Year in which deduction is required to be made

7. If there is a mistake in Form No. 131, can corrections be made?

Ans: If any correction is required in Form No. 131, the deductor must file a revised TDS statement in Form No. 140/144, within the stipulated time. Once the revised TDS statement is processed, the deductor can download and issue the corrected certificate in Form No. 131 to the deductee.

8. Is Form No. 131 required to be attached with the return of income?

Ans: No. It is not required to be attached with the return of income but should be preserved for purpose of records.

9. Can multiple deductors issue Form No. 131 to the same deductee?

Ans: Yes. Each deductor (i.e., each person/entity who deducts tax) is mandatorily required to issue a separate TDS certificate quarter-wise for the tax deducted by them in the case of a deductee.

10. Is Form No. 131 applicable to payments made to non-residents?

Ans: Yes, it is applicable to non-residents wherever tax is deducted at source from payments made to such persons and the transaction is reported in Form 144 with valid PAN of such deductee.

11. Can a duplicate certificate be issued by the deductor?

Ans: Yes. Deductor can issue a duplicate certificate in Form No. 131 if the deductee has lost the original certificate. However, deductor must mention on the certificate that it is a duplicate one.

Topics

Acts Income Tax