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    India's exports to US fall 13 pc in Feb; trade gap with China crosses USD 100 bn
    City gas firms push piped cooking gas with incentives amid LPG supply worries
    Exports dip marginally in Feb; trade gap narrows
    Advisory regarding confirmation of “Tax Liability Breakup, As Applicable” in GSTR-3B
    Wholesale price inflation at 11-month high of 2.13 pc; higher crude prices to push WPI higher
    India, US trade deal to be signed once tariff architecture is in place: Official
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    National Statistics Office has planned to conduct “Rapid Survey on Functional Cooperatives” from April, 2026
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    Ministry of Statistics and Programme Implementation has revised base year of Gross Domestic Product from 2011-12 to 2022-23
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    GoIStats mobile application has 17,475 downloads and 3,66,390 hits till February, 2026
    Rupee falls 10 paise to close at all-time low of 92.40 against US dollar
    Bleevo Marks Its First Brand Anniversary
    ED arrests MP food company promoter in dairy products 'adulteration' case
    Gujarat hikes LPG supply by 20 pc; prioritises PNG connections
    WeBank Wins Four Awards from The Asian Banker, Gaining International Recognition for its Digital Inclusive Finance Practices
    Exports dip marginally to USD 36.61 billion in February
    Wholesale price inflation rises 2.13 pc in February
    Rupee falls 13 paise to 92.43 against US dollar
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March 16, 2026
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Tariff measures on Indian goods altered bilateral flows, reducing exports to the US while imports and trade deficits expanded.
India's merchandise exports to the United States contracted in February amid elevated US tariff measures on Indian goods, while US imports into India rose; a subsequent change in US duties is expected to affect future monthly data. Over the 11-month fiscal period, imports from China surged faster than exports, driving a substantial bilateral trade deficit. The notice also records country-specific import and export movements, including a marked increase in imports from Switzerland driven by gold.
March 16, 2026
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Promotion of piped natural gas to relieve LPG supply pressure, with regulatory guidance and incentives to switch.
City gas distributors and the petroleum ministry are promoting conversion from LPG to piped natural gas through incentives and regulator guidance; CGD companies are to deploy additional resources and expedite connections via customer portals, call centres or other channels where pipelines exist, while the ministry urges online bookings, voluntary surrender of LPG where consumers have PNG, and state enforcement against hoarding and black marketing to manage LPG supply pressure.
March 16, 2026
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Trade Balance narrows as merchandise exports dip amid geopolitical disruptions and surge in gold imports, now affecting shipments.
Merchandise exports declined 0.81% to USD 36.61 billion in February while the trade deficit narrowed to USD 27.1 billion month on month. Imports rose sharply-led by gold, silver, and oil-contributing to a wider year on year gap. Geopolitical conflict in West Asia has disrupted maritime and air logistics, raising freight and insurance costs and expected to suppress March exports. The government is consulting exporters to mitigate impacts, and a prospective bilateral trade pact awaits a new tariff architecture.
March 16, 2026
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Tax Liability Breakup confirmation required in GSTR 3B: confirm or edit auto populated breakup to proceed with filing.
From February 2026 the portal auto populates the Tax Liability Breakup in GSTR 3B for supplies dated to previous tax periods when tax is paid in the current period; taxpayers must open the payment page tab, confirm or edit and save that breakup after offsetting liability, and only then proceed with filing using EVC or DSC, with the current confirmation requirement being applied in all cases pending portal resolution.
March 16, 2026
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Wholesale price inflation set to rise as crude oil surge pushes wholesale costs higher, affecting manufacturing and non-food goods.
Wholesale price inflation rose to 2.13% in February 2026, led by higher prices in food and non-food articles and an uptick in manufactured goods; fuel and power deflation narrowed as global oil prices increased. Analysts warn that persistent crude oil price rises from geopolitical conflict will transmit more to WPI than retail CPI, likely pushing wholesale inflation higher in subsequent months. The report identifies basic metals, textiles and other manufacturing segments as contributors and stresses supply-chain, logistics and domestic manufacturing measures to contain cost-push pressures.
March 16, 2026
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Tariff architecture uncertainty delays signing of interim trade agreement until US restores a stable global tariff framework.
The interim India-US trade framework remains unsigned pending establishment of a new US global tariff architecture; the previously agreed preferential tariff of 18 per cent for India is contingent on how the US restructures tariffs after a Supreme Court decision altered the prior emergency tariff regime. Negotiators have postponed final legalisation to ensure India's comparative advantage is preserved and to resolve outstanding non tariff and national security tariff issues before signing.
March 16, 2026
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Base year revision of industrial production index to update methodology and weights, release planned soon.
Revision of the Index of Industrial Production base year involves updating the item basket, item weights, data sources, and factory list, and proposes adoption of a chain-linked approach to better capture emerging sectors and changes in industrial composition. A Technical Advisory Committee (TAC-IIP) will advise on methodological improvements, and the Ministry plans to release the revised IIP series under the new methodology in the near term.
March 16, 2026
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Cooperative sector survey to estimate GVA and employment, collecting financial and labour data across cooperatives.
The National Statistics Office will use the National Cooperative Database to survey primary cooperatives, their federations and multistate societies across major sectors to estimate GVA/GVO and employment, collecting financial, tax, subsidy, distributive expense, depreciation and labour cost data for FY 2020 21 and FY 2023 24, while banking cooperatives will supply only employment data.
March 16, 2026
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Project monitoring threshold revised; mandated projects are monitored via integrated portals with automated API data flows.
The Ministry released updated CPI and GDP series and will release a revised IIP series; NIC-2025 aligns with ISIC Revision 5. Under the Allocation of Business Rules, 1961, the Ministry monitors projects above the prescribed cost threshold using the PAIMANA portal, integrated with IPMP; line ministries and implementing agencies must update IPMP, and data are fetched into PAIMANA via APIs for online monitoring.
March 16, 2026
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Base year revision of GDP and statistical modernisation enables nowcasting and real-time economic monitoring for policy guidance.
Revision of the GDP base year to 2022-23 integrates new data sources, NIC-2025 classification, and methodological improvements to improve national accounts measurement; the IIP series and price indices have been modernized (CAPI for CPI and secure online WPI transmission) and a nowcasting framework using high-frequency indicators and data dashboards provides near real-time assessments of economic activity for policy support.
March 16, 2026
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Statistical data accountability strengthened through digital collection platforms and harmonised standards for reliable public dissemination.
MoSPI strengthened statistical data accountability by deploying digital collection tools-CAPI integrated with e SIGMA, AI enabled chatbots and multilingual interfaces-with in built validation for real time submission and automated checks. Measures include physical scrutiny by senior officers, regular training, state/UT capacity building under the Support for Statistical Strengthening sub scheme, and improved dissemination via an Advance Release Calendar, revamped portals and API exchange. Alignment with international and national standards is reflected in adoption of the United Nations Fundamental Principles of Official Statistics, the Statistical Quality Assessment Framework, harmonised classifications, and circulation of a National MetaData Structure to enhance clarity and discoverability.
March 16, 2026
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Digital data dissemination: GoIStats app provides selected socio economic indicators on the go with standalone platform policy and feedback.
The GoIStats mobile application serves as a digital data dissemination channel providing selected socio economic indicators and visualisations from nine statistical products and 178 infographics, with ongoing dataset onboarding, active user engagement metrics and an inbuilt feedback mechanism; there is no proposal to integrate the app with other national data platforms at this stage.
March 16, 2026
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RBI intervention follows sharp rupee depreciation amid oil-driven trade pressures and foreign fund outflows to stabilise markets.
The rupee weakened to a record low against the US dollar amid high crude prices, sustained foreign portfolio outflows and a widening merchandise trade deficit; the Reserve Bank of India intervened in FX markets to stabilise the currency and limit excessive volatility, while market participants noted domestic equity recovery and imminent international monetary policy decisions as key near term influences on USD INR dynamics.
March 16, 2026
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Brand marketing strategy: Bleevo marks first anniversary, emphasizing pan-India expansion, creative talent, and integrated branding services.
Bleevo marks its first anniversary as a women-led Out-of-Home and integrated marketing agency from Chennai, focused on pan-India expansion and offering full-service branding, outdoor advertising, public relations, performance marketing, and brand experiences. The agency emphasizes a people-first approach, a young predominantly female team, and guiding clients through discovery to translate brand essence into design, strategy, and storytelling while building nationwide recall.
March 16, 2026
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Money laundering probe leads to arrest of food company promoter over alleged dairy product adulteration and forged export test reports.
Enforcement alleges the company manufactured and distributed adulterated dairy products by substituting milk fat with palm oil and other chemicals, supplied domestically and exported. Investigators allege multiple forged laboratory test reports were submitted to obtain export clearances while laboratories deny issuing them. The probe, which follows a local police complaint, targets proceeds from these activities as money laundering and has resulted in custodial remand of the company's principal for further PMLA investigative measures.
March 16, 2026
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LPG supply prioritisation and PNG conversion policy secures fuel availability while imposing sectoral allocation controls.
Gujarat expanded LPG distribution and prioritised PNG connections, directing district collectors to coordinate with city gas distribution companies to encourage LPG-to-PNG conversion and facilitate new PNG connections for domestic and commercial users, while maintaining rising buffer stocks and sectoral LPG allocation rules where PNG is unavailable.
March 16, 2026
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Digital inclusive finance recognition: WeBank's AI driven model advances accessibility and SME credit access across regions.
WeBank won four awards recognising its digital inclusive finance model and customer accessibility initiatives, retaining regional digital bank titles and adding awards for SME banking and a sign language service. The bank's AI native strategy strengthens infrastructure, toolchains, applications, governance and organisational design to integrate AI across business scenarios, deploying numerous AI applications and agents to enhance efficiency, risk management and customer experience. Its digital lending product Weiyedai and the Weilidai sign language service expand timely credit access for micro and small enterprises and provide accessible service for customers with hearing impairments.
March 16, 2026
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Trade deficit widens as merchandise exports dip and imports surge, signalling supply-chain and geopolitical risks to trade.
Merchandise exports fell marginally in February while imports rose sharply, producing a monthly trade deficit; year to date exports rose modestly but imports grew faster. The Commerce Secretary warns of expected export softness in March due to logistical disruptions from the West Asia crisis, with trade-route interruptions, notably in the Strait of Hormuz, cited as the principal constraint on outbound shipments.
March 16, 2026
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Wholesale price inflation rises driven by food and non-food articles, while retail inflation also edges upward.
Wholesale price inflation rose to 2.13% in February led by increases in food articles and manufactured products, with non-food articles spiking; fuel and power continued to record negative inflation. Retail inflation also rose to 3.2% in February, and the central bank has lowered policy rates in the current fiscal year while focusing on retail inflation for benchmark rate decisions.
March 16, 2026
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Foreign exchange stability: rupee weakened as capital outflows and reserves decline increased market pressure.
Foreign exchange stability: the rupee weakened against the US dollar as foreign portfolio outflows, higher global crude prices and volatile equity markets drove the currency to near intra day lows; exchange data showed significant FII net selling and a notable weekly decline in forex reserves reported by the central bank, highlighting interacting external and domestic drivers relevant to reserve management and market stability.

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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