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    Rupee falls 13 paise to 92.43 against US dollar
    Advisory on the Payment of pre-deposit while filing of appeal before First Appellate authority
    Department of Commerce organizes Chintan Shivir on strengthening India’s Medical Devices export ecosystem
    IICA Convenes Fifth Inter-Ministerial Consultation on Responsible Business Conduct and Social Dimension of ESG
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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.
March 16, 2026
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Pre-deposit linkage: link DRC-03 payments via DRC-03A on portal to avoid duplicate pre-deposit when filing appeal.
Payments made through Form GST DRC-03 are not automatically recognised against a Demand ID for pre-deposit calculation. Taxpayers must file Form GST DRC-03A on the GST portal to map the DRC-03 payment to the relevant Demand ID so that the Electronic Liability Register reflects the adjustment and the automated pre-deposit check will not require duplicate payment when filing an appeal.
March 16, 2026
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Regulatory harmonization for medical devices drives export policy to expand global market access and manufacturing competitiveness.
Strengthening India's medical devices export ecosystem focuses on regulatory harmonization, streamlining approval processes, and coordination between industry and regulators to reduce compliance bottlenecks and facilitate exports, supported by trade policy measures to improve market access. Complementary measures include development of manufacturing clusters, expansion of testing and certification capacity, and incentives for research and development and innovation to build global brand recognition and scale high value manufacturing.
March 16, 2026
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Responsible Business Conduct: integrating ESG into corporate reporting, labour protections and insolvency frameworks for better market alignment.
The consultation advanced embedding Responsible Business Conduct and the social dimension of ESG across corporate, labour and financial frameworks by mapping national initiatives to the National Guidelines on Responsible Business Conduct, aligning SEBI's Business Responsibility and Sustainability Reporting with labour and social data, designing tiered compliance mechanisms for smaller enterprises, and exploring integration of employee wage protection and ESG considerations into insolvency and restructuring under the Insolvency And Bankruptcy Code.
March 16, 2026
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Unclaimed dividend facilitation enabling direct investor access to recovery, KYC update, and on site grievance redressal services.
Facilitation of unclaimed dividends and shares via a one stop public outreach event connecting investors directly with companies and Registrars and Transfer Agents, offering on the spot KYC updates, nomination services, and immediate assistance for pending claims to streamline grievance redressal and recovery of long held unclaimed assets.
March 16, 2026
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Smuggling of foreign-origin gold disrupted with seizures and arrests under customs enforcement, highlighting illegal melting and transport.
An enforcement operation uncovered an organised syndicate smuggling foreign-origin gold into India, transporting it by rail to illegal melting facilities where the gold was defaced to remove identifying marks before sale; seizures under the Customs Act, 1962 recovered gold, silver and currency and six persons involved in the collection, transport, melting and disposal were arrested.
March 15, 2026
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Strait of Hormuz access disrupted, prompting multinational responses and elevated risks to regional shipping and energy flows.
A civilian freight convoy returning from Afghanistan to Turkey was struck near Zanjan in northwest Iran, killing a Turkish truck driver and leaving his vehicle shredded by shrapnel with a large crater at the site. Concurrent regional developments include restrictions on Strait of Hormuz access for certain states, discussion of strikes on energy infrastructure, a planned phased partial shutdown by a major aluminum producer due to blocked exports, and humanitarian and ordnance-clearance responses to civilian impacts.
March 15, 2026
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Domestic gas priority may limit commercial hotel supplies; government seeks balanced approach to prevent operational disruptions.
The central advisory mandates uninterrupted household PNG and CNG supply and has led to regulated reductions in industrial and commercial gas deliveries, with commercial LPG allocated to states for priority distribution; Maharashtra will review hotel sector concerns and seek a balanced approach to protect domestic consumers while addressing commercial supply hardships.
March 15, 2026
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Maritime safety: Indian-flagged tanker sailed from UAE after terminal attack, ensuring crew safety and fuel supply continuity.
An Indian-flagged crude tanker departed Fujairah safely after an attack on the oil terminal, with all crew reported safe. The Directorate General of Shipping has activated a control room to monitor vessel movements, handle communications, facilitate repatriation and coordinate with ship owners, RPSL agencies, Indian Missions and central ministries to ensure maritime safety, seafarer welfare and continuity of fuel supplies amid disruptions to Gulf shipping routes.
March 15, 2026
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Piped gas priority: consumers with PNG must surrender domestic LPG connections, suppliers barred from providing refills.
The Ministry amended the LPG (Regulation of Supply and Distribution) Order to require consumers with PNG connections to surrender domestic LPG connections and forbade Government oil companies and distributors from providing domestic LPG connections or refills to consumers who already own PNG, while PNGRB instructed CGD companies to prioritise and accelerate domestic PNG rollout, deployment, permissions, and last-mile connectivity to reduce pressure on LPG supplies.
March 14, 2026
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Energy security measures bolster fuel supply and exporter support amid West Asia supply disruptions with insurance cover and diversified imports.
The government has increased kerosene production as an alternative cooking fuel, diversified LPG/LNG and crude import sources to mitigate shipping-route disruptions, and maintained sufficient fuel stocks. The Commerce Ministry is engaging stakeholders through a 24-hour helpline and developing schemes that provide insurance cover for export cargo damaged, lost or delayed due to maritime disruptions, with a forthcoming concrete action agenda to support exporters.
March 14, 2026
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Advance tax e campaign alerts: taxpayers told to ignore inaccurate emails and verify transactions on the Compliance Portal.
The tax authority advised taxpayers to ignore recent email alerts about significant transactions from the Advance Tax e Campaign because some messages contained inaccurate transaction details; it is coordinating with its service provider to resolve the issue and directed taxpayers to verify details using the e Campaign tab on the Compliance Portal via the e Filing portal to ensure appropriate advance tax compliance.
March 14, 2026
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Attack on critical port infrastructure declared legitimate targets, prompting evacuation warnings and heightened risks to energy transit.
Iran threatened strikes on UAE ports, urging evacuation of Jebel Ali, Khalifa and Fujairah after alleging US forces operate from those civilian facilities and thereby designating them legitimate targets; the warning accompanies ongoing missile and drone exchanges, reported damage to Iran's Kharg Island oil export terminal and disruption of the Strait of Hormuz, while the UAE detained foreigners for posting alleged war-related disinformation.
March 14, 2026
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Exhibition centres to be established to boost industry and exports, providing platforms for product showcases and value-added agriculture.
The Punjab government will establish three world-class exhibition centres at Ludhiana, New Chandigarh and Amritsar to give industry dedicated venues to showcase products, boost commerce, attract investment and support export-oriented growth as part of a wider strategy to expand food processing, encourage agricultural diversification, and increase farmer incomes through value addition.
March 14, 2026
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Production Linked Incentive Scheme drives domestic manufacture of a critical antibiotic intermediate to reduce import dependence and boost supply resilience.
The project establishes domestic manufacture of the critical antibiotic intermediate Amino Cephalosporanic Acid (ACA) in Kathua, financed under the Production Linked Incentive Scheme with public facilitation, aiming to reduce import dependence, strengthen pharmaceutical supply resilience, generate local employment, and align with the Biopharma Shakti policy to expand national biopharmaceutical capacity.
March 14, 2026
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Police appointments: state upgrades and reassigns senior intelligence and economic offences officers, creating additional charges for related posts.
The state government upgraded and appointed B Bala Naga Devi from Additional DGP, Intelligence to DGP, Intelligence, while assigning additional charge to Santosh Kumar as Additional DGP, Economic Offences Wing and to Rupesh Kumar Meena as Additional DGP, Civil Supplies CID to maintain leadership continuity across those divisions.
March 14, 2026
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Industry support pledged to strengthen domestic manufacturing and reduce reliance on imports, with state backing for exporters.
Commitment to state-led industry support in Punjab to promote domestic manufacturing, reduce dependence on imported consumer goods, provide required environment and resources to enable local manufacturers to compete with foreign suppliers and begin exporting, and remove government interference to restore regional industrial competitiveness.
March 14, 2026
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Electricity tariff reduction sought to offset rising production costs amid fuel supply disruption and request for repayment moratorium.
Industrial associations in Chhatrapati Sambhajinagar formally sought a reduction in electricity tariffs to alleviate rising production costs from disrupted fuel supplies, alongside a moratorium on loan repayments and expedited permits for alternative fuels; these demands were compiled after an administrative request and presented to the State Industries Minister, who acknowledged limited gas stocks but urged continued operations.
March 13, 2026
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Currency depreciation driven by strong dollar, foreign outflows and rising oil prices pressures domestic exchange rate stability.
The rupee fell to a fresh record low against the US dollar amid a stronger dollar, heavy foreign portfolio outflows and sustained equity market selling. Rising crude oil prices, higher US treasury yields and geopolitical risk heightened market risk aversion, while RBI data showed a notable weekly decline in gross forex reserves; analysts warned these factors collectively impart a negative near term bias on the currency and provided a projected trading range.
March 13, 2026
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Bilateral trade agreement talks continue amid US tariffs and Section 301 investigations affecting timing of formal signing.
India and the United States continue negotiations on a first-phase bilateral trade agreement with chief negotiators finalising contours and legal text, but signing is deferred until US tariff policy and related measures are clarified. Recent US actions - including a court-affected tariff decision, the imposition of temporary across-the-board levies, and initiation of Section 301 investigations into multiple economies - have affected timing though not the ongoing engagement; Indian officials say the US intends to calibrate tariffs to preserve India's comparative advantage and preferential access under the proposed pact.

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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