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March 28, 2026
Form 70 - Frequently Asked Questions
Show AI Summary
Exempt income reporting through Form 70 requires electronic filing, verification, and timely compliance for specified fund benefits.
Form 70 is the annual statement for a specified fund to report exempt income and income taxable at concessional rates in relation to the investment division of an offshore banking unit. It must be verified by the Principal Officer or Managing Trustee and filed electronically on the Income-tax e-filing portal within the prescribed due date. Filing a valid form is a mandatory condition for claiming exemption or concessional taxation, and the form cannot be filed offline or edited after valid submission. A valid PAN of the fund and the verifier is required, along with prescribed supporting documents and mandatory attachments.
March 28, 2026
Guidance note - Form 69
Show AI Summary
Concessional taxation for specified funds depends on timely filing of Form 69 with income and unit-holder details.
Form 69 is the prescribed annual statement for a specified fund to report income attributable to units held by non-residents, other than a permanent establishment in India, for concessional taxation. The form is a mandatory compliance requirement and must be filed electronically on or before the due date, with trustee or principal officer verification. It includes fund particulars, registration details, and computations of income from securities and capital gains, supported by constituting documents, registration certificate, financial statements, securities statements, and unit-holder residency details.
March 28, 2026
Form 69 - Frequently Asked Questions
Show AI Summary
Concessional taxation for specified funds requires electronic Form 69 filing, verification, and timely supporting disclosures.
Form 69 is the prescribed electronic statement for a specified fund claiming concessional taxation on income attributable to units held by a non-resident, other than a permanent establishment in India. A valid filing within the prescribed due date is a mandatory condition for the concessional rate benefit. The form must be verified by the Principal Officer or Managing Trustee, supported by the prescribed annexures and documents, and cannot be edited after submission and acknowledgment.
March 28, 2026
Guidance note - Form 68
Show AI Summary
Exempt income reporting under Form 68 streamlined for specified funds with electronic filing and updated verification requirements.
Form 68 is the annual statement prescribed for specified funds seeking exemption under Section 11 read with Schedule VI of ITA 2025 in respect of income attributable to units held by a non-resident, other than a permanent establishment in India. It is filed electronically by the Principal Officer on or before the return due date, and captures particulars of the fund, income, exempt income, unit-holder details, and the working of income attributable to non-resident holders. The guidance note also describes the supporting documents and the simplified filing updates, including IFSCA registration, mandatory document upload, and verification in place of declaration.
March 28, 2026
Form 68 - Frequently Asked Questions
Show AI Summary
Exempt income statement filing for specified funds requires verified online submission within the prescribed due date.
Form 68 is the prescribed electronic statement for claiming exemption of income of specified funds under section 11 read with Schedule VI [Table: Sl. Nos. 1 to 4] of the Income-tax Act, 2025, in respect of income attributable to units held by a non-resident other than a permanent establishment of such non-resident in India. The form must be verified by the Principal Officer or Managing Trustee, filed only through the Income-tax e-filing portal, and furnished on or before the applicable due date. Valid filing requires mandatory PAN details, specified annexures, and satisfaction of the statutory eligibility conditions.
March 28, 2026
Guidance note - Form 67
Show AI Summary
Alternate Minimum Tax reporting gets a structured Form 67 update with CA certification, itemised computation, and digital filing.
Form 67 is a chartered accountant's report for certifying book profit, adjusted total income and Alternate Minimum Tax liability under the updated section 206 framework. It applies to non-corporate taxpayers subject to the AMT regime, is furnished annually with the return of income, and must be digitally signed. The revised form introduces itemised computation fields, category-based AMT rates, and system-enabled validation through the e-filing process.
March 28, 2026
Form No.67 - Frequently Asked Questions
Show AI Summary
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
Guidance note - Form 66
Show AI Summary
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
Delhi court rejects Siddiqui plea for ED’s unrelied documents at pre-cognisance stage
Show AI Summary
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
India-US trade agreement designed to protect domestic sensitivities: Govt tells LS
Show AI Summary
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
Rupee settle at all-time low of 94.85 against US dollar
Show AI Summary
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
Centre plans to borrow Rs 8.2 lakh cr from market in first half of FY27 to fund fiscal deficit
Show AI Summary
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
Goyal holds talks with USTR Jamieson Greer; discusses next steps in India-US BTA negotiations
Show AI Summary
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
Lockdown not even under discussion, no situation to impose it: Govt
Show AI Summary
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
Andhra CM welcomes Centre's excise duty cut on fuel, lauds PM Modi
Show AI Summary
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
States'€™ borrowing costs harden to over 8 pc tracking uptick in G-sec yields amid Middle East conflict
Show AI Summary
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
Bank loan 'fraud': ED files chargesheet against ex-RCOM executive Punit Garg
Show AI Summary
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
Form No. 66 – Frequently Asked Questions
Show AI Summary
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
Guidance note - Form 65
Show AI Summary
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
FORM 65 - Frequently Asked Questions (FAQs)
Show AI Summary
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.

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Home › news › Customs, DGFT & SEZ › 2026 › April, 2026 › This
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Customs, DGFT & SEZ

In a targeted relief, Government grants full customs duty exemption on critical petrochemical products in view of ongoing conflict in West Asia

April 2, 2026

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Exemption will benefit sectors dependent on petrochemical feedstock and intermediates such as plastics, packaging, textiles, pharmaceuticals, chemicals, automotive components, other manufacturing segments and provide relief to consumers of final products

In light of the ongoing conflict in West Asia and the consequent disruptions in global supply chains, the Government of India has decided to provide full Customs Duty exemption on critical petrochemical products till 30th June, 2026.

This measure has been taken as a temporary and targeted relief in order to ensure continued availability of critical petrochemical inputs for domestic industry, reduce cost pressures on downstream sectors, and safeguard supply stability in the country.

The exemption is expected to benefit a wide range of sectors dependent on petrochemical feedstock and intermediates, including plastics, packaging, textiles, pharmaceuticals, chemicals, automotive components and other manufacturing segments. This will also provide relief to consumers of final products.

The detailed list of the products is placed at Annexure.

Annexure

S. No.

CTH

Description of goods
  1.  

2814 10 00

Anhydrous ammonia
  1.  

2902 30 00

Toluene
  1.  

2902 50 00

Styrene
  1.  

2903 12 00

Dichloromethane (methylene chloride)
  1.  

2903 21 00

Vinyl chloride monomer
  1.  

2905 11 00

Methanol (methyl alcohol)
  1.  

2905 12 20

Isopropyl alcohol
  1.  

2905 31 00

Monoethylene Glycol (MEG)
  1.  

2907 11 10

Phenol
  1.  

2915 21 00

Acetic acid
  1.  

2915 32 00

Vinyl acetate monomer
  1.  

2917 36 00

Purified Terephthalic Acid (PTA)
  1.  

2921 21 00

Ethylenediamine
  1.  

2922 11 10, 2922 11 90, 2922 12 00

Di Ethanolamine and Mono Ethanolamine
  1.  

2929 10 20

Toluene di-isocyanate
  1.  

3102 30 00

Ammonium nitrate
  1.  

3817 00 11

Linear alkylbenzenes
  1.  

3901

Polymers of ethylene (including Ethylene-vinyl acetate)
  1.  

3902 10 00, 3902 30 00, 3902 90 00

Polypropylene
  1.  

3903 11 00, 3903 19 10, 3903 19 90

Polystyrene
  1.  

3903 20 00

Styrene-acrylonitrile (SAN)
  1.  

3903 30 00

Acrylonitrile-butadiene-styrene (ABS)
  1.  

3904 10 10, 3904 10 20, 3904 10 90

Polyvinyl Chloride (PVC)
  1.  

3904 61 00

Polytetrafluoroethylene
  1.  

3905 12, 3905 19

Polyvinyl acetate
  1.  

3905 30 00

Polyvinyl alcohol
  1.  

3906 10 10, 3906 10 90

Poly (methyl methacrylate)
  1.  

3907 10 00

Polyoxymethylene (POM- acetal)
  1.  

3907 29

Polyols
  1.  

3907 29 90

Polyether Ether Ketone (PEEK)
  1.  

3907 30 10

Epoxy resins
  1.  

3907 40 00

Polycarbonates
  1.  

3907 50 00

Alkyd resins
  1.  

3907 61, 3907 69

Poly ethylene terephthalate (PET) Chips
  1.  

3907 91 20

Unsaturated polyester resins
  1.  

3907 91 50

Poly butylene terepthalate
  1.  

2912 11 00, 3909 10 10, 3909 20 10, 3909 40 20

Formaldehyde, Urea formaldehyde, Melamine formaldehyde, Phenol formaldehyde
  1.  

3909 50 00

Polyurethanes
  1.  

3911 90 90

Polyphenylene sulphide (PPS)
  1.  

4002

Poly butadiene, Styrene butadiene

CLICK HERE FOR  -  NOTIFICATION No. 12/2026 – CUSTOMS

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Acts Income Tax
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