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    April 5, 2026
    India OMCs to pay discounted rates to refiners amid fuel price freeze
    April 4, 2026
    India’s pharma exports cross USD 28 bn till Feb, likely to end up with growth in rupee terms in FY26
    April 4, 2026
    If West Asia crisis continues Indian exports to other parts of world will get impacted: Official
    April 4, 2026
    India LPG flows continue as tanker crosses Hormuz, Iranian cargo reaches Mangalore
    April 4, 2026
    UP farmer claims identity misuse after receiving Rs 14.66 cr tax notices
    April 4, 2026
    India’s pharma exports cross USD 28 bn till Feb, grow over 5 pc
    April 4, 2026
    India says no payment issues with Iran, crude supplies fully secured
    April 4, 2026
    UPSIDA, JNPA sign pact to position Lalitpur Pharma Park as global export hub
    April 4, 2026
    Indian Pharma sector clocks USD 28 bn export by end of February in FY26
    April 4, 2026
    Most Common Payroll Compliance Mistakes Businesses Make and How to Avoid Them
    April 4, 2026
    CBI Arrests Assistant Commissioner, CGST, Ratlam in a Bribery Case
    April 4, 2026
    Guidance Note – Form 190
    April 4, 2026
    Form 190 – Frequently Asked Questions
    April 4, 2026
    Guidance Note – Form 189
    April 4, 2026
    Form 189 – Frequently Asked Questions
    April 4, 2026
    Guidance Note – Form 188
    April 4, 2026
    Form No. 188 – Frequently Asked Questions (FAQs)
    April 4, 2026
    Guidance Note – Form 187
    April 4, 2026
    Form No. 187 – Frequently Asked Questions (FAQs)
    April 4, 2026
    Soft drinks, air conditioners recovered along India-Nepal border in Bahraich: SSB
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April 5, 2026
India OMCs to pay discounted rates to refiners amid fuel price freeze
Show AI Summary
Refinery transfer pricing discount squeezes standalone refiners as fuel price freeze keeps retail rates unchanged.
State-run oil marketing companies have fixed discounted refinery transfer prices for petrol, diesel, aviation turbine fuel and kerosene in response to a freeze on retail fuel prices and rising global crude oil costs. The revised pricing reduces refinery receipts below import-parity-linked costs and is expected to affect standalone refiners more sharply than integrated oil companies, because the latter can partly offset losses across refining and marketing operations.
April 4, 2026
India’s pharma exports cross USD 28 bn till Feb, likely to end up with growth in rupee terms in FY26
Show AI Summary
Pharmaceutical exports continue steady growth as India targets wider markets, stronger regulation and long-term expansion.
India's pharmaceutical exports continued to grow, with exports up to February exceeding USD 28 billion and rising 5.6 per cent year-on-year, led by formulations, biologicals, vaccines and AYUSH products. Industry representatives said the sector is likely to end the financial year broadly in line with the previous year, despite global pricing pressure and trade volatility, while future growth is expected through policy prioritisation, market diversification, foreign direct investment and improved regulatory efficiency.
April 4, 2026
If West Asia crisis continues Indian exports to other parts of world will get impacted: Official
Show AI Summary
Supply chain disruption from West Asia crisis threatens Indian exports, imports, and pharma inputs as government diversifies sourcing.
The West Asia crisis is disrupting Indian imports and exports, with energy and regional trade flows under pressure. A prolonged conflict could also affect exports to other regions by altering supply chains and value chains, while the government seeks to minimise disruption and diversify imports. The pharma sector is facing impact from shortages of intermediates and solvents, and supply chain resilience is being prioritised.
April 4, 2026
India LPG flows continue as tanker crosses Hormuz, Iranian cargo reaches Mangalore
Show AI Summary
Maritime supply continuity keeps LPG inflows moving despite Strait of Hormuz disruption and regional shipping tensions.
Continued LPG inflows to India are reported despite disruption in the Strait of Hormuz, with an Indian-flagged tanker safely transiting the waterway and an Iranian LPG cargo reaching Mangalore for discharge. Maritime authorities are monitoring vessel movements, port operations and crew safety, while coordinating with ship owners, Indian missions and the Directorate General of Shipping. Several Indian-flagged vessels remain stranded on the western side of the strait, though seafarers are safe and port operations across India remain normal.
April 4, 2026
UP farmer claims identity misuse after receiving Rs 14.66 cr tax notices
Show AI Summary
Identity misuse in tax notices triggers fraud and forgery inquiry over alleged business run using Aadhaar and PAN details.
Identity misuse was alleged after a farmer received income tax and GST notices for dues linked to a firm allegedly operated in his name in Delhi. He said he had never travelled to Delhi or formed any business enterprise, and preliminary inquiry reportedly found that the firm used his Aadhaar and PAN details. A complaint was submitted to the district administration, which constituted a two-member team to investigate the suspected fraud and forgery involving misuse of identity documents and resulting tax demands.
April 4, 2026
India’s pharma exports cross USD 28 bn till Feb, grow over 5 pc
Show AI Summary
Pharmaceutical exports growth reflects strong global demand, diversified markets and compliance-led expansion despite pricing pressures.
India's pharmaceutical exports continued to expand despite global pricing pressure and trade volatility, with outbound shipments reaching over USD 28 billion up to February of the current financial year and recording growth of 5.6 per cent over the corresponding period in the previous year. Export growth was led by formulations, biologicals, vaccines and AYUSH products, while the sector's total export performance in the preceding financial year also showed strong year-on-year growth. Pharmexcil indicated that export expansion would depend on policy prioritisation, market diversification, increased foreign direct investment inflows and improved regulatory efficiency, with a medium-term export target of USD 65 billion by 2030.
April 4, 2026
India says no payment issues with Iran, crude supplies fully secured
Show AI Summary
Crude import flexibility keeps India's fuel supply secure despite reports of Iranian cargo diversion.
India said there are no payment hurdles for Iranian crude imports and that refiners continue to secure oil from Iran and a wide range of global suppliers. It rejected reports of an Iranian cargo diversion as factually incorrect, stating that destination changes during transit are common in oil trade for commercial and operational reasons. The ministry said crude oil requirements remain fully secured for the coming months, and noted that an LPG vessel carrying Iranian LPG has berthed at Mangalore and is discharging cargo.
April 4, 2026
UPSIDA, JNPA sign pact to position Lalitpur Pharma Park as global export hub
Show AI Summary
Global export hub logistics for Lalitpur Pharma Park strengthened through port connectivity and freight corridor integration.
Uttar Pradesh State Industrial Development Authority and Jawaharlal Nehru Port Authority have entered into a memorandum of understanding to develop the proposed Lalitpur Pharma Park as a global export hub by linking the industrial cluster to international maritime trade routes. The cooperation contemplates use of the Dadri-Khurja rail link with the Western Dedicated Freight Corridor and Eastern Dedicated Freight Corridor to create a multi-modal rail network for movement of pharmaceutical goods to JNPA, supporting import of raw materials and export of finished pharmaceutical products.
April 4, 2026
Indian Pharma sector clocks USD 28 bn export by end of February in FY26
Show AI Summary
Indian pharmaceutical exports maintain growth momentum as formulations, biologicals, vaccines and Ayush products lead performance.
Indian pharmaceutical exports maintained growth momentum despite global pricing pressures and trade volatilities, with shipments reaching over USD 28 billion up to February in FY26 and registering year-on-year growth of 5.6 per cent over the corresponding period in FY25. Export performance was led by formulations, biologicals, vaccines and Ayush products.
April 4, 2026
Most Common Payroll Compliance Mistakes Businesses Make and How to Avoid Them
Show AI Summary
Payroll compliance mistakes demand accurate classification, timely deductions, and automated statutory checks to prevent audits and penalties.
Payroll compliance requires accurate employee classification, timely tax deduction, and correct statutory contribution management to avoid audits, penalties, and employee disputes. Common errors include misclassifying employees and contract workers, which can cause missed PF, ESI and TDS obligations, and incorrect or delayed TDS computation arising from failed declarations, salary changes, or tax regime switches. The compliance approach relies on onboarding checks, real-time recalculation, and automated deposit scheduling to reduce errors before they enter the payroll cycle.
April 4, 2026
CBI Arrests Assistant Commissioner, CGST, Ratlam in a Bribery Case
Show AI Summary
Bribery allegations against a CGST officer trigger a CBI trap, arrest, and continuing investigation into corruption claims.
Bribery allegations led to a CBI trap and arrest of an Assistant Commissioner, CGST, Ratlam, after a private person or middleman allegedly demanded money for not initiating GST proceedings against the complainant's firm. The accused was caught red-handed while accepting a bribe through the middleman, with searches continuing at the accused's premises and investigation still in progress.
April 4, 2026
Guidance Note – Form 190
Show AI Summary
Mutual fund approval process for subscribing to eligible public issues under the Income-tax Act framework clarified.
Approval is sought by a mutual fund to subscribe to an eligible issue of public companies under Schedule XV(1)(z)(ii) of the Income-tax Act, 2025, through Form 190. The form must be filed three months before the issue of eligible capital with the prescribed details and documents, including mutual fund and management particulars, scheme details, SEBI and custodian records, audited financial statements, and approval documents relating to the public company's share issue.
April 4, 2026
Form 190 – Frequently Asked Questions
Show AI Summary
Mutual fund approval for eligible public company issues depends on timely filing of Form 190.
A mutual fund must file Form 190 to seek approval for investment in the eligible issue of public companies under Schedule XV(1)(z)(ii) of the Income-tax Act, 2025. The form corresponds to the earlier Form 59A under the Income-tax Rules, 1962, and to the corresponding rule framework under the Income-tax Rules, 2026. The application is to be filed by the mutual fund itself, together with the documents specified in the form, three months before the issue of eligible capital. Approval for subscription is granted on the basis of the particulars furnished in Form 190.
April 4, 2026
Guidance Note – Form 189
Show AI Summary
Approval for issue of eligible capital under Schedule XV depends on Form 189 details, disclosures, and supporting documents.
Form 189 is the application for approval of issue of public companies under Schedule XV(1)(z)(i) of the Income-tax Act, 2025, and is filed by the public company three months before the issue of eligible capital. The form requires company particulars, management details, bankers and auditors, issue details, project details, and supporting documents such as incorporation certificate, audited financial statements, equity details, SEBI approval and any project report. Processed Form 189 leads to approval for issue of eligible capital on the basis of the details furnished.
April 4, 2026
Form 189 – Frequently Asked Questions
Show AI Summary
Public company issue approval through Form 189 governs eligible capital issues and related deduction eligibility.
Form 189 is the prescribed application for approval of issue of public companies under Schedule XV(1)(z)(i) of the Income-tax Act, 2025. It is filed by the public company with supporting documents before the issue of eligible capital, and the approval is granted on the basis of the details furnished in the form. Individual contributions to the issue are stated to qualify for deduction under the Act.
April 4, 2026
Guidance Note – Form 188
Show AI Summary
Consolidated approval form standardises gratuity and superannuation fund compliance, replacing rule-based particulars with structured filing.
Introduction of consolidated Form 188 standardises the approval process for Gratuity Fund and Superannuation Fund applications under Part B of Schedule XI by replacing the earlier text-based particulars in Rule 95 and Rule 109. The form is filed by trustees or an authorised person only for initial approval, and it requires details of the employer, the fund, eligible employees, account maintenance, fund status, trustee verification, and supporting documents such as the trust deed, fund rules, and accounts where applicable.
April 4, 2026
Form No. 188 – Frequently Asked Questions (FAQs)
Show AI Summary
Approval mechanism for gratuity and superannuation funds is standardised through Form 188 with structured compliance requirements.
Form 188 provides a standardised application mechanism for approval of Gratuity Funds and Superannuation Funds, replacing earlier rule-based procedural requirements. It is filed once by the trustees or an authorised person, with prescribed particulars and supporting documents such as the trust deed, fund rules, accounts, and balance sheet where applicable. The application is examined by the jurisdictional authority, which may seek clarifications and then grant approval, issue deficiency notice, or reject the application.
April 4, 2026
Guidance Note – Form 187
Show AI Summary
Appeal against fund recognition refusal uses Form 187, with supporting documents and filing within 60 days.
Appeal against refusal to recognise or withdrawal of recognition from a recognised provident fund, and refusal to approve or withdrawal of approval from a superannuation fund or gratuity fund, is filed in Form 187 by the employer, trustee, or authorised representative within 60 days of communication of the order. The form requires appellant particulars, fund details, grounds of appeal, verification, and supporting documents such as the impugned order, original application, proof of filing, authorisation, and fee challan.
April 4, 2026
Form No. 187 – Frequently Asked Questions (FAQs)
Show AI Summary
Appeals for provident, superannuation and gratuity funds require Form 187, supporting documents and filing within 60 days.
Form 187 prescribes the appellate mechanism under the Income-tax Act, 2025 for matters concerning recognised provident funds, superannuation funds and approved gratuity funds, including appeals against orders affecting recognition, approval, withdrawal, cancellation or refusal of such status. The form is to be used by trustees, employers or other authorised persons representing the fund where an adverse order has been passed by the competent income-tax authority. Appeals must be filed within 60 days from communication of the order, and filing does not by itself operate as a stay unless specifically granted.
April 4, 2026
Soft drinks, air conditioners recovered along India-Nepal border in Bahraich: SSB
Show AI Summary
Customs enforcement along the India-Nepal border led to seizure of undocumented soft drinks and air conditioners.
Customs enforcement along the India-Nepal border led to seizure of soft drinks and air conditioners being moved without valid customs documents. A vehicle carrying 1,575 bottles of soft drinks was intercepted after the driver tried to flee, while two split air conditioners transported on bicycles were also recovered in a separate patrol operation. The goods, vehicle and bicycles were handed over to the Customs Department.

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Income Tax

Form 159 – Frequently Asked Questions

April 3, 2026

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Form 159 – Frequently Asked Questions

Clearance Certificate under section 420(5) of the Act

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

Form 33

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

33

Corresponding section of I.T. Act, 1961

Proviso to 230(1A)

Corresponding section of I.T. Act, 2025

420(5)

Corresponding Rule of I.T. Rules, 1962

43

Corresponding Rule of I.T. Rules, 2026

228

1. What is Form 159?

Ans: Form 159 is Tax Clearance Certificate issued by the Assessing Officer in response to application made in Form 158.

2: Who should file Form 159?

Ans: Form 159 is not a form filed by the taxpayer. It is Tax Clearance Certificate issued by the Assessing Officer to the specified taxpayer.

3: Is Form 159 mandatory?

Ans: On receipt of the application in Form 158, subject to the requirements of the Income-tax Act, 2025, the Assessing Officer will issue the Form 159.

4: What is the time limit for filing Form 159?

Ans: There is no prescribed statutory time limit to issue Form 159. It is issued in response to Form 158 filed by the taxpayer. Form 158 is filed as per the travel requirements of the specified domiciled person leaving India and Form 159 is issued in response to the same. Sufficient time should be given to the Assessing Officer to process and issue the same.

5: How many times can Form 159 be filed in a year?

Ans: Form 159 is issued when the Form 158 is filed by the person leaving India. It is event based and hence, depends on the travel requirements of the person applying for the same.

6: What documents are required to file Form 159?

Ans: Form 158 is required to be filed for issue of Form 159.

7. What is the process flow of issuing Form 159?

Ans: The certificate is issued by Assessing Officer through ITBA functionality to the person who has applied for the same.

8: Why is Form 159 important?

Ans: Form 159 is Tax Clearance Certificate issued by the AO in response to application made in Form 158. Without the requisite Tax Clearance Certificate as mandated by the department, the taxpayer cannot leave the country.  

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