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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.
April 4, 2026
Indian Pharma sector clocks USD 29 bn export by end of February in FY26
Show AI Summary
Indian pharmaceutical exports show sustained growth as formulations, biologicals, vaccines and Ayush products drive resilience.
Indian pharmaceutical exports recorded sustained growth in FY26, reaching nearly USD 29 billion by the end of February and increasing over the corresponding period in the previous financial year. The export performance was led by formulations, biologicals, vaccines and Ayush products, and was described as resilient despite global challenges, pricing pressures and trade volatility. The sector's overall value was placed at about USD 60 billion, with projected expansion to USD 130 billion by 2030.
April 4, 2026
Guidance Note – Form 186
Show AI Summary
Recognised Provident Fund recognition process requires trust deed compliance, supporting documents, scrutiny and ongoing investment and reporting obligations.
Application under Rule 40C seeks recognition of a provident fund so it qualifies as a Recognised Provident Fund for income-tax purposes. It applies to employers, trustees and existing funds seeking recognition on formation, conversion, amendment, merger or split. The form requires trust deed details, fund rules, investment policy, financial information and supporting documents, followed by scrutiny, possible revisions, issuance of recognition and ongoing compliance with investment, audit and reporting requirements.
April 4, 2026
Form No. 186 – Frequently Asked Questions (FAQs)
Show AI Summary
Recognised Provident Fund recognition through Form 186 depends on disclosure, supporting documents, and compliance with trust conditions.
Form 186 is the prescribed application for seeking recognition of a provident fund as a Recognised Provident Fund for income-tax purposes. It is filed by the employer, trustees, or an existing trust seeking recognition, and is ordinarily a one-time application subject to refiling or intimation for material changes in the trust deed or fund rules. The form requires detailed disclosures and supporting documents, and on approval the fund attains RPF status with tax treatment governed by applicable statutory limits and conditions. Recognition may later be withdrawn for non-compliance.
April 4, 2026
Guidance Note – Form 185
Show AI Summary
Recognised provident fund accounting in Form 185 requires annual subscriber-wise records of contributions, interest, withdrawals, and balances.
Rule 294 requires recognised provident fund accounts to be prepared at intervals not exceeding twelve months, with a separate account maintained for each subscriber in Form 185. The form is maintained internally by the provident fund trust or authorised officers, and records subscriber particulars, opening balance, monthly contributions, interest, withdrawals or advances, closing balance, and verification. Part A is maintained separately for each subscriber, while Part B presents the same information in consolidated annual subscriber-wise form.
April 4, 2026
Form No. 185 – Frequently Asked Questions (FAQs)
Show AI Summary
Recognised Provident Fund recordkeeping requires Form 185 to track contributions, interest, withdrawals, and annual balances.
Form No. 185 is the prescribed accounting format for individual subscriber records under a Recognised Provident Fund, maintained by trustees or authorised officers under the Income-tax Rules. It records annual subscriber-wise particulars such as contributions, interest credited, withdrawals or advances, opening and closing balances, and verification details. Part-A is kept for each subscriber, while Part-B is the annual consolidated abstract filed with the Assessing Officer.
April 4, 2026
Guidance Note – Form 183
Show AI Summary
Deduction audit report for petroleum and natural gas businesses requires deposit verification, withdrawal checks, and Chartered Accountant certification.
Form No. 183 is the prescribed audit report for claiming deduction under section 49 in the business of prospecting, extracting, or producing petroleum, natural gas, or both in India. It is furnished by a Chartered Accountant and verifies audit of the relevant books, timely deposit into the specified account, permitted use of withdrawals, disallowance of inadmissible expenditure, and transfer restrictions on assets acquired under the scheme. The form is filed annually before the return due date and requires supporting records of books, deposits, withdrawals, and asset transfers.
April 4, 2026
West Asia conflict disrupts snack exports from Bikaner
Show AI Summary
Supply chain disruption hits Bikaner snack exports as conflict delays shipments and raises freight and input costs.
West Asia conflict has disrupted Bikaner exports and imports, causing delays in shipments of bhujia, papad, namkeen and spices to Gulf and European markets. Traders report longer transit routes, container shortages, higher freight charges, rising raw material and packaging costs, and consignments stuck at ports or in transit, affecting the city's export-driven economy.

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Form 164 – Frequently Asked Questions

April 3, 2026

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Form 164 – Frequently Asked Questions

(Statement under Section 507 of the Income-tax Act, 2025)

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

Form 52A

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

FN 164

Corresponding section of I.T. Act, 1961

285B

Corresponding section of I.T. Act, 2025

507

Corresponding Rule of I.T. Rules, 1962

121A

Corresponding Rule of I.T. Rules, 2026

RN 236

1: What is Form 164 and why is it required?

Ans: Form 164 is a mandatory annual statement to be filed under section 507 of the Income-tax Act, 2025 by every person engaged in:

  • Production of a cinematograph film, or
  • Any specified activity such as event management, sports events, documentary production, OTT/TV program production, performing arts, or any similar notified activity.

It discloses:

  • Details of each film/activity undertaken,
  • Dates of commencement and completion,
  • Payments exceeding ₹50,000 (in the aggregate per payee) made to persons engaged in the production/activity, and
  • TDS details, wherever applicable.

2: Who is required to file Form 164?

Ans: Every individual, partnership firm, LLP, company or any other entity that produced a cinematograph film or undertook any specified activity during the Tax Year must file Form 164 even if the film or activity is not completed in the same Tax Year.

3: For which Tax Year should Form 164 be filed?

Ans: Form 164 is required to be filed for every Tax Year during which:

  • A film was produced (partially or fully), or
  • A specified activity was undertaken.

4: What is the due date for filing Form 164?

Ans: Form 164 must be filed within 60 days from the end of the Tax Year.

5: The film or activity was not completed in the Tax Year. Should I still file Form 164?

Ans: Yes. Filing Form 164 is mandatory even if the film/activity is incomplete. You must:

  • Select “No” under “Was the film/activity completed?”
  • Leave the “Date of Completion” field blank.

6: The form is not accepting payments below ₹50,000. Is this normal?

Ans: Yes. The form is designed to capture only aggregate payments exceeding ₹50,000 per payee. Lower payments need not be reported.

8: I am producing programs exclusively for OTT platforms. Is Form 164 applicable?

Ans: Yes. OTT program production is specifically included under “specified activity”.

9: I organized a single sports event during the Tax Year. Should I file Form 164?

Ans: Yes. Even a single event triggers the obligation to file Form 164.

10: I am only a co-producer. Should I still file Form 164?

Ans: If you have incurred production expenses, or made payments to persons engaged in the activity, you must file Form 164 for your share of the project.

11: How do I report multiple films or multiple specified activities in the same year?

Ans:

  • Details of each film or specified activity must be reported separately in Part B.
  • Corresponding payment details, if any, must be reported in Part C for each film or specified activity.
  • The system allows addition of multiple entries.

12: I have carried out an activity mentioned in Rule 236(1) but not made any single payment exceeding ₹50,000. Do I still need to file Form 164?

Ans: Yes. Filing Form 164 is mandatory if any film/activity was undertaken, even if no payment crosses ₹50,000.

13: Should GST details be reported in Form 164?

Ans: No. Form 164 captures only income-tax related information. GST reporting is not part of this form.

Q14: Is TAN mandatory for filing Form 164?

Ans: Yes. Tax Deduction and Collection Account Number (TAN) is required to be furnished in Part A (Row 6) of the finalised Form 164. This is applicable where the filer is liable to deduct tax at source.

15: How will the taxpayer know whether Form 164 filed by him/her has been accepted by the Department?

Ans: After submission of Form 164 on the Income Tax e-Filing portal, an acknowledgement number is generated. The taxpayer can track the status of the form (Submitted / Under Processing / Accepted / Defective, if any) through the e-Filing portal under e-File → Income Tax Forms → View Filed Forms. Any intimation or communication regarding acceptance or defects will be sent electronically through the portal and to the registered email ID and mobile number of the taxpayer.

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