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April 3, 2026
Show AI Summary
Tax deducted at source on non-resident payments is reported through Form 144 with quarterly deductee-wise compliance requirements.
Quarterly statement in Form No. 144 is the prescribed TDS return for reporting tax deducted at source on payments other than salary made to non-resident persons, including non-resident Indians and foreign companies. The form covers interest, royalty, technical fees, dividends, and similar cross-border remittances, and is filed by deductors for the relevant tax year. It contains deductor particulars, tax paid details, and a deductee-wise annexure, and requires challans, PAN details, and treaty documents where benefits are claimed.
April 2, 2026
Show AI Summary
Egg brand initiative to boost poultry farming, strengthen local production and support rural entrepreneurship in Maharashtra.
Maharashtra is planning to develop a state-specific egg brand and expand poultry farming to strengthen local egg production, reduce dependence on imports from southern states and improve supply chain stability. The initiative is linked to rural entrepreneurship and allied agricultural activity, with the aim of creating a stable market for poultry farmers, improving quality assurance and increasing incomes in rural areas. Financial assistance is being provided under the Mukhyamantri Gramin Pashudhan Udyojakata Yojana for poultry units at two levels, with higher subsidy support for SC and ST beneficiaries.
April 2, 2026
Show AI Summary
Parliamentary legislative reform advanced across insolvency, service law, decriminalisation, and transgender rights during the extended Budget session.
Parliament's extended Budget session focused on key legislative measures covering financial business, service law reform, decriminalisation, insolvency reform, state reorganisation, and transgender rights. Bills reported as passed or considered included measures on Central Armed Police Forces, Andhra Pradesh Reorganisation, transgender persons' protection, Jan Vishwas amendments, and the Insolvency and Bankruptcy Code, with some bills referred for further scrutiny and one proposed amendment on foreign contribution not taken up.
April 2, 2026
Show AI Summary
GST revenue growth and tax administration reforms lifted Haryana's SGST collections and expanded the taxpayer base.
Haryana recorded 22 per cent growth in gross State GST revenue in FY26, with post-settlement SGST collections rising to Rs 48,289 crore and its national rank improving from ninth to sixth. The number of registered GST taxpayers increased to 6,30,818, while the growth was linked to GST rate rationalisation reforms and improved tax administration.
April 2, 2026
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GST revenue growth in Bihar remained strong despite rate rationalisation, election slowdown, and IGST settlement deductions.
Bihar's commercial taxes department reported total revenue collections of Rs 43,324 crore for the 2025-26 financial year, with GST collections of Rs 32,801 crore and net GST receipt of Rs 32,077 crore after IGST settlement deduction. The department said the 9.2 per cent GST growth remained significant despite GST rate rationalisation and an election-related slowdown. The state ranked fourth among large states in total GST collection, while petrol collections declined and the Registration Department exceeded its revenue target.
April 2, 2026
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Foreign exchange controls tighten as RBI caps bank rupee positions and restricts derivative rebooking to curb volatility.
Reserve Bank of India measures were reported to have triggered a sharp recovery in the rupee after recent foreign exchange volatility. The action included a cap on the net open position in the Indian rupee for banks, a bar on offering non-deliverable derivative contracts involving the rupee to resident or non-resident users, and a restriction on rebooking cancelled foreign exchange derivative contracts. The measures were described as a response to evolving market conditions and to curb risk in derivative activity.
April 2, 2026
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Foreign exchange counters at airports can now exchange Indian rupee notes for residents and non-residents beyond immigration controls.
Residents, as well as non-residents, may exchange Indian rupee notes at foreign exchange counters in departure halls of international airports beyond the immigration or customs desk. The earlier facility at such counters was limited to buying Indian rupees from non-residents and selling foreign currency to them. The Master Direction on Money Changing Activities is being amended to reflect the expanded exchange scope.
April 2, 2026
Show AI Summary
Tax deduction statements for non-resident payments require quarterly electronic filing, with correction statements allowed after processing.
Form No. 144 is the quarterly statement for deduction of tax at source on payments other than salary made to non-residents. It is mandatory for every deductor required to deduct tax on such payments, must be filed electronically within the prescribed quarterly due dates, and cannot be edited after submission. Corrections may be filed after processing by CPC-TDS within two years from the end of the relevant tax year. Successful filing on TRACES generates an Acknowledgment Receipt Number.
April 2, 2026
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LPG supply prioritisation reshapes refinery allocations as propylene is partly redirected to ease petrochemical shortages.
The government has adjusted refinery output directions in response to LPG import disruptions and petrochemical feedstock shortages. After requiring C3 and C4 streams to be used exclusively for LPG production, the Ministry later allowed part of the propylene supply to return to the petrochemical industry. The policy is presented as a balance between domestic LPG supply security and the needs of sectors such as packaging and condom manufacturing, alongside partial restoration and enhancement of commercial LPG allocations for priority consumers.
April 2, 2026
Show AI Summary
Tax collected at source reporting through Form 143 streamlines quarterly filing, certificate issuance, and collectee credit tracking.
Quarterly reporting of tax collected at source is filed in Form No. 143 by collectors responsible for collection on specified transactions under the Income-tax Act, 2025. The form requires collector particulars, challan and deposit details, and collectee-wise annexure information on amounts, dates, rates, tax collected and deposited, with quarterly due dates and utility-based electronic filing. Processing may lead to default corrections, issuance of the collectee tax certificate, and reflection of TCS as credit in the collectee's tax record.
April 2, 2026
Show AI Summary
Tax collection at source statement filing requires quarterly electronic submission, correction limits, and acknowledgment on the portal.
Form No. 143 is the mandatory quarterly electronic statement for collection of tax at source on specified goods and transactions, to be filed by the collector, seller, operator or authorised person responsible for collection at the time of debit or receipt of payment. It follows a quarterly due-date schedule, cannot be edited after submission, and may be corrected only through a correction statement after processing by CPC-TDS, within two years from the end of the relevant tax year. Successful filing generates an Acknowledgment Receipt Number on the TRACES portal.
April 2, 2026
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Virtual Digital Asset TDS reporting requires quarterly electronic filing by exchanges with transaction-wise deduction, exemption, and challan details.
Form No. 142 is the quarterly electronic statement to be furnished by a Virtual Digital Asset exchange for reporting tax deducted at source on transfer of virtual digital assets and transactions where tax was not deducted under the notified exemption framework. It must be filed with the Director General of Income-tax (Systems) and includes exchange particulars, transaction details, challan data and a declaration of correctness. The filing process uses the e-filing portal and supports smart features such as auto-population, validation, API integration and standardised fields.
April 2, 2026
Show AI Summary
Virtual digital asset tax reporting requires quarterly exchange filing, full tax deposit, and electronic submission with challan details.
Form No. 142 is a PAN-based quarterly statement to be filed electronically by a Virtual Digital Asset exchange that has agreed to deposit tax on transfers of virtual digital assets in place of deduction by the buyer or broker. It applies to VDA transactions where the exchange deposits tax, including purchase, exchange, and partly or fully in-kind settlements, and is mandatory for reporting transactions covered by the prescribed TDS mechanism. The form is filed quarterly, captures exchange, buyer or broker, transaction, and challan details, and requires full tax deposit before submission.
April 2, 2026
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Combined TDS Form 141 streamlines reporting for rent, property, professional fees, and virtual digital asset transfers.
Form No. 141 is the combined PAN-based challan-cum-statement for reporting and depositing tax deducted at source on rent, transfer of immovable property, specified professional, contract, commission and brokerage payments, and transfer of virtual digital assets. It replaces the earlier separate Forms 26QB, 26QC, 26QD and 26QE, is filed electronically within 30 days from the end of the month of deduction, and uses separate schedules for each transaction category. The revised form also allows consolidated reporting for same-status parties and introduces prefilled details, smart validations, standardised fields, and correction mechanisms.
April 2, 2026
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Settlement-linked quashing of proceedings keeps SEBI closure issue alive for Sterling Biotech and the Sandesara brothers.
Settlement-linked quashing of proceedings concerning Sterling Biotech Limited and the Sandesara brothers remained under consideration, with the Supreme Court indicating that SEBI must close its proceedings in view of the earlier order under which deposit of the settlement amount was to trigger quashing of all proceedings. The Court recorded that the amount had already been deposited in the registry and that the earlier order had been given effect to, while SEBI sought time after internal deliberations on the closure issue.
April 2, 2026
Show AI Summary
Trade liberalisation under India-Australia ECTA expands market access, boosts exports, and advances zero-duty access for Indian goods.
India-Australia Economic Cooperation and Trade Agreement has completed four years, marking stronger bilateral economic engagement through expanded market access, reduced trade barriers, and deeper trade and supply-chain linkages. India has granted preferential access on 70.3% of its tariff lines, while Australia has granted preferential access on 100% of its tariff lines and imports from India, with most lines duty-free immediately and all Indian exports eligible for zero-duty access from 1 January 2026. The Mutual Recognition Arrangement on Organic Products supports trade by recognising certification systems and reducing duplication, cost, and time.
April 2, 2026
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Customs duty exemption on critical petrochemical inputs aims to ease supply disruptions and support downstream manufacturing.
Full customs duty exemption is granted on critical petrochemical products as a temporary and targeted relief measure in response to the ongoing conflict in West Asia and resulting supply chain disruptions. The exemption continues until 30 June 2026 and is intended to ensure continued availability of essential petrochemical inputs for domestic industry, reduce cost pressures on downstream sectors, and maintain supply stability. The notified products cover petrochemical feedstock, intermediates and related industrial inputs used across multiple manufacturing sectors.
April 2, 2026
Show AI Summary
Consolidated TDS reporting through Form 141 streamlines tax deduction filing, schedule-wise payment, and compliance for specified transactions.
Form No. 141 is a single consolidated challan-cum-statement for reporting and payment of tax deducted at source on specified transactions through separate schedules instead of multiple standalone forms. It replaces Forms 26QB, 26QC, 26QD and 26QE, and requires only the relevant schedule to be completed for the transaction reported. The form is filed using PAN, not TAN, and is available for rent, immovable property, contractor or professional payments, and transfer of virtual digital assets, with one transaction type per form.
April 2, 2026
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Defence exports growth reflects India's indigenous manufacturing strength, wider global acceptance, and streamlined export regulation.
India's defence exports recorded a new high, driven by indigenous manufacturing strength, wider global acceptance of Indian defence products, and a collaborative ecosystem involving defence public sector undertakings and private industry. The exports reached more than 80 countries, while the number of exporters increased, reflecting growing participation in the sector. The ministry also noted that streamlined export regulatory processes, a revamped online portal, and simplified authorisation procedures supported this growth.
April 2, 2026
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Foreign exchange market restrictions by RBI drove dollar unwinding and triggered a meaningful rupee rebound.
RBI took twin foreign exchange market restrictions by capping banks' net open rupee positions and barring non-deliverable forward offerings to corporates. The measures were directed at limiting banks' activity in onshore forward markets and were described as forcing dollar unwinding, thereby producing a meaningful rebound in the rupee.

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Guidance Note – Form 183

April 4, 2026

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Form No. 183 [corresponding to erstwhile Form No. 183] – Audit Report under Section 49 for claiming deduction in respect of business of prospecting, extracting, or producing petroleum, natural gas, or both

Purpose:

Form No. 183 is a statutory audit report prescribed under Rule 291 of the Income-tax Rules, 2026. It is used for certifying the deduction claimed by an assessee engaged in the business of prospecting, extracting, or producing petroleum, natural gas, or both in India.

The form verifies that:

  • The assessee’s books of account with respect to such business have been audited either under section 49 of the Income-tax Act, 2025 or under any other law
  • The assessee has deposited an amount, within time, in a special account with the State Bank of India or in a site restoration account, in accordance with a special scheme/deposit scheme made/approved by the Ministry of Petroleum and Natural Gas
  • Whether the withdrawals made from the account were for purposes specified in the special scheme/deposit scheme
  • Whether withdrawals made for purposes specified in the special scheme/deposit scheme have not been so utilised, in which case, the amount would be chargeable as income of that tax year
  • Whether withdrawals have been made for purchase of certain assets mentioned in the section, in which case, the amount would be chargeable as income of that tax year
  • Whether any amount has also been claimed as expenditure while computing income under the head ‘Profits and gains of business or profession’, and which needs to be disallowed
  • Whether any asset acquired in accordance with special scheme/deposit scheme, has been transferred before eight years, in which case, corresponding part of the cost would be chargeable as income of that tax year
  • The amount of deduction permissible in accordance with section 49

Thus, Form No. 183 serves as a Chartered Accountant’s audit certificate authenticating the correctness of the deduction claimed under Section 48.

Who Should File:

Form No. 183 must be furnished by assessees engaged in the business of prospecting, extracting, or producing petroleum, natural gas, or both in India.

The audit report in Form No. 183 is to be furnished by a Chartered Accountant.

Frequency & Due Dates:

Form No. 183 is furnished annually one month prior to the due date for furnishing the return of income under Section 263(1).

Structure of Form No. 183 :

Form No. 183 is divided into three parts.

Part I: Audit report u/s 49 in case where accounts of the assessee have been audited under any other law

Part II: Audit report u/s 49 in case where accounts of the assessee have not been audited under any other law

Part III: Statement of particulars relating to claim of deduction u/s 49:

  • Accounting information: Books of account examined, method of accounting followed, maintenance of separate accounts for business of prospecting, extracting, or producing petroleum, natural gas, or both in India
  • Deposit information: amounts deposited within time in the specified account
  • Withdrawal information: amounts withdrawn, purposes of withdrawal, utilisation for stated purposes, amounts utilised for purposes not allowed, transfer of asset bought with withdrawn funds before expiry of specified time
  • Deduction permissible: Total deduction permissible in accordance with section 49

What are the documents required to file the Form No. 183 ?

Following documents may be required for filing Form No. 183 :

  1. Books of account / relevant documents of the business (Balance Sheet, Profit & Loss Account or Income & Expenditure statement).
  2. Audit report if audited under any other law
  3. Evidence of deposit in the specified Account
  4. Documents related to withdrawal of funds from specified Account showing purpose of withdrawal, proof of utilization
  5. Documents related to transfer of assets purchased in accordance with special scheme/Deposit Scheme

What is the process flow of filing Form No. 183?

The process flow includes following steps

  1. Deposit of amounts into specified Account
  2. Withdrawal of amounts (if any) from specified Account
  3. Audit by Chartered Accountant under any other law or under section 49
  4. Furnishing of Form No. 183 online by Chartered Accountant (e-form)
  5. E-verification of Form via DSC
  6. Acceptance of Form by taxpayer

Outcome of Processed Form No. 183:

Enables claiming of deduction under Section 49, which can be up to 20% of profits derived from the business, subject to the amount deposited.

Brief note on broad or qualitative changes proposed:

Key updates include the following

  • The entire form has been made into a smart form, tabulating data to make extraction easier.
  • Books of account examined – A few books of account have been provided in a tabular format so that the accountant need only tick the books examined. A field for adding any other books has been given.
  • References to account in State Bank of India or Deposit Account have been replaced with specified account since the same has been explicitly defined in the new Act.
  • Deposit and withdrawal details have been tabulated for ease of entry and extraction.
  • Data on transfer of asset has been tabulated for ease of entry and extraction.
  • Change in definition of accountant entitled to sign the audit report – The Form originally allowed three types of people to sign the report:
    • A CA as defined in the Chartered Accountant’s Act, 1949
    • A person entitled to be appointed as an Auditor u/s 226(2) of the Companies Act, 1956
    • A person entitled to audit the accounts by virtue of any other law [for those assessees whose accounts were audited under any other law]

The new Act defines accountant in section 515(3)(b) as a CA defined in the Chartered Accountant’s Act, 1949, subject to certain exclusions, like related parties of the assessee or a CA that has been dismissed from government service or convicted of an offence, etc. Since these are reasonable exclusions, the same definition has been included in the proposed Form.

With respect to the second category, the Companies Act, 2013 does not include a corresponding provision of section 226(2) of Companies Act, 1956. Hence, this clause has been removed as redundant.

  • Details like membership number, firm registration number, and UDIN have been incorporated in the Form to be filled in mandatorily.

Challenges and Solutions:

Earlier, Form No. 183 majorly had free textboxes to enter details like date of deposit/withdrawal, amount, purpose, etc. By tabulating the data, compliance as well as extraction and validation is expected to be simplified.

Common Changes made across Forms:

  1. To make Forms system-friendly and enable e-filing and uploading, certain anomalies found due to grouping of Name, Designation, Address, PAN and Aadhaar number have been separated into different boxes.
  2. Assessment / Financial / Previous year or years have been replaced with Tax year or years, wherever appearing in the Form/Annexure.
  3. Sections, Clauses and Schedules changes as per the Income-tax Act, 2025.
  4. Currency symbol “Rs.” has been replaced with “₹”.

Topics

Acts Income Tax