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News
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April 4, 2026
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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
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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
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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
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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
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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
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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
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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
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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
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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.
April 4, 2026
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Audit report for petroleum and natural gas deduction claims requires certification, supporting records, and online filing compliance.
Form No. 183 is the prescribed audit report under Rule 291 read with Section 49 of the Income-tax Act, 2025 for an assessee engaged in the business of prospecting, extracting, or producing petroleum, natural gas, or both in India. It is mandatory where the deduction is claimed and must be certified by an Accountant. The form requires supporting books, financial statements, evidence of deposits and withdrawals from the specified account, and a computation showing that the deduction remains within the permissible limit.
April 4, 2026
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Deduction claim audit report for tea, coffee and rubber businesses requires Chartered Accountant certification and compliance with deposit rules.
Form No. 182 is a statutory audit report for assessees engaged in growing and manufacturing tea, coffee or rubber who claim deduction under section 48. It must be furnished by a Chartered Accountant annually before the return due date and certifies audit of books, timely deposit in the specified account or approved scheme, withdrawal utilisation, disallowable amounts, asset transfers, and the deduction permissible. The form is now a smart, tabulated e-form with mandatory professional identifiers and standardised fields for e-filing and validation.
April 4, 2026
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Tax deduction audit report rules require prescribed certification, verified deposits, and portal filing for tea, coffee and rubber businesses.
Form No. 182 is the prescribed audit report for assessees engaged in growing and manufacturing tea, coffee or rubber in India who claim deduction under section 48. It must be certified by an Accountant and furnished annually before the return due date. The report is mandatory for the deduction claim, supports verification of deposits, withdrawals, utilisation and deduction computation, and is completed through the e-filing portal with digital signing and assessee acceptance.
April 4, 2026
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Electoral trust audit reporting through Form 181 requires electronic disclosure of contributions, distributions, and administration expenses.
Form 181 is the annual audit report for electoral trusts, to be furnished electronically by an accountant through the e-filing portal before the return due date. It requires disclosure of voluntary contributions received and distributed, application for the benefit of persons or interested persons, and expenditure on administration or management of the trust. The form has been simplified and aligned with the Income-tax Act, 2025.
April 4, 2026
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Digital audit report requirements govern electoral trusts claiming exclusion of voluntary contributions from total income.
FN 181 is a mandatory digital audit report for an electoral trust seeking exclusion of reported voluntary contributions from total income. It must be prepared by an accountant, filed electronically with the Commissioner of Income Tax (CPC) through the e-filing portal, and submitted on or before the due date for filing the return of income. The form cannot be filed offline or edited after submission, and a valid PAN is mandatory for filing.
April 4, 2026
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Employee welfare fund approval under income tax rules depends on notified purposes, verified disclosure, and hearing before rejection.
Form 180 is the electronic application for approval or renewal of an employee welfare fund established for notified purposes under section 11(3) read with Schedule VII, to be filed by the trust or fund before the jurisdictional PCIT/CIT and verified by the trustee or principal officer. The form requires details of the trust or fund, employer organisation, objects, trustees, employee membership, contributions, income, application or accumulation of funds, along with the trust deed, activity notes and accounts. Approval is granted only if the prescribed conditions are satisfied, for a period not exceeding three tax years, and rejection requires recorded reasons and an opportunity of hearing.
April 4, 2026
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Employee Welfare Fund approval through Form 180 requires online filing, valid PAN, and strict trust-based eligibility conditions.
Form 180 is the prescribed electronic application for an Employee Welfare Fund seeking approval or renewal from the jurisdictional Principal CIT/CIT. The fund must be a trust for notified welfare purposes for serving employees or their dependents, and the application must be verified by the trustee or principal officer. Filing is mandatory for approval, which confers pass-through treatment and tax exemption subject to conditions. The form can be filed only online, cannot be edited after submission, and requires a valid PAN and supporting documents.
April 4, 2026
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Business connection in India compliance through Form 173 for eligible investment funds and annual verification of eligibility conditions.
Form 173 is a statement furnished by an eligible investment fund to verify compliance with the conditions for claiming that its activities do not constitute a business connection in India. The form is filed once in a tax year within 90 days from the end of the tax year, and it contains particulars on residence, tax identification number, Schedule I compliance, participation interests in India, fund manager remuneration, and investment profits. Supporting documents may include approval orders, registrations, financial statements, and remuneration contracts.
April 4, 2026
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Eligible investment fund reporting under no-business-connection rules requires mandatory online Form 173 filing and digital signature compliance.
Form 173 is the mandatory statement for an eligible investment fund to establish that its activities do not create a business connection in India. It must be filed once in a tax year, within 90 days from the end of the tax year, by the fund manager or designated person, only through the Income Tax e-filing portal, and it cannot be edited after submission. The form requires supporting fund details, registrations, financial statements, and digital signature compliance, and a valid PAN is mandatory.
April 4, 2026
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Eligible investment fund reporting under Form 172 requires accountant certification, electronic filing, and compliance with prescribed conditions.
Form 172 is the accountant's report for an eligible investment fund to establish fulfilment of prescribed conditions relevant to section 9(12) and the claim that the fund's activities do not create a business connection in India. It is prescribed under Rule 274(7), filed once in each tax year by the appointed accountant, and due by 31 October of the succeeding tax year. The form is filed electronically with a UDIN and digital signature, and non-filing may attract penalty under section 447.
April 4, 2026
Show AI Summary
Business connection in India reporting through Form 172 requires mandatory electronic filing, UDIN generation, and supporting documentation.
Form 172 is the mandatory accountant's report for an eligible investment fund to show compliance with conditions for claiming no business connection in India. It is filed once in a tax year by the appointed accountant through the Income Tax e-filing portal, after UDIN generation and digital signature. The form requires a valid PAN, cannot be edited after submission, and may need supporting documents such as fund manager details, SEBI registrations, financial statements, and contracts relating to the fund manager's activities and remuneration.

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Customs & Trade

India LPG flows continue as tanker crosses Hormuz, Iranian cargo reaches Mangalore

April 4, 2026

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New Delhi, Apr 4 (PTI) An Indian LPG tanker carrying roughly half a day's cooking gas supply has successfully crossed the war-hit Strait of Hormuz, while another vessel from Iran has reached the port of Mangalore, signalling continued fuel inflows despite regional disruptions.

"LPG vessel Green Sanvi has safely transited the Strait of Hormuz, carrying 46,650 tonnes of LPG cargo with 25 seafarers on board," a government statement giving an update on West Asia developments said Saturday.

Green Sanvi is the seventh Indian-flagged LPG tanker to have transited the strategic waterway, which has remained effectively shut since the US and Israel launched attacks on Iran on February 28 and Tehran's sweeping retaliation.

Separately, an LPG cargo from Iran has arrived at Mangalore and is being discharged, according to the statement.

This perhaps is the first purchase of Iranian energy in seven years.

"LPG vessel Sea Bird carrying around 44,000 tonnes of Iranian LPG berthed at Mangalore, India on April 2 and is currently discharging," the Ministry of Petroleum and Natural Gas said in a post on X.

The purchase follows United States last month waiving sanctions on Iranian oil 'Œand refined products temporarily to ease prices that have skyrocketed since the start of the Middle East conflict.

After the passage of Green Sanvi, 17 Indian flagged vessels remain stranded on the west side of the strait.

Earlier this week, two LPG carriers, BW TYR and BW ELM, carrying combined LPG cargo of about 94,000 tonnes have safely transited the region. While BW TYR reached Mumbai on March 31, BW ELM docked at New Mangalore on April 1.

Prior to that, four Indian-flagged LPG tankers had safely sailed through the strait. Pine Gas and Jag Vasant, carrying 92,612 tonnes of LPG, reached Indian ports between March 26 and March 28. MT Shivalik and MT Nanda Devi, carrying about 92,712 tonnes of LPG, had reached Mundra port in Gujarat on March 16 and Kandla port in the state on March 17, respectively.

For a country that relies on imports from the Gulf nations to meet as much as 60 per cent of its cooking gas needs, the arrivals will help ease the worst LPG shortage it is battling in decades. India consumed 33.15 million tonnes of LPG last year, with imports accounting for about 60 per cent of demand. As much as 90 per cent of those imports came from the Middle East.

The US and Israel attacks on Iran and Tehran's sweeping retaliation have all but halted shipping through the strait - the narrow shipping lane that is the conduit for oil and gas exports from Gulf countries to the world. Iran has, however, stated that "non-hostile vessels" may transit the waterway after coordinating with Iranian authorities.

Originally, there were 28 Indian-flagged vessels in the Strait of Hormuz when the war in West Asia broke. Of these, 24 were on the West side of the Strait and four on the East side. Seven vessels from the west side and two from east have managed to sail to safety.

Besides the seven LPG tankers, the Indian-flagged oil tanker Jag Laadki, with 80,886 tonnes of crude oil from the UAE, reached Mundra on March 18.

Another tanker, Jag Prakash, carrying gasoline from Oman to Africa, had previously safely crossed the strait and is en route to Tanzania.

LPG carriers Jag Vikram and Green Asha are still in the western Strait of Hormuz. One empty vessel is being filled with LPG.

The statement said all Indian seafarers in the Gulf region are safe and maritime operations remain unaffected, with no incidents involving Indian-flagged vessels reported in the past 24 hours.

The Ministry of Ports, Shipping and Waterways said it is closely monitoring shipping movements, port operations and the safety of Indian crews, while ensuring continuity of trade amid tensions in the region.

The 17 Indian-flagged vessels with about 460 Indian seafarers remain in the western Persian Gulf region and are being tracked by authorities, including the Directorate General of Shipping (DG Shipping), in coordination with ship owners and Indian missions, it said.

The DG Shipping control room, operating round-the-clock, has handled more than 5,000 calls and over 10,000 emails since activation, including 31 calls and 129 emails in the past 24 hours. Authorities have also facilitated the repatriation of over 1,320 Indian seafarers so far, including 190 on the last day.

Port operations across India remain normal with no congestion reported, with maritime boards across key coastal states confirming smooth functioning. PTI ANZ MR

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Acts Income Tax