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March 28, 2026
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Foreign tax credit intimation form streamlines settlement-based claims for previously unclaimed credit under the filing rules.
Form No. 45 provides a structured electronic intimation for settlement of dispute regarding foreign tax for which credit was not claimed. It applies to a resident assessee with foreign income who seeks foreign tax credit after the dispute is finally settled, where Form No. 44 had already been filed for the relevant tax year. The form must be filed within six months from the end of the month in which the dispute is finally settled, with supporting documents, and must be verified by an accountant where Form No. 44 required accountant verification.
March 28, 2026
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Securitization trust income reporting through Form 72, with online filing, prescribed records, and pass-through taxation compliance.
Form 72 is the statement of income paid or credited by a securitization trust to its investors. It must be furnished to the Income-tax Department online by the person responsible for paying or crediting income on behalf of the trust, by 15 June of the financial year following the tax year in which the income was paid or credited. Filing requires the trust's books, audited financial statements, income details from securitised assets, investor particulars, distribution records, and the applicable registration certificate.
March 28, 2026
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Audit report compliance for offshore banking unit investment divisions governs exemption and concessional taxation claims under income tax rules.
Form 71 is the mandatory audit report for a registered investment division of an offshore banking unit where a specified fund seeks exemption under section 11 read with Schedule VI or concessional taxation under section 210(3) of the ITA 2025. It certifies fulfilment of the prescribed eligibility conditions, including separate books, audit by an accountant, relevant documentation, and filing by the specified date. The form is filed electronically with supporting records and, when validly furnished, supports the claim to exemption or concessional rates.
March 28, 2026
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Tax exemption compliance for specified funds depends on timely electronic filing of Form 71 and accountant verification.
Form 71 is the prescribed audit report for verification by an accountant in respect of the computation of exempt income of a specified fund attributable to the investment division of an offshore banking unit. It is linked to the claim of exemption or taxation at concessional rates for eligible income, and its filing is one of the conditions for admissibility of that claim. The form must be filed electronically on the income-tax e-filing portal and verified by the accountant either through digital signature or electronic verification code. It cannot be filed offline, and once validly submitted and acknowledged it cannot be edited.
March 28, 2026
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Specified fund compliance for Form 70 governs exempt income reporting and concessional taxation claims for offshore banking units.
Form 70 is the prescribed e-form for a specified fund to furnish the annual statement of exempt income attributable to the investment division of an offshore banking unit under section 11 read with Schedule VI, together with income taxable at concessional rates under section 210(3) of the ITA 2025. Filing is mandatory for a specified fund seeking exemption or concessional taxation and must be made electronically on the e-filing portal by the due date, with supporting documents, verification by the Trustee or Principal Officer, and the audit report in Form 71 certifying separate accounts and audit of the eligible investment division.
March 28, 2026
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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
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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
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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
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
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
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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
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
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
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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
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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
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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
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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
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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
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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
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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.

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April 6, 2026

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New Delhi, Apr 6 (PTI) Following are the top stories at 1.15 pm NATION CAL21 AS-POLL-PM (12.35 pm)

Cong keeps singing to Pakistan's tunes, compromising nation's security: PM in Assam Bhabnipur-Sorbhog (Assam): Prime Minister Narendra Modi on Monday said that while his government has carried out Operation Sindoor on terror camps in Pakistan, the Congress keeps on "singing to the tune of" the neighbouring country.

DEL11 RS-OATH (12.09 pm)

New Rajya Sabha members take oath New Delhi: NCP-SCP leader Sharad Pawar and Union Minister Ramdas Athawale were among 19 new Rajya Sabha members who took oath here on Monday.

DEL12 RAHUL-LPG-GOVT (12.18 pm)

Modi govt's handling of 'LPG crisis' is like it dealt with Covid pandemic; puts burden on poor: Rahul New Delhi: Congress leader Rahul Gandhi on Monday alleged that Prime Minister Narendra Modi has dealt with the "LPG gas crisis" just like it handled the COVID-19 pandemic as it is "devoid of policy, full of grand announcements", and places the "entire burden" upon the poor.

DEL7 RAHUL-DATA-GOVT (10.32 am)

India kept in dark: Rahul slams govt on data sovereignty New Delhi: Congress leader Rahul Gandhi on Monday raised concerns over India's data sovereignty and asserted that the country should be leading the global tech race, but instead it is being kept in the dark about how its data will be protected.

BOM2 MH-WASIA-SEAFARER-REMAINS (8.46 am)

Mortal remains of seafarer killed in drone boat attack reach Mumbai Mumbai: The mortal remains of 25-year-old seafarer Dixit Solanki, killed in a suspected drone boat attack off the Oman coast last month during West Asia war, have reached Mumbai, the National Union of Seafarers of India (NUSI) said on Monday.

BOM4 MH-BYPOLL-CONGRESS (11.06 am)

Baramati bypoll: May withdraw from fray if FIR registered in Ajit Pawar plane crash, says Congress Mumbai: The Maharashtra Congress on Monday said it will consider withdrawing from the Baramati assembly bypoll if a first information report (FIR) is registered in the plane crash that killed former Deputy Chief Minister Ajit Pawar.

BOM6 MH-SENA UBT-CONG (12.16 pm)

Congress slams Sena (UBT) for accusing it of using regional allies as ‘crutches’ Mumbai: The Congress on Monday hit out at the Shiv Sena (UBT) over the latter's accusation that the grand old party was using regional outfits as "crutches", and not treating them as "equal stakeholders" in the Opposition alliance.

CAL22 AS-POLLS-HIMANTA-LD CONG (12.36 pm)

Cong concocted charges against my wife using false info from Pak social media group: Assam CM Guwahati: Assam Chief Minister Himanta Biswa Sarma on Monday claimed the Congress has concocted the charge that his wife has multiple passports and owns properties in Dubai, using false information from a Pakistani social media group.

CAL13 JH-IED-EXPLOSION (11.47 am)

CRPF's CoBra jawan injured in IED explosion in J'khand's West Singhbhum Chaibasa: A jawan of CRPF's CoBRA battalion was injured when an IED planted by CPI (Maoists) exploded in Jharkhand's West Singhbhum district, a police officer said on Monday.

MDS18 TN-POLLS-UDHAYANIDHI (11.52 am)

TN will never accept Hindi imposition, says Udhayanidhi Stalin Thanjavur (Tamil Nadu): Tamil Nadu Deputy Chief Minister Udhayanidhi Stalin on Monday hit out at Union Education Minister Dharmendra Pradhan for criticising Chief Minister M K Stalin on the language row and said the state will never accept the three-language formula, but will follow the dual language policy of Tamil and English.

MDS4 KL-BHAGWAT (10.58 am)

Nation's prosperity key to individual progress: Mohan Bhagwat Kochi: RSS chief Mohan Bhagwat on Monday said individual prosperity can be achieved only when the country is prosperous and secure.

LEGAL LGD14 SC-VEDANTA-ADANI (12.50 pm)

SC does not interfere with order allowing Adani to acquire JAL, asks NCLAT to decide expeditiously New Delhi: The Supreme Court on Monday did not interfere with the order of the National Company Law Appellate Tribunal (NCLAT), which had refused to stay Adani Group's Rs 14,535 crore bid to acquire Jaiprakash Associates Ltd (JAL).

LGD13 DL-HC-PURI- EPSTEIN (12.50 pm)

Epstein links: HC refuses to entertain activist's plea against Hardeep Puri's daughter New Delhi: The Delhi High Court on Monday rejected an activist's appeal against an order directing him to take down social media content linking Union minister Hardeep Singh Puri's daughter to convicted American sex offender Jeffrey Epstein. It asked him to air his grievances before the single judge who had passed the order.

LGD12 SC-2020 RIOTS-TASLEEM (12.11 pm)

SC grants 2 more weeks to Delhi Police to file reply on bail plea of accused in 2020 riots case New Delhi: The Supreme Court on Monday granted two more weeks to Delhi Police to file its response on the bail pleas of Tasleem Ahmed and Abdul Khalid Saifi, accused in the February 2020 riots-related "larger conspiracy" case.

LGD5 SC-KHANDU-PROBE (11.15 am)

SC orders CBI enquiry into award of contracts to firms linked to Arunachal CM's kin New Delhi: The Supreme Court on Monday directed the CBI to register a preliminary enquiry within two weeks into the award of contracts for public works in Arunachal Pradesh to firms allegedly owned by family members of Chief Minister Pema Khandu.

BUSINESS DEL8 BIZ-PMI-SERVICES (11.32 am)

India's service economy rose at softest pace in 14 months in March: PMI New Delhi: India's services sector growth momentum rose at the softest pace in 14 months in March, mirroring the slowdown in new business intakes, a monthly survey said on Monday.

FGN13 BIZ-WIPRO-OLAM GROUP (10.07 am)

Wipro bags USD 1 bn deal from Olam Group; to acquire Mindsprint for USD 375 mn Singapore/New Delhi: IT services firm Wipro has secured an eight-year transformation deal with Singapore-based food and agri-business major Olam Group, which is expected to exceed USD 1 billion (about Rs 9,314 crore) in contract value.

FOREIGN FGN19 BANGLA-INDIA-ENVOY (12.39 pm)

Indian envoy meets B’desh PM; signals positive, constructive ties Dhaka/New Delhi: Indian envoy Pranay Verma on Monday met Bangladesh Prime Minister Tarique Rahman and conveyed New Delhi’s intent to pursue "positive", "constructive", and people-centric ties with Dhaka based on mutual interest.

PTI RUK RUK

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