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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
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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.
April 2, 2026
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Quarterly TDS statement for non-salary payments requires deductor details, deductee-wise reporting, and prescribed filing steps.
Form No. 140 is the quarterly TDS statement for non-salary payments to resident deductees, filed by persons responsible for deduction of tax on specified payments such as interest, commission, brokerage, professional fees, and rent. The form requires deductor particulars, tax payment details, and a deductee-wise annexure covering PAN, amount paid or credited, tax deducted and deposited, deduction rate, and related certificate details. Filing is quarterly, supported by challans and PAN details, and involves preparation, validation, and upload through the prescribed electronic or facilitation-centre process.
April 2, 2026
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Foreign exchange market curbs drive rupee higher as banks adjust positions under Reserve Bank restrictions.
Reserve Bank of India measures to curb banks' activity in the onshore and derivative foreign exchange markets led to a sharp appreciation in the rupee after recent volatility and heavy pressure from capital outflows, a stronger dollar and higher crude prices. The central bank capped the net open position on the Indian rupee for banks at USD 100 million and required compliance by a specified deadline, while also restricting authorised dealers from offering non-deliverable derivative contracts involving the rupee to resident or non-resident users. Users were further barred from rebooking foreign exchange derivative contracts, whether deliverable or non-deliverable, once cancelled after the issuance of the instructions.
April 2, 2026
Show AI Summary
Tax deduction statement filing governs quarterly reporting, electronic submission, correction limits, and acknowledgment for non-salary resident payments.
Form No. 140 is the quarterly electronic statement of deduction of tax at source for non-salary payments made to resident deductees, and it is mandatory for all deductors responsible for such payments. It must be filed within the prescribed quarterly due dates, cannot be edited after submission, and corrections may be filed only after processing by CPC-TDS within the specified two-year time limit. Successful filing on the TRACES portal generates an Acknowledgment Receipt Number.
April 2, 2026
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Excess TDS and TCS refund claims move through a TRACES-based electronic form with pre-filled challan details and digital signing.
Form No. 139 is the electronic refund application by which a deductor, collector, or eligible taxpayer may claim refund of excess tax paid under Chapter XIX. Filing is permitted where the corresponding TDS or TCS statement has been processed and the excess remains as an unmatched or unconsumed challan credit. The application requires challan particulars, utilisation details, refund amount, declaration, digital signature, and supporting bank and tax records.
April 2, 2026
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Excess TDS/TCS refund claims under Form No. 139 must be filed online, after processing, and only when credit remains unallowed.
Form No. 139 is the prescribed online application for a deductor or collector to claim refund of excess TDS/TCS deposited under Chapter XIX-B of the Income-tax Act, 2025, where the excess is not adjusted against any other liability in the system. The form may be filed only after the relevant statement has been processed, cannot be edited after acknowledgment is generated, and is not maintainable once the deductee has been allowed credit for the same tax. Approved refunds, along with interest, are credited to the prevalidated bank account, and refund arising from appellate or rectification orders does not require filing of the form.
April 2, 2026
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Quarterly TDS statement for salary and specified senior citizen income streamlines deductor reporting, annexures, and filing compliance.
Form No. 138 is the quarterly TDS statement for salary and specified senior citizen income, replacing Form 24Q and being filed under the Income-tax Act, 2025 and the Income-tax Rules, 2026. It is used by employers and specified deductors to report tax deducted and deposited, together with deductor particulars, deductee-wise details, and quarterly annexures. Annexure I applies to all quarters, while Annexure II and Annexure III are filed only in the last quarter for salary and specified senior citizen income details.
April 2, 2026
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Quarterly TDS statement filing requires electronic submission, prescribed annexures, correction limits, and timely compliance for tax credit reporting.
Form No. 138 is a quarterly electronic TDS statement required from employers deducting tax from salaries and specified banks deducting tax from pension and interest income of specified senior citizens. Only Annexure-I is filed for all quarters, while Annexure-II and Annexure-III are filed only for Q4. The form must be filed within the prescribed quarterly due dates, cannot be edited after submission, and may be corrected within two years after processing by CPC-TDS.
April 2, 2026
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TDS/TCS book adjustment reporting requires monthly filing of Form 137 for government office tax credits.
Form No. 137 is the monthly TDS/TCS book adjustment statement filed by Government offices and related accounts offices to report tax deducted or collected without challan and credit it to the Central Government account through the book adjustment system. It is filed under the Income-tax Rules, 2026 by offices remitting TDS/TCS through book entry rather than challan, with prescribed due dates, accounts office particulars, DDO-wise transfer voucher details and supporting AIN, TAN and voucher data. Processing generates Book Identification Numbers for DDOs for use in quarterly TDS/TCS statements.
April 2, 2026
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TDS/TCS book adjustment reporting requires mandatory electronic filing, AIN-based processing, and BIN generation for government offices.
Form No. 137 is the monthly consolidated TDS/TCS book adjustment statement for government offices where tax is credited to the Central Government without challan payment. It is mandatory for the concerned Accounts Officer, must be filed electronically within the prescribed time, and may be revised to correct mistakes. An Accounts Office Identification Number is required, and processing of the form generates a Book Identification Number used for related TDS/TCS statements and tax credit flow.
April 2, 2026
Show AI Summary
Customs duty exemption on critical petrochemicals aims to steady supply chains and ease input costs across manufacturing sectors.
Temporary customs duty exemption granted on critical petrochemical products to address supply disruptions arising from the West Asia conflict and consequent global shipping and supply chain disturbances. The measure is directed at preserving the availability of essential petrochemical inputs for domestic industry, maintaining supply stability, and easing cost pressures on sectors dependent on petrochemical feedstock and intermediates, including plastics, packaging, textiles, pharmaceuticals, chemicals and automotive components. The exemption applies to specified petrochemical goods, including methanol, anhydrous ammonia, toluene, styrene, dichloromethane, vinyl chloride monomer, poly butadiene, styrene butadiene and unsaturated polyester resins.
April 2, 2026
Show AI Summary
Accounts Office Identification Number application governs book-adjustment TDS/TCS reporting, supervisory verification, and TRACES-based allotment.
Form No. 136 is the statutory application for allotment of an Accounts Office Identification Number (AIN) to government Accounts Officers making TDS/TCS payments through book adjustment without challan production. The form is required only once, and the allotted AIN is mandatory for filing Form No. 137 statements for monthly reporting of such remittances. It requires applicant particulars, declarations, supervisory counter-verification, and code-based annexures, and may be filed online on TRACES or offline before the jurisdictional Commissioner of Income-tax (TDS).
April 2, 2026
Show AI Summary
Accounts Office Identification Number rules govern AIN allotment, filing modes, eligibility, and later modification for government offices.
Form No. 136 is the application for allotment of an Accounts Office Identification Number (AIN) for Central and State Government Accounts Offices making TDS/TCS payments through book adjustment. AIN is a unique seven-digit identifier, and non-government offices are not eligible. The form may be filed online through the TRACES portal or offline before the jurisdictional Commissioner of Income-tax (TDS). Only one AIN is allotted to an Accounts Office, and details may later be modified. TAN is not mandatory, though it must be mentioned if already available.
April 2, 2026
Show AI Summary
Tax Deduction and Collection Account Number forms now require category-specific details, documents, and streamlined filing rules.
Forms Nos. 134 and 135 are prescribed for allotment of a unique Tax Deduction and Collection Account Number (TAN), with Form 134 for Government applicants and Form 135 for non-Government applicants. They apply to persons required to deduct or collect tax at source, file TDS/TCS statements, or issue TDS/TCS certificates. The revised forms separate Government and non-Government categories and require category-specific particulars, mandatory PAN-related details, and supporting documents. The process may be completed online or physically and results in TAN allotment and dispatch of the TAN letter.
April 2, 2026
Show AI Summary
Tax Deduction and Collection Account Number rules define TAN application forms, eligibility, documents, fee and correction procedures.
TAN is the unique identifier used for TDS and TCS compliances and must be quoted in related communications and filings. Under the Income-tax Rules, 2026, TAN applications are made through Form No. 134 for Government category deductors and Form No. 135 for non-Government applicants, either offline at authorised PAN centres or online through the prescribed portals. Incomplete applications are treated as invalid, post-submission edits are not permitted, correction requests may be made after allotment, and the fee is payable. Government applicants require AIN and the prescribed certificate; non-Government applicants require identity, address and incorporation-related documents, with PAN mandatory.
April 2, 2026
Show AI Summary
Bail cancellation for non-compliance leads to surrender, passport restraint, forfeiture of deposit, and insolvency-linked conditions.
Cancellation of bail granted in connection with the alleged Grand Venice Mall scam after non-compliance with bail conditions. The Supreme Court directed surrender within one week, barred release of the passport without leave of the Court, and ordered forfeiture and disbursal of the deposited bail amount. Fresh regular bail may be sought only after twelve months and subject to compliance with the insolvency proceedings invoked against the petitioner's companies under the Insolvency and Bankruptcy Code, 2016.
April 2, 2026
Show AI Summary
TCS certificate issuance rules govern Form No. 133, including TRACES generation, correction, duplicate issue, and credit claims.
Form No. 133 is the prescribed TCS certificate under section 395(4)(a) of the Income-tax Act, 2025, issued by the person responsible for collection of tax at source to the collectee as proof of tax collected and deposited with the Central Government. It enables the collectee to claim TCS credit on filing the return of income. The certificate is generated only after filing and processing of the quarterly TCS statement in Form No. 143 through the TRACES portal, must be issued within the prescribed time, and may be corrected, preserved, or reissued as a duplicate in accordance with the stated requirements.

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PMLA / Black Money

Delhi Court grants bail to 'conman' Sukesh Chandrasekhar in ED case

April 7, 2026

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New Delhi, Apr 7 (PTI) A Delhi court on Tuesday granted bail to alleged conman Sukesh Chandrasekhar in an ED case related to the AIADMK's "two leaves" election symbol, noting that he had undergone detention exceeding half of the maximum seven-year sentence prescribed under the Prevention of Money Laundering Act.

Special Judge Vishal Gogne said the court's decisions cannot "preach liberty", the most sacrosanct constitutional norm, while "playing footsie with the state upon the bogey of special legislation or economic offences".

Chandrasekhar, who has been incarcerated in the present case since April 1, 2022, will, however, remain in jail in other pending cases lodged against him. He has secured bail in 26 out of 31 cases against him.

The Enforcement Directorate's (ED's) case stems from a 2017 Delhi Police FIR, which alleged that Chandrasekhar acted as a middleman for AIADMK leader T T V Dinakaran and tried to bribe an Election Commission of India (ECI) official to secure the party's "two leaves" symbol for the faction led by V K Sasikala.

The FIR alleged that Rs 1.3 crore cash was recovered from the accused, which was allegedly intended to be used for exercising undue influence with the ECI for obtaining a favourable election symbol for the Sasikala faction of the AIADMK.

According to the federal agency, Chandrasekhar coordinated with Dinakaran for the generation of proceeds of crime of Rs 2 crore and got it transferred from Chennai to Delhi, and later utilised and projected the proceeds of Rs 63.78 lakh as untainted money by making certain payments.

"Liberty being the most sacrosanct norm in our Constitution, the court cannot preach liberty from its decisions while playing footsie with the state upon the bogey of special legislation or economic offences," Judge Gogne said.

He said while the offence of money laundering remains grave in nature, a special legislation like PMLA is not a "grouse" of the state to be exacted upon the liberty of an accused through the court.

"Thus, the existence even of 31 cases (including the present case) against the accused does not defeat his right to bail in this particular case when the period of detention has crossed the threshold of half of the period of proposed imprisonment under section 4 (punishment for money laundering) of the PMLA, more so, when he is already on bail in 26 out of the 31 cases," the judge said.

He noted that proceedings in the present case and in the predicate offence had been effectively stayed by the Delhi High Court, and that in the present case the accused "has not only served excessive detention during trial but also stands to suffer further prolonged detention without trial".

The high court had stayed the proceedings in the predicate case, which was at the stage of prosecution submitting its evidence, on September 30, 2019, while the ED case, at the stage of the accused leading defence evidence, had been stayed through its order dated January 6, 2024.

Rejecting the agency's "strident opposition" to the bail plea, the judge said that speedy trial of the accused was improbable and that "the circumstances of the accused" were "ripe" for extending him the near-mandatory benefit under Section 479 (1) of the Bharatiya Nagarik Suraksha Sanhita (BNSS).

The provision mandates that a person who has spent half of the maximum imprisonment period as an undertrial, except for offences punishable with death or life imprisonment, would be released on bail.

Allowing the plea, the judge said, "The court would record a plea of its judicial conscience to state that while liberty may, more often than not, lend itself to absolutism, arguments advocating wanton restraint upon liberty merit no such indulgence." The court directed the accused to furnish a personal bond and surety bond of Rs 5 lakh each, besides imposing several other stringent conditions.

These include the accused not contacting, influencing or coercing any person or witness, furnishing his address and mobile phone number, surrendering his passport and not leaving the country.

The present court had earlier granted him bail in the Delhi Police's case for the scheduled offences under the Indian Penal Code (IPC) and the Prevention of Corruption Act provisions on August 30, 2024. PTI MNR MNR KSS KSS

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