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March 30, 2026
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Pass-through income reporting under business trust rules through Form 77 and classified disclosure for unitholders.
Form 77 is the prescribed statement for furnishing income distributed or credited by a business trust to each unitholder under section 223. It is generated from the parent Form 76 through the prescribed e-filing portal, is not filed separately or offline, and must be furnished by 30 June of the following financial year. The form supports compliance by classifying pass-through income and assisting unitholders in reporting income under the appropriate heads.
March 30, 2026
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Business trust income reporting through Form 76, capturing distributions to unit holders under the pass-through taxation framework.
Form 76 is the annual income-tax statement required from a Business Trust registered with SEBI as a REIT or InvIT for reporting income distributed to unit holders under section 223 of the Income Tax Act, 2025 and rule 145 of the Income Tax Rules, 2026. The form captures the trust's basic details, trustee particulars, SEBI registration data, listing status, income classification, unit holder-wise distribution, and capital redemption details, and is to be filed electronically by 15 June of the financial year following the relevant tax year.
March 30, 2026
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RBI net open position cap for banks lifts rupee in early trade as dollar exposure is reduced
RBI lowered the net open position that banks may keep overnight to USD 100 million, requiring compliance by 10 April 2026. The circular was aimed at limiting banks' currency exposure in onshore foreign exchange markets and prompted position adjustment by banks holding long dollar positions. The measure had an immediate market effect, with the rupee recovering in early trade after recent weakness.
March 30, 2026
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Pass-through taxation for business trusts through Form 76 filing, income distribution reporting, and online compliance requirements.
Form 76 is the prescribed online statement for income paid or credited by a Business Trust to its unitholders. It must be filed by the person responsible for distributing income on behalf of the trust by 15 June of the following financial year, and the filer must possess the relevant registration certificate, audited accounts, and certified income distribution records. The form supports pass-through taxation for Business Trusts and the exemption structure for specified income streams.
March 30, 2026
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Pass-through income reporting through Form 75 enables investor-wise disclosure by venture capital funds and companies.
New Form 75 is a child form generated from Form 74 for furnishing an investor-wise statement of income paid, credited or deemed to be credited by a Venture Capital Company or Venture Capital Fund to investors. Linked to section 222 of the Income-tax Act, 2025 and rule 145 of the Income-tax Rules, 2026, it provides head-wise details of pass-through income for reporting in the return of income. The form is prepared annually for each investor, verified by the authorised person of the VCC or VCF, and distributed through the e-filing process.
March 30, 2026
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Member-driven WTO reforms discussed as India and the European Union review trade cooperation and advance free trade agreement processes.
India and the European Union reviewed trade and economic cooperation on the sidelines of the WTO Ministerial Conference, with discussion on WTO reform, the moratorium on customs duties on electronic transmissions, and the Investment Facilitation for Development Agreement. The parties agreed that WTO reforms should remain member-driven and considered steps to complete the necessary processes for the early signing of the recently concluded India-EU Free Trade Agreement.
March 30, 2026
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India-Canada CEPA talks advance alongside wider sectoral cooperation and WTO reform discussions at MC14.
India and Canada discussed expediting CEPA negotiations and broadening sectoral cooperation in shipbuilding, pharmaceuticals, tourism, education, nuclear energy, agriculture and critical minerals. The Ministers also exchanged views on WTO reforms, the customs duties moratorium on electronic transmissions, the Investment Facilitation for Development Agreement, dispute settlement and the MPIA, while India stressed consensus-based WTO decision-making and priority for unfinished agricultural mandates.
March 30, 2026
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India-UK trade cooperation advances as both sides review CETA implementation and promote wider stakeholder outreach.
India and the United Kingdom reviewed implementation of the India-UK Comprehensive Economic and Trade Agreement after completing internal approval processes, and looked forward to its entry into force in line with the agreed timeline. The discussion also emphasised outreach initiatives, business delegations and regional engagement to broaden stakeholder use of the agreement and ensure its benefits reach businesses across both countries.
March 30, 2026
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Member-driven WTO reform and India-New Zealand trade cooperation advance alongside FTA progress and sectoral engagement.
India and New Zealand discussed preparations for the Prime Minister's visit, progress toward the India-New Zealand Free Trade Agreement, and practical cooperation in agriculture and sports. India reiterated support for a member-driven WTO, emphasising General Council-led reform, consideration of the moratorium on customs duties on electronic transmissions, and incorporation of the Investment Facilitation for Development Agreement, while both sides stressed the need for clarity, progress, and continued member engagement.
March 30, 2026
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Fisheries subsidies negotiations stress equity, sustainability and special treatment for developing countries and artisanal fishers.
India's position in the fisheries subsidies negotiations at the World Trade Organization centred on preserving sustainability, equity and development space in the second phase of discussions on overcapacity and overfishing. India supported a Ministerial Decision that would guide Phase II negotiations in line with Sustainable Development Goal 14.6 and emphasised the need for Special and Differential Treatment for developing countries and least developed countries, together with the principles of Common but Differentiated Responsibilities and Respective Capabilities and the Polluter Pays Principle. India pressed for a lengthy transition period, stronger disciplines on distant-water industrial fishing fleets, a permanent carve-out for small-scale and artisanal fishers, and subsidy disciplines based on per capita intensity.
March 30, 2026
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WTO e-commerce duty moratorium remains unresolved as members fail to agree on extension and talks continue
Failure to agree at the WTO Ministerial Conference on extending the moratorium on customs duties for electronic transmissions leaves the issue unresolved, with negotiations to continue in Geneva. The moratorium on e-commerce duty bans, together with the related TRIPS non-violation and situation complaints moratorium, is due to expire at the end of the month. The conference also advanced WTO reform, fisheries subsidies negotiations, and decisions on small economies and special and differential treatment under the SPS and TBT Agreements.
March 29, 2026
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E-commerce customs duty moratorium extension faces split views as members debate digital trade and revenue implications.
World Trade Organisation members are negotiating whether to extend the moratorium on customs duties on electronic transmissions, including digital downloads and streaming, as the current extension is due to expire. Members remain divided on the duration of any further extension, with some opposing renewal or preferring a short extension and others seeking a longer period. The issue is linked to ongoing concerns over the treatment of digital imports and the scope of the duty ban that has been periodically renewed since 1998.
March 29, 2026
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Misdeclared import consignment leads to seizure of hydroponic marijuana at airport and arrest of one person.
Customs authorities at Pune International Airport seized a consignment of hydroponic marijuana that had been declared as food items and packed in boxes labelled as "Mandarin orange sacs". The goods arrived from Bangkok, and inspection revealed sealed tin cans containing a vacuum-sealed pack of hydroponic marijuana. The entire consignment yielded 76.58 kg of the contraband, and one person was arrested in connection with the seizure.
March 29, 2026
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Trade agreement negotiations advance as India discusses Canada, UK, EU and New Zealand economic cooperation priorities.
India and Canada discussed expediting negotiations for a comprehensive economic partnership agreement, alongside cooperation in high-tech sectors, clean energy transition, nuclear energy, agriculture, and critical minerals. India and the United Kingdom reviewed implementation of the comprehensive economic and trade agreement, with both sides completing their respective approval processes and looking forward to its entry into force. India and the European Union reviewed progress on the recently concluded free trade agreement, while India and New Zealand discussed preparations for the prime minister's upcoming visit.
March 29, 2026
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Strait of Hormuz shipping disruption eases as Indian LPG tankers safely transit and support domestic fuel supply.
Safe transit of Indian-flagged LPG tankers through the Strait of Hormuz has been maintained despite conflict-related disruption to shipping in the region. The passage of additional carriers, together with earlier arrivals of LPG, crude oil and gasoline vessels, has helped support India's fuel supply chain at a time when the country depends heavily on imported LPG for domestic cooking gas demand. Continued maritime monitoring, coordination for vessels remaining in the western Persian Gulf, and repatriation of Indian seafarers have also been facilitated.
March 29, 2026
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Jet fuel taxation relief is being explored to ease airline operating costs amid West Asia conflict pressures.
Measures are being explored to reduce the impact of the West Asia conflict on airlines, including discussions with state governments on lowering taxes on jet fuel. Airlines are facing higher operating costs because of surging oil prices, airspace curbs, and longer flight routes, with aviation turbine fuel forming a substantial part of total expenses and value added tax on such fuel varying across states.
March 29, 2026
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Tea land transfer concerns prompt calls for clear guidelines, labour law harmonisation, and protection of industry liabilities.
Tea planters' body has sought clear guidelines before implementation of the amended law for transfer of housing line land to tea garden workers, citing administrative, financial and legal complications where land is mortgaged and labour quarters are company-built assets. It has also pointed to continuing management responsibility for housing and welfare amenities under labour law, urged full recognition of in-kind benefits for wage computation, requested release of pending subsidy payments, and called for policy support, market diversification, quality control, and a minimum sustainable price for made tea.
March 28, 2026
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National unity and aviation expansion drive highlighted as leaders urge restraint amid global crises and promote regional growth.
Prime Minister urged unity and restraint in responding to global crises, warning political parties against divisive remarks that may harm national interests. He linked the inauguration of Noida International Airport, its cargo terminal and MRO facility to a broader push for connectivity, regional growth and lower travel costs. The address also highlighted aviation expansion, the UDAN scheme, logistics development, transport infrastructure and self-reliance in the MRO sector.
March 28, 2026
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Aviation and infrastructure policy drive regional growth, affordable travel, domestic maintenance capacity and reduced import dependence.
Government policy on aviation, infrastructure and energy is presented as part of a broader strategy to advance economic development, improve citizen convenience and strengthen national resilience amid global disruption. The address emphasised safeguarding the interests of families and farmers, reducing costs and saving time, while maintaining calm and unity during external crises. It also highlighted the inauguration of Noida International Airport as a transport and logistics hub, the expansion of the UDAN scheme, development of domestic maintenance, repair and overhaul capacity, and ethanol blending as a measure to reduce crude oil imports and foreign exchange outgo.
March 28, 2026
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BFSI innovation platform brings together digital banking, cybersecurity, AI solutions, and regulatory dialogue for industry leaders.
IBEX India 2026 is presented as a dual-track BFSI platform combining a trade exhibition and a leadership conference to showcase and strategise innovation in banking and financial services. The exhibition brings together technology providers, fintech participants and BFSI solution specialists to present banking technologies, cybersecurity tools, AI-driven solutions, IT infrastructure services, KYC and onboarding solutions, surveillance systems and payment services intended to improve operational efficiency. The conference discusses digital transformation, cybersecurity resilience, the interaction between traditional banking and fintech, and the evolving regulatory landscape, including the growing role of AI.

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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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