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March 28, 2026
Show AI Summary
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
Show AI Summary
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
Show AI Summary
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
Show AI Summary
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
Show AI Summary
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
Show AI Summary
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
Show AI Summary
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
Show AI Summary
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
Show AI Summary
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
Show AI Summary
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
Show AI Summary
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
Show AI Summary
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
Show AI Summary
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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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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