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April 2, 2026
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TDS and TCS certificate rules shift to revised TRACES-based forms with defined issuance timelines and certificate structures.
TDS and TCS certificates under section 395(4) of the Income-tax Act, 2025 are to be issued in revised Form Nos. 130, 131, 132 and 133, replacing the earlier certificate forms under the Income-tax Act, 1961. The deductor, collector or employer must request generation and download through the TRACES portal, and the certificate is valid only when generated from that portal and signed digitally or physically by the deductor or collector. The revised forms prescribe separate issuance timelines, certificate structures and linkage to the relevant statements or challan-cum-statements.
April 2, 2026
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TDS certificate Form No. 130 formalises tax credit for salary, pension, and specified senior-citizen interest income.
Form No. 130 is the annual TDS certificate issued to salaried employees, pensioners, and specified senior citizens in relation to salary, pension, or eligible interest income on which tax has been deducted and deposited. It replaces Form 16 and serves as proof of deduction and deposit of tax, enabling the deductee to claim credit for TDS. The certificate is issued by the employer or specified bank through the TRACES system, after processing of quarterly TDS statements, and issuance is mandatory once tax has been deducted and deposited.
April 2, 2026
Show AI Summary
Tax deduction before remittance governs Form 129 applications to determine taxable income and treaty-based withholding for non-resident payments.
Form No. 129 is the electronic application used by a payer remitting sums, other than salary, to a non-resident individual or a foreign company to obtain a certificate determining the amount chargeable to tax before remittance and to authorise deduction of tax on that amount. The form applies before remittance, may be withdrawn before an order is passed, and requires payer and payee particulars, transaction details, supporting documents, and treaty-based or domestic taxability details for assessment by the Assessing Officer.
April 2, 2026
Show AI Summary
GST revenue collections and refund adjustments for March 2026 show provisional gross, net and cess figures across domestic and import streams.
Gross and net GST revenue collections for March 2026 are reported on a provisional basis, with separate disclosure of domestic and import collections, refunds, net revenue and compensation cess. The statement presents gross GST revenue by CGST, SGST and IGST, shows domestic refunds and export-linked GST refunds through ICEGATE, and derives net domestic revenue, net customs revenue and total net GST revenue after refund adjustments. It also notes that compensation cess is a transitory arrangement until the loan and interest liability is discharged, and that the figures may vary on finalisation.
April 2, 2026
Show AI Summary
Tax deduction at lower or nil rate through Form No. 129 for non-resident payments and remittances.
Form No. 129 is an online application by a payer to obtain a certificate for deduction of tax at a lower or nil rate on payments to a non-resident or foreign company. It is filed before remittance, requires supporting documents and verification through prescribed electronic methods, and may be withdrawn before the Assessing Officer passes an order. If eligibility and compliance requirements are satisfied, the Assessing Officer issues a certificate valid for the specified tax year; otherwise, tax is deducted at the applicable rate.
April 2, 2026
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Income-tax simplification and modernisation as the new Act replaces the old regime with streamlined compliance measures.
The Income-tax Act, 2025 comes into force from 1 April 2026 and replaces the long-standing Income-tax Act, 1961. The reform is presented as a comprehensive simplification and modernisation of India's direct tax framework, aimed at improving clarity, ease of compliance, and reader-friendly presentation without altering the underlying tax policy. The Income-tax Rules, 2026 have been notified to operationalise the new Act, and the corresponding forms have also been issued to make compliance simpler.
April 2, 2026
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Export obligation discharge certificates see accelerated disposal under a special drive to clear backlog and ease exporter compliance.
The Directorate General of Foreign Trade conducted a time-bound special drive for expeditious issuance of Export Obligation Discharge Certificates under the Advance Authorisation and Export Promotion Capital Goods schemes, with daily monitoring by senior officials to accelerate closure of export obligations and improve trade facilitation. The drive was designed to support an exporter-friendly ecosystem by enabling release of bank guarantees and bonds, reducing grievance burden, and strengthening compliance monitoring under the foreign trade framework. In view of the campaign's results, the special drive was extended for a further two months with fresh guidelines. The extension continues the administrative effort to expedite EODC disposal, support timely closure of export obligations, and reduce the operational burden on exporters.
April 2, 2026
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Conditional customs duty concessions for SEZ to DTA clearances impose value addition, cap limits, and anti-double-benefit safeguards.
Conditional customs duty concessions are notified for clearance of goods manufactured in Special Economic Zones to the Domestic Tariff Area, subject to a ceiling of 30 per cent of the highest annual Free on Board export value in the preceding three financial years. Eligible units must satisfy minimum 20 per cent value addition, obtain a Development Commissioner's certificate, and comply with audit requirements, while export benefits such as duty drawback on inputs are barred to prevent double benefits.
April 2, 2026
Show AI Summary
Lower or nil tax deduction certificate process under income tax law through electronic Form 128 filing and approval.
Form No. 128 is the electronic application under the Income-tax Act, 2025 for a certificate authorising lower or nil deduction of tax at source and lower collection of tax under section 395(1) and section 395(3). It may be filed by resident or non-resident applicants seeking reduced TDS or TCS on specified income, and requires applicant details, tax liability particulars, income estimates, supporting financial information, and payer/TAN details where applicable. The form is processed electronically, and any approved certificate can be shared with the payer for application of the authorised rate during its validity.
April 2, 2026
Show AI Summary
Lower or nil tax deduction certificate through TRACES requires advance electronic filing, PAN, and supporting documents.
Form No. 128 is the electronic application for a certificate authorising lower or nil deduction of income-tax and lower collection of income-tax under section 395(1) and section 395(3) of the Income-tax Act, 2025. The form is optional, must be filed through the TRACES portal before the relevant transaction, and cannot be processed once the TDS/TCS transaction is completed. It requires PAN, supporting documents, and electronic submission with e-verification.
April 2, 2026
Show AI Summary
Tax collection at source declaration for non-trading use of goods enables buyers to obtain goods without TCS.
Form No. 127 is the declaration required from a buyer to obtain goods without collection of tax at source where the goods are intended for manufacturing, processing, production, or generation of power and are not meant for trading. The buyer must furnish the declaration to the seller at or before the purchase or payment event, and the seller must verify the declaration, upload monthly details to the e-filing portal by the 7th of the following month, and forward the declaration to the tax authority.
April 2, 2026
Show AI Summary
TCS exemption declaration for specified goods requires PAN, timely filing, and seller reporting obligations.
Form No. 127 is a buyer's declaration under section 394(2) of the Income-tax Act, 2025 for obtaining specified goods without collection of tax at source. A resident buyer may furnish the declaration to the seller where the goods are intended for manufacturing, processing, producing articles or things, or generating power, and not for trading. PAN is mandatory, the declaration must be furnished on or before the date of transaction, and once received the seller must report the particulars and include the transactions in the quarterly TCS statement.
April 2, 2026
Show AI Summary
Tax deduction relief for non-resident branch operations through a unified Form No. 126 compliance framework.
Form No. 126 is a unified self-declaration and treaty-benefit request for specified non-residents carrying on business or profession in India through a branch to obtain a certificate for receipt of certain sums without deduction of tax at source. Banking companies and insurers, and other eligible non-resident persons, must satisfy the conditions in Rule 209, including tax compliance, branch-based receipt on own account, and, for non-banking applicants, continuous business in India for five years and prescribed fixed assets. The application is filed electronically, processed by the Assessing Officer, and the certificate remains valid for the relevant tax year unless cancelled earlier.
April 2, 2026
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Rupee recovery follows RBI cap on banks' net open position amid capital outflows and crude-driven pressure.
Rupee recovered in early trade after the Reserve Bank of India capped banks' net open position in the onshore forward delivery market and required compliance by April 10, 2026. The currency remained under pressure from foreign capital outflows, a stronger dollar, rising crude oil prices, geopolitical volatility, widening trade deficit, declining remittances and sustained foreign portfolio investor selling.
April 2, 2026
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Customs duty exemption on critical petrochemical imports aims to stabilise supply chains and ease cost pressures.
Full customs duty exemption has been granted on specified critical petrochemical imports as a temporary and targeted measure to protect supply stability amid disruptions in global supply chains caused by the West Asia crisis. The exemption is intended to ensure continued availability of essential petrochemical inputs for domestic industry, reduce cost pressures on downstream sectors, and provide relief to consumers of final products. The exemption remains valid until June 30 and covers Methanol, Anhydrous ammonia, Toluene, Styrene, Dichloromethane, Vinyl chloride monomer, Poly butadiene, Styrene butadiene and Unsaturated polyester resins.
April 2, 2026
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GST fraud through fake firms and fake invoices exposed alleged illegal input tax credit claims and circular trading.
GST fraud involving fake firms, shell companies, fake invoices and circular trading was detected during a police investigation. The alleged racket used fake Aadhaar and PAN details to unlawfully avail input tax credit and underreported sales in GST returns, causing an estimated loss of around Rs 3 crore to the government exchequer, with the total involvement suspected to be higher. One accused was arrested, while efforts continued to trace other persons involved.
April 1, 2026
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GST revenues rise on stronger imports and domestic sales, marking one of the highest monthly collections this fiscal.
GST revenues rose about 9 per cent in March to over two lakh crore rupees, reaching the third highest monthly collection in the 2025-26 fiscal. The increase was supported by higher receipts from imports as well as domestic sales and purchases, reflecting a recovery in tax mop-ups after earlier tax cuts.
April 1, 2026
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State GST collection growth in Haryana leads the country, driven by stronger compliance, economic activity and taxpayer base expansion.
State GST collection growth in Haryana was reported as the highest among all states in FY26, with post-settlement SGST collection rising to Rs 48,289 crore from Rs 39,743 crore in FY25. The increase of 21.5 per cent exceeded the national average SGST growth of 5.7 per cent. Total GST collection in the State also grew by 8.6 per cent, placing Haryana fifth among states and Union Territories in gross domestic GST collection.
April 1, 2026
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Insolvency resolution framework tightened to speed up admissions, reduce delays, and support rescue of viable businesses.
Parliament has amended the Insolvency and Bankruptcy Code to speed up admission and resolution of insolvency cases, reduce backlog, and preserve enterprise value. The changes introduce stricter timelines, greater reliance on information utilities, stronger liquidation oversight, and an enabling framework for group and cross-border insolvency. The bill also replaces the underused fast-track process with a creditor-initiated framework, exempts MSMEs from disqualification under specified provisions, and requires insolvency applications to be admitted within 14 days once default is established.
April 1, 2026
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Tax devolution dispute intensifies as Karnataka alleges unfair GST returns, denied compensation, and shrinking fiscal share.
Karnataka Chief Minister Siddaramaiah alleged that the Union Government's tax devolution and fiscal policy towards Karnataka amounted to tax terrorism or tax plunder, saying the state receives only a small share in return for its tax contribution. He said Karnataka has repeatedly raised concerns about unfair distribution of taxes, cess, surcharge revenues, GST compensation, and central funding, and claimed these issues have weakened the state's finances and increased dependence on borrowing. He also described GST implementation as flawed and unscientific, leading to significant financial losses.

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Corp. Laws / SEBI / IBC

Adani wins US court hearing in push to throw out SEC fraud suit

April 8, 2026

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New York, Apr 8 (PTI) A US judge granted a request from billionaire Gautam Adani to schedule a hearing in his effort to dismiss a US Securities and Exchange Commission fraud case, which he says lacks necessary jurisdiction as well as fails on multiple reasons.

This followed lawyers of Adani and his nephew, Sagar filing a plea seeking dismissal of the case.

"The court has received Defendants' letter requesting a pre-motion conference on their anticipated motion to dismiss the Complaint. The court GRANTS that request and DIRECTS the parties" to schedule the pre-motion conference, the Eastern District court of New York said in its order.

In the filing, ​the Adanis' lawyers said there was no credible evidence supporting ​the alleged bribery scheme.

The SEC, they said, lacked necessary jurisdiction over the two men and that the alleged misstatements underpinning the case weren't actionable.

The case brought by SEC in November 2024 alongside a criminal complaint by the US Department of Justice, alleges that the Adanis sought to pay over USD 250 million in bribes to Indian officials to secure solar energy contracts and concealed the scheme from US investors and banks when they raised funds.

The Adani Group has denied all allegations, stating that none of its entities or executives have been charged under the US Foreign Corrupt Practices Act, and that Adani Green Energy - the renewable energy arm that raised the funds - is not a party to the proceedings.

While Gautam Adani chairs the Adani Group, Sagar Adani is executive director at Adani Green Energy.

The lawsuits had been stalled for over a year as the defendants, based in India, were not served notices. The group, which spans green energy, ports, realty, mining and news media, has continued to raise funds from global investors, including BlackRock, since the charges were filed.

The Brooklyn, New York court's decision to grant a hearing allows Adani to argue that the regulator's complaint should be thrown out at an early stage, potentially avoiding a protracted discovery process and trial.

In filings, Adani's legal team has argued that the case lacks sufficient jurisdictional basis and fails to establish actionable claims under US securities laws.

NO US JURISDICTION ------------------------ The Adanis argued that the court lacked personal jurisdiction, saying neither of them had sufficient contacts with the US or direct involvement in the bond offering.

The USD 750-million bond sale was conducted outside the United States under Rule 144A and Regulation S exemptions, with securities sold to non-US underwriters and only later resold in part to qualified institutional buyers, they said.

The plea stated that "in September 2021, Adani Green, which is not a US registrant, conducted a USD 750 million bond offering pursuant to SEC Rule 144A and SEC Regulation S, which are registration exemptions for private resales to qualified institutional buyers (QIBs) and for non-US sales, respectively".

"Adani Green sold all of the notes from the Offering outside the United States, via a Subscription Agreement, to non-US underwriters, who later resold the Notes to QIBs. A fraction of those resales -- in transactions to which Adani Green was not a party -- are alleged to have been made to 'investors in the United States'," it said.

The plea through the lawyers added that the complaint does not allege that Gautam Adani approved the issuance, attended key meetings, or directed any activity at US investors.

Stating that the SEC could not charge the two under the US Foreign Corrupt Practices Act, it instead recast its charges as a securities fraud case.

The filing states that the Adanis dispute that there is any credible evidence supporting the purported bribery scheme.

"Notably, the SEC does not allege that there were any investor losses, and there were none. The bonds have matured, and Adani Green repaid all principal and interest in full to investors in 2024," it added.

EXTRATERRITORIAL REACH CHALLENGED --------------------------------------------- The filing also contends the SEC's case is impermissibly extraterritorial, noting the securities were not listed in the United States, the issuer is Indian, and the alleged misconduct occurred entirely in India.

Citing US Supreme Court precedent, Adanis said the SEC failed to show any "domestic transaction", a requirement for applying US securities laws.

Under the sections invoked, the SEC must plausibly allege a "domestic transaction" and it must plead that "irrevocable liability was incurred or title was transferred within the United States".

The SEC charges against Adanis say nothing about where irrevocable liability was incurred, the plea said, adding that the mere fact, taken as true, that some downstream investors were located in the US is irrelevant to the case.

"The SEC's claims here solely involve Indian Defendants, an Indian issuer, securities not registered with the SEC and not traded on any US exchange, and underlying conduct alleged to have occurred exclusively in India," it said. "This case is thus conclusively beyond the reach of the US securities laws." NO INVESTOR LOSSES ------------------------- The defendants said the SEC does not allege any investor losses, adding that the bonds matured and were fully repaid with interest in 2024.

They also disputed the underlying bribery allegations, saying there is no credible evidence supporting such claims.

"The alleged bribery scheme relates to a solar energy project in India for the provision of renewable power in India. There is no allegation that any US company bid on the project, or that any US customer purchased energy in the project. In fact, there was no such US involvement," the plea said.

'PUFFERY' DEFENCE ---------------------- The filing argues that statements cited by the SEC -- relating to ESG commitments, anti-corruption practices, and corporate reputation -- amount to non-actionable "puffery", or general corporate optimism that investors cannot reasonably rely on.

It further said the SEC failed to link either defendant to specific misleading statements or demonstrate intent to defraud.

The defendants are seeking dismissal of the case in full and said they are prepared to appear for a pre-motion conference if required.

Adanis argued that the court lacks personal jurisdiction, saying neither had sufficient contacts with the US or direct involvement in the bond offering.

"The complaint contains no plausible allegation that Gautam Adani was involved in drafting, reviewing, or approving any document containing any alleged misstatement. Indeed, the SEC does not allege that Gautam Adani even knew these statements were being made," the plea said. "Because there are no allegations tying him to any alleged misstatement, the SEC's claims against Gautam Adani fail as a matter of law." The allegations against Sagar Adani are also deficient. "Even if 'multiple drafts' of the Offering Circular 'were provided to [him]', these allegations do not tie him to specific misstatements, much less show that he had 'ultimate authority' over their content," it said.

The SEC also fails to adequately plead that defendants acted with the requisite intent. "The SEC makes no plausible allegation that Defendants acted with knowledge or recklessness," it said.

The defendants intend to move to dismiss the SEC's complaint by April 30, 2026 and, as part of this process, have on April 7, 2026 submitted a letter with the EDNY (Eastern District New York) judge informing the court that the defendants are prepared to attend a pre-motion conference should the court wish to schedule one.

The filing of this letter is a standard procedural step in the legal process for the handling of such matters in accordance with the procedural rules prescribed by the EDNY judge.

In the letter, the defendants have briefly set out their grounds for dismissal of SEC's complaint, including that (i) the court concerned lacks personal jurisdiction over the defendants and the claims against them, (ii) the SEC's claims are impermissibly extraterritorial, (iii) the alleged misstatements by the defendants are too vague and general for any reasonable investor to rely upon as a guarantee of any concrete fact or outcome, making them inactionable, and (iii) the defendants' lack of involvement in the transaction bars the SEC's claims against them.

Gautam Adani is represented by Sullivan & Cromwell LLP, while Sagar Adani's counsel is Nixon Peabody LLP and Hecker Fink LLP.

SEC's CHARGES AGAINST ADANI ------------------------------------ The SEC has alleged that Gautam Adani, Sagar Adani and others orchestrated a USD 250 million-plus bribery scheme between 2020 and 2024 to secure solar energy contracts in India.

Their plea (termed as letter in US legal system) pointed out that SEC does not allege that there were any investor losses as there were none. The bonds have matured and all interest payments were made on time.

The court lacks personal jurisdiction over defendants and the claims against them should be dismissed under Rule 12(b)(2), the letter cited.

The SEC must plead that defendants had sufficient "minimum contacts" with the US and that the claims against them arose out of those activities, the letter pointed out. With respect to Gautam Adani, the SEC does not come close, the lawyers added.

The claims, according to the lawyers, "involve Indian Defendants, an Indian issuer, securities not registered with the SEC and not traded on US exchanges, and underlying conduct alleged to have occurred exclusively in India".

The SEC has not alleged underwriters who purchased the bonds from AGEL were US institutions as they weren't, or that the subscription agreement underlying the purchases was governed by US law as it wasn't.

"This case is thus conclusively beyond the reach of the US securities laws," the lawyers said.

The SEC has also failed to tie Sagar Adani to a single allegedly false or misleading statement, much less one directed at US investors, the letter added. PTI ANZ ANZ ANU ANU

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