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March 31, 2026
Show AI Summary
Deemed application for non-profit income requires electronic filing of Form 108 before the return due date.
Form 108 requires a registered non-profit organisation to electronically furnish a statement exercising the option under section 341(7) for treating regular income as deemed application under section 341(5). The annual filing is due before the return of income due date and covers computation of the shortfall in application and the reasons for that shortfall. A reported shortfall may be claimed as deemed application in the subsequent return of income.
March 31, 2026
Show AI Summary
Deemed application of income under FN 108 requires timely online filing by registered non-profit organisations.
Registered non-profit organisations may use FN 108 as the electronic statement for exercising the option to treat a shortfall in application of income as deemed application where income could not be applied because it was not received during the relevant tax year. The form is mandatory for such a claim, must be filed online by the return filing due date, requires a valid PAN, and cannot be edited after submission.
March 31, 2026
Show AI Summary
Registration and approval conditions under Form 107 govern validity, disclosure, commercial activity, and cancellation safeguards.
Form No. 107 is the written order passed by the jurisdictional Principal Commissioner or Commissioner on an application in Form No. 105 for regular registration or approval, rejection of the application, cancellation of registration or approval, or a mixed order granting one section code while rejecting another. It records applicant particulars, the unique registration or approval number, the section, date, nature of activity, validity period and relevant tax years, and where applicable the reasons for rejection or cancellation. The form also sets out conditions on application of income, commercial activities, books of account, compliance with law, and true and complete disclosure.
March 31, 2026
Show AI Summary
Registration and approval orders under Form 107 govern grant, rejection, cancellation, and validity periods for eligible applicants.
Form No. 107 is the written order by which the jurisdictional Principal Commissioner or Commissioner grants regular registration or approval, rejects the application, cancels registration or approval, or grants one section code while rejecting the other. It is passed on receipt of Form No. 105, ordinarily within six months from the end of the quarter in which the application is made. The order may issue a 16 digit alphanumeric Unique Registration Number, and the validity of regular registration or approval is generally five tax years, with stated exceptions extending validity in specified cases.
March 31, 2026
Show AI Summary
Provisional registration and approval conditions under Form 106 cover income use, commercial activity limits, and disclosure compliance.
Form No. 106 is the order through which the Commissioner of Income Tax (CPC) grants provisional registration or provisional approval, or rejects an application made in Form No. 104. It captures applicant details, the provisional registration or approval number, the period of validity, and the authority issuing the order. The form prescribes conditions on application of income, commercial activities, maintenance of separate books, compliance with law, and true disclosure, and it may be cancelled if false information is found or electronic filing requirements are not met.
March 31, 2026
Show AI Summary
Preferential allotment of equity shares under a resolution plan supports AI expansion, technology platforms, and working capital needs.
Preferential allotment of equity shares by a listed artificial intelligence and digital transformation company pursuant to a Resolution Plan approved by the National Company Law Tribunal and in compliance with applicable SEBI Regulations, the Companies Act, 2013 and stock exchange requirements. The allotment comprised equity shares issued to strategic investors in the public non-promoter category at a premium, with participation from alternative investment funds, strategic investors and high-net-worth individuals.
March 31, 2026
Show AI Summary
Provisional registration and approval under income tax rules require timely orders, a unique registration number, and compliance with filing requirements.
Provisional registration or provisional approval is granted through Form No. 106 after receipt of Form No. 104, with an order to be passed within one month from the end of the month of application. The provisional status remains valid for three tax years or up to six months from commencement of activities, whichever is earlier. The order issues a 16-digit Unique Registration Number and may later be cancelled after hearing if the application contains false or incorrect information or fails electronic filing and verification requirements.
March 31, 2026
Show AI Summary
Form 105 governs regular registration and approval of non-profit organisations, with filing, validity, documents, and re-application rules.
Form No. 105 is the electronic application for regular registration or regular approval of specified non-profit organisations and allied funds under the Income-tax Act, 2025. It covers applicants seeking registration to claim benefits available to registered non-profit organisations, and applicants seeking approval so that donations received may qualify for donor deduction. The form requires details of identity, formation, existing registration, income, office bearers, beneficial ownership, activities, assets, liabilities, and supporting documents. It also provides for filing timelines, validity periods, re-application, withdrawal, and correction of erroneous details before the order is passed.
March 31, 2026
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EMI calculators support smarter personal loan planning by helping borrowers assess repayments, tenure, and borrowing capacity in advance.
Personal loan planning increasingly depends on EMI calculators that allow borrowers to estimate monthly instalments, compare loan scenarios, adjust tenure for affordability, and assess the total cost of borrowing before applying. By entering the loan amount, tenure, and interest rate, applicants can review repayment obligations in advance and align borrowing decisions with monthly income and budget capacity, thereby supporting more disciplined financial planning and reducing the risk of over-borrowing. The personal loan product is presented as a flexible digital lending option with an online application process, minimal documentation, and fast approval features.
March 31, 2026
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Income tax return forms notified for assessment year 2026-27, setting filing eligibility across taxpayer categories and updated returns.
Income Tax Department notified all income tax return forms for assessment year 2026-27, enabling individuals, businesses and other entities to file returns for income earned in financial year 2025-26. The notification covers ITR forms 1 to 7 as well as ITR-U for updated returns, with the return-filing deadline for individuals and other non-audited taxpayers stated as 31 July. ITR-1 (Sahaj) is available to resident individuals with total annual income up to Rs 50 lakh deriving income from salary, one house property, other sources and agricultural income up to Rs 5,000. ITR-4 (Sugam) applies to individuals, Hindu Undivided Families and firms other than limited liability partnerships having total annual income up to Rs 50 lakh and income from business or profession. ITR-2 is for individuals and HUFs without business or professional income but having capital gains, while ITR-3 is for individuals and HUFs with income from proprietary business or profession.
March 31, 2026
Show AI Summary
Regular registration and approval for non-profit organisations through a common online form with event-based filing rules.
Form No. 105 is the common online application for regular registration of a non-profit organisation and for regular approval of a registered non-profit organisation or specified funds so that donor deductions may be available. It is mandatory only for applicants seeking these benefits, requires PAN, must be furnished electronically to the jurisdictional Principal Commissioner or Commissioner, and is filed within the prescribed time limits depending on commencement of activities, expiry of provisional status, expiry of existing registration or approval, inoperative registration, or modification of objects. The form is generally event-based, the regular registration or approval is ordinarily valid for five tax years, and a one-time re-application, withdrawal within seven days, correction before the order, and specified supporting documents are permitted.
March 31, 2026
Show AI Summary
Provisional registration and approval for non-profit organisations under Form 104 are granted through a simplified electronic application process.
Form No. 104 is the common electronic application for provisional registration or provisional approval for eligible non-profit organisations, registered non-profit organisations, regimental funds, and non-public funds established by the armed forces. It requires prescribed identification, incorporation, registration, ownership, return-filing, and supporting document details, and must be filed with the Commissioner of Income Tax (CPC) through the e-filing portal. Provisional registration or approval is granted through a written order with a Unique Registration Number, may be cancelled for false or non-compliant filings, may be surrendered if no exemption benefits were ever claimed, and may be withdrawn within seven days of filing.
March 31, 2026
Show AI Summary
Provisional registration and approval for non-profit organisations depend on online Form No. 104, mandatory PAN, and commenced activities rules.
Form No. 104 is the common electronic application for provisional registration under section 332(3) and provisional approval under section 354(2) for applicants whose activities have not commenced. It is filed online with the Commissioner of Income Tax (CPC), who must pass an order in Form No. 106 within one month from the end of the month of filing, unless the application is non-est. The provisional registration or approval is valid for three tax years or up to six months from commencement of activities, whichever is earlier, and may be cancelled for false information or defective filing. PAN is mandatory, offline filing is not permitted, and the form cannot be edited after submission.
March 31, 2026
Show AI Summary
PAN allotment forms simplified into category-specific applications with mandatory contact details, supporting documents and improved verification.
PAN allotment applications are to be made in revised Forms 93, 94, 95 and 96 for four applicant categories: individual citizens of India, Indian entities, individuals who are not citizens of India, and foreign entities. The forms are category-specific, self-explanatory and aligned with the Income-tax Act and rules, with online or physical filing through PAN service providers, document verification, transmission to the Income Tax Department, and PAN generation with dispatch of the physical card where opted.
March 31, 2026
Show AI Summary
Permanent Account Number application rules set forms, documents, fees, and correction procedures for Indian and foreign applicants.
Permanent Account Number (PAN) application is governed through prescribed forms for different applicant categories: Form 93 for individuals being citizens of India, Form 94 for non-individual Indian entities, Form 95 for individuals not being citizens of India, and Form 96 for non-individual foreign entities. PAN is a unique taxpayer identifier required for income-tax return filing and specified financial transactions. The application process requires prescribed supporting documents, incomplete or deficient applications are treated as invalid, and correction requests may be made separately after allotment.
March 31, 2026
Show AI Summary
Corporate governance through independent director appointment and audit committee leadership to improve oversight, controls and compliance.
Appointment of an independent director and audit committee chair to strengthen corporate governance, financial oversight and compliance mechanisms. The role is stated to include supervision of financial reporting integrity, internal controls, enterprise risk management, regulatory compliance and audit processes, with the appointment intended to deepen board oversight and support disciplined, responsible and sustainable growth.
March 31, 2026
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Manufacturing activity rebounds as energy costs, supply-chain risks, and weak demand cloud China's growth outlook.
China's manufacturing activity returned to expansion in March as the official purchasing managers index rose above 50, ending two months of contraction. Analysts said the outlook remains vulnerable to higher energy costs, possible supply-chain disruption, a prolonged property-sector slump, and weaker global demand, while exports continue to play a key role in supporting growth.
March 30, 2026
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Asset restitution under PMLA advances recovery for PACL investors after attachment of properties in alleged investment fraud.
Assets worth more than Rs 15,000 crore have been restored under the Prevention of Money Laundering Act to a Supreme Court-appointed committee for distribution to investors allegedly defrauded in the PACL collective investment scheme. A special PMLA court ordered restitution of 455 immovable properties to the Justice Lodha Committee, reflecting the statutory remedy of restoration of attached assets to victims of fraud and proceeds of crime. The ED's action is part of an investigation into allegations of an illegal collective investment scheme and the attachment of properties held by PACL entities, family members and associates.
March 30, 2026
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Rupee volatility intensifies as geopolitical tensions, dollar strength and RBI net open position caps pressure forex markets.
The rupee fell sharply in intra-day trade and briefly crossed the 95-per-US dollar level before closing at 94.70, with volatility attributed to heightened geopolitical tensions, risk-off sentiment, a firm dollar index and higher crude oil prices. The Reserve Bank of India reduced the net open position that banks may maintain overnight and capped Net Open Position (NOP-INR) at USD 100 million through a circular dated March 27, 2026, with compliance required by April 10, as part of monitoring currency exposure in a volatile foreign exchange market.
March 30, 2026
Show AI Summary
Money laundering attachment under PMLA targets immovable assets linked to alleged diversion and siphoning of company funds.
Provisional attachment under the Prevention of Money Laundering Act was issued in respect of land parcels and other immovable assets valued at more than Rs 271 crore. The attached properties included land parcels in Panvel and Shahapur talukas of Maharashtra, in connection with an ongoing money-laundering investigation concerning Rajendra Lodha, a former director of Lodha Developers. The allegations concerned diversion and siphoning of company funds and assets through unauthorised transfer of properties at undervalued prices, fabrication of Memorandums of Understanding, and misappropriation of inflated amounts.

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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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