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April 4, 2026
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Mutual fund approval process for subscribing to eligible public issues under the Income-tax Act framework clarified.
Approval is sought by a mutual fund to subscribe to an eligible issue of public companies under Schedule XV(1)(z)(ii) of the Income-tax Act, 2025, through Form 190. The form must be filed three months before the issue of eligible capital with the prescribed details and documents, including mutual fund and management particulars, scheme details, SEBI and custodian records, audited financial statements, and approval documents relating to the public company's share issue.
April 4, 2026
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Mutual fund approval for eligible public company issues depends on timely filing of Form 190.
A mutual fund must file Form 190 to seek approval for investment in the eligible issue of public companies under Schedule XV(1)(z)(ii) of the Income-tax Act, 2025. The form corresponds to the earlier Form 59A under the Income-tax Rules, 1962, and to the corresponding rule framework under the Income-tax Rules, 2026. The application is to be filed by the mutual fund itself, together with the documents specified in the form, three months before the issue of eligible capital. Approval for subscription is granted on the basis of the particulars furnished in Form 190.
April 4, 2026
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Approval for issue of eligible capital under Schedule XV depends on Form 189 details, disclosures, and supporting documents.
Form 189 is the application for approval of issue of public companies under Schedule XV(1)(z)(i) of the Income-tax Act, 2025, and is filed by the public company three months before the issue of eligible capital. The form requires company particulars, management details, bankers and auditors, issue details, project details, and supporting documents such as incorporation certificate, audited financial statements, equity details, SEBI approval and any project report. Processed Form 189 leads to approval for issue of eligible capital on the basis of the details furnished.
April 4, 2026
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Public company issue approval through Form 189 governs eligible capital issues and related deduction eligibility.
Form 189 is the prescribed application for approval of issue of public companies under Schedule XV(1)(z)(i) of the Income-tax Act, 2025. It is filed by the public company with supporting documents before the issue of eligible capital, and the approval is granted on the basis of the details furnished in the form. Individual contributions to the issue are stated to qualify for deduction under the Act.
April 4, 2026
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Consolidated approval form standardises gratuity and superannuation fund compliance, replacing rule-based particulars with structured filing.
Introduction of consolidated Form 188 standardises the approval process for Gratuity Fund and Superannuation Fund applications under Part B of Schedule XI by replacing the earlier text-based particulars in Rule 95 and Rule 109. The form is filed by trustees or an authorised person only for initial approval, and it requires details of the employer, the fund, eligible employees, account maintenance, fund status, trustee verification, and supporting documents such as the trust deed, fund rules, and accounts where applicable.
April 4, 2026
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Approval mechanism for gratuity and superannuation funds is standardised through Form 188 with structured compliance requirements.
Form 188 provides a standardised application mechanism for approval of Gratuity Funds and Superannuation Funds, replacing earlier rule-based procedural requirements. It is filed once by the trustees or an authorised person, with prescribed particulars and supporting documents such as the trust deed, fund rules, accounts, and balance sheet where applicable. The application is examined by the jurisdictional authority, which may seek clarifications and then grant approval, issue deficiency notice, or reject the application.
April 4, 2026
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Appeal against fund recognition refusal uses Form 187, with supporting documents and filing within 60 days.
Appeal against refusal to recognise or withdrawal of recognition from a recognised provident fund, and refusal to approve or withdrawal of approval from a superannuation fund or gratuity fund, is filed in Form 187 by the employer, trustee, or authorised representative within 60 days of communication of the order. The form requires appellant particulars, fund details, grounds of appeal, verification, and supporting documents such as the impugned order, original application, proof of filing, authorisation, and fee challan.
April 4, 2026
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Appeals for provident, superannuation and gratuity funds require Form 187, supporting documents and filing within 60 days.
Form 187 prescribes the appellate mechanism under the Income-tax Act, 2025 for matters concerning recognised provident funds, superannuation funds and approved gratuity funds, including appeals against orders affecting recognition, approval, withdrawal, cancellation or refusal of such status. The form is to be used by trustees, employers or other authorised persons representing the fund where an adverse order has been passed by the competent income-tax authority. Appeals must be filed within 60 days from communication of the order, and filing does not by itself operate as a stay unless specifically granted.
April 4, 2026
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Customs enforcement along the India-Nepal border led to seizure of undocumented soft drinks and air conditioners.
Customs enforcement along the India-Nepal border led to seizure of soft drinks and air conditioners being moved without valid customs documents. A vehicle carrying 1,575 bottles of soft drinks was intercepted after the driver tried to flee, while two split air conditioners transported on bicycles were also recovered in a separate patrol operation. The goods, vehicle and bicycles were handed over to the Customs Department.
April 4, 2026
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Indian pharmaceutical exports show sustained growth as formulations, biologicals, vaccines and Ayush products drive resilience.
Indian pharmaceutical exports recorded sustained growth in FY26, reaching nearly USD 29 billion by the end of February and increasing over the corresponding period in the previous financial year. The export performance was led by formulations, biologicals, vaccines and Ayush products, and was described as resilient despite global challenges, pricing pressures and trade volatility. The sector's overall value was placed at about USD 60 billion, with projected expansion to USD 130 billion by 2030.
April 4, 2026
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Recognised Provident Fund recognition process requires trust deed compliance, supporting documents, scrutiny and ongoing investment and reporting obligations.
Application under Rule 40C seeks recognition of a provident fund so it qualifies as a Recognised Provident Fund for income-tax purposes. It applies to employers, trustees and existing funds seeking recognition on formation, conversion, amendment, merger or split. The form requires trust deed details, fund rules, investment policy, financial information and supporting documents, followed by scrutiny, possible revisions, issuance of recognition and ongoing compliance with investment, audit and reporting requirements.
April 4, 2026
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Recognised Provident Fund recognition through Form 186 depends on disclosure, supporting documents, and compliance with trust conditions.
Form 186 is the prescribed application for seeking recognition of a provident fund as a Recognised Provident Fund for income-tax purposes. It is filed by the employer, trustees, or an existing trust seeking recognition, and is ordinarily a one-time application subject to refiling or intimation for material changes in the trust deed or fund rules. The form requires detailed disclosures and supporting documents, and on approval the fund attains RPF status with tax treatment governed by applicable statutory limits and conditions. Recognition may later be withdrawn for non-compliance.
April 4, 2026
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Recognised provident fund accounting in Form 185 requires annual subscriber-wise records of contributions, interest, withdrawals, and balances.
Rule 294 requires recognised provident fund accounts to be prepared at intervals not exceeding twelve months, with a separate account maintained for each subscriber in Form 185. The form is maintained internally by the provident fund trust or authorised officers, and records subscriber particulars, opening balance, monthly contributions, interest, withdrawals or advances, closing balance, and verification. Part A is maintained separately for each subscriber, while Part B presents the same information in consolidated annual subscriber-wise form.
April 4, 2026
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Recognised Provident Fund recordkeeping requires Form 185 to track contributions, interest, withdrawals, and annual balances.
Form No. 185 is the prescribed accounting format for individual subscriber records under a Recognised Provident Fund, maintained by trustees or authorised officers under the Income-tax Rules. It records annual subscriber-wise particulars such as contributions, interest credited, withdrawals or advances, opening and closing balances, and verification details. Part-A is kept for each subscriber, while Part-B is the annual consolidated abstract filed with the Assessing Officer.
April 4, 2026
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Deduction audit report for petroleum and natural gas businesses requires deposit verification, withdrawal checks, and Chartered Accountant certification.
Form No. 183 is the prescribed audit report for claiming deduction under section 49 in the business of prospecting, extracting, or producing petroleum, natural gas, or both in India. It is furnished by a Chartered Accountant and verifies audit of the relevant books, timely deposit into the specified account, permitted use of withdrawals, disallowance of inadmissible expenditure, and transfer restrictions on assets acquired under the scheme. The form is filed annually before the return due date and requires supporting records of books, deposits, withdrawals, and asset transfers.
April 4, 2026
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Supply chain disruption hits Bikaner snack exports as conflict delays shipments and raises freight and input costs.
West Asia conflict has disrupted Bikaner exports and imports, causing delays in shipments of bhujia, papad, namkeen and spices to Gulf and European markets. Traders report longer transit routes, container shortages, higher freight charges, rising raw material and packaging costs, and consignments stuck at ports or in transit, affecting the city's export-driven economy.
April 4, 2026
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Audit report for petroleum and natural gas deduction claims requires certification, supporting records, and online filing compliance.
Form No. 183 is the prescribed audit report under Rule 291 read with Section 49 of the Income-tax Act, 2025 for an assessee engaged in the business of prospecting, extracting, or producing petroleum, natural gas, or both in India. It is mandatory where the deduction is claimed and must be certified by an Accountant. The form requires supporting books, financial statements, evidence of deposits and withdrawals from the specified account, and a computation showing that the deduction remains within the permissible limit.
April 4, 2026
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Deduction claim audit report for tea, coffee and rubber businesses requires Chartered Accountant certification and compliance with deposit rules.
Form No. 182 is a statutory audit report for assessees engaged in growing and manufacturing tea, coffee or rubber who claim deduction under section 48. It must be furnished by a Chartered Accountant annually before the return due date and certifies audit of books, timely deposit in the specified account or approved scheme, withdrawal utilisation, disallowable amounts, asset transfers, and the deduction permissible. The form is now a smart, tabulated e-form with mandatory professional identifiers and standardised fields for e-filing and validation.
April 4, 2026
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Tax deduction audit report rules require prescribed certification, verified deposits, and portal filing for tea, coffee and rubber businesses.
Form No. 182 is the prescribed audit report for assessees engaged in growing and manufacturing tea, coffee or rubber in India who claim deduction under section 48. It must be certified by an Accountant and furnished annually before the return due date. The report is mandatory for the deduction claim, supports verification of deposits, withdrawals, utilisation and deduction computation, and is completed through the e-filing portal with digital signing and assessee acceptance.
April 4, 2026
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Electoral trust audit reporting through Form 181 requires electronic disclosure of contributions, distributions, and administration expenses.
Form 181 is the annual audit report for electoral trusts, to be furnished electronically by an accountant through the e-filing portal before the return due date. It requires disclosure of voluntary contributions received and distributed, application for the benefit of persons or interested persons, and expenditure on administration or management of the trust. The form has been simplified and aligned with the Income-tax Act, 2025.

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Customs & Trade

Connecting the Globe, Empowering Green Energy: China International Battery Fair 2026 Shapes the Next Era of Battery Technology

April 8, 2026

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More than 3,100 exhibitors across battery, materials, equipment, and recycling segments, highlighting solid-state, sodium-ion, and carbon tracking TIANJIN, China, April 7, 2026 /PRNewswire/ -- China's battery sector closed out 2025 with steady shipment volumes and climbing prices, a clear sign of improving quality and efficiency across the sector. Full-year exports totaled 37.896 billion battery units, roughly flat from a year earlier, but the value jumped 22.8% to $82.279 billion—underscoring the country's continued edge in international markets. It is increasingly shifting toward power batteries and emerging energy storage technologies, with smart manufacturing playing a larger role in improving efficiency and supporting higher-value, lower-emission production. Riding that momentum, the 18th China International Battery Fair (CIBF2026) is set to open on May 13–15 at the Shenzhen World Exhibition & Convention Center. On the quality front, the industry has been shifting gears from sheer scale to more refined capability. In 2025, lithium-ion battery exports hit $76.746 billion, up 25.55% year on year. Higher-value lithium-ion products now account for a bigger slice of the export mix, climbing from 91.3% in 2024 to 93.3% in 2025. That shift in composition has become a key driver of overall export growth, reflecting a leaner product mix and a stronger competitive footing for Chinese battery makers in international markets. Going forward, the focus will be on breaking new ground in power batteries, energy storage, and solid-state technologies—filling gaps across the supply chain and speeding up the move from lab to production. This momentum provides an important context for CIBF2026. As the competitiveness and market position of China's battery sector continue to rise, CIBF2026 has become a leading international exhibition—one that sits at the crossroads of policy and industry, technology and market, and domestic and international opportunity. This year's event is on track to draw more than 3,100 exhibitors from around the world, with both scale and scope hitting new highs. The floor spans the supply chain—power and energy storage batteries, 3C cells, materials, manufacturing equipment, system solutions, and recycling applications—offering a broad look at where battery technology stands today. From solid-state and sodium-ion advances to intelligent equipment and carbon-tracking systems, the show will bring together key players across the international supply chain, giving companies a platform to showcase capabilities, connect with partners, and tap into new markets. A lineup of high-level forums will run alongside the exhibition, including the CIBF2026 Conference on the Frontier Technology of Advanced Batteries, the Conference on Next-Generation Battery Technology and Advanced Manufacturing for Electric Aviation, the 6th China International Conference on New Energy Storage Technology and Engineering Application, the Annual Conference of the CIAPS Lithium Iron Phosphate Materials Branch, and the 3rd International Battery Passport Conference. These sessions will dig into topics like emerging storage technologies and battery carbon-footprint management, bringing together industry participants to explore practical paths forward. More than 2,000 experts, researchers, and business leaders are expected to attend, offering a read on policy direction, emerging tech, and market trends. This year's show will also put a spotlight on energy storage batteries, fuel cells, recycling technologies, and energy-efficient manufacturing equipment—positioned as a platform for zero-carbon industrial parks and low-emission development initiatives. The goal is to back the kind of robust growth that comes with a low-carbon economy. With the global energy transition accelerating and China's battery sector gaining strength, visitor registration for CIBF is now open. Industry professionals can reserve their spot through the official platform to take in what's become a key gathering point for the international battery community. For more information, visit: https://www.cibf.org.cn/en-US. (Disclaimer: The above press release comes to you under an arrangement with PRNewswire and PTI takes no editorial responsibility for the same.). PTI PWR

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