Loading...

Top
Help
×

By creating an account you can:

Logo TaxTMI
Call Us / Help / Feedback

Contact Us At :

E-mail: [email protected]

Call / WhatsApp at: +91 99117 96707

For more information, Check Contact Us

FAQs :

To know Frequently Asked Questions, Check FAQs

Most Asked Video Tutorials :

For more tutorials, Check Video Tutorials

Submit Feedback/Suggestion :

Email :
Please provide your email address so we can follow up on your feedback.
Category :
Description :
Min 15 characters 0/2000
Make Most of Text Search
  1. Checkout this video tutorial: How to search effectively on TaxTMI.
  2. Put words in double quotes for exact word search, eg: "income tax"
  3. Avoid noise words such as : 'and, of, the, a'
  4. Sort by Relevance to get the most relevant document.
  5. Press Enter to add multiple terms/multiple phrases, and then click on Search to Search.
  6. Text Search
  7. The system will try to fetch results that contains ALL your words.
  8. Once you add keywords, you'll see a new 'Search In' filter that makes your results even more precise.
  9. Text Search
Add to...
You have not created any category. Kindly create one to bookmark this item!
Create New Category
Hide
Title :
Description :
❮❮ Hide
Default View
Expand ❯❯
Close ✕
🔎 News - Adv. Search
TEXT SEARCH:

Press 'Enter' to add multiple search terms. Rules for Better Search

Search In:
Main Text + AI Text
  • Main Text
  • Main Text + AI Text
  • AI Text
Category: ?
Categorized by AI
---- All Categories ----
  • ---- All Categories ----
  • Income Tax
  • GST
  • Customs, DGFT & SEZ
  • FEMA & RBI
  • Corp. Laws, SEBI & IBC
  • PMLA, Black Money & ED
  • Budget
  • News and Press Release
  • PTI News
Month:
---- All Months ----
  • ---- All Months ----
  • January
  • February
  • March
  • April
  • May
  • June
  • July
  • August
  • September
  • October
  • November
  • December
Year:
---- All Years ----
  • ---- All Years ----
  • 2026
  • 2025
  • 2024
  • 2023
  • 2022
  • 2021
  • 2020
  • 2019
  • 2018
  • 2017
  • 2016
  • 2015
  • 2014
  • 2013
  • 2012
  • 2011
Sort By: ?
In Sort By 'Default', exact matches for text search are shown at the top, followed by the remaining results in their regular order.
Relevance Default Date
    Guidance note - Form 76
    Rupee rebounds 128 paise from all-time low to 93.57 against US dollar in early trade
    Form 76 – Frequently Asked Questions
    Guidance note - Form 75
    Union Minister of Commerce and Industry Shri Piyush Goyal holds bilateral meeting with EU Trade Commissioner Mr Maros Sefcovic on the sidelines of WTO...
    Union Minister of Commerce and Industry Shri Piyush Goyal holds bilateral meeting with Canada’s Minister of International Trade Mr Maninder Sidhu on...
    Union Minister of Commerce and Industry holds bilateral meeting with UK Secretary of State for Business and Trade Mr Peter J Kyle on the sidelines of ...
    Union Minister of Commerce and Industry Shri Piyush Goyal holds bilateral meeting with New Zealand Trade Minister Mr. Todd Michael McClay on sidelines...
    Challenge of overcapacity and overfishing arises from heavily subsidised industrial fleets, not from small-scale fishermen in India and other developi...
    WTO talks conclude; no consensus on extension of e-commerce duty moratorium
    WTO MC: Members intensify talks on e-commerce duty moratorium extension at Yaounde
    Rs 26.8 crore hydroponic marijuana seized at Pune airport; one held
    Commerce Minister Piyush Goyal to visit Canada in May for trade talks
    Two more Indian LPG tankers carrying day's cooking gas cross Strait of Hormuz
    Civil aviation ministry looks at multiple options to minimise West Asia crisis impact on airlines
    Planters' body ask Assam govt to address 'administrative' concerns for providing land patta
    PM Modi calls for unity among people to face global crises, tells parties to avoid divisive politics
    Achieving 'Viksit Bharat' requires collective effort of 1.4 bn citizens amid global challenges: Modi
    IBEX India 2026: Anchoring the Next Phase of BFSI Innovation
    India cautions WTO members against weaponising ‘transparency’ to justify trade retaliation
❯❯
Maximize Maximize Maximize
0 / 200
Expand Note
Add to Folder

No Folders have been created

+

Are you sure you want to delete "My most important" ?

NOTE:

News
Showing Results for :
Reset Filters
Results Found:
Show All Summaries Hide All Summaries
March 30, 2026
Show AI Summary
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
Show AI Summary
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
Show AI Summary
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
Show AI Summary
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
Show AI Summary
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
Show AI Summary
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
Show AI Summary
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
Show AI Summary
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
Show AI Summary
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
Show AI Summary
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
Show AI Summary
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
Show AI Summary
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
Show AI Summary
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
Show AI Summary
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
Show AI Summary
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
Show AI Summary
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
Show AI Summary
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
Show AI Summary
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
Show AI Summary
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.
March 28, 2026
Show AI Summary
Trade transparency and WTO reform need capacity-building, not retaliation, to ensure fair compliance and multilateral balance.
Trade transparency under the WTO Technical Barriers to Trade framework requires members to share information on trade policies, subsidies and regulatory measures, but India has cautioned that transparency must not be weaponised to justify trade retaliation or challenge legitimate domestic policies. It stressed that disclosure obligations should be backed by sustained capacity-building support so all members, especially developing countries, can meet them fairly and effectively. India also supported time-bound WTO reform with milestones, robust evidentiary analysis and a member-driven consensus process.

News

Back

All News

Showing Results for :
Reset Filters
No Records Found

News

Back

All News

Showing Results for : Reset Filters
Customs & Trade

How US blockade on Iran sanctioned ships turning around

April 16, 2026

Contents
Summary
Note

Note

-

Bookmark

Print

Print

Frankfurt, Apr 16 (AP) The US Navy is imposing a sea blockade against Iran — the latest escalation in the war that has seen the flow of key energy supplies choked off at the Strait of Hormuz.

The blockade that started Monday “has been fully implemented”, according to a statement Wednesday from Adm Brad Cooper, commander of the US Central Command.

“US forces have completely halted economic trade going in and out of Iran by sea,” he said. The blockade could put serious pressure on the Iranian economy.

Shipping data firms say Iran-linked or sanctioned vessels have left the Gulf through the Strait — but then stopped or turned around. An uncertain and risky shipping situation is being complicated by jamming or faking of location systems.

The blockade is being enforced “impartially against all vessels of all nations entering or leaving coastal areas or ports in Iran”. Freedom of navigation remains for vessels not entering Iranian ports, Central Command said.

The US military will operate the blockade in the Gulf of Oman beyond the strait, a US official told The Associated Press.

The US official, who spoke on condition of anonymity to discuss sensitive military operations, explained that the strategy is to observe vessels subject to the blockade leave Iranian facilities and clear the Strait of Hormuz before intercepting them and forcing them to turn around.

The official said that the military relies on more than just automated tracking beacons that all merchant ships are required to carry, called AIS, to determine merchant ships were coming from a port in Iran, but wouldn't go into more detail citing the need for operational security.

US Central Command said in a statement Wednesday that no vessels have made it past US naval forces during the first 48 hours of the blockade on ships entering and exiting Iranian ports.

Central Command said that nine vessels have complied with directions from US forces to turn around and return toward an Iranian port or Iran's coastal area. Navy warships are telling merchant ships that they are ready to board them and use force to compel compliance.

On Tuesday, the first full day of the blockade, only eight vessels, most of them linked to Iran or sanctioned, transited the strait, said Ana Subasic, trade risk analyst at data and analytical firm Kpler. The operating environment is still considered “extremely high risk” despite the current ceasefire, she said.

"Most of the vessels have appeared to halt or have reduced movement after clearing the strait," she said, "which tells us that the effect of the blockade is starting to show up because most of these vessels that have crossed have some kind of history with carrying Iranian-origin sanctioned cargo." One sanctioned vessel, the Rich Starry tanker carrying methanol, left the Persian Gulf through the strait but then halted, did a U-turn and went back through the strait, she said.

Maritime intelligence firm Windward said that vessel behaviour was “indicating a fragmented and uneven response to the blockade” as sanctioned and false-flagged vessels continued to be active, some transiting the strait, others delaying or reversing course.

Iran had blocked the Strait through the threat of attack on shipping, cutting off 20% of the world's daily oil consumption, sending oil prices sharply higher and leading to warnings about higher inflation and recessions in leading economies.

Vessels were hit with aerial and undersea drones as well as unknown projectiles, killing 11 crew members. While those attacks have dwindled, the risk of navigating the area means that ship traffic has dropped by more than 90%.

Some of that blocked oil is making it out from Gulf producing nations through pipelines to the Red Sea and the Gulf of Oman. But those pipelines can't make up for the effective closure of the Strait.

Iran has also started vetting and collecting money from the few vessels daring to pass the strait. Vessels must submit detailed information on cargo and crew to the paramilitary Islamic Revolutionary Guards Corps and pay a USD 1 fee per barrel of oil or fuel products before being allowed to pass, according to Kpler.

US and Israeli vessels are barred while some vessels from Iran, India and China have made it through. India has intervened diplomatically to get its vessels out.

The White House has demanded that Iran reopen the strait.

Blockading the coast puts serious pressure on the Iranian economy, especially its oil industry. Unless it can export oil, available storage will fill up and it will have to shut down wells that are difficult to restart. Additionally, Iran imports gasoline since it lacks the refinery capacity to turn its own oil into fuel.

The terms of the US naval blockade of the Iranian coast have contributed to difficulty for outsiders of ascertaining the state of ship traffic. According to the notice to mariners sent out to ship, the blockade is being enforced in the Gulf of Oman and the Arabian Sea, not at the Strait of Hormuz. So simply passing the strait doesn't mean a vessel beat the blockade.

Additionally, there was a grace period extending until 1400 GMT on Monday for ships to leave Iranian ports. And “humanitarian shipments including food and medical supplies essential for the survival of the civilian populations” will be permitted to pass subject to inspections.

That last provision is in accordance with international law on naval warfare, which permits blockades but bars those that are solely intended to starve civilians, according to a legal guide from the US Naval War College cited by maritime historian Sal Mercogliano, who runs a YouTube channel on shipping.

"Neutral” ships can pass, though they may be inspected, but it's not clear what “neutral” means. Lloyd's List Intelligence maritime data firm said the US move “has plunged shipowners into fresh uncertainty around enforcement”.

So all that means that ships from Iranian ports can be detected passing the Strait — and still face the risk of being stopped farther out. Or not, if they left before the end of the grace period.

Meanwhile container ships seen heading for Iranian ports could be allowed in or out if they're carrying food, or not, if they're carrying other goods.

Meanwhile ships can broadcast false information on their AIS systems used to avoid collisions, or turn the systems off.

The commander of Iran's joint military command warned Wednesday that Iran would completely block exports and imports across the Persian Gulf region, the Sea of Oman and the Red Sea if the US does not lift its blockade on Iranian ports.

“Iran will act with strength to defend its national sovereignty and its interests,” said Ali Abdollahi. He added that the US blockade is “a prelude to violating the ceasefire”. (AP) SCY SCY

Topics

Acts Income Tax