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April 4, 2026
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Indian pharmaceutical exports maintain growth momentum as formulations, biologicals, vaccines and Ayush products lead performance.
Indian pharmaceutical exports maintained growth momentum despite global pricing pressures and trade volatilities, with shipments reaching over USD 28 billion up to February in FY26 and registering year-on-year growth of 5.6 per cent over the corresponding period in FY25. Export performance was led by formulations, biologicals, vaccines and Ayush products.
April 4, 2026
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Payroll compliance mistakes demand accurate classification, timely deductions, and automated statutory checks to prevent audits and penalties.
Payroll compliance requires accurate employee classification, timely tax deduction, and correct statutory contribution management to avoid audits, penalties, and employee disputes. Common errors include misclassifying employees and contract workers, which can cause missed PF, ESI and TDS obligations, and incorrect or delayed TDS computation arising from failed declarations, salary changes, or tax regime switches. The compliance approach relies on onboarding checks, real-time recalculation, and automated deposit scheduling to reduce errors before they enter the payroll cycle.
April 4, 2026
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Bribery allegations against a CGST officer trigger a CBI trap, arrest, and continuing investigation into corruption claims.
Bribery allegations led to a CBI trap and arrest of an Assistant Commissioner, CGST, Ratlam, after a private person or middleman allegedly demanded money for not initiating GST proceedings against the complainant's firm. The accused was caught red-handed while accepting a bribe through the middleman, with searches continuing at the accused's premises and investigation still in progress.
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
Show AI Summary
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
Show AI Summary
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
Show AI Summary
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.

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News and Press Release

Government recognizes more than 55,200 startups during FY 2025-26, highest ever in a single year since launch of Startup India initiative

April 17, 2026

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Total recognized startups cross 2.23 lakh with over 23.36 lakh jobs created; strong growth in funding, credit support and public procurement

The Government has recognized more than 55,200 startups during Financial Year 2025-26, marking the highest number of startups recognized in a single year since the launch of the Startup India initiative.

The Startup India initiative was launched on 16th January 2016 with an Action Plan comprising schemes and incentives aimed at creating a robust ecosystem for nurturing innovation, encouraging private investments, and supporting startups across the country. Various programmes are being implemented to recognize, develop and empower startups.

Since inception, the number of recognized startups has crossed 2.23 lakh as on 31st March 2026, generating more than 23.36 lakh direct jobs. More than 1.07 lakh recognized startups have at least one woman director or partner, accounting for approximately 48% of total recognized startups.

The number of startups recognized increased by 51.6% year-on-year in FY 2025-26 compared to FY 2024-25, while direct jobs created rose by 36.1% during the same period.

Table 1: Startups and jobs spread across the country

Details

FY 2024-25

FY 2025-26

Year-wise no. of entities recognized as startups

36,400+

55,200+

Year-wise no. of direct jobs created by recognized startups

3,66,870+

4,99,400+

Startups are now present across all States and Union Territories. Maharashtra, Karnataka, Uttar Pradesh, Delhi and Gujarat have emerged as leading regions in terms of the number of recognized startups and direct employment generation as on 31st March 2026.

Table 2: States and UTs with highest number of recognized startups 

State / UT

Entities recognized as startups

as on 31st March 2026

Direct jobs created

by startups as on

31st March 2026

Maharashtra

38,660+

4,13,900+

Karnataka

22,600+

2,46,000+

Uttar Pradesh

21,960+

2,11,580+

Delhi

21,120+

2,36,640+

Gujarat

19,270+

2,14,800+

Tamil Nadu

14,830+

1,52,900

Telangana

12,520+

1,36,570+

Haryana

11,620+

1,39,600+

Kerala

8,620+

74,130+

Rajasthan

8,100+

83,100+

The Government continues to support startups through flagship schemes including the Fund of Funds for Startups (FFS), Startup India Seed Fund Scheme (SISFS), and Credit Guarantee Scheme for Startups (CGSS), providing financial support at various stages of the startup lifecycle.

Under FFS, more than Rs. 7,000 crore has been disbursed to over 135 Alternative Investment Funds (AIFs) by the end of FY 2025-26, which have further invested more than Rs. 26,900 crore in over 1,420 startups. Building on this, the Government has notified Startup India Fund of Funds 2.0 with a corpus of Rs. 10,000 crore.

Table 3: Extensive support under flagship schemes - FFS

Details

FY 2024-25

FY 2025-26

Amount disbursed to AIFs to support

startups under the FFS 1.0 (in Rs. crore)

980+

1,039+

The Credit Guarantee Scheme for Startups has been expanded in FY 2025-26 to enhance capital mobilization by increasing the guarantee cover per borrower from Rs. 10 crore to Rs. 20 crore, enhancing the extent of guarantee cover, and reducing the annual guarantee fee for lenders in identified sectors. By the end of FY 2025-26, more than 410 loans amounting to over Rs. 1,250 crore have been guaranteed.

Table 4: Extensive support under flagship schemes - CGSS

Details

FY 2024-25

FY 2025-26

No. of loans guaranteed to startups

130

135+

Amount of loans guaranteed to startups (in Rs. crore)

305

600+

Under the Startup India Seed Fund Scheme, 219 incubators have been selected and the entire corpus of Rs. 945 crore has been committed. These incubators have approved funding of over Rs. 605 crore to more than 3,400 startups. The scheme has been extended to enable continued disbursement and completion of approved activities.

Startup-led innovation has also strengthened intellectual property generation, with more than 19,400 patent applications filed by startups. Patent filings increased from over 2,850 in FY 2024-25 to more than 4,480 in FY 2025-26.

Table 5: Increase in patent filing by startups

Details

FY 2024-25

FY 2025-26

Patent applications filed by startups

2,850+

4,480+

The Government e-Marketplace (GeM) has further facilitated startup participation in public procurement. More than 38,600 startups have been onboarded on the platform.

Table 6: Public procurement to support startup innovation

Details

FY 2024-25

FY 2025-26

Total no. of startups onboarded on GeM

5,140+

6,540+

Total number of orders placed to startups on GeM

1,19,620+

1,40,260+

Total value of orders placed to startups on GeM (in Rs. crore)

14,103+

19,190+

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Topics

Acts Income Tax