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April 2, 2026
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Tax collection at source statement filing requires quarterly electronic submission, correction limits, and acknowledgment on the portal.
Form No. 143 is the mandatory quarterly electronic statement for collection of tax at source on specified goods and transactions, to be filed by the collector, seller, operator or authorised person responsible for collection at the time of debit or receipt of payment. It follows a quarterly due-date schedule, cannot be edited after submission, and may be corrected only through a correction statement after processing by CPC-TDS, within two years from the end of the relevant tax year. Successful filing generates an Acknowledgment Receipt Number on the TRACES portal.
April 2, 2026
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Virtual Digital Asset TDS reporting requires quarterly electronic filing by exchanges with transaction-wise deduction, exemption, and challan details.
Form No. 142 is the quarterly electronic statement to be furnished by a Virtual Digital Asset exchange for reporting tax deducted at source on transfer of virtual digital assets and transactions where tax was not deducted under the notified exemption framework. It must be filed with the Director General of Income-tax (Systems) and includes exchange particulars, transaction details, challan data and a declaration of correctness. The filing process uses the e-filing portal and supports smart features such as auto-population, validation, API integration and standardised fields.
April 2, 2026
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Virtual digital asset tax reporting requires quarterly exchange filing, full tax deposit, and electronic submission with challan details.
Form No. 142 is a PAN-based quarterly statement to be filed electronically by a Virtual Digital Asset exchange that has agreed to deposit tax on transfers of virtual digital assets in place of deduction by the buyer or broker. It applies to VDA transactions where the exchange deposits tax, including purchase, exchange, and partly or fully in-kind settlements, and is mandatory for reporting transactions covered by the prescribed TDS mechanism. The form is filed quarterly, captures exchange, buyer or broker, transaction, and challan details, and requires full tax deposit before submission.
April 2, 2026
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Combined TDS Form 141 streamlines reporting for rent, property, professional fees, and virtual digital asset transfers.
Form No. 141 is the combined PAN-based challan-cum-statement for reporting and depositing tax deducted at source on rent, transfer of immovable property, specified professional, contract, commission and brokerage payments, and transfer of virtual digital assets. It replaces the earlier separate Forms 26QB, 26QC, 26QD and 26QE, is filed electronically within 30 days from the end of the month of deduction, and uses separate schedules for each transaction category. The revised form also allows consolidated reporting for same-status parties and introduces prefilled details, smart validations, standardised fields, and correction mechanisms.
April 2, 2026
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Settlement-linked quashing of proceedings keeps SEBI closure issue alive for Sterling Biotech and the Sandesara brothers.
Settlement-linked quashing of proceedings concerning Sterling Biotech Limited and the Sandesara brothers remained under consideration, with the Supreme Court indicating that SEBI must close its proceedings in view of the earlier order under which deposit of the settlement amount was to trigger quashing of all proceedings. The Court recorded that the amount had already been deposited in the registry and that the earlier order had been given effect to, while SEBI sought time after internal deliberations on the closure issue.
April 2, 2026
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Trade liberalisation under India-Australia ECTA expands market access, boosts exports, and advances zero-duty access for Indian goods.
India-Australia Economic Cooperation and Trade Agreement has completed four years, marking stronger bilateral economic engagement through expanded market access, reduced trade barriers, and deeper trade and supply-chain linkages. India has granted preferential access on 70.3% of its tariff lines, while Australia has granted preferential access on 100% of its tariff lines and imports from India, with most lines duty-free immediately and all Indian exports eligible for zero-duty access from 1 January 2026. The Mutual Recognition Arrangement on Organic Products supports trade by recognising certification systems and reducing duplication, cost, and time.
April 2, 2026
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Customs duty exemption on critical petrochemical inputs aims to ease supply disruptions and support downstream manufacturing.
Full customs duty exemption is granted on critical petrochemical products as a temporary and targeted relief measure in response to the ongoing conflict in West Asia and resulting supply chain disruptions. The exemption continues until 30 June 2026 and is intended to ensure continued availability of essential petrochemical inputs for domestic industry, reduce cost pressures on downstream sectors, and maintain supply stability. The notified products cover petrochemical feedstock, intermediates and related industrial inputs used across multiple manufacturing sectors.
April 2, 2026
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Consolidated TDS reporting through Form 141 streamlines tax deduction filing, schedule-wise payment, and compliance for specified transactions.
Form No. 141 is a single consolidated challan-cum-statement for reporting and payment of tax deducted at source on specified transactions through separate schedules instead of multiple standalone forms. It replaces Forms 26QB, 26QC, 26QD and 26QE, and requires only the relevant schedule to be completed for the transaction reported. The form is filed using PAN, not TAN, and is available for rent, immovable property, contractor or professional payments, and transfer of virtual digital assets, with one transaction type per form.
April 2, 2026
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Defence exports growth reflects India's indigenous manufacturing strength, wider global acceptance, and streamlined export regulation.
India's defence exports recorded a new high, driven by indigenous manufacturing strength, wider global acceptance of Indian defence products, and a collaborative ecosystem involving defence public sector undertakings and private industry. The exports reached more than 80 countries, while the number of exporters increased, reflecting growing participation in the sector. The ministry also noted that streamlined export regulatory processes, a revamped online portal, and simplified authorisation procedures supported this growth.
April 2, 2026
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Foreign exchange market restrictions by RBI drove dollar unwinding and triggered a meaningful rupee rebound.
RBI took twin foreign exchange market restrictions by capping banks' net open rupee positions and barring non-deliverable forward offerings to corporates. The measures were directed at limiting banks' activity in onshore forward markets and were described as forcing dollar unwinding, thereby producing a meaningful rebound in the rupee.
April 2, 2026
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Quarterly TDS statement for non-salary payments requires deductor details, deductee-wise reporting, and prescribed filing steps.
Form No. 140 is the quarterly TDS statement for non-salary payments to resident deductees, filed by persons responsible for deduction of tax on specified payments such as interest, commission, brokerage, professional fees, and rent. The form requires deductor particulars, tax payment details, and a deductee-wise annexure covering PAN, amount paid or credited, tax deducted and deposited, deduction rate, and related certificate details. Filing is quarterly, supported by challans and PAN details, and involves preparation, validation, and upload through the prescribed electronic or facilitation-centre process.
April 2, 2026
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Foreign exchange market curbs drive rupee higher as banks adjust positions under Reserve Bank restrictions.
Reserve Bank of India measures to curb banks' activity in the onshore and derivative foreign exchange markets led to a sharp appreciation in the rupee after recent volatility and heavy pressure from capital outflows, a stronger dollar and higher crude prices. The central bank capped the net open position on the Indian rupee for banks at USD 100 million and required compliance by a specified deadline, while also restricting authorised dealers from offering non-deliverable derivative contracts involving the rupee to resident or non-resident users. Users were further barred from rebooking foreign exchange derivative contracts, whether deliverable or non-deliverable, once cancelled after the issuance of the instructions.
April 2, 2026
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Tax deduction statement filing governs quarterly reporting, electronic submission, correction limits, and acknowledgment for non-salary resident payments.
Form No. 140 is the quarterly electronic statement of deduction of tax at source for non-salary payments made to resident deductees, and it is mandatory for all deductors responsible for such payments. It must be filed within the prescribed quarterly due dates, cannot be edited after submission, and corrections may be filed only after processing by CPC-TDS within the specified two-year time limit. Successful filing on the TRACES portal generates an Acknowledgment Receipt Number.
April 2, 2026
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Excess TDS and TCS refund claims move through a TRACES-based electronic form with pre-filled challan details and digital signing.
Form No. 139 is the electronic refund application by which a deductor, collector, or eligible taxpayer may claim refund of excess tax paid under Chapter XIX. Filing is permitted where the corresponding TDS or TCS statement has been processed and the excess remains as an unmatched or unconsumed challan credit. The application requires challan particulars, utilisation details, refund amount, declaration, digital signature, and supporting bank and tax records.
April 2, 2026
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Excess TDS/TCS refund claims under Form No. 139 must be filed online, after processing, and only when credit remains unallowed.
Form No. 139 is the prescribed online application for a deductor or collector to claim refund of excess TDS/TCS deposited under Chapter XIX-B of the Income-tax Act, 2025, where the excess is not adjusted against any other liability in the system. The form may be filed only after the relevant statement has been processed, cannot be edited after acknowledgment is generated, and is not maintainable once the deductee has been allowed credit for the same tax. Approved refunds, along with interest, are credited to the prevalidated bank account, and refund arising from appellate or rectification orders does not require filing of the form.
April 2, 2026
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Quarterly TDS statement for salary and specified senior citizen income streamlines deductor reporting, annexures, and filing compliance.
Form No. 138 is the quarterly TDS statement for salary and specified senior citizen income, replacing Form 24Q and being filed under the Income-tax Act, 2025 and the Income-tax Rules, 2026. It is used by employers and specified deductors to report tax deducted and deposited, together with deductor particulars, deductee-wise details, and quarterly annexures. Annexure I applies to all quarters, while Annexure II and Annexure III are filed only in the last quarter for salary and specified senior citizen income details.
April 2, 2026
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Quarterly TDS statement filing requires electronic submission, prescribed annexures, correction limits, and timely compliance for tax credit reporting.
Form No. 138 is a quarterly electronic TDS statement required from employers deducting tax from salaries and specified banks deducting tax from pension and interest income of specified senior citizens. Only Annexure-I is filed for all quarters, while Annexure-II and Annexure-III are filed only for Q4. The form must be filed within the prescribed quarterly due dates, cannot be edited after submission, and may be corrected within two years after processing by CPC-TDS.
April 2, 2026
Show AI Summary
TDS/TCS book adjustment reporting requires monthly filing of Form 137 for government office tax credits.
Form No. 137 is the monthly TDS/TCS book adjustment statement filed by Government offices and related accounts offices to report tax deducted or collected without challan and credit it to the Central Government account through the book adjustment system. It is filed under the Income-tax Rules, 2026 by offices remitting TDS/TCS through book entry rather than challan, with prescribed due dates, accounts office particulars, DDO-wise transfer voucher details and supporting AIN, TAN and voucher data. Processing generates Book Identification Numbers for DDOs for use in quarterly TDS/TCS statements.
April 2, 2026
Show AI Summary
TDS/TCS book adjustment reporting requires mandatory electronic filing, AIN-based processing, and BIN generation for government offices.
Form No. 137 is the monthly consolidated TDS/TCS book adjustment statement for government offices where tax is credited to the Central Government without challan payment. It is mandatory for the concerned Accounts Officer, must be filed electronically within the prescribed time, and may be revised to correct mistakes. An Accounts Office Identification Number is required, and processing of the form generates a Book Identification Number used for related TDS/TCS statements and tax credit flow.
April 2, 2026
Show AI Summary
Customs duty exemption on critical petrochemicals aims to steady supply chains and ease input costs across manufacturing sectors.
Temporary customs duty exemption granted on critical petrochemical products to address supply disruptions arising from the West Asia conflict and consequent global shipping and supply chain disturbances. The measure is directed at preserving the availability of essential petrochemical inputs for domestic industry, maintaining supply stability, and easing cost pressures on sectors dependent on petrochemical feedstock and intermediates, including plastics, packaging, textiles, pharmaceuticals, chemicals and automotive components. The exemption applies to specified petrochemical goods, including methanol, anhydrous ammonia, toluene, styrene, dichloromethane, vinyl chloride monomer, poly butadiene, styrene butadiene and unsaturated polyester resins.

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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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