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March 27, 2026
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State borrowing costs harden as bond yields rise, forcing partial bids and higher returns in volatile fixed-income markets.
States' borrowing costs hardened in a State Development Loan auction as cut-off yields rose across long-term maturities, with several securities moving above 8 per cent. The increase tracked a broader rise in government bond yields amid global oil price pressures, inflationary concerns and weakness in the rupee, causing some states to accept only partial borrowing amounts or reject bids. The report notes that higher bond yields may keep borrowing costs elevated and increase volatility in fixed-income markets.
March 27, 2026
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Money laundering proceedings over bank loan fraud allegations include diversion of proceeds through offshore entities and property transactions.
Money laundering proceedings under the Prevention of Money Laundering Act concern a former senior executive of Reliance Communications and another accused in an alleged bank loan fraud case. The allegations include concealment, layering and diversion of proceeds of crime through foreign subsidiaries and offshore entities, purchase and sale of a Manhattan condominium during the insolvency process, and routing of sale proceeds through an asserted sham investment arrangement. The allegations also include personal diversion of funds for overseas education-related payments.
March 27, 2026
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Minimum alternate tax and book profit reporting through Form 66, with CA certification, exemptions, and MAT credit rules.
Form No. 66 is the prescribed electronic statement for furnishing details of book profit and minimum alternate tax under section 206(1) of the Income-tax Act, 2025. It applies to companies where normal tax is lower than the minimum tax, must be filed along with the return of income, and requires certification by an Accountant/Chartered Accountant. The FAQ explains book-profit adjustments, MAT credit, exemptions, Ind-AS transition amounts, and the consequences of incorrect or missing filing.
March 27, 2026
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Patent box regime filing through Form 65 enables eligible resident assessees to opt for concessional royalty taxation.
Form 65 is the prescribed application for an eligible resident assessee to exercise the option under Section 194(1) of the Income-tax Act, 2025 for royalty income from a patent developed and registered in India. It relates to the concessional 10% tax rate under the patent box regime and requires the assessee to forgo deductions or allowances against such royalty income. The form is filed electronically by the return-filing due date, with patent details, royalty particulars, expenditure information and verification requirements.
March 27, 2026
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Concessional royalty taxation under Form 65 requires resident eligibility, electronic filing, and a five-year lock-in period.
Form 65 is the prescribed income-tax application by which a resident assessee opts for concessional taxation on royalty income from a patent developed and registered in India. The form enables taxation at a flat 10% rate on gross royalty, with surcharge and cess, subject to conditions including denial of deductions, Indian patent registration, and development in India. The option must be filed electronically by the return due date, cannot be revised or withdrawn for that year, and carries a five-tax-year lock-in.
March 27, 2026
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Tax deduction verification through Form 61 requires e-filing, irrevocable authorisation, and proof of transmission to the financial institution.
Form No. 61 is an irrevocable authorisation enabling tax authorities to obtain information and records from a financial institution in a Notified Jurisdictional Area for verifying deduction claims on payments made to that institution. It is filed once for the tax year before the income-tax return due date, through the e-filing portal, with details of the institution, payment, supporting documents, and proof that the first copy has been deposited or transmitted. The assessee must send the first copy to the institution and submit the second copy with proof to the Assessing Officer.
March 27, 2026
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Notified jurisdictional area disclosures: Form 61 authorisation enables tax authorities to access financial records for deduction verification.
Form No. 61 is an irrevocable authorisation enabling the Central Board of Direct Taxes and designated income-tax authorities to obtain information and records from a financial institution located in a notified jurisdictional area for the purpose of claiming deduction in respect of payments made to such institution. The form must be filed once for the relevant tax year before the due date for filing the income-tax return, through the e-filing portal, and verified by DSC or EVC as applicable. The assessee must submit the first copy to the financial institution and the second copy with proof to the Assessing Officer, while waiving privacy, data protection and banking secrecy protections.
March 27, 2026
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Excise duty reduction and export duty hike reshape fuel pricing to ease under-recoveries and protect domestic supply.
Excise duty on petrol and diesel has been reduced, while export duty on diesel and aviation turbine fuel has been increased, to address under-recoveries of oil marketing companies, support domestic fuel availability, and limit consumer price pressure amid volatility in global oil markets. The revised rates are stated to operate on a fortnightly review basis, with the policy rationale emphasising energy security, domestic supply prioritisation, and response to disrupted international crude and product markets.
March 27, 2026
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International group reporting designation requires Form No. 60 for appointing the entity that files the Country-by-Country Report.
Form No. 60 is the intimation to be furnished on behalf of an international group having multiple constituent entities resident in India for designating a single constituent entity to file the Country-by-Country Report in Form No. 59. The form requires particulars of the international group, the parent entity, the designated constituent entity, and the other constituent entities resident in India, including name, address and PAN details. It is to be filed as an e-form through the income tax e-filing portal, at least 30 days before the due date for Form No. 59, followed by preview and e-verification before submission.
March 27, 2026
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Country-by-Country reporting compliance for international groups, covering filing triggers, due dates, and e-form submission requirements.
Form No. 59 is the prescribed e-form for filing the Country-by-Country Report of an international group. It applies to a resident parent entity or alternate reporting entity where the consolidated group revenue exceeds the prescribed threshold, and in specified cases to a resident constituent entity where the parent is not required to report, there is no exchange arrangement with India, or a notified systemic failure exists. The report is ordinarily due within twelve months from the end of the reporting accounting year, with a shorter period in cases involving notified systemic failure. The form captures entity particulars, tax jurisdiction details, constituent entity data, and additional information.
March 27, 2026
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Country-by-country reporting intimation by Indian constituent entities sets out the reporting entity and filing location for the group report.
Form No. 58 is an intimation by every constituent entity resident in India, where the parent entity of the international group is not resident in India, regarding whether it is an alternate reporting entity and, if not, the details of the parent entity or alternate reporting entity and their country or territory of residence. The form informs the income-tax authorities where the Country-by-Country Report will be filed and must be submitted two months before the due date for furnishing that report.
March 27, 2026
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Foreign exchange reserves decline as gold holdings fall, while foreign currency assets rise in RBI data.
India's foreign exchange reserves declined during the week ended March 20, 2026, falling by USD 11.413 billion to USD 698.346 billion, according to RBI data. The drop was attributed mainly to a sharp reduction in gold reserves, even as foreign currency assets increased during the reporting week. The RBI data further showed that the value of gold reserves decreased significantly, Special Drawing Rights were lower, and India's reserve position with the IMF increased marginally.
March 27, 2026
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Live-in relationship and judicial vacancies draw legal attention as high court and chief justice address key issues.
The Allahabad High Court stated that a married man living in a consensual live-in relationship with an adult woman does not amount to a criminal offence under law. The Bombay High Court dismissed a petition seeking a CBI probe against Reliance Industries Limited and Mukesh Ambani over alleged unlawful gas extraction. Separately, the Chief Justice of India urged high courts to expedite filling judicial vacancies, with special focus on elevating women judges.
March 27, 2026
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Designated constituent entity intimation under income tax rules governs filing of Form 57 for international group reporting
Form No. 57 is an intimation by a designated constituent entity of an international group for the purposes of section 171(4), to be furnished under Rule 123 of the Income-tax Rules, 2026 when more than one constituent entity is required to file Form No. 56. The designated entity may file the form if the group has appointed it for compliance, and the intimation must be made at least 30 days before the due date for Form No. 56. The form captures particulars of the designated entity, the international group, the parent entity and the accounting year, and is filed online through the e-filing portal.
March 27, 2026
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Transfer pricing master file reporting requires constituent entities to disclose group details, thresholds, and supporting information electronically.
Form No. 56 (Master File) is an income-tax reporting document prescribed under Rule 123 of the Income-tax Rules, 2026 and section 171 of the Income-tax Act, 2025 for transfer pricing transparency. It applies to a constituent entity of an international group where the consolidated group revenue exceeds INR 500 crore and the aggregate value of international transactions exceeds INR 50 crore, or international transactions involving intangible property exceed INR 10 crore. Part A must still be furnished even if those conditions are not met. The form is filed by the due date for the return of income.
March 27, 2026
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Production Linked Incentive schemes strengthen domestic manufacturing, expand exports, and build supply chain resilience across key sectors.
Production Linked Incentive schemes across 14 sectors are being implemented to strengthen domestic manufacturing, attract investment, promote exports and generate employment. As of 31 December 2025, the schemes had cumulatively attracted investments of over Rs.2.16 lakh crore, generated production and sales of over Rs.20.41 lakh crore, supported exports of over Rs.8.3 lakh crore and created employment for more than 14.39 lakh persons across the covered sectors. The electronics and automobiles sectors have received incentive disbursements and reported incremental production through participating companies. The schemes are said to expand domestic manufacturing capacity, reduce import dependence and improve supply chain resilience. The policy framework is supplemented by initiatives for semiconductor development, electronics component manufacturing, logistics efficiency, rare earth magnet manufacture and critical mineral supply security.
March 27, 2026
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Production Linked Incentive schemes boost manufacturing, investment and jobs across key sectors under Make in India.
Production Linked Incentive schemes under the Make in India initiative are stated to incentivize incremental production and sales across 14 sectors, expand manufacturing capacity, and attract fresh investment within a wider industrial policy framework. The schemes are stated to have generated investments exceeding Rs.2.16 lakh crore, production and sales exceeding Rs.20.41 lakh crore, and over 14.39 lakh direct and indirect jobs, while also supporting exports, reducing import dependence, and strengthening domestic manufacturing.
March 27, 2026
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Life insurance strengthens household financial security as insurers pay benefits, maintain solvency, and address the protection gap.
India's life insurance sector is presented as a major pillar of household financial security, with insurers paying substantial benefits in FY25 and supporting protection, retirement planning, wealth creation, and liquidity across life stages. The text says policyholders increasingly use proceeds for lifecycle goals such as education, home purchase, travel, and reinvestment into other life insurance products, reflecting broader use of policy benefits beyond protection. It also states that insurers remain above solvency thresholds, supported by asset-liability matching and strong solvency margins, while awareness efforts continue to address the protection gap.
March 27, 2026
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Excise duty cut and anti-hoarding warnings aim to protect fuel supply and prevent artificial shortages.
Excise duty on petrol and diesel was reduced to cushion consumers against rising crude prices, with oil companies said to absorb the burden without passing it on. Public warnings were issued against panic buying, hoarding, and rumour-mongering, including false claims of a nationwide lockdown, on the ground that such conduct could create an artificial shortage and disrupt supply.
March 27, 2026
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Trade retaliation escalates as China opens investigations into US restrictions on goods, technology, and green energy exports.
China launched two investigations into US trade practices in response to recent tariff-related investigations announced by the United States. One probe concerns US policies restricting Chinese goods and advanced technology exports, while the other concerns barriers affecting Chinese green energy exports. The investigations are expected to last six months, with a possible three-month extension if necessary.

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Lok Sabha adjourned sine die

April 18, 2026

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New Delhi, Apr 18 (PTI) The Lok Sabha was adjourned sine die on Saturday, drawing curtains on a stormy Budget session that saw the defeat of a crucial bill to implement 33 per cent quota for women in legislatures by increasing the strength of the Lower House to 816 through a delimitation exercise.

The session, which began on January 28, saw the passage of the Union Budget and Demands for Grants.

As soon as the House met at 11 am, Speaker Om Birla read out his concluding remarks, following which he adjourned the House sine die (for an indefinite period).

The session concluded with a rendition of 'Vande Mataram'. In a first, all six stanzas of the national song were played in the House. The government has mandated singing of all six stanzas of 'Vande Mataram' at official functions, public events and in school assemblies.

In a major setback to the government, the Constitution (131st Amendment) Bill to implement 33 per cent reservation for women in legislatures in 2029 and increase the number of Lok Sabha seats to 816 was defeated on Friday, with the ruling NDA asserting that the struggle to give the rights to women would continue.

While 298 members voted in support of the Bill in the Lok Sabha, 230 MPs voted against it. Out of 528 members who voted, the Bill required 352 votes for a two-thirds majority.

This is the first Bill of the Modi government to be defeated in Parliament.

According to the Bill, Lok Sabha seats were to be increased to 816 from the current 543 to "operationalise" the women's reservation law before the 2029 parliamentary polls, following a delimitation exercise based on the 2011 Census.

Seats were also to be increased in state and Union territory assemblies to accommodate 33 per cent reservation for women.

The session, which was to conclude on April 2, was extended by three days from April 16 to discuss the crucial bills.

In his concluding remarks, Birla said 31 sittings were held during the session that lasted around 151 hours and 42 minutes. The productivity of the House during the session was 93 per cent.

The second half of the Budget session, which began on March 9, saw the passage of some key legislations despite opposition uproar.

The second part of the session saw the passage of the Finance Bill 2026-27 and the Demands for Grants for various ministries, apart from the Appropriation Bill, thus completing the budgetary exercise in Parliament.

Finance Minister Nirmala Sitharaman replied to the discussion on the Finance Bill in both the Houses and answered queries raised by the members.

The session started in the shadow of the West Asia crisis after the US and Israel attacked Iran on February 28.

The opposition demanded a discussion on the issue. Prime Minister Narendra Modi, External Affairs Minister S Jaishankar and Petroleum and Natural Gas Minister Hardeep Singh Puri gave statements on the West Asia conflict and its impact on India.

The opposition protested, claiming that its queries were not answered. It also staged several protests both inside and outside Parliament on alleged shortage of oil and LPG in the country, while the government accused it of trying to spread rumours to create unrest among people.

The opposition walked out during the passage of crucial bills, claiming that they were dissatisfied with the government's response.

There was also an opposition uproar on the Central Armed Police Forces (General Administration) Bill. It demanded that the Bill be sent to a parliamentary panel for further scrutiny as it went against a Supreme Court ruling restricting the number of IPS officers in the central armed forces.

The legislation seeks to create a unified legal framework governing personnel across different Central Armed Police Forces (CAPFs), replacing the current patchwork of separate service-rule regimes for the five central forces.

The Andhra Pradesh Reorganisation (Amendment) Bill, 2026, saw Parliament give its nod to Amaravati as the new capital of Andhra Pradesh after amending the original Act of 2014.

The Transgender Persons (Protection of Rights) Amendment Bill, 2026, sought to amend a law on the protection and rights of transgender persons that proposes excluding social orientations from the ambit of the statute. The Bill was passed by Parliament, even as opposition members demanded that it be sent to a select committee.

The legislation also provides for graded punishment based on the gravity of harm inflicted on such people.

The Foreign Contribution (Regulation) Amendment Bill, 2026, was not taken up by the government during the session, following strong objections from the opposition. The Corporate Laws (Amendment) Bill, 2026, was sent to the parliamentary committee for further scrutiny.

The session also saw the suspension of eight opposition MPs being revoked, after the Lok Sabha passed a motion in this regard. They were suspended during the first part of the Budget session for creating a ruckus in the Lok Sabha over Leader of Opposition Rahul Gandhi allegedly not being allowed to speak in the House. PTI NAB DIV DIV

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