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April 3, 2026
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Advance tax notice under Form 151 sets out estimated income, instalments, and payment requirements for assessees.
Form 151 is the prescribed notice of demand for requiring payment of advance tax where an assessee is liable to pay advance tax on estimated income for the relevant tax year. It is issued by the assessing officer on the basis of the officer's computation of estimated income subject to advance tax and the advance tax payable, and it informs the assessee of the demand and the instalments and due dates for payment. The form must also set out the assessee's particulars, the statutory basis, the tax year, and the amount payable.
April 3, 2026
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Tax collection default certificate: Form 150 enables electronic proof that the collectee paid tax and the collector is not treated as in default.
Form No. 150 is the electronic accountant's certificate required where a collector has failed to collect tax at source, but the collectee has included the relevant income in the return and paid the tax due, so that the collector is not treated as an assessee in default under section 398(2). The form is furnished electronically through the prescribed online filing framework, supported by a Chartered Accountant's certification confirming inclusion of income in the collectee's return and proof of tax payment. The process uses TRACES and e-filing portal steps, with prescribed transaction details, supporting records, and digitally signed certification.
April 3, 2026
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Tax at source default regularisation through Form No. 150 requires accountant certification and preserves interest liability.
Form No. 150 provides a mechanism for a collector who failed to collect tax at source to avoid being treated as an assessee in default where the collectee has filed a return, included the relevant amount in income, and paid the tax due. The form relies on an accountant's certificate in Annexure A and applies to both resident and non-resident collectees. Filing begins on the TRACES website and is processed through the e-filing portal, while interest remains payable for the period from the date tax was collectible until the collectee files the return.
April 3, 2026
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Assessee-in-default relief through accountant certification when the payee has disclosed income and paid tax.
Form No. 149 is the accountant's certificate used where tax was not deducted or was deducted short, but the payee has reported the income and paid the tax. It is filed electronically by the deductor through TRACES with Chartered Accountant certification to establish that the deductor is not treated as an assessee-in-default under section 398(2), though interest may still apply until the deductee pays the tax.
April 3, 2026
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Tax deduction default relief through Form 149 allows deductors to regularise failure to deduct tax once deductee tax payment is verified.
Form No. 149 provides a mechanism for a deductor to regularise failure to deduct tax at source where the deductee has already filed a return and paid the tax due. The Accountant's certificate in Annexure A confirms that the deductee filed the return, included the relevant income, and paid the tax. The form may be filed for resident or non-resident deductees, and if accepted the deductor is not treated as an assessee in default, though interest remains payable until the deductee files the return. Filing is initiated through TRACES and the e-filing portal.
April 3, 2026
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Quarterly remittance reporting by IFSC units requires Form 148 filing for cross-border payments and e-verification.
Form No. 148 requires every IFSC unit making remittance to a non-resident other than a company or to a foreign company to file a quarterly statement through the e-Filing portal, whether the remittance is taxable or not. The form consolidates remittance reporting, prescribes quarterly due dates, and sets out unit details and remittance particulars to be furnished and verified online. Non-compliance within the due date may attract a penalty of up to Rs. 1 lakh, while remittances not chargeable to tax continue to be reported in Form No. 148 instead of Part D of Form No. 145.
April 3, 2026
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Mandatory quarterly remittance reporting by IFSC units requires online filing, DSC verification, and timely compliance.
Form No. 148 is a mandatory quarterly statement for IFSC units making remittances to a non-resident other than a company or to a foreign company. It must be filed online through the e-Filing portal, e-verified by DSC, and furnished by the 15th day of the month following each quarter. The form requires remittee and remittance details, cannot be modified after submission, and non-filing or late filing may attract a penalty of up to Rs. 1 lakh.
April 3, 2026
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Foreign remittance reporting requires quarterly Form No. 147 filing with linked Form No. 145 details and digital verification.
Form No. 147 requires authorised dealers to furnish a quarterly statement of remittances to non-residents and foreign companies through the e-Filing portal. Filing is due each quarter after obtaining ITDREIN and mapping an authorised person, with Part A covering dealer particulars and Part B covering remitter, remittee and remittance details, including Form No. 145 acknowledgement particulars where applicable. Non-filing within time attracts penalty, and the form is integrated with the Department's risk profiling and verification system.
April 3, 2026
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Authorised dealer reporting for cross-border remittances requires mandatory quarterly Form No. 147 filing and electronic verification.
Form No. 147 is a mandatory quarterly statement filed by an Authorised Dealer for remittances to a non-resident, other than a company, or to a foreign company. It must be filed only through the e-Filing portal, after generation of ITDREIN and mapping of an authorised person with a valid Digital Signature Certificate for e-verification. The form is due quarterly by the 15th of the month following each quarter and is supported by Form No. 145 details. Late filing may attract penalty.
April 3, 2026
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Accountant's certificate for foreign remittances requires chargeability review, treaty relief analysis, and e-verification before payment is made.
Form No. 146 is the accountant's certificate for specified foreign remittances to a non-resident other than a company or to a foreign company where the payment or aggregate payments exceed the prescribed threshold and no Assessing Officer certificate has been obtained. It requires the Chartered Accountant to certify chargeability under domestic income-tax provisions and applicable DTAA relief, with supporting details on remitter, remittee, remittance, tax deduction, and verification. The form is filed through the e-filing system, e-verified using DSC, may be withdrawn within seven days, and inaccurate certification exposes the accountant to penalty.
April 3, 2026
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Accountant's certificate for foreign remittances governs taxability checks, digital filing, withdrawal limits, and one-time consumption for Part C.
Form No. 146 is the accountant's certificate required for filing Part C of Form No. 145 where a remittance is chargeable to tax and exceeds the prescribed threshold during the tax year. It is certified by a registered Chartered Accountant with a Digital Signature Certificate and assignment of Form No. 145, Part C, and it examines chargeability under the Income-tax Act and any applicable Double Taxation Avoidance Agreement. The form is filed online or through the offline utility, verified by Digital Signature Certificate, and may be withdrawn within seven days subject to the linked filing status.
April 3, 2026
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Pre-remittance declaration for foreign payments streamlines TDS compliance, verification, and risk profiling under the income-tax framework.
Form No. 145 is the mandatory pre-remittance declaration for payments to a non-resident not being a company or to a foreign company, intended to capture foreign remittances chargeable to tax in India and support TDS compliance, departmental verification, and risk profiling. It is an event-based form required before remittance, subject to specified exceptions, and is structured into four parts depending on whether the remittance is chargeable to tax, exceeds the prescribed threshold, or is supported by an Assessing Officer certificate, an accountant's certificate in Form No. 146, or no taxability. The guidance also covers filing methods, supporting documents, e-verification, withdrawal, penalties for non-compliance, and recent field-level changes for electronic reconciliation.
April 3, 2026
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Mandatory foreign remittance declaration governs payments to non-residents, with exemptions, verification rules, and penalty exposure for non-compliance.
Mandatory declaration is required before remitting funds outside India to a non-resident, other than a company, or to a foreign company. The form is filed by the person responsible for the payment, subject to specified exemptions, and must be furnished before the remittance is made. The filing structure depends on whether the remittance is chargeable to tax, the applicable threshold during the tax year, and whether an Assessing Officer certificate or an Accountant's certificate has been obtained. Supporting documents, e-verification, withdrawal rights, and penalty consequences are also specified.
April 3, 2026
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Tax deducted at source on non-resident payments is reported through Form 144 with quarterly deductee-wise compliance requirements.
Quarterly statement in Form No. 144 is the prescribed TDS return for reporting tax deducted at source on payments other than salary made to non-resident persons, including non-resident Indians and foreign companies. The form covers interest, royalty, technical fees, dividends, and similar cross-border remittances, and is filed by deductors for the relevant tax year. It contains deductor particulars, tax paid details, and a deductee-wise annexure, and requires challans, PAN details, and treaty documents where benefits are claimed.
April 2, 2026
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Egg brand initiative to boost poultry farming, strengthen local production and support rural entrepreneurship in Maharashtra.
Maharashtra is planning to develop a state-specific egg brand and expand poultry farming to strengthen local egg production, reduce dependence on imports from southern states and improve supply chain stability. The initiative is linked to rural entrepreneurship and allied agricultural activity, with the aim of creating a stable market for poultry farmers, improving quality assurance and increasing incomes in rural areas. Financial assistance is being provided under the Mukhyamantri Gramin Pashudhan Udyojakata Yojana for poultry units at two levels, with higher subsidy support for SC and ST beneficiaries.
April 2, 2026
Show AI Summary
Parliamentary legislative reform advanced across insolvency, service law, decriminalisation, and transgender rights during the extended Budget session.
Parliament's extended Budget session focused on key legislative measures covering financial business, service law reform, decriminalisation, insolvency reform, state reorganisation, and transgender rights. Bills reported as passed or considered included measures on Central Armed Police Forces, Andhra Pradesh Reorganisation, transgender persons' protection, Jan Vishwas amendments, and the Insolvency and Bankruptcy Code, with some bills referred for further scrutiny and one proposed amendment on foreign contribution not taken up.
April 2, 2026
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GST revenue growth and tax administration reforms lifted Haryana's SGST collections and expanded the taxpayer base.
Haryana recorded 22 per cent growth in gross State GST revenue in FY26, with post-settlement SGST collections rising to Rs 48,289 crore and its national rank improving from ninth to sixth. The number of registered GST taxpayers increased to 6,30,818, while the growth was linked to GST rate rationalisation reforms and improved tax administration.
April 2, 2026
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GST revenue growth in Bihar remained strong despite rate rationalisation, election slowdown, and IGST settlement deductions.
Bihar's commercial taxes department reported total revenue collections of Rs 43,324 crore for the 2025-26 financial year, with GST collections of Rs 32,801 crore and net GST receipt of Rs 32,077 crore after IGST settlement deduction. The department said the 9.2 per cent GST growth remained significant despite GST rate rationalisation and an election-related slowdown. The state ranked fourth among large states in total GST collection, while petrol collections declined and the Registration Department exceeded its revenue target.
April 2, 2026
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Foreign exchange controls tighten as RBI caps bank rupee positions and restricts derivative rebooking to curb volatility.
Reserve Bank of India measures were reported to have triggered a sharp recovery in the rupee after recent foreign exchange volatility. The action included a cap on the net open position in the Indian rupee for banks, a bar on offering non-deliverable derivative contracts involving the rupee to resident or non-resident users, and a restriction on rebooking cancelled foreign exchange derivative contracts. The measures were described as a response to evolving market conditions and to curb risk in derivative activity.
April 2, 2026
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Foreign exchange counters at airports can now exchange Indian rupee notes for residents and non-residents beyond immigration controls.
Residents, as well as non-residents, may exchange Indian rupee notes at foreign exchange counters in departure halls of international airports beyond the immigration or customs desk. The earlier facility at such counters was limited to buying Indian rupees from non-residents and selling foreign currency to them. The Master Direction on Money Changing Activities is being amended to reflect the expanded exchange scope.

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Corp. Laws / SEBI / IBC

Spirit Airlines goes out of business after 34 years, ending operations immediately

May 2, 2026

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West Pam Beach (US), May 2 (AP) Spirit Airlines, an impish upstart that shook the industry with its irreverent ads and deep discount fares, announced Saturday that it has gone out of business after 34 years.

The ultralow cost airline that once operated hundreds of daily flights on its bright yellow planes and employed about 17,000 people said it had “started an orderly wind-down of our operations, effective immediately.” The airline said on its website that all flights have been canceled and customer service is no longer available. Some passengers arrived Saturday for flights and were stunned to find them canceled, while workers learned overnight they were out of a job.

“We are proud of the impact of our ultra-low-cost model on the industry over the last 34 years and had hoped to serve our guests for many years to come,” Spirit's announcement said.

US Transportation Secretary Sean Duffy said Saturday that Spirit had a reserve fund set up for customers who bought directly from the airline to get refunds. People who bought from third-party vendors like travel agents would have to seek refunds from them. He had a stark message for people flying with Spirit.

“If you have a flight scheduled with Spirit Airlines, don't show up at the airport. There will be no one here to assist you,” Duffy said.

He said United, Delta, JetBlue and Southwest were offering $200 one-way flights for people who had Spirit confirmation numbers and proof of purchase for a limited time. Other airlines would also help Spirit employees who might be stranded, as well as offering them a preferential application process as they look for work.

Spirit said in a statement it was working to get more than 1,300 crew to their home bases and that the final Spirit flight landed at Dallas Fort Worth International Airport from Detroit Metropolitan Airport.

The company advised customers that they could expect refunds but there would be no help in booking travel on other airlines.

The Trump administration had considered a government bailout for the cash-strapped business to keep it from going under, but a deal was not reached. Of the potential bailout, Duffy said Saturday “we often times don't have half a billion dollars laying around.” President Donald Trump had floated the idea of a bailout last week after the airline found itself in bankruptcy proceedings for the second time in less than two years with jet fuel prices soaring because of the Iran war.

They got you there' ------------------- Five Spirit flights were still showing as “on time” on Saturday morning on the departure board in Atlanta. A trickle of passengers who hadn't heard the news were still showing up.

“What!?” exclaimed Taylor Nantang as she, her husband and four children arrived for a Saturday afternoon Spirit flight from Atlanta to Miami for a spur-of-the-moment vacation. The family had driven down from Tennessee to the Atlanta airport.

“So the whole airline at every airport is out of business?” asked Nantang. “Oh my, that's crazy.” Other passengers wondered whether the airline would still answer its customer service phone, or when the refunds for cancelled flights might arrive on their credit cards.

Joshua Sigler, who had bought a ticket Friday for a flight Saturday to Miami, said he would just return home after learning of the cancellation, rather than try to take advantage of deals other airlines were offering to stranded Spirit passengers.

He said he had gotten no communication from Spirit, which he had flown multiple times in the past. “They get you there,” he said of past flights. “It was cheap.” Boo-hoo crying' --------------- Former Spirit flight attendant Freddy Peterson was on a Spirit flight from Detroit that arrived in Newark around 11 p.m. Friday. He said that despite rumors flying on social media Friday, things seemed kind of normal, with more than 200 passengers on the plane.

“All our aircraft were packed,” he said.

Peterson, 60, said he set his alarm clock for 3 a.m. Saturday to check the company website at the hour of the rumored shutdown.

“I said, OK, well, since all this going on, they said Spirit is supposed to close at 3, I'm going to bed. I set my alarm clock for 3 o'clock, went onto the website and it said, Spirit flights have been canceled,'” Peterson said.

He said Delta Air Lines brought him and another flight attendant back to Atlanta on Saturday morning, with Peterson leaving from there to drive to his home in Shellman in southwest Georgia.

“I'll probably do my boo-hoo crying and all that other stuff once I get in the car.” Peterson said he had been a flight attendant with Spirit for 10 years and the company has “done wonders for me.” He said the airline's reputation for bargain basement chaos was largely undeserved, but he did fault management for not communicating with the employees in the closing days, saying a promised employee town hall was canceled.

Bailout fizzles --------------- As late as Friday afternoon, Trump had said that “we're looking at it" and had given the budget carrier a “final proposal” for a taxpayer-funded takeover.

Spirit has struggled financially since the COVID-19 pandemic, weighed down by rising operating costs and growing debt. By the time it filed for Chapter 11 protection in November 2024, Spirit had lost more than $2.5 billion since the start of 2020.

The budget carrier sought bankruptcy protection again in August 2025, when it reported having $8.1 billion in debts and $8.6 billion in assets, according to court filings.

White House blames Biden --------------------------- The White House had blamed President Joe Biden administration for Spirit's tenuous financial situation. Biden, a Democrat, opposed a proposed merger between Spirit and JetBlue in 2023. On Saturday, Trump administration officials took to social media to amplify voices of conservative critics who faulted Biden for Spirit's demise.

On Saturday, Duffy concentrated blame on Biden as well as his predecessar Pete Buttigieg.

“Many at the time said that this was a disaster. This merger should have been allowed,” he said.

Tad DeHaven, a policy analyst at the Cato Institute, a libertarian think tank, said the Trump administration also bears responsibility, arguing that the airline's current crisis reflects a chain reaction of policy missteps rather than a single decision. He pointed specifically to Trump's decision to strike Iran as “bad foreign policy," saying the conflict drove up jet fuel prices and Spirit's operating costs.

“They were already in trouble,” DeHaven said, describing the situation as “a compounding effect in terms of policy.” Supporters of a rescue including labor unions representing Spirit's pilots, flight attendants and ramp workers said a collapse would put thousands of Americans out of work and hurt consumers by reducing airline competition and increasing airfares. About 17,000 jobs could be impacted, according to Spirit lawyer Marshall Huebner.

Budget-conscious and leisure travelers would likely feel Spirit's absence the most, especially in places where the airline has a big footprint such as Las Vegas and the Florida cities of Fort Lauderdale and Orlando.

The carrier flew about 1.7 million domestic passengers in February, roughly half a million fewer than during the same month a year earlier, according to aviation analytics firm Cirium. Spirit also has sharply reduced its capacity, with about half as many seats available this month than in May 2024. (AP) AMS

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