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        <title>Tax Updates - Daily Update</title>
        <link>https://www.taxtmi.com</link>
        <description>One stop solution for Direct Taxes and Indirect Taxes and Corporate Laws in India</description>
        <category>Business/Tax/Law/GST/India/Taxation/Policies/Legal/Corporate Tax/Personal Tax/Vat Law/Legal Information/Tax Information/Legal Services/Tax Services</category>
        <copyright>TaxTMI.Com / MS Knowledge Processing Pvt. Ltd. All rights reserved.</copyright>
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        <ttl>60</ttl>
        <item>
<title>Pre Deposit for GST Tribunal Appeal</title>
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<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[Question arises as to the mode of making the pre-deposit for a GST tribunal appeal, specifically whether the amount should be paid through DRC-03 or DRC-03A, whether it may be adjusted against the demand register, and whether payment can be made from the credit ledger. The discussion is confined to the procedural mechanism for discharge of the pre-deposit requirement and the available payment route, without stating any adjudicatory conclusion or outcome.]]></description>
<category>GST</category>
<category>Discussion-Forum</category>
<category>TaxLaws</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Guidance Note – Form 171</title>
<link>https://www.taxtmi.com/news?id=72195</link>
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<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[Form 171 is the one-time application for registration as an authorised Income Tax Practitioner under the specified eligibility categories in section 515(3) of the Income Tax Act, 2025. Eligible applicants include accountants, persons who have passed a recognised accountancy examination, and other qualified persons recognised by the Central Board of Direct Taxes. The form requires applicant details, the claimed eligibility category, qualifications, prior tax appearances, and supporting documents, and is filed with the jurisdictional Income Tax Authority for verification and registration.]]></description>
<category>TaxLaws</category>
<category>News</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Form 171 – Frequently Asked Questions</title>
<link>https://www.taxtmi.com/news?id=72194</link>
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<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[Form 171 is the prescribed application for registration as an Authorised Income-tax Practitioner under section 515 of the Income-tax Act 2025 and must be filed with the jurisdictional Chief Commissioner or Commissioner of Income-tax. The application is mandatory for recognition in that capacity, may be filed after eligibility arises, and is a one-time filing unless otherwise directed. It requires applicant particulars, eligibility details, qualifications, supporting documents, and relevant firm or association details. On approval, the applicant's name is entered in the Register of Income-tax Practitioners and a Certificate of Registration is issued.]]></description>
<category>TaxLaws</category>
<category>News</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Guidance Note – Form 168</title>
<link>https://www.taxtmi.com/news?id=72193</link>
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<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[Form 168 operates as an auto-generated Annual Information Statement linked to a taxpayer's PAN and available in the e-filing account. It consolidates TDS, TCS, tax payments, specified financial transactions, demand and refund details, and pending or completed proceedings, together with any other prescribed information. The taxpayer does not file the form manually. It is updated dynamically during the year as underlying reports and payments are processed, and it uses Tax Year instead of Financial Year.]]></description>
<category>TaxLaws</category>
<category>News</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Form No. 168 - Frequently Asked Questions (FAQs)</title>
<link>https://www.taxtmi.com/news?id=72192</link>
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<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[Annual Information Statement (AIS) is the detailed financial statement linked to PAN, and Taxpayer Information Summary (TIS) is its consolidated version showing category-wise totals for use in return filing. AIS contains transaction-level data, while TIS provides summarized figures such as salary, rental income, interest, capital gains, dividend, business income and taxes paid. Taxpayers should verify AIS, use the feedback mechanism for incorrect or unrelated entries, and rely on the updated TIS; actual income must still be reported in the return even if missing from AIS.]]></description>
<category>TaxLaws</category>
<category>News</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Difficulty in filing appeals on the GST portal in cases where adjudication orders reflect "NIL" demand due to prior voluntary payment</title>
<link>https://www.taxtmi.com/news?id=72191</link>
<guid isPermaLink="true">https://www.taxtmi.com/news?id=72191</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[Taxpayers may face portal restrictions when an adjudication order reflects a NIL demand because payment was made at the show cause notice stage without admitting liability. Although such payment does not amount to acceptance of the demand, the GST portal may block filing of appeal application APL-01 when no liability is captured in the Demand and Collection Register. The taxpayer may seek rectification of the order so that the correct demand amount is reflected and the appeal can then be filed within the prescribed time.]]></description>
<category>TaxLaws</category>
<category>News</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>ITC on Pre-Fabricated Structure Purchased and Not Constructed</title>
<link>/forum/issue?id=120849</link>
<guid isPermaLink="true">/forum/issue?id=120849</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[Input tax credit on an already existing pre-fabricated structure purchased on an "as is where is" basis depends on whether the transaction involves construction of an immovable property or an outright purchase without structural modification. Section 17(5)(d) was referenced as restricting credit for goods or services used in construction, but the discussion distinguished a case with no construction activity and suggested that eligibility may depend on intended use and whether the structure is treated as movable property.]]></description>
<category>GST</category>
<category>Discussion-Forum</category>
<category>TaxLaws</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Central Government de-notifies an area of 6.28 hectare, thereby making the resultant notified area as 3.52 hectares at Kundalahalli Village, Krishnarajapuram, Hobli, Bangalore East Taluk, Bangalore District in the State of Karnataka</title>
<link>https://www.taxtmi.com/notifications?id=145353</link>
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<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[De-notification of land from a Special Economic Zone was made in respect of the sector specific Information Technology/Information Technology Enabled Services SEZ at Kundalahalli Village, Karnataka. The Central Government noted the proposal to reduce the SEZ area by 6.28 hectares, the State Government's approval, and the Development Commissioner's recommendation. On being satisfied that the statutory requirements were fulfilled, the Central Government de-notified the identified land parcels by survey number, leaving a resultant notified area of 3.52 hectares.]]></description>
<category>SEZ</category>
<category>Notifications</category>
<category>TaxLaws</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Guidance Note – Form 164</title>
<link>https://www.taxtmi.com/news?id=72190</link>
<guid isPermaLink="true">https://www.taxtmi.com/news?id=72190</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[Form 164 requires persons engaged in cinematograph film production or notified specified activities to furnish an annual statement for each tax year under section 507 of the Income-tax Act, 2025, read with Rule 236. The statement is due within 60 days from the end of the tax year and covers filer particulars, film or activity details, and payment and TDS information, including aggregate payments above the prescribed threshold linked to the relevant film or activity. The revised format uses three parts and standardised digital reporting.]]></description>
<category>TaxLaws</category>
<category>News</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Form 164 – Frequently Asked Questions</title>
<link>https://www.taxtmi.com/news?id=72189</link>
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<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[A mandatory annual statement is required under section 507 of the Income-tax Act, 2025 for persons engaged in cinematograph film production or specified activities such as event management, sports events, documentary production, OTT or TV programme production, performing arts, or similar notified activities. The filing obligation applies to every individual, partnership firm, LLP, company or other entity that produced a film or undertook a specified activity during the relevant tax year, including cases where the film or activity was not completed in that year. The statement must be filed within 60 days from the end of the tax year, and TAN is required where the filer is liable to deduct tax at source.]]></description>
<category>TaxLaws</category>
<category>News</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Bajaj Finance Extends Personal Loan Tenure up to 108 Months, Easing Repayment Burden</title>
<link>https://www.taxtmi.com/news?id=72188</link>
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<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[Bajaj Finance has revised its personal loan offering by extending the repayment tenure up to 108 months, replacing the earlier 96-month structure. The longer tenure is intended to reduce monthly EMI burden and give borrowers greater flexibility in managing repayments, while shorter tenures remain available within a range of 12 months to 108 months depending on customer preference. The personal loan product is described as collateral-free and designed for planned and urgent expenses, with loan amounts ranging from Rs. 40,000 to Rs. 55 lakh.]]></description>
<category>TaxLaws</category>
<category>News</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Guidance Note – Form 163</title>
<link>https://www.taxtmi.com/news?id=72187</link>
<guid isPermaLink="true">https://www.taxtmi.com/news?id=72187</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[Form 163 is the reporting statement for indirect transfers of assets located in India under section 506 of the Income-tax Act, 2025 and Rule 235 of the Income-tax Rules, 2026. It is to be furnished by an Indian concern, or its representative, where a non-resident transfers shares or interests in a foreign company or entity in a manner affecting assets, rights, management or control in relation to the Indian concern. The form is filed electronically within the prescribed timelines and supports computation of income reported in Form 4.]]></description>
<category>TaxLaws</category>
<category>News</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Forex reserves drop by USD 10.29 billion to USD 688.06 billion</title>
<link>https://www.taxtmi.com/news?id=72186</link>
<guid isPermaLink="true">https://www.taxtmi.com/news?id=72186</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[India's foreign exchange reserves declined to USD 688.058 billion for the week ended March 27, driven by lower foreign currency assets and gold reserves. The Reserve Bank of India continued to intervene in the foreign exchange market through dollar sales and related policy measures as the rupee remained under pressure, while Special Drawing Rights rose slightly and the IMF reserve position edged down.]]></description>
<category>TaxLaws</category>
<category>News</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Form No. 163 – Frequently Asked Questions</title>
<link>https://www.taxtmi.com/news?id=72185</link>
<guid isPermaLink="true">https://www.taxtmi.com/news?id=72185</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[Reporting of indirect transfers of assets located in India requires an Indian concern, or its representative, to furnish information in Form No. 163 under section 506 of the Income Tax Act, 2025. The form is mandatory and applies where a non-resident transfers shares of, or interest in, an offshore company or entity resulting in an indirect transfer of assets in India. It must be furnished within ninety days from the end of the financial year, or within ninety days of the transaction where management or control rights in relation to the Indian concern are transferred.]]></description>
<category>TaxLaws</category>
<category>News</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Customs exemption extends nil Agriculture Infrastructure and Development Cess on ammonium nitrate for a limited notified period.</title>
<link>https://www.taxtmi.com/highlights?id=98423</link>
<guid isPermaLink="true">https://www.taxtmi.com/highlights?id=98423</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[Ammonium nitrate classifiable under tariff item 3102 30 00 is exempted from Agriculture Infrastructure and Development Cess to the extent it exceeds the rate specified as nil, resulting in no cess charge on that goods description during the notified period. The exemption is issued under the Customs Act, 1962 read with the Finance Act, 2021, and applies from 2 April 2026 up to and including 30 June 2026. It operates as a limited-time customs exemption tied to the specified tariff item and product description.]]></description>
<category>Customs</category>
<category>Highlights</category>
<category>TaxLaws</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Basic customs duty exemption granted on specified chemicals, petrochemicals and polymers for a limited period.</title>
<link>https://www.taxtmi.com/highlights?id=98422</link>
<guid isPermaLink="true">https://www.taxtmi.com/highlights?id=98422</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[Basic customs duty is exempted, to the extent it exceeds nil, on specified imported chemicals, petrochemicals and polymer products listed in the notification, subject to the corresponding tariff classifications in the First Schedule to the Customs Tariff Act, 1975. The exemption covers items such as ammonia, toluene, styrene, methanol, MEG, PTA, polypropylene, PVC, PET chips, resins, polyurethanes and related polymers. The notification takes effect from 2 April 2026 and remains operative up to and including 30 June 2026.]]></description>
<category>Customs</category>
<category>Highlights</category>
<category>TaxLaws</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Import policy for jewellery under CTH 7113 shifts to Restricted, with no transitional relief and limited exemptions.</title>
<link>https://www.taxtmi.com/highlights?id=98421</link>
<guid isPermaLink="true">https://www.taxtmi.com/highlights?id=98421</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[Import policy for CTH 7113 jewellery and parts under Chapter 71 of ITC (HS) 2022 is revised to Restricted for the specified tariff lines, with immediate effect. The amendment applies notwithstanding transitional arrangements, prior contracts, irrevocable letters of credit, advance payments, shipment status, or any other prior commitment, so no transitional benefit is available. Imports by 100% Export Oriented Units and SEZ units remain exempt when goods are not sold into the Domestic Tariff Area, and imports under the Gems and Jewellery export schemes in Chapter 4 of FTP 2023 are also excluded. Imports under a valid India-UAE CEPA TRQ may be allowed without an import licence for the specified gold jewellery entries.]]></description>
<category>Customs</category>
<category>Highlights</category>
<category>TaxLaws</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Forex counters at international airports may now exchange Indian Rupee notes for residents and non-residents in designated departure areas.</title>
<link>https://www.taxtmi.com/highlights?id=98420</link>
<guid isPermaLink="true">https://www.taxtmi.com/highlights?id=98420</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[Residents, as well as non-residents, are now permitted to exchange Indian Rupee notes at foreign exchange counters located in departure halls of international airports, provided the counters are within the Duty-Free Area or Security Hold Area beyond the immigration or customs desk. The Master Direction on Money Changing Activities is being amended to reflect this expanded placement and access. Authorised Persons may notify customers of the change, which operates without prejudice to any approvals required under other laws.]]></description>
<category>FEMA</category>
<category>Highlights</category>
<category>TaxLaws</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>International Valuation Standards notified for insolvency valuations across resolution, liquidation, pre-pack and guarantor bankruptcy processes.</title>
<link>https://www.taxtmi.com/highlights?id=98419</link>
<guid isPermaLink="true">https://www.taxtmi.com/highlights?id=98419</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[Valuations conducted under the Insolvency and Bankruptcy Code are to follow the International Valuation Standards, as issued and updated by the IVSC, for corporate insolvency resolution, liquidation, voluntary liquidation, pre-packaged insolvency resolution, and personal guarantor bankruptcy processes. The circular makes these standards applicable for all valuations under the Code and regulations made thereunder, with effect from the date of issue and until further orders, to support transparent, objective, and credible asset valuation in insolvency proceedings.]]></description>
<category>TaxLaws</category>
<category>Highlights</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Designated CFSs for international transshipment cargo are notified to streamline handling subject to customs compliance and prescribed procedure.</title>
<link>https://www.taxtmi.com/highlights?id=98418</link>
<guid isPermaLink="true">https://www.taxtmi.com/highlights?id=98418</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[Customs stakeholders are informed that specified Container Freight Stations at JNCH, Nhava Sheva have been permitted to handle international transshipment cargo to facilitate smooth movement of transhipment containers. Two CFSs are authorised for both FCL and LCL cargo, and three CFSs are authorised for LCL cargo only. Use of these facilities remains subject to compliance with the Customs Act, 1962, applicable rules and regulations, and the instructions in the referenced circulars. International transhipment requests must be processed under the procedure prescribed in Board Circular No. 14/2007-Cus.]]></description>
<category>Customs</category>
<category>Highlights</category>
<category>TaxLaws</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Guidance Note – Form 162</title>
<link>https://www.taxtmi.com/news?id=72184</link>
<guid isPermaLink="true">https://www.taxtmi.com/news?id=72184</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[Form 162 is an annual statement required under section 505 of the Income Tax Act, 2025, for non-resident entities maintaining a liaison office in India. It must be filed once in each tax year within eight months from the end of the tax year, electronically through the income-tax e-filing portal and digitally signed by the authorised signatory. The form captures head office, liaison office, RBI approval, Annual Activity Certificate, financial, employee, and counterparty details, and may be used for verification, international taxation, and transfer pricing cross-checks.]]></description>
<category>TaxLaws</category>
<category>News</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Form 162 – Frequently Asked Questions</title>
<link>https://www.taxtmi.com/news?id=72183</link>
<guid isPermaLink="true">https://www.taxtmi.com/news?id=72183</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[Form 162 is the annual statement required for non-resident entities maintaining a liaison office in India under the Income-tax Act, 2025, to be filed electronically once in each tax year within eight months from the end of the tax year. The filing requires particulars relating to the office's activities, approval details, employees, Indian counterparties, and audited financial information, along with a certified Annual Activity Certificate and valid PAN. The form cannot be submitted offline or edited after acknowledgment, and non-filing or delay may attract penalty, revocation of liaison office permission, and other assessment-related action.]]></description>
<category>TaxLaws</category>
<category>News</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Mandatory Body Worn Cameras for import cargo examination at CFSs under JNCH begin from 1 April 2026</title>
<link>https://www.taxtmi.com/highlights?id=98417</link>
<guid isPermaLink="true">https://www.taxtmi.com/highlights?id=98417</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[Mandatory use of Body Worn Cameras during physical examination of import cargo at all Container Freight Stations under JNCH jurisdiction will apply from 01.04.2026, in line with CBIC Circular No. 07/2026-Customs. The examination must be recorded from before opening packages or containers until completion, covering inspection of seals, goods, quantity, description, sampling, and interactions with the importer or Customs Broker; any interruption must be noted with reasons. Recordings must be securely stored and retained for two years by the jurisdictional Commissionerate, and, where investigations, disputes, or litigation arise, preserved until final disposal. CFSs must ensure BWCs are available for officers at their locations.]]></description>
<category>Customs</category>
<category>Highlights</category>
<category>TaxLaws</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Updated EDI email ID for AD Code and IFSC communications; all other registration procedures remain unchanged.</title>
<link>https://www.taxtmi.com/highlights?id=98416</link>
<guid isPermaLink="true">https://www.taxtmi.com/highlights?id=98416</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[The official email ID for the EDI Section has been changed for all communications relating to AD Code and Bank Account (IFSC) registration or modification in ICES. Stakeholders must now send Bank Authorization Letters, NOCs and related documents only to the updated email address, edi.jc@gov.in. All other procedures, documentation requirements, timelines and instructions under Public Notice No. 65/2023 remain unchanged.]]></description>
<category>Customs</category>
<category>Highlights</category>
<category>TaxLaws</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>RBI tightens INR derivative rules, banning non-deliverable contracts, rebooking of cancelled trades, and related-party dealings.</title>
<link>https://www.taxtmi.com/highlights?id=98415</link>
<guid isPermaLink="true">https://www.taxtmi.com/highlights?id=98415</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[Authorised Dealers are prohibited from offering non-deliverable derivative contracts involving INR to resident or non-resident users, while deliverable foreign exchange derivative contracts may continue only for hedging purposes and where the user does not hold offsetting non-deliverable positions. Users may not rebook any cancelled INR-linked foreign exchange derivative contract, whether deliverable or non-deliverable, after the date of these instructions. Authorised Dealers are also barred from entering into any foreign exchange derivative contract involving INR with related parties, with related party meaning aligned to Ind AS 24 or IAS 24. The directions take immediate effect and remain operative until further review.]]></description>
<category>FEMA</category>
<category>Highlights</category>
<category>TaxLaws</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Overseas investment references to be routed through RBI Regional Offices via PRAVAAH portal from 1 April 2026.</title>
<link>https://www.taxtmi.com/highlights?id=98414</link>
<guid isPermaLink="true">https://www.taxtmi.com/highlights?id=98414</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[RBI has shifted processing of references on Overseas Investment received from persons resident in India through authorised dealer banks from its Central Office to seven designated Regional Offices, effective 1 April 2026. AD banks must now submit such references through the PRAVAAH portal using the relevant UIN prefix mapping to the specified Regional Office. Corresponding amendments to the Master Direction on Overseas Investment are being implemented, and banks are asked to inform customers and constituents. The circular operates under FEMA and does not affect any permissions or approvals required under other laws.]]></description>
<category>FEMA</category>
<category>Highlights</category>
<category>TaxLaws</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Transshipment permission for courier import goods granted subject to customs supervision, bond compliance, sealing, escort and destination acknowledgment.</title>
<link>https://www.taxtmi.com/highlights?id=98413</link>
<guid isPermaLink="true">https://www.taxtmi.com/highlights?id=98413</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[Transshipment permission is granted to M/s FedEx Express Transportation and Supply Chain Services India Private Limited for movement of imported goods from New Courier Terminal, Delhi to specified air cargo ports through M/s Interglobe Aviation Limited, subject to compliance with Customs Act transshipment procedures and the conditions in the notice. The arrangement requires specific manifestation of cargo, segregation and sealing under Customs supervision, CTM-based movement, escorted transfer where applicable, maintenance of records, destination acknowledgment within 10 days, and production of a customs certificate within 15 days for bond discharge. The permission is renewable on satisfactory compliance and may be withdrawn at any time.]]></description>
<category>Customs</category>
<category>Highlights</category>
<category>TaxLaws</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Guarantee reporting under FEMA now uses prescribed return forms, quarterly submission timelines and transaction numbering for authorised dealer banks.</title>
<link>https://www.taxtmi.com/highlights?id=98412</link>
<guid isPermaLink="true">https://www.taxtmi.com/highlights?id=98412</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[Reporting obligations under FEMA's Guarantees Regulations, 2026 are aligned to three prescribed return formats: Form GRN Issue for guarantee issuance, Form GRN Modification for changes in guarantee terms, and Form GRN Invocation for invocation reporting. Authorised dealer banks must submit these returns to the Reserve Bank through CIMS within 30 calendar days from the end of the relevant quarter and assign a unique Guarantee Transaction Number for each guarantee issuance before submission. For late submission fee purposes, the amount involved in delayed Form GRN Invocation reporting is the liability created on invocation, while delayed Form GRN Issue and Form GRN Modification are treated as nil because they do not capture flows. The directions take immediate effect.]]></description>
<category>FEMA</category>
<category>Highlights</category>
<category>TaxLaws</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Post EGM Shipping Bill cancellation facility introduced to stop export incentive disbursal and enable recovery where needed.</title>
<link>https://www.taxtmi.com/highlights?id=98411</link>
<guid isPermaLink="true">https://www.taxtmi.com/highlights?id=98411</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[A system-based facility in ICES has been introduced to handle export cargo returned from international waters due to closure of the Strait of Hormuz, by enabling a new "Post EGM SB Cancellation" option for Shipping Bills after filing of the Export General Manifest. The proper officer may cancel such Shipping Bills to prevent export incentives and IGST refunds from being disbursed where no scroll has yet been generated. If a scroll is already generated before cancellation, recovery action must be taken manually by the field formation in line with the Board's circular.]]></description>
<category>Customs</category>
<category>Highlights</category>
<category>TaxLaws</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Entry Inwards streamlined for vessel discharge as Customs delinks boarding formalities from cargo commencement.</title>
<link>https://www.taxtmi.com/highlights?id=98410</link>
<guid isPermaLink="true">https://www.taxtmi.com/highlights?id=98410</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[Customs has streamlined the grant of Entry Inwards by delinking it from physical boarding formalities, allowing vessel discharge to begin immediately after the vessel enters the docks and the Boarding Officer records Entry Inwards in ICES. For NSD, KPD and MCH Haldia, the Vessel Agent must email a request confirming dock entry, intimate the Boarding Officer, produce supporting documents at boarding, and then commence discharge after communication of Entry Inwards. The Boarding Officer must still complete boarding formalities and take action for any variation, shortcoming or misdeclaration. For Budge Budge and Oversite Anchorage Points, similar email-based intimation applies, subject to completion of other required formalities for bulk or liquid cargo. Previous notices are amended accordingly.]]></description>
<category>Customs</category>
<category>Highlights</category>
<category>TaxLaws</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Guidance Note – Form 161</title>
<link>https://www.taxtmi.com/news?id=72182</link>
<guid isPermaLink="true">https://www.taxtmi.com/news?id=72182</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[Form 161 is the prescribed application under the Income-tax Act, 2025 for immunity from penalty and prosecution where an assessee accepts an assessment or reassessment order, pays the full tax and interest demand within the prescribed time, and does not file an appeal. The application is event-based and must be filed within one month from the end of the month in which the order is received. It requires structured taxpayer identity details, order and payment particulars, and a statutory verification, and is filed electronically with supporting assessment, demand, payment, and PAN documents.]]></description>
<category>TaxLaws</category>
<category>News</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Form 161 – Frequently Asked Questions</title>
<link>https://www.taxtmi.com/news?id=72181</link>
<guid isPermaLink="true">https://www.taxtmi.com/news?id=72181</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[Form 161 is the prescribed application under section 440(2) of the Income-tax Act, 2025 for seeking immunity from penalty and prosecution after an assessment or reassessment order. It is optional and event-based, must be filed within one month from the end of the month of receipt of the order, and is available only where the taxpayer has paid the full tax and interest demand and has not filed any appeal. The form requires order details, demand details, proof of payment, and PAN, and can be submitted only online through the e-Filing portal.]]></description>
<category>TaxLaws</category>
<category>News</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Guidance Note – Form 160</title>
<link>https://www.taxtmi.com/news?id=72180</link>
<guid isPermaLink="true">https://www.taxtmi.com/news?id=72180</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[Refund of tax deducted at source and deposited to the Central Government is available through Form 160 where tax was not required to be deducted on the relevant income or transaction. The form is filed by the deductor before the Assessing Officer having jurisdiction, within thirty days from payment of tax, and must contain transaction details, deductee details, agreement particulars, and proof of the tax deducted and deposited. Supporting documents and verification enable examination of whether the refund claim is admissible.]]></description>
<category>TaxLaws</category>
<category>News</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Form 160 – Frequently Asked Questions</title>
<link>https://www.taxtmi.com/news?id=72179</link>
<guid isPermaLink="true">https://www.taxtmi.com/news?id=72179</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[Refund of tax deducted at source and paid to the Central Government may be sought through Form 160 where the deductor contends that no tax was deductible on the relevant income or transaction. The form is the prescribed application under the Income-tax law and is to be used only in cases where tax was actually deducted and deposited, but the applicant later claims that the deduction was not required under the Act. It is filed before the TDS Assessing Officer having jurisdiction over the applicant, and the application is supported by the statutory particulars needed to test the claim of non-deductibility.]]></description>
<category>TaxLaws</category>
<category>News</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Guidance Note – Form 159</title>
<link>https://www.taxtmi.com/news?id=72178</link>
<guid isPermaLink="true">https://www.taxtmi.com/news?id=72178</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[Tax Clearance Certificate in Form 159 is issued by the Assessing Officer in response to Form 158 and is prescribed under section 420(5) of the Income-tax Act, 2025 read with Rule 228 of the Income-tax Rules, 2026. The form records the departing person's identity details and travel-linked validity, is issued through ITBA functionality, and has no statutory timeline for issue. Form 158 is the supporting application, and the note states that the taxpayer cannot leave India without the requisite clearance certificate.]]></description>
<category>TaxLaws</category>
<category>News</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Form 159 – Frequently Asked Questions</title>
<link>https://www.taxtmi.com/news?id=72177</link>
<guid isPermaLink="true">https://www.taxtmi.com/news?id=72177</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[Form 159 is the Tax Clearance Certificate issued by the Assessing Officer in response to Form 158. It is not filed by the taxpayer, but is issued to the specified taxpayer through the ITBA functionality, subject to the requirements of the Income-tax Act, 2025. No statutory time limit is prescribed for issuance, and the certificate is event-based, depending on the travel requirements of the person leaving India.]]></description>
<category>TaxLaws</category>
<category>News</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Guidance Note – Form 158</title>
<link>https://www.taxtmi.com/news?id=72176</link>
<guid isPermaLink="true">https://www.taxtmi.com/news?id=72176</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[Form 158 is the application for a Tax Clearance Certificate required from a person directed by the Assessing Officer to obtain clearance before leaving India. It is filed each time the requirement applies, captures travel, identification, business, and passport details, and must be supported by documents such as passport or emergency certificate, PAN, and travel booking records. The form is filed electronically through the income-tax portal and digitally signed; on processing, Form 159 is issued as the Tax Clearance Certificate.]]></description>
<category>TaxLaws</category>
<category>News</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Form 158 – Frequently Asked Questions</title>
<link>https://www.taxtmi.com/news?id=72175</link>
<guid isPermaLink="true">https://www.taxtmi.com/news?id=72175</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[Form 158 is the mandatory electronic application for a Tax Clearance Certificate for domiciled persons required to obtain clearance before leaving India under the Income-tax Act, 2025. It must be filed each time the person leaves India, through the e-filing portal only. PAN is mandatory, while Aadhaar is not required. Supporting documents include passport or emergency certificate details and travel booking documents. The form cannot be edited after submission, and verification may be completed through prescribed electronic modes.]]></description>
<category>TaxLaws</category>
<category>News</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Guidance Note – Form 157</title>
<link>https://www.taxtmi.com/news?id=72174</link>
<guid isPermaLink="true">https://www.taxtmi.com/news?id=72174</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[Form 157 is a manual undertaking to be furnished by persons domiciled in India leaving India at the time of departure under section 420(4) of the Income-tax Act, 2025 and Rule 228 of the Income-tax Rules, 2026. It applies only to persons without PAN or without income chargeable to tax. The form requires identity and passport details, an undertaking regarding PAN or taxable income status, and particulars of the foreign visit, supported by passport documents or an emergency certificate where no passport is available.]]></description>
<category>TaxLaws</category>
<category>News</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Form 157– Frequently Asked Questions</title>
<link>https://www.taxtmi.com/news?id=72173</link>
<guid isPermaLink="true">https://www.taxtmi.com/news?id=72173</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[Form 157 is a proposed new income-tax certificate form for persons domiciled in India leaving India who do not have PAN, do not have income chargeable to tax in India, or are not required to obtain PAN. It is mandatory subject to notified exceptions, must be filed each time the person leaves India, and is to be submitted manually before the jurisdictional Assessing Officer with the prescribed identity documents. The form does not require proof of tax payment, Aadhaar is no longer required in the personal details, and corrections may be made before submission or later through the Assessing Officer.]]></description>
<category>TaxLaws</category>
<category>News</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Guidance Note – Form 156</title>
<link>https://www.taxtmi.com/news?id=72172</link>
<guid isPermaLink="true">https://www.taxtmi.com/news?id=72172</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[Persons domiciled in India leaving India must furnish Form 156 at the time of departure as an undertaking under section 420(3) of the Income-tax Act, 2025 read with rule 228 of the Income-tax Rules, 2026, subject to notified exceptions. The form is to be filed electronically through the Income-tax Department e-filing portal and requires personal particulars, travel purpose, duration of stay abroad, passport details, and supporting documents such as passport and PAN, or an emergency certificate where no passport is available. The form structure is being rationalised by splitting the existing manual form into Form 156 and Form 157.]]></description>
<category>TaxLaws</category>
<category>News</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Form 156– Frequently Asked Questions</title>
<link>https://www.taxtmi.com/news?id=72171</link>
<guid isPermaLink="true">https://www.taxtmi.com/news?id=72171</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[Form 156 is an undertaking to be furnished by persons domiciled in India leaving India at the time of departure, subject to notified exceptions. It applies only where the person has a valid PAN and income chargeable to tax in India, and is filed each time the person leaves India. The form cannot be edited after submission and acknowledgement. Filing is electronic through the income tax e-filing portal, with verification by electronic verification code or digital signature certificate, and requires passport or emergency certificate details, without proof of tax payment or Aadhaar.]]></description>
<category>TaxLaws</category>
<category>News</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Guidance Note – Form 155</title>
<link>https://www.taxtmi.com/news?id=72170</link>
<guid isPermaLink="true">https://www.taxtmi.com/news?id=72170</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[Form 155 is the no objection certificate and tax clearance certificate issued by the Assessing Officer to a person not domiciled in India under section 420(1) of the Income-tax Act, 2025, read with Rule 228 of the Income-tax Rules, 2026. It is issued in response to Form 154 filed by a person leaving India, records identity and travel details, and states the validity period of the certificate. The certificate is issued through the departmental ITBA functionality and may need to be shown to Customs or Immigration Officers if required.]]></description>
<category>TaxLaws</category>
<category>News</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Form 155 – Frequently Asked Questions</title>
<link>https://www.taxtmi.com/news?id=72169</link>
<guid isPermaLink="true">https://www.taxtmi.com/news?id=72169</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[Form 155 is a Tax Clearance Certificate issued by the prescribed authority in response to Form 154 for a person not domiciled in India. It is not filed by the taxpayer, is issued subject to the conditions in the Act through the ITBA system, and has no prescribed statutory timeline. The certificate is event-based, depends on travel requirements, and may be produced before immigration officers if asked.]]></description>
<category>TaxLaws</category>
<category>News</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Guidance Note – Form 154</title>
<link>https://www.taxtmi.com/news?id=72168</link>
<guid isPermaLink="true">https://www.taxtmi.com/news?id=72168</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[Form 154 is an undertaking required from an employer or other person when a person not domiciled in India is leaving India. It is filed manually under section 420(1) and Rule 228, and is supported by passport or Emergency Certificate details. The form is generally attached to a request for a Tax Clearance Certificate, and processing results in issuance of Form 155.]]></description>
<category>TaxLaws</category>
<category>News</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Grant of Transshipment Permission to M/s DHL Express (India) Pvt. Ltd. for Movement of Imported Goods from New Courier Terminal, New Delhi to Designated Air Cargo Ports via M/s InterGlobe Aviation Limited</title>
<link>https://www.taxtmi.com/circulars?id=69590</link>
<guid isPermaLink="true">https://www.taxtmi.com/circulars?id=69590</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[Transshipment permission is granted to M/s DHL Express (I) Pvt. Ltd. for movement of imported goods from the New Courier Terminal, Delhi to designated air cargo ports through M/s InterGlobe Aviation Limited, subject to compliance with the prescribed customs procedures and conditions. Only goods specifically manifested for transshipment may be moved, and the cargo must be segregated, recorded, sealed, escorted and supervised under customs control, with proper acknowledgements at the destination to support bond debit and re-credit.]]></description>
<category>Customs</category>
<category>Circulars</category>
<category>TaxLaws</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Form 154– Frequently Asked Questions</title>
<link>https://www.taxtmi.com/news?id=72167</link>
<guid isPermaLink="true">https://www.taxtmi.com/news?id=72167</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[Form 154 is the prescribed undertaking for a non-domiciled person leaving India with India-sourced income in connection with business, profession or employment. It is signed by the employer or other person concerned, filed offline before the prescribed authority, and is required each time such person departs India. The form supports issuance of a tax clearance certificate, requires a valid PAN, and is accompanied by a passport or emergency certificate, while Aadhaar is not required and proof of tax payment is optional.]]></description>
<category>TaxLaws</category>
<category>News</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Guidance Note – Form 153</title>
<link>https://www.taxtmi.com/news?id=72166</link>
<guid isPermaLink="true">https://www.taxtmi.com/news?id=72166</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[Form 153 is the statutory Certificate and Notice of Demand issued by the Tax Recovery Officer for recovery of outstanding tax arrears under the Income-tax Act, 2025, read with the Income-tax Rules, 2026. It is an event-driven recovery instrument issued after default and a recovery certificate, may cover multiple tax years and multiple heads of arrears, and directs the taxpayer to pay within 15 days, failing which recovery proceedings may follow.]]></description>
<category>TaxLaws</category>
<category>News</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Minutes of the Permanent Trade Facilitation Committee (Ptfc) Meeting</title>
<link>https://www.taxtmi.com/circulars?id=69589</link>
<guid isPermaLink="true">https://www.taxtmi.com/circulars?id=69589</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[Customs trade facilitation discussions covered the PTFC meeting at Visakhapatnam, including outreach on the award-winning film Right Turn and proposals on self-sealing permissions in ICES, DPD charges, night-time berthing clearances and weekend liner support. The committee noted that self-sealing extension requests require prior application with supporting documents and export statements, while the existing local practice was immediate system updation on request. Requests for manual OOC were declined, and the need for night-time appraising support and rationalisation of operational charges was to be examined further.]]></description>
<category>Customs</category>
<category>Circulars</category>
<category>TaxLaws</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Form 153 – Frequently Asked Questions</title>
<link>https://www.taxtmi.com/news?id=72165</link>
<guid isPermaLink="true">https://www.taxtmi.com/news?id=72165</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[Form 153 is the statutory Certificate and Notice of Demand issued by the Tax Recovery Officer for unpaid tax arrears, including tax, interest, penalty, fine, or other sums. It requires payment within 15 days and may cover multiple tax years or multiple heads of arrears in one notice. If payment is not made, recovery proceedings may follow, including attachment or sale of property and other enforcement measures, with interest, costs, charges, and expenses also accruing.]]></description>
<category>TaxLaws</category>
<category>News</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Guidance Note – Form 152</title>
<link>https://www.taxtmi.com/news?id=72164</link>
<guid isPermaLink="true">https://www.taxtmi.com/news?id=72164</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[Form 152 is used to intimate the Assessing Officer under section 407(8) where an assessee considers the estimate of income or advance tax in a notice of demand under section 289, issued pursuant to an order under section 407(2) or section 407(5), to be excessive. The assessee may state the reasons for disputing the estimate and furnish a revised estimate of income subject to advance tax for the relevant tax year. The form includes the demand reference, reasons for dispute, revised head-wise income estimate, computation of advance tax payable, and verification, together with supporting documents where required.]]></description>
<category>TaxLaws</category>
<category>News</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Form 152 – Frequently Asked Questions</title>
<link>https://www.taxtmi.com/news?id=72163</link>
<guid isPermaLink="true">https://www.taxtmi.com/news?id=72163</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[Form 152 is the statutory mechanism for intimating the Assessing Officer that a demand for advance tax is excessive and for furnishing a revised estimate of income subject to advance tax. It is optional and may be filed only by a person served with such notice who considers the Assessing Officer's estimate to be higher than the correct estimate for the relevant tax year. The form must be filed before the Assessing Officer who issued the demand and must specify the reasons for disputing the estimate along with a head-wise revised estimate of income.]]></description>
<category>TaxLaws</category>
<category>News</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Guidance Note – Form 151</title>
<link>https://www.taxtmi.com/news?id=72162</link>
<guid isPermaLink="true">https://www.taxtmi.com/news?id=72162</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[Form 151 is the prescribed notice of demand for requiring payment of advance tax under the Income-tax Act, 2025. It is issued by the Assessing Officer to an assessee liable to pay advance tax under section 407(2) or 407(5), based on available information regarding the assessee's income for the relevant tax year. The notice states the estimated advance tax liability and the instalments and due dates for payment, and is accompanied by a computation of advance tax payable under section 407.]]></description>
<category>TaxLaws</category>
<category>News</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Form 151 – Frequently Asked Questions</title>
<link>https://www.taxtmi.com/news?id=72161</link>
<guid isPermaLink="true">https://www.taxtmi.com/news?id=72161</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[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.]]></description>
<category>TaxLaws</category>
<category>News</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Guidance Note – Form 150</title>
<link>https://www.taxtmi.com/news?id=72160</link>
<guid isPermaLink="true">https://www.taxtmi.com/news?id=72160</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[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.]]></description>
<category>TaxLaws</category>
<category>News</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Form No. 150 - Frequently Asked Questions</title>
<link>https://www.taxtmi.com/news?id=72159</link>
<guid isPermaLink="true">https://www.taxtmi.com/news?id=72159</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[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.]]></description>
<category>TaxLaws</category>
<category>News</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Guidance Note – Form 149</title>
<link>https://www.taxtmi.com/news?id=72158</link>
<guid isPermaLink="true">https://www.taxtmi.com/news?id=72158</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[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.]]></description>
<category>TaxLaws</category>
<category>News</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Form No. 149 - Frequently Asked Questions</title>
<link>https://www.taxtmi.com/news?id=72157</link>
<guid isPermaLink="true">https://www.taxtmi.com/news?id=72157</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[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.]]></description>
<category>TaxLaws</category>
<category>News</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Guidance Note – Form 148</title>
<link>https://www.taxtmi.com/news?id=72156</link>
<guid isPermaLink="true">https://www.taxtmi.com/news?id=72156</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[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.]]></description>
<category>TaxLaws</category>
<category>News</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver</title>
<link>https://www.taxtmi.com/notifications?id=145352</link>
<guid isPermaLink="true">https://www.taxtmi.com/notifications?id=145352</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[Tariff values under the customs valuation notification are revised by substituting the tables for edible oils, brass scrap, gold, silver and areca nuts. The notification continues the existing tariff values for crude palm oil, RBD palm oil, other palm oil, crude palmolein, RBD palmolein, other palmolein, crude soya bean oil, brass scrap and areca nuts, while prescribing tariff values for specified categories of gold and silver used for customs purposes. The revised tariff values take effect from 3 April 2026.]]></description>
<category>Customs</category>
<category>Notifications</category>
<category>TaxLaws</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Form No.148 – Frequently Asked Questions</title>
<link>https://www.taxtmi.com/news?id=72155</link>
<guid isPermaLink="true">https://www.taxtmi.com/news?id=72155</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[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.]]></description>
<category>TaxLaws</category>
<category>News</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Guidance Note – Form 147</title>
<link>https://www.taxtmi.com/news?id=72154</link>
<guid isPermaLink="true">https://www.taxtmi.com/news?id=72154</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[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.]]></description>
<category>TaxLaws</category>
<category>News</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Form No. 147– Frequently Asked Questions</title>
<link>https://www.taxtmi.com/news?id=72153</link>
<guid isPermaLink="true">https://www.taxtmi.com/news?id=72153</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[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.]]></description>
<category>TaxLaws</category>
<category>News</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Amendment in Import Policy of Items covered under CTH 7113 under Chapter 71 of ITC (HS) 2022, Schedule-I (Import Policy).</title>
<link>https://www.taxtmi.com/notifications?id=145342</link>
<guid isPermaLink="true">https://www.taxtmi.com/notifications?id=145342</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[Import policy for items under CTH 7113 is amended with immediate effect, changing specified jewellery and parts entries from Free to Restricted. The revised policy applies notwithstanding transitional arrangements and irrespective of prior contracts, letters of credit, advance payments, shipment status, or other commitments. Certain gold jewellery imports remain permitted without an import licence under a valid India-UAE CEPA TRQ, and exemptions are preserved for 100% Export Oriented Units, SEZ units, and specified Gems and Jewellery export schemes.]]></description>
<category>Customs</category>
<category>Notifications</category>
<category>TaxLaws</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Guidance Note – Form 146</title>
<link>https://www.taxtmi.com/news?id=72152</link>
<guid isPermaLink="true">https://www.taxtmi.com/news?id=72152</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[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.]]></description>
<category>TaxLaws</category>
<category>News</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Form No. 146 – Frequently Asked Questions</title>
<link>https://www.taxtmi.com/news?id=72151</link>
<guid isPermaLink="true">https://www.taxtmi.com/news?id=72151</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[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.]]></description>
<category>TaxLaws</category>
<category>News</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Amendment in Import Policy and Policy conditions of items covered under Chapter 71 of ITC (HS) 2022, Schedule-I (Import Policy)</title>
<link>https://www.taxtmi.com/notifications?id=145351</link>
<guid isPermaLink="true">https://www.taxtmi.com/notifications?id=145351</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[Import policy under Chapter 71 of ITC (HS) 2022 is amended with immediate effect to revise the status and conditions for specified precious metal and precious metal-clad goods. New Policy Condition No. 7 exempts imports by 100% Export Oriented Units, SEZ units, and certain gems and jewellery export schemes, subject to domestic tariff area restrictions and product-specific limits for certain platinum and precious metal alloys. The amended restrictions apply notwithstanding paragraph 1.05(b) of FTP 2023, and transitional arrangements are unavailable.]]></description>
<category>Customs</category>
<category>Notifications</category>
<category>TaxLaws</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Guidance Note – Form 145</title>
<link>https://www.taxtmi.com/news?id=72150</link>
<guid isPermaLink="true">https://www.taxtmi.com/news?id=72150</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[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.]]></description>
<category>TaxLaws</category>
<category>News</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Form No. 145 – Frequently Asked Questions</title>
<link>https://www.taxtmi.com/news?id=72149</link>
<guid isPermaLink="true">https://www.taxtmi.com/news?id=72149</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[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.]]></description>
<category>TaxLaws</category>
<category>News</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Notification on the Implementation of the India–Japan Memorandum of Understanding for Assistance in Collection of Taxes under Article 26A</title>
<link>https://www.taxtmi.com/notifications?id=145350</link>
<guid isPermaLink="true">https://www.taxtmi.com/notifications?id=145350</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[Implementation of the India-Japan Memorandum of Understanding on assistance in collection of taxes under Article 26A of the double taxation convention. The Memorandum, signed at Tokyo and New Delhi, applies to requests for collection of taxes made after the later date of signature by the two competent authorities, and has effect in India for requests made after 8 July 2025. The Central Government, under section 90(1) of the Income-tax Act, 1961, notified that all provisions of the Memorandum set out in the Annexure shall be given effect in the Union of India.]]></description>
<category>Income Tax</category>
<category>Notifications</category>
<category>TaxLaws</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Guidance Note – Form 144</title>
<link>https://www.taxtmi.com/news?id=72148</link>
<guid isPermaLink="true">https://www.taxtmi.com/news?id=72148</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[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.]]></description>
<category>TaxLaws</category>
<category>News</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>SC: Pre-Deposit Cannot Be Weaponised Against a Taxpayer Denied Fair Adjudication</title>
<link>https://www.taxtmi.com/article/detailed?id=16131</link>
<guid isPermaLink="true">https://www.taxtmi.com/article/detailed?id=16131</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[Assessment proceedings under the U.P. GST Act were challenged on the basis that relied-upon documents were uploaded on an inaccessible portal section, preventing an effective reply and making the assessment orders ex parte in nature. The article also discusses the mandatory 10% pre-deposit under Section 107(6)(b) for filing an appeal, the taxpayer's plea of financial incapacity, and the Allahabad High Court's view that successive writ petitions seeking exemption were barred by constructive res judicata and the Henderson principle. The Supreme Court's interim order granted temporary protection against coercive recovery on a reduced deposit.]]></description>
<category>GST</category>
<category>Articles</category>
<category>TaxLaws</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>"Intended Use" Is Not "Exclusive Use": Supreme Court Reasserts Limits on Revenue Overreach in End-Use Exemptions</title>
<link>https://www.taxtmi.com/article/detailed?id=16130</link>
<guid isPermaLink="true">https://www.taxtmi.com/article/detailed?id=16130</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[End-use based exemption notifications conditioned on intended use cannot be narrowed by reading in requirements of exclusive or directly traceable use. Where exempted inputs are consumed in an integrated industrial process through common utilities, the inability to identify the precise downstream allocation of the input does not by itself defeat exemption, and proportionate denial based only on estimation cannot substitute for proof of actual diversion or non-compliance. Extended limitation and penalty depend on clear evidence of suppression or intent to evade, and are not attracted where procurement and use are disclosed and the dispute turns on interpretation.]]></description>
<category>GST</category>
<category>Articles</category>
<category>TaxLaws</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>COMMUNICATION UNDER GST - WHY UPLOADING MAY NOT BE ENOUGH</title>
<link>https://www.taxtmi.com/article/detailed?id=16129</link>
<guid isPermaLink="true">https://www.taxtmi.com/article/detailed?id=16129</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[Under GST appeal rules, the expression "communicated" in section 107 was examined to determine whether uploading a notice or adjudication order on the GST portal alone can start limitation. The article distinguishes procedural service under section 169 from effective communication for appeal purposes, and says portal upload, email, or SMS may not ensure taxpayer awareness. It stresses that communication must be meaningful, that the department is better placed to prove the date of communication when disputed, and that digital GST administration must preserve fairness, natural justice, and access to appellate remedies.]]></description>
<category>GST</category>
<category>Articles</category>
<category>TaxLaws</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>CBIC Circular 17/2026-Customs: Trade Facilitation Reforms for Courier and E-Commerce Operations Enhancing Ease of Doing Business".</title>
<link>https://www.taxtmi.com/article/detailed?id=16128</link>
<guid isPermaLink="true">https://www.taxtmi.com/article/detailed?id=16128</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[CBIC has introduced trade facilitation reforms for courier and e-commerce operations to streamline cross-border logistics, reduce compliance burdens, and modernise customs processing under the courier import and export framework. The reforms remove the value cap on commercial export consignments sent through courier mode and extend the reform to both e-commerce and non-e-commerce commercial exports. They also provide a simplified Return to Origin mechanism for un-cleared or unclaimed imported goods after fifteen days, and simplify re-imports of returned and rejected goods through a risk-based approach.]]></description>
<category>Customs</category>
<category>Articles</category>
<category>TaxLaws</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>How many flaws one adjudication order may have under GST Laws.</title>
<link>https://www.taxtmi.com/article/detailed?id=16127</link>
<guid isPermaLink="true">https://www.taxtmi.com/article/detailed?id=16127</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[GST adjudication orders are vulnerable when passed before the mandatory three-month period under section 73(2), when personal hearing and effective communication requirements under section 75(4) are not followed, and when bank attachment is issued without verifying the nature of the account or the taxpayer's funds. The commentary stresses that such defects reflect non-compliance with statutory procedure and natural justice, and that orders may be challenged through appellate or writ remedies within limitation periods.]]></description>
<category>GST</category>
<category>Articles</category>
<category>TaxLaws</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Reforming Courier Trade: An Analysis of Notification No. 33  34/2026-Customs (N.T.)</title>
<link>https://www.taxtmi.com/article/detailed?id=16126</link>
<guid isPermaLink="true">https://www.taxtmi.com/article/detailed?id=16126</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[Amendments to the Courier Imports and Exports (Electronic Declaration and Processing) Regulations, 2010 and the Courier Imports and Exports (Clearance) Regulations, 1998 introduce a structured re-export facility for uncleared imported courier consignments after 15 days, subject to the goods not being prohibited or restricted and no enforcement proceedings having begun. The reforms also omit redundant provisions, remove the earlier value threshold for certain courier procedures, and expand Form E disclosure requirements for re-import cases.]]></description>
<category>Customs</category>
<category>Articles</category>
<category>TaxLaws</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>GST registration cancellation may be restored on filing pending returns and clearing dues, interest and late fee.</title>
<link>https://www.taxtmi.com/highlights?id=98409</link>
<guid isPermaLink="true">https://www.taxtmi.com/highlights?id=98409</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[Cancellation of GST registration for non-filing of returns may be dropped where the registered person furnishes all pending returns and pays the tax dues, interest and late fee, as reflected in the proviso to Rule 22(4) of the CGST Rules. The text notes that the cancellation power under Section 29(2)(c) extends to non-filing for six continuous months, but serious civil consequences justify permitting restoration on compliance. It also states that expiry of the revocation timeline was not treated as a bar in the circumstances discussed. The petitioner was given two months to approach the authority, which was directed to consider restoration expeditiously in accordance with law.]]></description>
<category>GST</category>
<category>Highlights</category>
<category>TaxLaws</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Alternative remedy and factual adjudication bar merits review in IGST adjustment dispute, with appeal left open</title>
<link>https://www.taxtmi.com/highlights?id=98408</link>
<guid isPermaLink="true">https://www.taxtmi.com/highlights?id=98408</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[The writ challenge to denial of adjustment of excess IGST against ineligible ITC was not examined on merits because the dispute involved several factual issues better suited to statutory appellate scrutiny. The Court relegated the petitioner to the appellate remedy, directed the authority to grant a personal hearing, and left all contentions open for appeal. In doing so, the appellate authority was asked to consider the principles on rectification of bona fide and inadvertent errors stated in Star Engineers I Pvt. Ltd., while the Court itself did not adjudicate the validity of the impugned notifications. The appeal was to be entertained on merits without objection on limitation if filed within the time granted.]]></description>
<category>GST</category>
<category>Highlights</category>
<category>TaxLaws</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Improper service of notice at old address violates natural justice; HC quashes proceedings and remands for fresh adjudication.</title>
<link>https://www.taxtmi.com/highlights?id=98407</link>
<guid isPermaLink="true">https://www.taxtmi.com/highlights?id=98407</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[Service of notice at an incorrect address, despite the taxpayer having informed the authorities of the changed address and the same being reflected in the registration certificate, violated audi alteram partem. The HC found that the show cause notice, adjudication order and appellate order were all served at the old address, and the appellate authority also failed to address the contention of non-receipt of notices and order. The petitioner was therefore denied an effective opportunity to defend the case. On that ground, the impugned proceedings were quashed and the matter was remanded for fresh proceedings in accordance with law.]]></description>
<category>GST</category>
<category>Highlights</category>
<category>TaxLaws</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Real estate anti-profiteering methodology upheld, with purchase-value ITC comparison showing no additional GST benefit to pass on.</title>
<link>https://www.taxtmi.com/highlights?id=98406</link>
<guid isPermaLink="true">https://www.taxtmi.com/highlights?id=98406</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[In real estate anti-profiteering analysis, the governing approach is to test project-level GST savings by comparing credit availed to purchase value in the pre-GST and post-GST periods. Applying that method, the Tribunal accepted the DGAP's use of purchase-value ratios, excluded reversed credit and units outside the relevant pre-occupancy sale pool, and held that no additional benefit had accrued to the developer. It also accepted that ledger adjustments could evidence passing on of input tax credit, and that the EPC contractor was not the supplier to homebuyers. The objections to methodology, verification, and alleged inconsistency were rejected, and no contravention of Section 171 was found.]]></description>
<category>GST</category>
<category>Highlights</category>
<category>TaxLaws</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Reassessment notice service and natural justice failure led to setting aside assessment despite timely issuance of notice.</title>
<link>https://www.taxtmi.com/highlights?id=98405</link>
<guid isPermaLink="true">https://www.taxtmi.com/highlights?id=98405</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[Reassessment notice law distinguishes issuance from service: limitation under Section 149 was satisfied because the notice under Section 148 was issued within time, so the reopening was not void for want of jurisdiction. However, the Department failed to prove actual service of the statutory notice before reassessment was completed. The Court treated this as an irregular assumption of jurisdiction amounting to breach of natural justice, set aside the reassessment order and consequential demand, and remitted the matter for fresh assessment after service of notice and opportunity of hearing. It also held that writ jurisdiction was available despite an alternate remedy because the challenge involved violation of natural justice.]]></description>
<category>Income Tax</category>
<category>Highlights</category>
<category>TaxLaws</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Assessment order limitation turns on signature date, not mere dating; late digital signing rendered the demand time-barred and invalid.</title>
<link>https://www.taxtmi.com/highlights?id=98404</link>
<guid isPermaLink="true">https://www.taxtmi.com/highlights?id=98404</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[Assessment orders become effective only when signed, and dating an order within time does not satisfy the statutory limit if signature follows later. The HC held that for AY 2023-24, the limitation under section 153 expired on 31 March 2025, but the assessment order was digitally signed only on 25 December 2025. As the computation sheet and notice of demand were also signed after expiry of limitation, they were not validly made within time. Treating signature as an essential requirement of legal validity, the Court held the assessment order, computation sheet and notice of demand to be time-barred and quashed them.]]></description>
<category>Income Tax</category>
<category>Highlights</category>
<category>TaxLaws</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Real income rule bars taxation of unrealised mark-to-market gains on forward derivative contracts until maturity.</title>
<link>https://www.taxtmi.com/highlights?id=98403</link>
<guid isPermaLink="true">https://www.taxtmi.com/highlights?id=98403</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[Unrealised mark-to-market gains on a forward commodity derivative were held not taxable before actual accrual or maturity because income must have really accrued to be brought to tax under mercantile accounting. Applying Woodward Governor and Godhra Electricity, the Court held that fluctuating gains and losses on a forward contract remain notional until expiry, so anticipated gains reflected in accounts do not lose their unrealised character merely due to accounting treatment. The deletion of the addition was upheld, with the clarification that tax consequences on maturity would follow in accordance with law.]]></description>
<category>Income Tax</category>
<category>Highlights</category>
<category>TaxLaws</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Time-barred and jurisdictionally defective 143(2) notice invalidated the assessment; transfer order challenge was not entertained.</title>
<link>https://www.taxtmi.com/highlights?id=98402</link>
<guid isPermaLink="true">https://www.taxtmi.com/highlights?id=98402</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[Notice under section 143(2) was held time-barred and also issued before the jurisdictional transfer under section 127 took effect, so the Assessing Officer lacked authority when the notice was served. On that dual basis, the consequent assessment under section 143(3) was declared invalid and quashed. The Tribunal did not entertain the separate challenge to the transfer order under section 127.]]></description>
<category>Income Tax</category>
<category>Highlights</category>
<category>TaxLaws</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Debatable transfer pricing addition after High Court admission meant penalty under section 271(1)(c) was not leviable.</title>
<link>https://www.taxtmi.com/highlights?id=98401</link>
<guid isPermaLink="true">https://www.taxtmi.com/highlights?id=98401</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[Once the jurisdictional High Court had admitted the assessee's quantum appeal on substantial questions of law concerning the transfer pricing addition, the underlying addition had not attained finality and remained debatable. In that situation, the Tribunal applied the principle that a debatable claim does not by itself establish concealment of income or furnishing of inaccurate particulars. Penalty under section 271(1)(c) was therefore held not leviable, and the deletion of penalty was upheld.]]></description>
<category>Income Tax</category>
<category>Highlights</category>
<category>TaxLaws</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Audit report requirement on invalid return was remanded for merits-based verification of business income and consequential relief.</title>
<link>https://www.taxtmi.com/highlights?id=98400</link>
<guid isPermaLink="true">https://www.taxtmi.com/highlights?id=98400</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[A rectification grievance under section 154 concerning a return treated as invalid for want of an audit report had to be examined on merits by verifying whether the assessee had any income from business or profession and, if not, whether any audit report was required. The Tribunal found that the authorities had not adjudicated this plea and had instead shifted the matter between CPC and the jurisdictional AO on jurisdictional grounds. The mechanical rejection was set aside, and the matter was restored to the jurisdictional AO for proper verification and consequential relief if the return was wrongly invalidated.]]></description>
<category>Income Tax</category>
<category>Highlights</category>
<category>TaxLaws</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Genuine CCD transactions and capital loss set-off upheld where tax avoidance was not proved beyond suspicion.</title>
<link>https://www.taxtmi.com/highlights?id=98399</link>
<guid isPermaLink="true">https://www.taxtmi.com/highlights?id=98399</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[ITAT held that the subscription and sale of compulsorily convertible debentures were genuine transactions arising from financial compulsion in a distressed family business, not a colourable device to offset capital gains. The Department had not shown that the underlying project, bank borrowings, mortgage of the jointly owned property, CCD subscription through banking channels, or sale based on an independent valuation were sham or collusive. Mere doubt over commercial prudence was insufficient to deny the statutory set-off of the resulting short-term capital loss, and suspicion alone could not justify disallowance. The Revenue's appeals were dismissed.]]></description>
<category>Income Tax</category>
<category>Highlights</category>
<category>TaxLaws</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Suspicion Cannot Replace Proof in Labour Charge Disallowance, as ITAT Deletes Ad Hoc Addition</title>
<link>https://www.taxtmi.com/highlights?id=98398</link>
<guid isPermaLink="true">https://www.taxtmi.com/highlights?id=98398</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[Suspicion cannot replace proof where business expenditure is supported by a complete documentary trail and no adverse material shows inflation or non-business use. The assessee produced issue and receipt vouchers, labour bills and banking records, the books were not rejected, stock records showed no discrepancy, and the labour charges were consistent with the jewellery manufacturing business and accepted turnover. The contractors responded to notices under section 133(6), and there was no evidence that cash withdrawn by them was routed back to the assessee. In the absence of any specific finding of bogus expenditure, the ITAT deleted the ad hoc disallowance of labour charges in full.]]></description>
<category>Income Tax</category>
<category>Highlights</category>
<category>TaxLaws</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Carting expense disallowance failed where separate billing and accounting evidence disproved any double claim presumption.</title>
<link>https://www.taxtmi.com/highlights?id=98397</link>
<guid isPermaLink="true">https://www.taxtmi.com/highlights?id=98397</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[Disallowance of carting expenses based on a presumed double claim was unsustainable where the assessee showed that transportation charges were raised separately by cement suppliers through debit notes or invoices, distinct from purchase invoices, and supported this with sample bills, vouchers and accounting records. The Tribunal held that the assessee's detailed explanation and documentary evidence had not been examined in either the assessment or appellate order, so the disallowance rested only on presumption and was vitiated. The addition was deleted and the assessee's appeal was allowed.]]></description>
<category>Income Tax</category>
<category>Highlights</category>
<category>TaxLaws</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Goodwill depreciation, reassessment limitation, and invalid assessment name issues led ITAT to dismiss the Revenue's challenge.</title>
<link>https://www.taxtmi.com/highlights?id=98396</link>
<guid isPermaLink="true">https://www.taxtmi.com/highlights?id=98396</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[ITAT held that depreciation on goodwill arising from amalgamation remained allowable where the claim concerned the same block of intangible asset already accepted in the foundational year, with no new goodwill or distinguishing change shown. It further held that reassessment was barred by limitation under the post-Ashish Agarwal and TOLA framework because the section 148 notice was issued beyond the surviving period, making the reassessment invalid. The Tribunal also affirmed that assessment framed in the name of a company which had already converted into an LLP was a nullity for want of jurisdiction. Finally, it upheld deletion of the section 14A disallowance because the Assessing Officer invoked Rule 8D without first recording the mandatory dissatisfaction under section 14A(2).]]></description>
<category>Income Tax</category>
<category>Highlights</category>
<category>TaxLaws</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Presumptive taxation under section 44AD protects declared business sales from being treated as bogus on mere suspicion.</title>
<link>https://www.taxtmi.com/highlights?id=98395</link>
<guid isPermaLink="true">https://www.taxtmi.com/highlights?id=98395</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[Declared business receipts under presumptive taxation could not be rejected as bogus merely because sales were concentrated in one month, where the assessee was regularly engaged in scrap trading and had returned income under section 44AD. The Tribunal noted that in such business there was no fixed pattern of purchases and sales, and books of account were not required in the manner assumed by the Assessing Officer. The addition treating the declared sales as unexplained cash credit was based only on suspicion and lacked a sustainable factual basis, so it was deleted.]]></description>
<category>Income Tax</category>
<category>Highlights</category>
<category>TaxLaws</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Tariff classification of preserved areca nuts turns on immediate consumability, leading to classification under heading 0802</title>
<link>https://www.taxtmi.com/highlights?id=98394</link>
<guid isPermaLink="true">https://www.taxtmi.com/highlights?id=98394</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[Provisional preservation of areca nuts did not make the goods classifiable under heading 0812, because that heading applies only to goods that remain unsuitable for immediate consumption in that state. Relying on the reasoning in S. Krishna  Co., the Court held that the imported goods did not satisfy that condition and were therefore classifiable under tariff item 0802, not 0812. The substantial question on tariff classification was answered in favour of the department, and the appeal was allowed.]]></description>
<category>Customs</category>
<category>Highlights</category>
<category>TaxLaws</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>NCLT jurisdiction over alleged company deposits survives probate pendency, with claimant-beneficiaries able to seek estate protection.</title>
<link>https://www.taxtmi.com/highlights?id=98393</link>
<guid isPermaLink="true">https://www.taxtmi.com/highlights?id=98393</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[NCLAT held that proceedings concerning an alleged company deposit under Sections 73(4) and 74(1) of the Companies Act, 2013 could be examined by the NCLT on their own merits despite pending probate proceedings, because the tribunal had jurisdiction over whether the deposit was made, the amount due, and its proper safekeeping. The earlier appellate order was confined to substitution of the deceased petitioner and did not bar adjudication of the deposit dispute. It further held that claimant-beneficiaries may prosecute limited protective proceedings for preservation of the estate before probate is granted, and that Section 213 of the Indian Succession Act does not bar such protective relief.]]></description>
<category>Corporate Laws</category>
<category>Highlights</category>
<category>TaxLaws</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Unretracted statement linked to seized material sustains addition where later explanation conflicts with ledger records.</title>
<link>https://www.taxtmi.com/highlights?id=98392</link>
<guid isPermaLink="true">https://www.taxtmi.com/highlights?id=98392</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[Addition under section 69A was sustained where the assessee's statement under section 132(4) was linked to seized material and not rebutted by credible evidence. The Tribunal found this was not a bare confession: the seized document recovered during search provided the incriminating basis, the assessee gave a detailed explanation of the cash loan, source, interest arrangement and proposed recovery, and the statement was not retracted for a long period. The later claim that the figure represented cheque recoveries was held inconsistent with the ledger account, which showed no outstanding receivable on the date of search. The addition was therefore upheld and the appeal dismissed.]]></description>
<category>Income Tax</category>
<category>Highlights</category>
<category>TaxLaws</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Uncorroborated third-party excel sheet cannot sustain addition for unexplained investment when it does not match the assessee's transaction.</title>
<link>https://www.taxtmi.com/highlights?id=98391</link>
<guid isPermaLink="true">https://www.taxtmi.com/highlights?id=98391</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[ITAT held that a reassessment addition based on a third-party unsigned excel sheet could not be sustained without correlation to the assessee's transaction and without corroborative evidence. The sheet related to a different project and an earlier period, while the assessee's property purchase was in another project and was shown as paid by cheque. As the Assessing Officer failed to establish any actual cash payment or produce supporting statements, and the developer's affidavit denied receipt of cash, the material was insufficient to prove unexplained investment. The addition was deleted and the assessee's appeal was allowed.]]></description>
<category>Income Tax</category>
<category>Highlights</category>
<category>TaxLaws</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Customs exemption denied for boronated calcium nitrate; duty demand upheld and show cause notice held valid under Section 28.</title>
<link>https://www.taxtmi.com/highlights?id=98390</link>
<guid isPermaLink="true">https://www.taxtmi.com/highlights?id=98390</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[A show cause notice for customs duty recovery was legally maintainable under Section 28 even though the bill of entry and out-of-charge order had not been separately challenged, because short-levy could be pursued through statutory demand proceedings and the finality objection failed. On exemption, the Tribunal held that Boronated Calcium Nitrate is a distinct product from Calcium Nitrate under the Fertiliser (Control) Order, with different composition and solubility requirements; therefore the importer did not satisfy Entry No. 225(I)(b) of Notification No. 50/2017-Cus. Applying strict construction of exemption notifications, the concessional duty claim was rejected and the duty demand with interest was sustained.]]></description>
<category>Customs</category>
<category>Highlights</category>
<category>TaxLaws</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Plastic decorative wall panels classified as sheets under heading 3921, not builders' ware under heading 3925.</title>
<link>https://www.taxtmi.com/highlights?id=98389</link>
<guid isPermaLink="true">https://www.taxtmi.com/highlights?id=98389</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[Imported plastic decorative sheets, mouldings and wall panels are classified by applying the General Rules for Interpretation and the competing heading terms read with Chapter Note 10 to Chapter 39. The goods retained the essential character of plastic plates or sheets despite printing, embossing, UV coating and tongue-and-groove edges, which were treated as part of the original extrusion process rather than further working. Heading 3925 was confined to builders' ware not elsewhere specified or included, and the panels were found to be decorative overlays, not structural elements or ornamental architectural features. Classification therefore fell under heading 3921, with sub-classification depending on the polymer composition, subject to verification of the actual goods.]]></description>
<category>Customs</category>
<category>Highlights</category>
<category>TaxLaws</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Judicial overreach and relief beyond pleadings: tribunal observations beyond a withdrawn application were quashed.</title>
<link>https://www.taxtmi.com/highlights?id=98388</link>
<guid isPermaLink="true">https://www.taxtmi.com/highlights?id=98388</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[NCLAT held that once an application had been permitted to be withdrawn, the tribunal was not required to make further observations affecting the parties' rights. The impugned liberty to run the company according to law and to file a petition under Section 241 went beyond the prayer sought, revived a controversy already concluded or withdrawn in earlier proceedings, and amounted to judicial overreach and relief beyond pleadings. Those observations were therefore quashed, while the parties remained free to pursue any other remedy available in law.]]></description>
<category>Corporate Laws</category>
<category>Highlights</category>
<category>TaxLaws</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Natural justice in insolvency proceedings: a recall application cannot be rejected as review where an ex parte order was passed irregularly.</title>
<link>https://www.taxtmi.com/highlights?id=98387</link>
<guid isPermaLink="true">https://www.taxtmi.com/highlights?id=98387</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[Where proceedings under the Insolvency and Bankruptcy Code are governed by Section 424 of the Companies Act, the adjudicatory process must comply with natural justice and the prescribed procedural course. The Appellate Tribunal held that an order shown for pronouncement without a concluded hearing, without a fixed pronouncement date, without an ex parte direction, and without deciding a pending application for additional documents was procedurally defective and ex parte in substance. It further held that an application challenging such defects was a recall application, not a review, so dismissal for want of review jurisdiction was erroneous. The impugned order was quashed and the matter remitted for fresh consideration after deciding the document application, subject to costs.]]></description>
<category>TaxLaws</category>
<category>Highlights</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Section 9 insolvency scrutiny allows record-based examination of debt, default and alleged pre-existing dispute before admission.</title>
<link>https://www.taxtmi.com/highlights?id=98386</link>
<guid isPermaLink="true">https://www.taxtmi.com/highlights?id=98386</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[In section 9 insolvency proceedings, the Appellate Tribunal held that the Adjudicating Authority may examine pleadings, agreements, audit material, acknowledgements and communications to determine debt and default, and that such scrutiny does not trespass into civil court jurisdiction. It rejected the argument that the summary nature of section 9 bars a detailed review of the record. On the facts, the agreements and email records contained clear admissions of liability, while the alleged dispute over damaged returned stock was treated as belated and unsupported by any independent suit, arbitration or other adjudicatory proceeding. The appeal was dismissed and admission of the application was upheld.]]></description>
<category>TaxLaws</category>
<category>Highlights</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Unregistered assignment deed may support substitution for collateral purpose, while validity objections remain open for final adjudication.</title>
<link>https://www.taxtmi.com/highlights?id=98385</link>
<guid isPermaLink="true">https://www.taxtmi.com/highlights?id=98385</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[An unregistered assignment deed was treated as sufficient prima facie basis for substitution of the assignee in proceedings, because permitting the assignee to contest the matter was considered a collateral purpose distinct from determining the deed's validity or transfer effect. Relying on the principle that an unregistered document may be read for a collateral purpose, the Tribunal left all objections under Sections 17 and 49 of the Registration Act open for decision in the main company petition. The substitution of the assignee was therefore maintained, while the challenge to the assignment deed's admissibility, enforceability and legal effect was reserved for final adjudication.]]></description>
<category>TaxLaws</category>
<category>Highlights</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Proceeds of crime in demat shares upheld where bank records showed diversion of funds into share purchases.</title>
<link>https://www.taxtmi.com/highlights?id=98384</link>
<guid isPermaLink="true">https://www.taxtmi.com/highlights?id=98384</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[Shares held in a demat account were treated as property acquired from proceeds of crime where the appellant, a Data Entry Operator on a modest salary, had received funds from an entity linked to alleged diversion of money and could not substantiate her claim that the transfer was a one-time family medical help. The bank records showed the amount was used to purchase shares of M/s CGPISL, which remained in the demat account. The Appellate Tribunal found no illegality in the provisional attachment merely because the appellant was not named in the FIR and upheld the attachment of the shares. The appeal was dismissed.]]></description>
<category>PMLA</category>
<category>Highlights</category>
<category>TaxLaws</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Writ against show cause notice may lie in exceptional cases; refusal to confirm seizure under FEMA must be respected.</title>
<link>https://www.taxtmi.com/highlights?id=98383</link>
<guid isPermaLink="true">https://www.taxtmi.com/highlights?id=98383</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[Writ jurisdiction against a show cause notice is not barred in all cases and may be invoked where there is patent lack of jurisdiction, abuse of process, non-application of mind or breach of natural justice; the High Court's refusal to entertain the challenge on maintainability alone was therefore unjustified. Under Section 37A FEMA, seizure depends on a substantive "reason to believe" that the foreign asset is held in contravention of Section 4, and refusal by the Competent Authority to confirm seizure is a considered finding that the threshold was not met. The High Court and the final adjudication order were set aside because they proceeded as if seizure had been confirmed and impaired the pending departmental appeal; the matter was restored to the show cause stage, with the appeal to be decided first.]]></description>
<category>FEMA</category>
<category>Highlights</category>
<category>TaxLaws</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Burden to prove lawful source of attached assets sustained; family-held properties remained unsubstantiated and attachment was upheld.</title>
<link>https://www.taxtmi.com/highlights?id=98382</link>
<guid isPermaLink="true">https://www.taxtmi.com/highlights?id=98382</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[A provisional attachment under money laundering law was sustained because the appellants failed to prove the lawful source of the attached properties. The Tribunal found that claims regarding a brother's purchase and gift of a flat, and properties held by the wife, son, and family entities, were unsupported by satisfactory documentary material. Income-tax returns, registered deeds, and assertions of subcontract work were held insufficient where bank entries, summons responses, and proof of actual business activity did not establish genuine acquisition sources. On that basis, the Tribunal accepted that the entities were used to layer and project tainted funds as untainted and found no perversity in the order confirming attachment.]]></description>
<category>PMLA</category>
<category>Highlights</category>
<category>TaxLaws</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Mutual fund sub-distributor service tax liability upheld; reverse charge, taxable consideration, extended limitation and penalties sustained.</title>
<link>https://www.taxtmi.com/highlights?id=98381</link>
<guid isPermaLink="true">https://www.taxtmi.com/highlights?id=98381</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[Service tax liability of a mutual fund sub-distributor was held to arise from the status of the service provider: the reverse charge notification applied to services provided by a distributor to the mutual fund, not to a sub-distributor rendering Business Auxiliary Service to the distributor. Receipts from the cooperative bank were also treated as taxable consideration because wages alone did not prove an employer-employee relationship and no employment contract was produced. The Tribunal further upheld extended limitation and penalty under section 78, finding no material basis for bona fide belief or delayed registration. Penalties under sections 77(1)(c) and 77(2) were sustained for failure to furnish information and file ST-3 returns.]]></description>
<category>Service Tax</category>
<category>Highlights</category>
<category>TaxLaws</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Let us stop passing absurd orders from today onwards.</title>
<link>https://www.taxtmi.com/article/detailed?id=15960</link>
<guid isPermaLink="true">https://www.taxtmi.com/article/detailed?id=15960</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[Mandatory opportunity of hearing is required before passing an adverse GST decision, and this obligation is not displaced by mere service of notices through portal upload or other communication modes under section 169. The commentary stresses that section 169 only governs effective communication, whereas section 75(4) independently requires a personal hearing where an adverse order is contemplated, reflecting the broader principle of natural justice. It also notes that the adjudicating authority must consider relevant facts and the taxpayer's submissions before issuing the order.]]></description>
<category>GST</category>
<category>Articles</category>
<category>TaxLaws</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Dependent on supply from southern states, Maharashtra plans to develop egg brand</title>
<link>https://www.taxtmi.com/news?id=72147</link>
<guid isPermaLink="true">https://www.taxtmi.com/news?id=72147</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[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.]]></description>
<category>TaxLaws</category>
<category>News</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>GST ITC Eligibility in Barter Arrangement - Invoice Raised Before Receipt of Services</title>
<link>/forum/issue?id=120844</link>
<guid isPermaLink="true">/forum/issue?id=120844</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[Barter arrangement under GST involving supply of goods against proposed advertisement services raised the issue whether input tax credit can be availed on the basis of an invoice issued by the service provider before the services are actually executed or received. One view states that actual receipt of services is a condition for ITC under section 16(2)(b), so mere issuance of invoice does not create eligibility where no campaigns, media slots, or other deliverables have been finalised and the agreement contemplates separate deal letters or purchase orders.]]></description>
<category>GST</category>
<category>Discussion-Forum</category>
<category>TaxLaws</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>GST on Horticulture development and maintenance services</title>
<link>/forum/issue?id=120845</link>
<guid isPermaLink="true">/forum/issue?id=120845</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[Horticulture development and maintenance services provided to a Government Entity were treated as pure services and not as works contract services for concessional GST purposes. Such services were stated to fall outside the earlier concessional entries for specified works contract supplies and to be taxable under the residuary rate of 18%. The discussion also noted that the recipient's status as a Government Entity does not by itself confer concessional treatment, and that the services were taxable at 18% for FY 2017-18 to FY 2022-23.]]></description>
<category>GST</category>
<category>Discussion-Forum</category>
<category>TaxLaws</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>IGCR scheme under BIS cerrtification</title>
<link>/forum/issue?id=120846</link>
<guid isPermaLink="true">/forum/issue?id=120846</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[Import of goods under the Import of Goods at Concessional Rate of Duty Rules does not dispense with mandatory BIS certification. The IGCR framework is a customs duty concession scheme, while BIS requirements operate separately as product standards, certification, and market-entry controls under compulsory registration, ISI marking, and quality control orders. Goods covered by a notified quality control order or compulsory BIS certification scheme must continue to satisfy the relevant certification requirement despite concessional duty treatment.]]></description>
<category>Customs</category>
<category>Discussion-Forum</category>
<category>TaxLaws</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Unusual extension of Budget session that saw passage of key bills despite Oppn uproar</title>
<link>https://www.taxtmi.com/news?id=72146</link>
<guid isPermaLink="true">https://www.taxtmi.com/news?id=72146</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[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.]]></description>
<category>TaxLaws</category>
<category>News</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Haryana logs 22 pc growth in SGST revenue in FY26</title>
<link>https://www.taxtmi.com/news?id=72145</link>
<guid isPermaLink="true">https://www.taxtmi.com/news?id=72145</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[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.]]></description>
<category>TaxLaws</category>
<category>News</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Bihar: Commercial taxes department records revenues worth Rs 43,324 cr in FY'26</title>
<link>https://www.taxtmi.com/news?id=72144</link>
<guid isPermaLink="true">https://www.taxtmi.com/news?id=72144</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[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.]]></description>
<category>TaxLaws</category>
<category>News</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Rupee strengthens 1.6 pc to settle at 93.18 against US dollar after RBI measures</title>
<link>https://www.taxtmi.com/news?id=72143</link>
<guid isPermaLink="true">https://www.taxtmi.com/news?id=72143</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[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.]]></description>
<category>TaxLaws</category>
<category>News</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>RBI allows exchange of INR at forex counters in international airport departure areas</title>
<link>https://www.taxtmi.com/news?id=72142</link>
<guid isPermaLink="true">https://www.taxtmi.com/news?id=72142</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[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.]]></description>
<category>TaxLaws</category>
<category>News</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>GST Refund_Inverted Duty Refund</title>
<link>/forum/issue?id=120842</link>
<guid isPermaLink="true">/forum/issue?id=120842</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[Inverted duty structure refund under GST is discussed for a manufacturer making domestic supplies and exports with payment of IGST. The main issue is whether export turnover with payment of IGST is included in the turnover used for IDS refund calculations. One view treats export turnover as part of the refund base, while another view, relying on the proviso to section 54(3) of the CGST Act, states that IDS refund is not available on exported supplies where IGST refund is claimed, and only domestic turnover is counted.]]></description>
<category>GST</category>
<category>Discussion-Forum</category>
<category>TaxLaws</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>ASMT 10 issued against for same grounds same FY</title>
<link>/forum/issue?id=120843</link>
<guid isPermaLink="true">/forum/issue?id=120843</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[Reissuance of ASMT-10 for the same financial year and the same discrepancy was discussed in GST scrutiny proceedings, where one notice had already been replied to in ASMT-11 and no ASMT-12 satisfaction communication had followed. The discussion noted that, generally, a notice is not expected to be repeated for the same point and the same period, but a further notice may be issued if the earlier reply did not fully address the discrepancy or if a distinct point is involved.]]></description>
<category>GST</category>
<category>Discussion-Forum</category>
<category>TaxLaws</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Memorandum of Instructions governing money changing activities – Location of Forex Counters in International Airports in India</title>
<link>https://www.taxtmi.com/circulars?id=69588</link>
<guid isPermaLink="true">https://www.taxtmi.com/circulars?id=69588</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[Foreign exchange counters in international airports may accept exchange of Indian Rupee notes from residents as well as non-residents at departure halls in the Duty-Free Area or Security Hold Area beyond the Immigration or Customs desk. The instruction revises the existing framework governing money changing activities in airports and requires the Master Direction on Money Changing Activities to be amended accordingly.]]></description>
<category>FEMA</category>
<category>Circulars</category>
<category>TaxLaws</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Form No. 144 – Frequently Asked Questions</title>
<link>https://www.taxtmi.com/news?id=72141</link>
<guid isPermaLink="true">https://www.taxtmi.com/news?id=72141</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[Form No. 144 is the quarterly statement for deduction of tax at source on payments other than salary made to non-residents. It is mandatory for every deductor required to deduct tax on such payments, must be filed electronically within the prescribed quarterly due dates, and cannot be edited after submission. Corrections may be filed after processing by CPC-TDS within two years from the end of the relevant tax year. Successful filing on TRACES generates an Acknowledgment Receipt Number.]]></description>
<category>TaxLaws</category>
<category>News</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Extended Deadline up to 30th June 2026 and Standard 3-Month Limit Applicable from 1st April 2026</title>
<link>https://www.taxtmi.com/notifications?id=145349</link>
<guid isPermaLink="true">https://www.taxtmi.com/notifications?id=145349</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[Appeal limitation before the Appellate Tribunal under the Punjab Goods and Services Tax law is extended for cases where the impugned order is communicated before 1 April 2026, allowing filing up to 30 June 2026. For orders communicated on or after that date, appeals must be filed within the ordinary three-month period from communication of the order to the person preferring the appeal.]]></description>
<category>GST</category>
<category>Notifications</category>
<category>TaxLaws</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Govt directs refineries to reroute LPG feedstock to industries hit by petrochemical shortage</title>
<link>https://www.taxtmi.com/news?id=72140</link>
<guid isPermaLink="true">https://www.taxtmi.com/news?id=72140</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[The government has adjusted refinery output directions in response to LPG import disruptions and petrochemical feedstock shortages. After requiring C3 and C4 streams to be used exclusively for LPG production, the Ministry later allowed part of the propylene supply to return to the petrochemical industry. The policy is presented as a balance between domestic LPG supply security and the needs of sectors such as packaging and condom manufacturing, alongside partial restoration and enhancement of commercial LPG allocations for priority consumers.]]></description>
<category>TaxLaws</category>
<category>News</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Guidance Note – Form 143</title>
<link>https://www.taxtmi.com/news?id=72139</link>
<guid isPermaLink="true">https://www.taxtmi.com/news?id=72139</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[Quarterly reporting of tax collected at source is filed in Form No. 143 by collectors responsible for collection on specified transactions under the Income-tax Act, 2025. The form requires collector particulars, challan and deposit details, and collectee-wise annexure information on amounts, dates, rates, tax collected and deposited, with quarterly due dates and utility-based electronic filing. Processing may lead to default corrections, issuance of the collectee tax certificate, and reflection of TCS as credit in the collectee's tax record.]]></description>
<category>TaxLaws</category>
<category>News</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Amendment in Notification No. 49/2023-State Tax, dated 10th November, 2023</title>
<link>https://www.taxtmi.com/notifications?id=145348</link>
<guid isPermaLink="true">https://www.taxtmi.com/notifications?id=145348</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[A notification amends Notification No. 49/2023-State Tax by inserting a clause for supply of specified goods on which retail sale price is declared. The covered goods include pan masala, unmanufactured tobacco and tobacco refuse, cigars and cigarettes, other manufactured tobacco and tobacco substitutes, and products containing tobacco or nicotine substitutes intended for inhalation without combustion. The clause defines retail sale price, addresses multiple or altered declared prices, and applies Customs Tariff Act classification and interpretation rules.]]></description>
<category>GST</category>
<category>Notifications</category>
<category>TaxLaws</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Form No. 143 – Frequently Asked Questions</title>
<link>https://www.taxtmi.com/news?id=72138</link>
<guid isPermaLink="true">https://www.taxtmi.com/news?id=72138</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[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.]]></description>
<category>TaxLaws</category>
<category>News</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Himachal Pradesh Goods and Services Tax (Fifth Amendment) Rules, 2025</title>
<link>https://www.taxtmi.com/notifications?id=145347</link>
<guid isPermaLink="true">https://www.taxtmi.com/notifications?id=145347</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[The amendment inserts a new rule deeming the value of supply of specified tobacco, pan masala and related goods to be the retail sale price less applicable tax, and prescribes the tax computation method and the meaning of retail sale price. It also carves out a limited exemption under the input tax credit restriction for registered persons other than manufacturers in respect of such goods where tax has been paid by the supplier on a retail sale price basis.]]></description>
<category>GST</category>
<category>Notifications</category>
<category>TaxLaws</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Guidance Note – Form 142</title>
<link>https://www.taxtmi.com/news?id=72137</link>
<guid isPermaLink="true">https://www.taxtmi.com/news?id=72137</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[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.]]></description>
<category>TaxLaws</category>
<category>News</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Form No. 142 – Frequently Asked Questions</title>
<link>https://www.taxtmi.com/news?id=72136</link>
<guid isPermaLink="true">https://www.taxtmi.com/news?id=72136</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[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.]]></description>
<category>TaxLaws</category>
<category>News</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Guidance Note – Form 141</title>
<link>https://www.taxtmi.com/news?id=72135</link>
<guid isPermaLink="true">https://www.taxtmi.com/news?id=72135</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[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.]]></description>
<category>TaxLaws</category>
<category>News</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Valuation Standards for the purpose of valuation conducted under the Insolvency and Bankruptcy Code, 2016</title>
<link>https://www.taxtmi.com/circulars?id=69587</link>
<guid isPermaLink="true">https://www.taxtmi.com/circulars?id=69587</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[Valuation under the Insolvency and Bankruptcy Code framework is required to support maximisation of asset value, evaluation of resolution plans, and informed decision-making by stakeholders. The circular states that transparent, objective, and credible valuation is fundamental to the insolvency process and notifies the International Valuation Standards as the applicable standards for valuations conducted under the Code and the regulations made thereunder, until further orders. It applies from the date of issue to all valuations under the Code and its associated regulations.]]></description>
<category>TaxLaws</category>
<category>Circulars</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Close proceedings against Sandesara brothers or we will pass orders: SC to SEBI</title>
<link>https://www.taxtmi.com/news?id=72134</link>
<guid isPermaLink="true">https://www.taxtmi.com/news?id=72134</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[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.]]></description>
<category>TaxLaws</category>
<category>News</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>India–Australia ECTA Completes Four Years, Strengthening Bilateral Economic Partnership</title>
<link>https://www.taxtmi.com/news?id=72133</link>
<guid isPermaLink="true">https://www.taxtmi.com/news?id=72133</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[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.]]></description>
<category>TaxLaws</category>
<category>News</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>In a targeted relief, Government grants full customs duty exemption on critical petrochemical products in view of ongoing conflict in West Asia</title>
<link>https://www.taxtmi.com/news?id=72132</link>
<guid isPermaLink="true">https://www.taxtmi.com/news?id=72132</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[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.]]></description>
<category>TaxLaws</category>
<category>News</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Form No. 141 - Frequently Asked Questions</title>
<link>https://www.taxtmi.com/news?id=72131</link>
<guid isPermaLink="true">https://www.taxtmi.com/news?id=72131</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[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.]]></description>
<category>TaxLaws</category>
<category>News</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>India's defence exports rise 62 pc to hit record Rs 38,424 crore in FY26</title>
<link>https://www.taxtmi.com/news?id=72130</link>
<guid isPermaLink="true">https://www.taxtmi.com/news?id=72130</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[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.]]></description>
<category>TaxLaws</category>
<category>News</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Stock markets stage stunning comeback; Sensex rises 185 pts, Nifty reclaims 22,700 on value buying, rupee rebound</title>
<link>https://www.taxtmi.com/news?id=72129</link>
<guid isPermaLink="true">https://www.taxtmi.com/news?id=72129</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[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.]]></description>
<category>TaxLaws</category>
<category>News</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Guidance Note – Form 140</title>
<link>https://www.taxtmi.com/news?id=72128</link>
<guid isPermaLink="true">https://www.taxtmi.com/news?id=72128</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[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.]]></description>
<category>TaxLaws</category>
<category>News</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Rupee strengthens 1.6 pc to settle at 93.14 against US dollar after RBI measures</title>
<link>https://www.taxtmi.com/news?id=72127</link>
<guid isPermaLink="true">https://www.taxtmi.com/news?id=72127</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[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.]]></description>
<category>TaxLaws</category>
<category>News</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Form No. 140 – Frequently Asked Questions</title>
<link>https://www.taxtmi.com/news?id=72126</link>
<guid isPermaLink="true">https://www.taxtmi.com/news?id=72126</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[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.]]></description>
<category>TaxLaws</category>
<category>News</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Guidance Note – Form 139</title>
<link>https://www.taxtmi.com/news?id=72125</link>
<guid isPermaLink="true">https://www.taxtmi.com/news?id=72125</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[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.]]></description>
<category>TaxLaws</category>
<category>News</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Form No. 139 – Frequently Asked Questions (FAQs)</title>
<link>https://www.taxtmi.com/news?id=72124</link>
<guid isPermaLink="true">https://www.taxtmi.com/news?id=72124</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[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.]]></description>
<category>TaxLaws</category>
<category>News</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Guidance Note – Form 138</title>
<link>https://www.taxtmi.com/news?id=72123</link>
<guid isPermaLink="true">https://www.taxtmi.com/news?id=72123</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[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.]]></description>
<category>TaxLaws</category>
<category>News</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Form No. 138 – Frequently Asked Questions</title>
<link>https://www.taxtmi.com/news?id=72122</link>
<guid isPermaLink="true">https://www.taxtmi.com/news?id=72122</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[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.]]></description>
<category>TaxLaws</category>
<category>News</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Trade policy relaxation for Maldives-bound essential commodities, with quota limits, port restrictions, and environmental compliance conditions.</title>
<link>https://www.taxtmi.com/highlights?id=98380</link>
<guid isPermaLink="true">https://www.taxtmi.com/highlights?id=98380</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[Export of specified essential commodities to the Republic of Maldives is permitted for FY 2026-27 under the bilateral trade arrangement, up to the notified quantities, and these exports are exempt from existing or future restrictions or prohibitions during that period. Exports of restricted or prohibited items covered by the notification may move only through six designated Customs stations. Eggs require a valid Export Health Certificate issued by the Export Inspection Council in the form required by the Maldives Food and Drug Authority. River Sand and Stone Aggregate exports are additionally conditional on environmental clearances, non-location in CRZ areas, state nodal approvals, and compliance with applicable State law and judicial orders.]]></description>
<category>Customs</category>
<category>Highlights</category>
<category>TaxLaws</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Guidance Note – Form 137</title>
<link>https://www.taxtmi.com/news?id=72121</link>
<guid isPermaLink="true">https://www.taxtmi.com/news?id=72121</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[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.]]></description>
<category>TaxLaws</category>
<category>News</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>PAN correction forms and filing procedures prescribed for individuals and non-individuals, with mandatory document and Aadhaar requirements.</title>
<link>https://www.taxtmi.com/highlights?id=98379</link>
<guid isPermaLink="true">https://www.taxtmi.com/highlights?id=98379</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[PAN correction applications are to be made in specified forms under the Income-tax Rules, 2026: PAN CR-01 for individuals and PAN CR-02 for non-individuals. The order also prescribes the related procedure, supporting documents, and filing guidelines, including mandatory use of the relevant form, completion of prescribed identity, address, contact and declaration fields, and submission either physically at designated PAN centres or online through the specified websites. For individuals, Aadhaar details are mandatory except for exempt categories; for non-individuals, the registration number is mandatory for companies and LLPs. The order applies from 1 April 2026.]]></description>
<category>Income Tax</category>
<category>Highlights</category>
<category>TaxLaws</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>SEZ-to-DTA relief window grants concessional customs duty for manufactured goods, subject to value-addition and export-linked limits.</title>
<link>https://www.taxtmi.com/highlights?id=98378</link>
<guid isPermaLink="true">https://www.taxtmi.com/highlights?id=98378</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[A special one-time exemption window allows manufactured goods cleared by SEZ units into the DTA to pay concessional customs duty, and in specified cases reduced AIDC, instead of full levy, subject to the Annexure conditions. The benefit is limited to SEZ units that commenced production on or before 31 March 2025, file a Bill of Entry on the common portal, achieve at least 20% value addition, keep DTA removals within 30% of the highest FOB exports of the preceding three years, and avoid prior export incentives on inputs. FTWZ units and imported goods removed as such or after use are excluded. The notification operates from 1 April 2026 to 31 March 2027 and is subject to SEZ audit.]]></description>
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<category>TaxLaws</category>
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<title>Seeks to implement special one-time relief window for clearance of manufactured goods from Special Economic Zones (SEZs) to the Domestic Tariff Area (DTA) at concessional rates of customs duty</title>
<link>https://www.taxtmi.com/notifications?id=145339</link>
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<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[Special one-time relief window permits SEZ Units to clear specified manufactured goods into the Domestic Tariff Area at concessional customs duty rates, and for certain entries at reduced customs duty and Agriculture Infrastructure and Development Cess rates. Eligibility depends on prior commencement of production, satisfaction of a 20% minimum value addition test, compliance with filing and certification requirements, and adherence to annual clearance limits linked to prior export turnover.]]></description>
<category>Customs</category>
<category>Notifications</category>
<category>TaxLaws</category>
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<title>India-Mauritius CECPA tariff concessions updated through revised customs rates for specified goods.</title>
<link>https://www.taxtmi.com/highlights?id=98377</link>
<guid isPermaLink="true">https://www.taxtmi.com/highlights?id=98377</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[The notification amends the principal customs exemption notification to give effect to the sixth tranche of tariff concessions under the India-Mauritius CECPA by substituting Table 1 with revised preferential tariff rates for specified goods. The amended schedule sets out the applicable concessional rates across listed tariff items and updates the operative customs treatment for imports covered by the arrangement. The notification comes into force on 1 April 2026.]]></description>
<category>Customs</category>
<category>Highlights</category>
<category>TaxLaws</category>
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<title>India-UAE CEPA customs concessions expanded with revised duty rates, quotas and vehicle-specific import entries.</title>
<link>https://www.taxtmi.com/highlights?id=98376</link>
<guid isPermaLink="true">https://www.taxtmi.com/highlights?id=98376</guid>
<pubDate>Sat, 04 Apr 2026 08:50:02 +0530</pubDate>
<description><![CDATA[Amends Notification No. 22/2022-Customs to notify the fifth tranche of tariff concessions under the India-UAE CEPA by substituting revised Tables I, II and III. The updated schedules prescribe item-wise basic customs duty rates, additional customs duty rates for specified goods, and tariff rate quotas with in-quota rates and conditions for listed products. The amendment also includes special entries for certain motor vehicles, electrically operated vehicles, refrigerated motor vehicles, and selected plastic, textile, mineral and machinery items. The revised concessions apply from 1 April 2026.]]></description>
<category>Customs</category>
<category>Highlights</category>
<category>TaxLaws</category>
<category>TaxTMI</category>
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<item>
<title>TMI Updates - Newsletter dated: April 04, 2026</title>
<link>https://www.taxtmi.com/newsletter?id=04/04/2026</link>
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<description><![CDATA[Newsletter for tax updates and legal information]]></description>
<category>Daily Updates</category>
<category>Tax</category>
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