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Dear Reader,
Greetings for the day!!!
We are pleased to share the recent Tax notification and circulars.
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Direct Tax
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CBDT has released the ITR forms 1 to 7 along with ITR-U and ITR-V on 31st
March 2026, applicable for the AY 2026–27. Taxpayers are required to use the
notified forms to file returns for income earned during the FY 2025-26.
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CBDT has prescribed detailed framework, w.e.f. from 1st April 2026, for
notification and compliance of Sovereign Wealth Funds (SWFs) to avail tax
exemption on dividend, interest and capital gains from investments in
specified infrastructure sectors including qualifying ships having
infrastructure status. New SWFs must apply through Form I, existing notified
funds are exempt from fresh application, however, all notified SWFs are
required to file quarterly disclosures (Form II) and comply with ITR and audit
requirements.
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CBDT clarifies that although section 402 of the new Income-tax Act, 2025,
omits the earlier explicit reference to banks covered u/s 51 of the Banking
Regulation Act, 1949, but such banks continue to qualify as “banking
companies” for the purpose of section 393(1) (earlier section 194A of Income
Tax Act, 1961). Accordingly, these banks are not required to deduct TDS upto
₹50,000/₹1,00,000, as applicable.
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Govt. of India has notified the Protocol amending India–Brazil DTAA signed on
24th August 2022. The Protocol entered into force on 18th October 2025 and
will apply in India from 1st April 2026. Accordingly, the revised DTAA
provisions will be effective from FY 2026-27 onwards.
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Government of India has notified the Finance Act, 2026 (No. 4 of 2026) after
receiving President assent on 30th March 2026. The Act has been published in
the Gazette of India and seeks to implement the financial proposals of the
Central Govt. w.e.f. FY 2026–27.
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CBDT has introduced a system for allotment of a UIN, w.e.f. 1st April 2026 for
declarations filed in Form No. 121 (earlier Form 15G/15H as per Income Tax
Act, 1961) in cases where no tax is deducted at source. The payer is required
to generate a 26-character UIN for each declaration and report the details
through quarterly filing of Part B on the income-tax portal.
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CBDT provides recognition “Odisha PVTG Empowerment and Livelihoods Improvement
Programme (OPELIP)” (PAN AAALO0342F) for tax exemption u/s 10(46) of the
Income tax Act, 1961 subject to certain specified income.
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CBDT provides recognition “District Legal Services Authority, Panipat” (PAN:
AAALC0980B) for tax exemption u/s 10(46) of the Income tax Act, 1961 subject
to certain specified income.
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CBDT provides recognition “Andhra Pradesh Pollution Control Board” (PAN:
AAAJA1610Q), for tax exemption u/s 10(46A)(b) of the Income tax Act, 1961.
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CBDT provides recognition “Goa Board of Secondary and Higher Secondary
Education, Goa” (PAN: AAALT1048H), for tax exemption u/s 10(46) of the Income
tax Act, 1961 subject to certain specified income.
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CBDT provides recognition to “Improvement Trust, Sangrur” (PAN: AAATI6009F) ,
for tax exemption u/s 10(46A)(b) of the Income tax Act, 1961.
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CBDT provides recognition to “Uttarakhand Avas and Nagar Vikas Pradhikaran”
(PAN: AAAGU0071N), for tax exemption u/s 10(46A)(b) of the Income tax Act,
1961.
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CBDT provides recognition to “‘Visakhapatnam Special Economic Zone Authority’
(PAN: AAALV1367K), for tax exemption u/s 10(46A) of the Income tax Act, 1961,
subject to certain specified income.
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CBDT provides recognition to “Varanasi Development Authority” (PAN:
AAATV6811A), for tax exemption u/s 10(46A) of the Income tax Act, 1961.
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CBDT provides recognition to “Patiala Urban Planning And Development
Authority” (PAN: AAALP0095J), for tax exemption u/s 10(46A) of the Income tax
Act, 1961.
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CBDT provides recognition to “Haryana Urban Planning And Development
Authority” (PAN: AAAAH0087M), for tax exemption u/s 10(46A) of the Income tax
Act, 1961.
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CBDT notified that due date for issuance of TDS certificates (Form 16A) for
the quarter ending 31st December 2025, has been extended to 31st March 2026,
due to technical issues on e-filing portal.
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CBDT provides recognition to “District Legal Service Authority, Karnal ”(PAN
AAALC0999G)”, for tax exemption u/s 10(46) of the Income tax Act, 1961,
subject to certain specified income.
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CBDT provides recognition to “CJM cum District Legal Services Authority” (PAN
AAALC0934F), for tax exemption u/s 10(46) of the Income tax Act, 1961, subject
to certain specified income.
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CBDT provides recognition to “Shree Ayodhya Jee Teerth Vikas Parishad" (PAN:
AAAJS9337G), for tax exemption u/s 10(46A) of the Income tax Act, 1961.
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CBDT provides recognition to “Urban Improvement Trust, Sikar" (PAN:
AAATU6139J) , for tax exemption u/s 10(46A)(b) of the Income tax Act, 1961.
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CBDT provides recognition to “M/s Indian Institute for Human Settlements’
(PAN: AACCI0088F),” as a recognized institution for ‘scientific research’ u/s
35(1)(iia) of the Act, 1961, from AY 2026-27 to AY 2030-31, subject to certain
specific conditions.
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CBDT clarified that jurisdictional PCIT or CIT shall have power to condone
delay in filing Form No. 10A u/s 12A(1)(ac)(i) of Income-tax Act, 1961, to
ensure eligible trusts or institutions are not denied benefit of registration
solely on account of delay in filing Form 10A.
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CBDT provides recognition to “Tea Research Association, Kolkata, West Bengal
(PAN: AAAAT3430E),” as a recognized institution for ‘scientific research’ u/s
35(1)(ii) of the Act, 1961, from 2027-28 to 2031-32, subject to certain
specific conditions.
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CBDT provides recognition to “The Ahmedabad University’ (PAN: AAAJT2294D)” as
a recognized institution for ‘scientific research’ u/s 35(1)(iia) of the Act,
1961, from AY 2026-27 to AY 2030-31, subject to certain specific conditions.
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Goods And Services Tax |
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Seizure of Cash Invalid – Refund with Interest | Bombay
HC
The Hon’ble Bombay High Court in Smurti Waghdhare v. DGGI (2026) held that the
seizure of ₹1 crore in cash by GST authorities was illegal and without
authority of law. The Court ruled that Section 67(2) of the CGST Act does not
permit seizure of cash unless it is shown to be relevant to proceedings and
supported by a valid “reason to believe,” which was absent in this case. It
also noted non-compliance with procedural requirements, including failure to
issue notice within the prescribed time. Accordingly, the seizure orders were
quashed, and the authorities were directed to return the amount with interest
to the petitioner.
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Delay in Filing GST Appeal Condoned – Appeal to be Re-Adjudicated | Karnataka HC
The Hon’ble Karnataka High Court, before Hon’ble Justice S. Sunil Dutt Yadav, set aside the appellate order dismissing Sri V. S. Paramesh’s appeal as time-barred under Section 107 of the CGST/KGST Act, 2017. The Court held that the limitation period could be computed from the date of rejection of the rectification application, which was pursued bona fide, and accordingly condoned the delay. The appeal was directed to be admitted and re-adjudicated on its merits, with all contentions kept open, reaffirming that procedural technicalities should not obstruct the delivery of substantive justice.
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