Daily Archives: April 3, 2026

Relief to be effective from April 1, 2026 to March 31, 2027 via Customs notification with 31st March, 2025, being the cut-off date for eligibility of operational SEZ units

By | April 3, 2026
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CBIC introduces one-time relief measure for eligible units in SEZs to sell manufactured goods in Domestic Tariff Area (DTA) at concessional customs duty rates to address concerns arising due to global trade disruptions, as announced in Union Budget 2026–27 Relief to be effective from April 1, 2026 to March 31, 2027 via Customs notification with… Read More »

Income-tax Act, 2025 comes into force from today (1st April, 2026)

By | April 3, 2026
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Income-tax Act, 2025 comes into force from today (1st April, 2026) Posted On: 01 APR 2026 8:37PM by PIB Delhi The Income-tax Act, 2025, a landmark reform in India’s direct tax framework, represents a comprehensive effort to simplify and modernise the country’s income-tax law, replacing the six-decade-old Income-tax Act, 1961. It marks a shift towards… Read More »

In a targeted relief, Government grants full customs duty exemption on critical petrochemical products in view of ongoing conflict in West Asia

By | April 3, 2026
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In a targeted relief, Government grants full customs duty exemption on critical petrochemical products in view of ongoing conflict in West Asia Exemption will benefit sectors dependent on petrochemical feedstock and intermediates such as plastics, packaging, textiles, pharmaceuticals, chemicals, automotive components, other manufacturing segments and provide relief to consumers of final products Posted On: 02… Read More »

Section 470 Income Tax Act 2025 Penalty not to be imposed in certain cases.

By | April 3, 2026
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Section 470 Income Tax Act 2025 Penalty not to be imposed in certain cases. 470. Irrespective of anything contained in the provisions of section 441 or 442 or 446 or 447 or 448 or 449 or 450 or 451 or 452 or 453 or 454 or 455 or 456 or 457 or 458 or 459 or 460 or 461 or 462 or 463 or 465(1)(c) or 465(1)(d) or 465(2) or 466 or 467 or 468, no penalty shall be imposed on a person or assessee for any failure referred to in the said provisions, if he proves that there was reasonable cause for the said failure.

Major push to ease of doing business with flexibility enhanced for MSMEs, artisans and start-ups

By | April 3, 2026
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Major push to ease of doing business with flexibility enhanced for MSMEs, artisans and start-ups In pursuance of Union Budget 2026-27 announcement, CBIC operationalises comprehensive reforms for e-commerce exports and courier trade to enhance ease of doing business from April 1, 2026 ₹10 lakh cap on courier export consignments removed to boost e-commerce exports Measures… Read More »

Government Measures strengthen Kisan Credit Card ecosystem to enhance credit access and digital inclusion for farmers

By | April 3, 2026
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Government Measures strengthen Kisan Credit Card ecosystem to enhance credit access and digital inclusion for farmers Policy support, interest subvention, and digital platforms drive expanded outreach, especially for small and marginal farmers Posted On: 30 MAR 2026 3:34PM by PIB Delhi The Government has taken various steps to support farmers, including small and marginal, through… Read More »

Government and RBI Measures Ensure Seamless Rural Credit Flow

By | April 3, 2026
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Government and RBI Measures Ensure Seamless Rural Credit Flow Consistent growth in priority sector lending supports agriculture, MSMEs and self-help groups Posted On: 30 MAR 2026 3:34PM by PIB Delhi Reserve Bank of India (RBI) endeavours to maintain sufficient liquidity in the banking system to ensure that the productive requirements of the economy including rural… Read More »

RULE 160 INCOME-TAX RULES 2026 Time and manner in which persons referred to in rule 159 shall furnish a statement containing particulars of Form No. 97.

By | April 3, 2026
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RULE 160 INCOME-TAX RULES 2026 RULE 160 INCOME-TAX RULES 2026 Time and manner in which persons referred to in rule 159 shall furnish a statement containing particulars of Form No. 97. 160. (1) Every person referred to in sub-rule (2), who has received any declaration in Form No. 97 in relation to a transaction specified in… Read More »

Section 469 Income Tax Act 2025 Power to reduce or waive penalty, etc., in certain cases.

By | April 3, 2026
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Section 469 Income Tax Act 2025 Power to reduce or waive penalty, etc., in certain cases. 469 . (1) Irrespective of anything contained in this Act, the Principal Commissioner or Commissioner may, whether on his own motion or otherwise, at his discretion reduce or waive the penalty imposed or imposable under section 439 if he is satisfied that… Read More »

Section 468 Income Tax Act 2025 Penalty for failure to comply with the provisions of section 397.

By | April 3, 2026
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Section 468 Income Tax Act 2025 Penalty for failure to comply with the provisions of section 397. 468. (1) If a person fails to comply with the provisions of section 397, the Assessing Officer may impose a penalty of ₹ 10000 on him. (2) If a person, required to quote his Tax Deduction and Collection Account Number… Read More »