E-cheques coming soon? RBI unveils Payments Vision 2028, plans wider oversight of digital players
The Reserve Bank of India (RBI) on Friday unveiled its ‘Payments Vision 2028’ document, outlining a roadmap that includes exploring electronic cheques, expanding regulatory oversight to digital platforms, and strengthening safeguards in the fast-growing payments ecosystem, PTI reported.The central bank said it will examine the introduction of e-cheques to combine the advantages of paper instruments with the speed and reliability of digital payments. “To leverage the unique benefits of paper-based instruments and the speed and reliability of electronic payments, and cater to new business use cases, the introduction of electronic cheques in India shall be explored,” the RBI said.Alongside, the RBI is considering widening the regulatory ambit to include entities such as e-commerce marketplaces and centralised platforms that play a growing role in facilitating digital transactions.“In addition, e-commerce marketplaces and centralized platforms have been assuming significant responsibilities that could have implications on the orderly functioning of the payments ecosystem. These aspects shall be examined in detail and, if required, the scope of direct regulations shall be extended to cover such entities,” the document said.The vision document also proposes allowing users to enable or disable transactions across digital payment modes, similar to controls available for card transactions.To address fraud risks, the RBI is exploring a “shared responsibility framework” under which both the issuing bank and the beneficiary bank would share liability in cases of unauthorised digital transactions.The central bank also plans to review cheque design and security features, introduce a Domestic Legal Entity Identifier (DLEI) framework for better transaction traceability, and bring in a Cyber Key Risk Indicators (KRI) framework for non-bank payment system operators.Other initiatives include exploring white-label solutions in the Aadhaar Enabled Payment System (AePS), developing interoperability in the Trade Receivables e-Discounting System (TReDS), and introducing a ‘Payments Switching Service’ to ease customer migration across platforms.The RBI said it will also review the cross-border payments ecosystem to improve efficiency and streamline authorisation processes, alongside publishing periodic reports on global and domestic payment trends.Additionally, the central bank aims to enhance access to payment data and reimagine the card payments ecosystem by promoting secure tokenisation, improved transparency in pricing, and greater choice for users and merchants.
Hetero rolls out generic semaglutide exports to over 75 countries
Hyderabad: Pharma player Hetero on Friday said it has rolled out exports of its generic semaglutide injection portfolio as part of a multi-year plan to widen access to treatments for type 2 diabetes and obesity in more than 75 countries.The Hyderabad-based pharmaceutical company said initial rollouts are under way in Africa, Asia and the Middle East, with additional launches planned in other markets subject to regulatory approvals.The injectable therapies will be sold under the brand names Truglyx, Rolmodl and Moto G. Semaglutide belongs to the GLP-1 class of medicines, which are used in diabetes care and weight management.Hetero said the export launch is part of its broader strategy to improve access to advanced cardio-metabolic therapies, particularly in emerging markets.The company said the products will be offered in multi-dose disposable pen devices designed in line with innovator formats and will be available in several strengths, including 0.25 mg, 0.5 mg, 1 mg, 2 mg, 1.7 mg and 2.4 mg, allowing dosing flexibility for both diabetes and obesity treatment.Hetero said it is also awaiting approval from India’s Central Drugs Standard Control Organisation (CDSCO) after completing clinical trials in type 2 diabetes and obesity and plans an India launch after regulatory clearance.Hetero managing director Dr Vamsi Krishna Bandi said the company aims to provide high-quality, affordable generic semaglutide through a single global product platform backed by its manufacturing and development capabilities.He said Hetero would use its commercial networks across Asia, the Middle East, Africa and Latin America to support supply and access. The Hyderabad-headquartered Hetero operates in more than 145 countries and employs over 30,000 people.
Borrowing plan: Centre to raise Rs 8.2 lakh crore in H1 FY27; weekly auctions, green bonds in focus
The Centre plans to raise Rs 8.20 lakh crore from the market in the first half of FY27 through dated securities, accounting for over half of its revised annual borrowing programme, the finance ministry said on Friday, PTI reported.The borrowing, scheduled for April–September 2026-27, is aimed at funding the fiscal deficit and bridging the revenue gap. It includes Rs 15,000 crore through Sovereign Green Bonds (SGrBs).The government had budgeted gross market borrowings at Rs 17.20 lakh crore for FY27, but after switches of government securities (G-Secs), the revised borrowing stands at Rs 16.09 lakh crore.“Of Rs 16.09 lakh crore, Rs 8.20 lakh crore (51 per cent) is planned to be borrowed in H1 through issuance of dated securities, including Rs 15,000 crore of Sovereign Green Bonds (SGrBs),” the ministry said.The borrowing will be completed through 26 weekly auctions, with amounts ranging between Rs 28,000 crore and Rs 34,000 crore. Securities will be issued across maturities of 3, 5, 7, 10, 15, 30, 40 and 50 years.The 10-year segment will account for the largest share at 29%, followed by 5-year (15.4%), 15-year (14.5%), and other tenures including 3-year (8.1%), 7-year (8.1%), 30-year (7.3%), 40-year (8%) and 50-year (9.6%).To improve participation, 5% of the notified amount in each auction will be reserved for retail investors under the non-competitive bidding route.The Centre will retain flexibility to modify the borrowing calendar, including changes in issuance size, maturities and instruments such as floating rate bonds (FRBs) and inflation indexed bonds (IIBs), depending on market conditions.Switch and buyback operations will continue to smoothen the redemption profile. “Switches of dated securities through auction will be conducted on the third Monday of every month or at more frequent intervals. In case the third Monday is a holiday, the switch auction will be conducted on the fourth Monday of the month,” the ministry said.The government will also retain the greenshoe option to accept an additional subscription of up to Rs 2,000 crore for each security.Separately, weekly Treasury Bill (T-Bill) borrowings in the first quarter are expected at Rs 24,000 crore for 12 weeks, including Rs 12,000 crore in 91-day T-Bills, and Rs 6,000 crore each in 182-day and 364-day instruments.To manage temporary cash mismatches, the Reserve Bank of India has fixed the Ways and Means Advances (WMA) limit for the first half of FY27 at Rs 2.50 lakh crore.In the Union Budget 2026-27, finance minister Nirmala Sitharaman had projected a fiscal deficit of 4.3% of GDP, amounting to Rs 16.9 lakh crore. “To finance the fiscal deficit, the net market borrowings from dated securities are estimated at Rs 11.7 lakh crore. The balance financing is expected to come from small savings and other sources. The gross market borrowings are estimated at Rs 17.2 lakh crore,” she had said.
India-US trade deal update: Piyush Goyal meets USTR Jamieson Greer, discusses next steps in BTA talks
Commerce and industry minister Piyush Goyal on Friday met US Trade Representative Jamieson Greer and reviewed the next steps in negotiations for the proposed India-US bilateral trade agreement (BTA).The meeting took place on the sidelines of the 14th ministerial conference (MC14) of the World Trade Organisation in Yaounde, Cameroon, where both sides also exchanged views on issues related to the WTO agenda.“Had a very productive discussion with @USTradeRep Jamieson Greer on the sidelines of the WTO Ministerial Conference. Exchanged views on the #WTOMC14 agenda, next steps in the India-US BTA negotiations and explored ways to further deepen our economic cooperation and bilateral trade ties,” Goyal said in a social media post.The development comes amid ongoing efforts by both countries to finalise an interim trade pact. Last month, India and the US announced that they had finalised a framework for the first phase of the agreement, though it is yet to be signed.The two sides had earlier announced a trade deal on February 2, followed by a joint statement on February 7 outlining the contours of the agreement.As part of the framework, the US had agreed to reduce tariffs on Indian goods to 18%. However, the tariff structure has since undergone changes after the US Supreme Court struck down sweeping tariffs imposed under earlier measures.Following the ruling, US President Donald Trump introduced a 10% tariff on all countries for a period of 150 days starting February 24.In view of these developments, a planned meeting between chief negotiators of India and the US — aimed at finalising the legal text of the agreement — has been postponed. The pact was earlier expected to be signed this month.An official had earlier said that the interim trade agreement would be signed once the new global tariff framework of the US is fully in place.
Forex reserves drop $11.41 billion to $698.35 billion as gold holdings decline
India’s foreign exchange reserves declined by $11.413 billion to $698.346 billion in the week ended March 20, mainly due to a sharp fall in gold reserves, according to data released by the Reserve Bank of India (RBI) on Friday, PTI reported.In the previous reporting week, the reserves had dropped by $7.052 billion to $709.759 billion.The country’s forex kitty had earlier surged to an all-time high of $728.494 billion in the week ended February 27, before the onset of the West Asia conflict.During the latest reporting week, foreign currency assets (FCA) — the largest component of the reserves — increased by $2.127 billion to $557.695 billion, the RBI data showed.Expressed in dollar terms, FCAs include the effect of appreciation or depreciation of non-US currencies such as the euro, pound and yen held in the reserves.However, gold reserves saw a sharp decline, falling by $13.495 billion to $117.186 billion during the week, the central bank said.The Special Drawing Rights (SDRs) dipped by $65 million to $18.632 billion, according to the RBI.India’s reserve position with the International Monetary Fund (IMF) rose by $19 million to $4.833 billion in the reporting week, the data showed.
PM Modi to inaugurate Noida Jewar Airport: Project cost, facilities & more – all you need to know
Glimpse of Noida International Airport (Shared by PM Modi on X) NEW DELHI: The Noida International Airport at Jewar in Uttar Pradesh will be inaugurated on Saturday, with Prime Minister Narendra Modiopening the first phase of the project that is set to add capacity to the National Capital Region’s aviation network.“Tomorrow, 28th March is a day of immense importance for the people of Uttar Pradesh and the NCR. Phase I of Noida International Airport will be inaugurated. This will boost commerce and connectivity. It will ease congestion at the IGI Airport in Delhi,” said the PM in a post on X. Watch PM Modi To Inaugurate Noida International Airport Phase 1 On March 28: All You Need To Know Located in Gautam Buddha Nagar district along the Yamuna Expressway, the airport has been developed as the second international gateway for Delhi-NCR, after the Indira Gandhi International Airport, which currently handles the bulk of the region’s air traffic.Project scope and costPhase I of the airport has been built at an investment of around Rs 11,200 crore under a public-private partnership model. It is designed to handle 12 million passengers per annum initially, with provision to scale up capacity to 70 million passengers annually in subsequent phases. Infrastructure and operationsThe airport has a 3,900-metre runway capable of handling wide-body aircraft. It is equipped with Instrument Landing System (ILS) and airfield lighting to support all-weather, round-the-clock operations.The project is among the largest greenfield airport developments in India.Cargo and support facilitiesApart from passenger operations, the airport includes cargo infrastructure with an integrated cargo terminal and logistics zones. The facility is designed to handle over 2.5 lakh metric tonnes of cargo annually in the first phase, expandable to around 18 lakh metric tonnes.A 40-acre maintenance, repair and overhaul (MRO) facility is also part of the project. Role in NCR aviation networkOnce operational, the Noida airport is expected to function in conjunction with Delhi’s IGI Airport to distribute passenger and cargo traffic, addressing capacity constraints in the region.Inauguration scheduleAccording to the official programme, PM Modi will visit the airport on March 28, undertake a walkthrough of the terminal building and then at around 12 noon, inaugurate Phase I before addressing a public gathering.The airport is expected to begin operations with its initial capacity, with further expansion planned in phases.
Stock markets today (March 27, 2026): Which are the top gainers and losers in Nifty50 and BSE Sensex today? Check list
Equity benchmark indices Sensex and Nifty plunged over 2% on Friday, snapping a two-day rally, as global weakness and rising geopolitical tensions dented investor sentiment.The 30-share BSE Sensex dropped 1,690.23 points, or 2.25%, to close at 73,583.22. During the session, it fell as much as 1,739.04 points, or 2.31%, to 73,534.41. The NSE Nifty declined 486.85 points, or 2.09%, to settle at 22,819.60.Market breadth remained weak, with 3,544 stocks declining, 822 advancing and 135 remaining unchanged on the BSE. In the holiday-shortened week, the Sensex lost 949.74 points, or 1.27%, while the Nifty slipped 294.9 points, also down 1.27%.Analysts attributed the sell-off to a mix of global and domestic headwinds, including elevated crude oil prices, a sharp fall in the rupee and continued foreign fund outflows. Nifty50 top gainers ONGC (4.35%) Wipro (1.35%) TCS (0.53%) Bharti Airtel (0.50%) Coal India (0.31%) Power Grid (0.17%) Nifty50 top losers Shriram Finance (-5.47%) Tata Motors (-4.64%) RIL (-4.60%) InterGlobe Aviation (-4.55%) Bajaj Finance (-4.42%) SBI (-3.88%) Eternal (-3.73%) Adani Enterprises (-3.38%) HDFC Bank (-3.34%) Bajaj Finserv (-2.95%) BSE Sensex top gainers TCS (0.53%) Bharti Airtel (0.50%) Power Grid (0.17%) BSE Sensex top losers RIL (-4.60%) InterGlobe Aviation (-4.55%) Bajaj Finance (-4.42%) SBI (-3.88%) Eternal (-3.73%) HDFC Bank (-3.34%) Bajaj Finserv (-2.95%) HUL (-2.83%) M&M (-2.78%) Asian Paints (-2.77%) “Investor sentiment remained fragile due to a lack of clarity surrounding geopolitical tensions between the US and Iran, which once again pushed crude oil prices above the USD 100 mark. In addition, persistent FII outflows and sharp weakness in the rupee further weighed on risk appetite,” Ajit Mishra – SVP, Research, Religare Broking Ltd, said, PTI quoted.Broader markets also came under pressure, with the BSE MidCap Select index falling 2.12% and the SmallCap Select index declining 1.77%.All sectoral indices closed lower. PSU Bank index dropped 3.88%, realty fell 3.10%, services 2.86%, auto 2.79%, Bankex 2.70%, financial services 2.69%, consumer discretionary 2.52% and consumer durables 2.50%.Brent crude, the global oil benchmark, rose 1.72% to USD 109.9 per barrel, adding to inflation concerns and dampening market sentiment.The rupee weakened sharply, tumbling 86 paise to settle at a fresh all-time low of 94.82 (provisional) against the US dollar.Global cues remained negative. In Asia, South Korea’s Kospi and Japan’s Nikkei 225 ended lower, while Shanghai’s SSE Composite and Hong Kong’s Hang Seng closed in positive territory. European markets were trading in the red, and US markets had ended sharply lower on Thursday.“Profit booking set in after the recent two-session rally as the rupee fell to an all-time low amid sustained FII selling, while escalating tensions in the Middle East heightened caution among investors ahead of the weekend,” Vinod Nair, Head of Research, Geojit Investments Limited, said, PTI quoted.Markets were closed on Thursday on account of Ram Navami.Foreign Institutional Investors (FIIs) sold equities worth Rs 1,805.37 crore on Wednesday, while Domestic Institutional Investors (DIIs) bought stocks worth Rs 5,429.78 crore, according to exchange data.“Indian markets witnessed a sharp and uneasy session, with heavyweight energy stocks leading the decline amid a complex mix of policy changes, rising crude prices, and persistent geopolitical uncertainty.“Adding to the pressure, the Indian rupee weakened further to record lows against the US dollar, underscoring the macro stress building beneath the surface,” Hariprasad K, Research Analyst and Founder, Livelong Wealth, said.In the previous session on Wednesday, the Sensex had surged 1,205 points, or 1.63%, to close at 75,273.45, while the Nifty gained 394.05 points, or 1.72%, to end at 23,306.45.
Gold price today (March 25, 2026): How much 24K and 22K gold cost in Delhi, Mumbai & more- Check rates
Gold futures traded higher on the Multi Commodity Exchange (MCX) on Friday with key contracts registering gains of up to 1.6 per cent amid firm buying interest and supportive global cues.The April 2026 gold contract rose by Rs 2,290, or 1.64 per cent, to trade at Rs 1,41,783 per 10 grams. The contract moved between an intraday low of Rs 1,40,287 and a high of Rs 1,42,800. The June 2026 contract, which saw higher trading activity, gained Rs 1,921, or 1.35 per cent, to Rs 1,44,435 per 10 grams. During the session, it touched a low of Rs 1,43,652 and a high of Rs 1,45,773. Meanwhile, the August 2026 contract advanced by Rs 1,480, or 1.02 per cent, to Rs 1,47,100 per 10 grams, with an intraday range of Rs 1,47,040 to Rs 1,48,600.Here is how gold prices stand across major cities today: Gold price in Delhi today Gold prices in the national capital declined, with 24K gold quoted at Rs 14,486 per gram, down Rs 218, while 22K gold slipped Rs 200 to Rs 13,280 per gram. Gold price in Mumbai today Mumbai bullion markets also saw a drop, with 24K gold priced at Rs 14,471 per gram, down Rs 218, and 22K gold at Rs 13,265 per gram, lower by Rs 200. Gold price in Chennai today Chennai recorded a sharper decline, with 24K gold selling at Rs 14,651 per gram, down Rs 262, while 22K gold dropped Rs 240 to Rs 13,430 per gram. Gold price in Kolkata today In Kolkata, 24K gold was quoted at Rs 14,471 per gram, down Rs 218, while 22K gold stood at Rs 13,265 per gram, lower by Rs 200. Gold price in Hyderabad today Hyderabad markets reflected a similar trend, with 24K gold priced at Rs 14,471 per gram, down Rs 218, and 22K gold at Rs 13,265 per gram, slipping Rs 200. Gold price in Bangalore today In Bangalore, 24K gold was quoted at Rs 14,471 per gram, down Rs 218, while 22K gold was selling at Rs 13,265 per gram, lower by Rs 200. Gold price in Ahmedabad today Ahmedabad bullion markets showed declines, with 24K gold at Rs 14,476 per gram, down Rs 218, while 22K gold fell Rs 200 to Rs 13,270 per gram. Gold price in Lucknow today In Lucknow, 24K gold was priced at Rs 14,486 per gram, down Rs 218, while 22K gold moved lower by Rs 200 to Rs 13,280 per gram. Gold price in Patna today Patna markets also recorded weaker rates, with 24K gold quoted at Rs 14,476 per gram, down Rs 218, and 22K gold at Rs 13,270 per gram, lower by Rs 200. Gold price in Jaipur today In Jaipur, 24K gold was quoted at Rs 14,486 per gram, down Rs 218, while 22K gold stood at Rs 13,280 per gram, down Rs 200.
Middle East crisis: Govt levies export duties on diesel, turbine oil; eyes over Rs 1,500 crore collection in fortnight
NEW DELHI: The government has imposed export duties on diesel and turbine fuel, a move aimed at improving availability of these products in the domestic market, according to the CBIC chairman’s statement on Friday.The decision is also expected to strengthen the country’s energy security by ensuring adequate supplies amid evolving global conditions.Revenue collections from the new duties are estimated at around Rs 1,500 crore over a fortnight.In a parallel measure, the government has reduced special excise duties on petrol and diesel to address under-recoveries faced by Oil Marketing Companies (OMCs). This step is intended to provide cushion for consumers, with officials indicating that retail prices of key fuels will remain unchanged.The government revised its fuel duty structure, reducing the special additional excise duty on petrol to Rs 3 per litre and eliminating it entirely on diesel.The move comes amid ongoing disruptions in global oil supply chains linked to the Middle East conflict, with Iran tightening its control over the Strait of Hormuz.According to a government order dated Thursday, “the additional excise duty on petrol was cut to Rs 3 per litre from Rs 13 per litre earlier. Meanwhile, the excise duty on diesel was cut to Rs 0 from Rs 10 per litre earlier.”Meanwhile, global crude oil prices eased on Friday after US signalled that negotiations with Iran were “going very well,” extending the deadline with the country by 10 days. The development weighed on sentiment, pushing major benchmarks down by around 2 per cent in early trade. Brent crude, which had earlier surged to $108 per barrel, slipped 2.08 per cent to $105.75 per barrel. West Texas Intermediate (WTI) fell 1.94 per cent to $92.67 as of 7:50 am IST. The decline follows a sharp rally in the previous session, when Brent had jumped 4.8 per cent to $101.89 per barrel amid concerns over disruptions in the Strait of Hormuz. Prices remain significantly higher than pre-conflict levels of roughly $70 per barrel, with WTI also up 4.6 per cent to $94.48 in the previous session. Domestically, Nayara Energy, India’s largest private fuel retailer, raised petrol prices by Rs 5 per litre and diesel by Rs 3 per litre on Thursday, citing rising input costs linked to the Middle East tensions. The company operates 6,967 of India’s 102,075 petrol pumps and has passed on part of the cost increase to consumers, according to PTI sources.Additionally, looking at overall issues arising from Middle East, govt set up an inter ministerial group, which’ll be lead by defence minister Rajnath Singh, according to ANI sources. Union home minister Amit Shah, union finance minister Nirmala Sitharaman, and union petroleum minister Hardeep Singh Puri will be among the members.
How recent Foreign Tax Credit changes impact salaried taxpayers earning from abroad
FTC allows individual taxpayers to claim a credit in India for taxes paid in a foreign jurisdiction on the same income. (AI image) With the rise in global workforce mobility, an increasing number of Indian professionals are earning income across multiple jurisdictions. Employees of multinational companies undertaking overseas assignments, or cross-border roles receive regular salaries along with various forms of compensation such as allowances, performance-linked variable pay, stock-based incentives, and benefits-in-kind arising from employment outside India. In such cases, the same income may be taxed in the foreign country where it arises and in India, if the individual taxpayer qualifies as a Resident and Ordinarily Resident (ROR) under the Indian tax system. To mitigate double taxation, the Indian tax framework provides relief through Double Taxation Avoidance Agreement (DTAA) or tax treaty either by way of exemption or foreign tax credit (FTC). Tax treaties allocate taxing rights between countries based on factors such as place of employment, duration of stay, entity bearing the cost, etc. While exemption applies where one country has the primary taxing right, FTC allows credit of foreign taxes where income is taxed in both jurisdictions. This article focuses on FTC, its impact on salaried taxpayers and recent developments.FTC allows individual taxpayers to claim a credit in India for taxes paid in a foreign jurisdiction on the same income, thereby reducing the tax payable in India. The statutory foundation for this relief is provided under the Income-tax Act, 1961 (‘the Act’), while the procedural aspects are governed by the Income-tax Rules, 1962. In recent years, administrative amendments and judicial pronouncements have significantly shaped the manner in which FTC claims are filed and processed, particularly for salaried taxpayers.India is also progressing towards a comprehensive overhaul of its direct tax framework through the newly proposed Income-tax Act, 2025 and the draft Income-tax Rules, 2026. These proposed reforms seek to simplify the tax law, enhance ease of compliance, and modernise tax administration, which could also influence the procedural framework governing FTC claims.Current framework In addition to the provisions of the existing Act, DTAA between India and foreign countries generally determine the manner in which relief from double taxation may be sought. In most cases, India adopts the credit method, as per which taxes paid in the foreign jurisdiction are allowed as a credit against the Indian tax payable on the same income. In simple terms, the credit available in India is typically restricted to the lower of foreign tax paid or Indian tax attributable to the doubly taxed income. In situations where ‘no’ treaty exists between India and the relevant country, unilateral relief is enshrined in Section 91 of the Act allowing Resident taxpayers to claim credit for foreign taxes paid, subject to specified conditions.Also, under treaty scenarios, the mechanism for granting relief may vary depending on the method prescribed in the DTAA with the specific country. To illustrate, the table below provides an indicative mapping of how these methods apply in practice: Accordingly, ROR taxpayers must carefully examine the provisions of the relevant DTAA to determine the extent of FTC can be claimed in India.Illustration 1: Payroll shift case – ROR is on assignment to a country with which India has a DTAA and receives salary in a foreign country, which is subject to tax in both jurisdictions. Illustration 2: Payroll continues in India – ROR is on assignment to a country with which India has a DTAA, continues to receive salary (after TDS) in India and also liable to tax in foreign country. Form 67 and Compliance requirementsTaxpayers claiming FTC must comply with certain procedural requirements when filing their personal Income tax return (ITR) in India. A key compliance requirement is filing of Form 67 as prescribed in Rule 128, electronically through the Income tax e-filing account. It requires detailed information of – Country where income is earned Source and nature of income, such as – salary, capital gains, dividend, interest etc. Amount of income earned outside India Amount of income offered to tax in India Details of foreign taxes paid Tax identification number in the foreign country Relevant treaty provisions relied upon Supporting documents evidencing payment of foreign taxes. Taxpayers are required to upload documentary evidence such as foreign tax returns or tax payment confirmations. In situations where foreign tax returns are not available, employer-issued withholding certificates may be relied upon, for instance Form W-2 in the US, P60 statements in the UK or PAYG income statements in Australia.As a last milestone, the taxpayer must provide a self-declaration confirming the accuracy of information furnished digitally and electronically verify the Form 67 using digital signature or electronic verification code.Failure to file Form 67 or inadequate reporting may lead to denial of FTC claims or queries raised during assessment proceedings. In practice, FTC claims are frequently examined by tax authorities, and disputes may arise where documentation is incomplete or where the timing of the foreign tax payment does not align with the India reporting year. Recent judicial rulings have also shaped the interpretation of FTC provisions. In a taxpayer-friendly ruling delivered in December 2025, the Income Tax Appellate Tribunal, Delhi clarified that mere delay in filing Form 67 should not automatically lead to denial of FTC, provided other conditions for claiming the credit are satisfied. Such rulings emphasize that procedural lapses should not override substantive tax relief.Over the past few years, several changes have been introduced by the tax authorities to simplify FTC compliance and address practical difficulties faced by taxpayers. Earlier, taxpayers were required to file Form 67 before the due date of filing the ITR. Missing this deadline resulted in disallowance of FTC claims. In 2022, the tax authorities amended Rule 128, whereby Form 67 can now be filed on or before the end of the relevant assessment year. This change provided significant relief to taxpayers who had missed the original deadline.Practical challenges in FTC claimsOne of the most common challenges for salaried taxpayers arises due to differences between India’s financial year reporting system and varying tax
