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April 3, 2026
Show AI Summary
Immunity from penalty and prosecution through Form 161 requires full payment, no appeal, and online filing.
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.
April 3, 2026
Show AI Summary
Refund of wrongly deducted tax through Form 160 requires full transaction details, supporting documents, and timely filing.
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.
April 3, 2026
Show AI Summary
Refund of wrongly deducted tax through Form 160 requires proof that no tax was deductible and full TDS disclosure.
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.
April 3, 2026
Show AI Summary
Tax Clearance Certificate Form 159 governs clearance for persons leaving India and requires Assessing Officer issuance on Form 158.
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.
April 3, 2026
Show AI Summary
Tax Clearance Certificate governs departure-related compliance and is issued by the Assessing Officer on a Form 158 application.
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.
April 3, 2026
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Tax clearance certificate requirements for persons leaving India are set out through electronic filing of Form 158.
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.
April 3, 2026
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Tax Clearance Certificate filing under Form 158 requires mandatory electronic submission before leaving India.
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.
April 3, 2026
Show AI Summary
Foreign departure undertaking for persons without PAN or taxable income is proposed as a manual compliance form.
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.
April 3, 2026
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Form 157 certificate filing rules for domiciled persons leaving India without PAN or taxable income
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.
April 3, 2026
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Form 156 filing requirement for Indian residents leaving India is being split into declaration and undertaking formats.
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.
April 3, 2026
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Departure undertaking requirement governs Form 156 filing, with PAN-based e-filing and limited verification options for domiciled persons leaving India.
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.
April 3, 2026
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No objection certificate for departing persons not domiciled in India issued as tax clearance through departmental process.
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.
April 3, 2026
Show AI Summary
Tax Clearance Certificate for non-domiciled persons is issued on Form 154 applications and may be required for immigration checks.
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.
April 3, 2026
Show AI Summary
Undertaking for tax clearance on departure from India requires employer or other signatory support and manual filing.
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.
April 3, 2026
Show AI Summary
Form 154 undertaking governs tax clearance for non-domiciled persons leaving India with India-sourced income.
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.
April 3, 2026
Show AI Summary
Tax recovery notice and certificate require payment within 15 days before recovery proceedings can begin.
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.
April 3, 2026
Show AI Summary
Tax recovery demand notice under Form 153 requires payment of arrears within 15 days before coercive recovery begins.
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.
April 3, 2026
Show AI Summary
Advance tax estimate dispute through Form 152 lets an assessee submit reasons and a revised income estimate.
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.
April 3, 2026
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Advance tax estimate disputes can be notified through Form 152 with reasons and a revised income estimate.
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.
April 3, 2026
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Advance tax compliance through Form 151 notice of demand, setting estimated liability, instalments, and due dates for payment.
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.

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News and Press Release

Digitalisation for Inclusive Finance and Sustainability: Priorities for the Next Phase - Valedictory Address by Shri Swaminathan J, Deputy Governor, Reserve Bank of India at the CAB–NIBM International Conference on Digitalisation for Inclusive Finance and Sustainability, in Pune on March 6, 2026

March 10, 2026

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Professor Partha Ray, Director, National Institute of Bank Management (NIBM), Shri Jaikish, Principal, College of Agricultural Banking (CAB), distinguished delegates, researchers, faculty, policymakers, industry leaders, colleagues from India and overseas, ladies and gentlemen. Good afternoon.

2. As we come to the close of this International Conference on Digitalisation for Inclusive Finance and Sustainability, let me begin by congratulating CAB and NIBM for convening an important conversation at the right time. I am sure the participation over the last two days has been strong, and the discussions have been both forward-looking and grounded in practical realities.

3. As I reviewed the papers presented, one message came through clearly. Digitalisation is not a goal by itself. It is a means. The real question is: how do we use digital tools to deliver financial services that are accessible, affordable, safe, and useful, while also supporting sustainability and resilience.

4. Against this backdrop, I would like to reflect on three shifts shaping this landscape, then underline what I would call the confidence architecture needed for digital finance at scale, and finally offer a few closing priorities for the road ahead.

From access to capability and confidence

5. The first shift is in how we look at inclusion.

6. For a long time, access meant inclusion but the next phase of that is about something deeper: capability and confidence. Inclusion becomes meaningful when households and small businesses can use financial products and payment rails regularly and safely.

7. Indeed, many discussions in the papers presented here highlight the idea that barriers to inclusion are not only physical. They can also be informational and behavioural. People may have connectivity but lack confidence. They may have access but not agency. They may have a digital tool but not the ability to resolve a problem.

8. This is why design matters. Effective inclusion solutions often look simple on the surface, but they are thoughtfully engineered underneath. They use plain language. They work in low bandwidth settings. They allow assisted journeys. They respect the realities of irregular incomes and modest savings.

9. A special dimension of capability is the gender gap in digital finance. Bridging this gap is not about devices and connectivity. It requires building women’s digital and financial skills and improving safety and privacy further in digital journeys. If we want digital inclusion to endure, products and processes must be designed around these realities.

From faster finance to fair finance

10. The second shift is about digital credit and digital intermediation.

11. Digital lending and platform-based models have expanded quickly because they offer speed and convenience. That is a real benefit. But credit is not like any other routine transaction. Credit can strengthen livelihoods. But, if poorly underwritten, it can also deepen distress through over indebtedness.

12. The discussions here highlighted a central point: the next phase of digital credit must be not only fast, but fair, transparent, and affordable.

13. A related theme is the growing role of data and algorithmic rule engines in credit decisions. Data can reduce frictions and widen access, but it also brings up some important questions. Are we pricing risk, or pricing vulnerability? Are decisions explainable in plain language? Are models being monitored for bias and drift?

14. These questions shape customer confidence, market discipline, and the credibility of the digital finance ecosystem.

From sustainability as a separate agenda to sustainability as core resilience

15. The third shift is the assimilation of sustainability into mainstream finance.

16. Sustainability is sometimes treated as a specialised product line or a reporting exercise. As climate and environmental risks do translate into financial risks, especially for climate-sensitive sectors and regions, sustainability has to be integral to our products and processes.

17. At the same time, digitalisation offers tools to strengthen resilience. Better data can improve risk understanding. More responsive credit can support adaptation investments. Digital monitoring can improve transparency and reduce the cost of compliance and reporting.

18. But we should also be realistic. Sustainability outcomes require more than digital tools. They require sound institutions, robust capital and good governance. Digital transformation can enable, but it cannot substitute for the fundamentals.

Confidence architecture is the next frontier

19. If you bring these three shifts together you will see that the next frontier is not simply building more digital finance. It is building digital finance that people can rely on. This calls for an ecosystem with strong foundations, with four key elements.

20. The first is security and resilience. As participation scales up, vulnerabilities also scale up. We must invest continuously in cyber security, fraud prevention, incident response, and business continuity. Confidence is built through reliability in ordinary times, and through competence and clarity when disruptions occur.

21. The second is accountability and effective redress. When a customer is harmed in a digital journey, they should not be passed from one entity to another. Responsibility must be clear. Grievance redress should be simple, time-bound, and effective. A system earns confidence when people experience that help is real, accessible, and fair.

22. The third is data discipline and meaningful consent. Digital finance runs on data. But data must be handled with discipline: purpose limitation, minimum necessary collection, secure storage, and transparent sharing. Consent must be meaningful, not hidden in fine print.

23. The fourth is inclusion with dignity. Inclusion is not only onboarding. It is ongoing service. It is also language, appropriate accessibility and respectful treatment. It is designing for the person who is least comfortable with technology, not only for the person who is most fluent.

24. Before I turn to the closing priorities, let me briefly underline the critical contribution of digital public infrastructure and interoperability. When core rails are resilient, widely usable, and interoperable, they reduce the cost of reaching the last mile and allow providers to compete on service quality rather than on customer lock-in. They also make it easier to deliver targeted support at scale, whether through faster benefit transfers, smoother onboarding, or quicker delivery of small-value financial services.

25. However, the wider the rails, the higher the responsibility. Strong governance is essential: clear standards, reliable uptime, auditable processes, and proportionate safeguards, so that innovation can scale without weakening system stability.

Closing: Five priorities going forward

26. As someone who has watched India’s digital finance ecosystem evolve at close quarters, permit me to close with five practical priorities that can help digitalisation deliver inclusion and sustainability.

27. First, build for outcomes, not optics. We should track adoption, but our focus should remain on what matters: active use, reliability, affordability, customer wellbeing, and resilience.

28. Second, design for the last user. If the journey works for the most constrained user, it will work for everyone. Simple interfaces, low-data design, assisted options, and clear grievance pathways should be treated as core features.

29. Third, make fairness non-negotiable. Innovation is welcome, but fairness is essential. Transparent pricing, explainable decisions, respectful collections, and strong redress mechanisms, all should be built into digital credit models.

30. Fourth, treat resilience as a design requirement. Operational resilience and cybersecurity are not mere compliance items. They are integral to service quality. People experience credibility through consistency and reliability, not through policy documents.

31. Fifth, collaborate, because no one actor can solve this alone. Digital finance and sustainability sit at the intersection of regulation, technology, business incentives, and human behaviour. Progress requires collaboration across regulators, financial institutions, fintechs, researchers, and civil society. Conferences like this help build shared understanding and improve the quality of solutions.

32. In conclusion, digitalisation increases reach and speed. It also increases the vulnerabilities. The task before us therefore, is to ensure that digital finance scales what is good: inclusion that is usable, innovation that is responsible, and finance that supports resilience and sustainability.

33. On behalf of the Reserve Bank of India, I thank CAB and NIBM for hosting this conference, and I thank all participants for contributing to a meaningful and constructive dialogue. I hope the ideas discussed here translate into safer rails, better products, and more sustainable outcomes for our citizens and our economy.

34. Thank you. Jai Hind.

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Acts Income Tax