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April 1, 2026
Show AI Summary
Form No. 122 consolidates employee salary, perquisite and tax details from multiple employers for correct tax deduction.
Form No. 122 is a consolidated income-tax statement for an employee to furnish salary details from another employer, taxable allowances, perquisites, provident fund accretions, tax deducted, house property loss, other income and tax deducted or collected at source, so the current employer can compute the correct tax liability and deduct tax at source. It is meant for employees who have changed jobs during the same tax year and should be filed as early as possible, but not later than 31 March of the financial year. The form includes employee particulars, salary details, other income details and an annexure covering taxable perquisites and provident fund items.
April 1, 2026
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Income tax declaration form helps salaried employees report multiple-employer income, house property loss, and source-based tax credits.
Form No. 122 is a consolidated declaration furnished by a salaried employee to the employer for reporting salary from another employer, house property loss, other taxable income, and tax deducted or collected at source. It is intended for employees with salary from more than one employer or other income, is beneficial rather than mandatory, and may be submitted offline or through HR/payroll without uploading to the income-tax portal or attaching it to the return of income.
April 1, 2026
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Self-declaration for no TDS on specified income: consolidated Form 121 streamlines eligibility, filing, and payer reporting.
Form No. 121 is the consolidated self-declaration form for receipt of specified incomes without deduction of tax at source under section 393(6) and Rule 211. It replaces earlier Forms 15G and 15H and applies to eligible resident individuals, HUFs, and other specified entities, while excluding companies, firms, and non-residents. The declaration must be furnished before payment or credit, and the payer must verify eligibility, assign a UIN, file a monthly statement, and quote the UIN in the quarterly TDS return. The form only prevents TDS and does not exempt the income from tax.
April 1, 2026
Show AI Summary
Tax deduction at source declaration under Form No. 121 enables eligible taxpayers to avoid TDS on specified incomes.
Form No. 121 is the declaration mechanism for receiving specified incomes without deduction of tax at source where the declarant expects tax on estimated total income for the tax year to be nil. It replaces the earlier Forms 15G and 15H and is intended for resident individuals, Hindu undivided families, and other specified eligible entities, while companies, firms, and non-residents are ineligible. The declaration must be furnished separately to each payer before the scheduled transaction date, with PAN mandatory for validity, and must be filed afresh for each tax year.
April 1, 2026
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Parliamentary debate on West Asia crisis and legislative agenda turns into clash over discussion, time allocation, and excise duty resolution.
Parliamentary proceedings saw a dispute over a demand for discussion on the West Asia crisis, with the opposition objecting to the absence of the Prime Minister from an all-party meeting and the government replying that the issue had already been addressed in Parliament. The government also sought extended sittings to clear its agenda, which included the Central Armed Police Forces (General Administration) Bill 2026, the Insolvency and Bankruptcy Code (Amendment) Bill, 2026, and a statutory resolution on Special Additional Excise Duty on Aviation Turbine Fuel.
April 1, 2026
Show AI Summary
Advance rulings application Form 120 streamlines online tax certainty, detailed disclosures, and unified filing for multiple applicant categories.
Form No. 120 is the unified online application for advance rulings before the Board for Advance Rulings under the Income-tax Act. It may be filed by specified classes of applicants, including non-residents, residents transacting with non-residents, residents with high-value transactions, public sector companies, and any person seeking a ruling on an impermissible avoidance arrangement. The application requires detailed disclosure of facts, legal interpretation, transaction details, ownership structure, supporting documents, and proof of fee payment, and it may be withdrawn within 30 days of filing.
April 1, 2026
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Tax-free spin-off leads Versigent to launch as an independent listed company with shares trading on NYSE.
Versigent PLC announced its launch as an independent, publicly traded company following separation from Aptiv PLC and commencement of trading on the New York Stock Exchange under the ticker VGNT. The separation was implemented through a distribution of Versigent ordinary shares to Aptiv shareholders of record, with cash in lieu of fractional shares, and was completed as a tax-free spin-off for Swiss and U.S. federal income tax purposes. The release also notes the use of carve-out historical financial measures and non-GAAP reporting such as Adjusted EBITDA.
April 1, 2026
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Advance ruling applications through Form No. 120 govern online filing, fee slabs, admissibility limits, and binding effect on tax questions.
Form No. 120 is the online application for an advance ruling from the Board for Advance Rulings on questions of law, fact, or mixed questions relating to proposed or undertaken transactions. It specifies applicant categories, fee slabs, supporting documents, and the requirement to file only where the issue is not already pending before an income-tax authority, Tribunal, or court, subject to limited relaxation for public sector companies and GAAR matters. The ruling is binding for the specific transaction, may be appealed, may be declared void for fraud or misrepresentation, and remains effective only while facts and law remain unchanged.
April 1, 2026
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Dispute resolution committee applications through Form 119 require eligibility, supporting evidence, and electronic filing for disputed tax orders.
Application to the Dispute Resolution Committee under section 379 is made in Form No. 119 by an eligible assessee aggrieved by a specified order passed by an Income-tax Authority. The form captures the applicant's particulars, the challenged order, disputed additions or disallowances, statement of facts, grounds of application, and supporting evidence. It is filed electronically through the income-tax e-filing portal with the prescribed annexures and, where applicable, payment of the application fee.
April 1, 2026
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Biomass tariff revision supports continued renewable power operations and revenue visibility for a Punjab-based 6 MW plant.
A revised tariff has been fixed for DEE Development Engineers Ltd's 6 MW biomass-based Malwa Power Plant under the Punjab State Electricity Regulatory Commission, replacing the interim tariff applied during pendency of the petition. The revised arrangement includes annual escalation on the variable component and extends the plant's operating life for another 10 years after expiry of the earlier power purchase pact, supporting continued biomass-based power generation and revenue visibility.
April 1, 2026
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Dispute Resolution Committee application framework under Form 119 requires electronic filing, eligibility checks, and structured disclosure.
Form 119 is the prescribed electronic application for seeking dispute resolution before the Dispute Resolution Committee under section 379 of the Income-tax Act, 2025. It is available to an eligible assessee aggrieved by a specified order passed by an Income-tax Authority, subject to statutory eligibility conditions, including payment of tax on returned income where a return has been filed. Filing is optional, separate applications are required for each tax year and each specified order, and the form must be submitted electronically and cannot be revised after submission.
April 1, 2026
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Deferment of appeal for identical question of law enables later filing after the pending case is finally decided.
Form 118 is prescribed for an application to defer filing an appeal before the High Court or the Income-tax Appellate Tribunal where the relevant case involves an identical question of law already pending in another case. The appellant files the form before the appropriate forum with supporting documents showing the identical question of law and the other pending proceeding. The forum examines whether the statutory conditions for deferment are satisfied, and if accepted, filing of the appeal is deferred until the final decision on the identical question of law in the other case.
April 1, 2026
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Deferred appeal on identical question of law under Form 118 requires assessee acceptance and collegium review.
Form 118 is used by the Income-tax Department to defer filing of an appeal before the Income-tax Appellate Tribunal or the High Court where the relevant case involves an identical question of law already pending in another case before the High Court or the Supreme Court. The procedure depends on collegium consideration and the assessee's acceptance that the questions are identical. The form is filed manually by the Assessing Officer on directions of the Principal Commissioner or Commissioner, cannot be revised after submission, and operates only until the identical legal issue attains finality.
April 1, 2026
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GST collections rise on strong domestic demand, higher import revenues, and recovering momentum after rate rationalisation.
GST collections increased in the reported month, with gross receipts rising on the strength of both domestic supplies and import-related revenues. After adjustment for refunds, net GST revenues also recorded year-on-year growth, indicating continued buoyancy in tax mobilisation. The trend was linked to a recent GST rate rationalisation, including lower rates on many goods and a simplified slab structure, with collections initially dipping after the tax cut before recovering in later months.
April 1, 2026
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Quality-controlled masterbatch manufacturing links R&D, regulatory compliance, and application-specific products across export markets.
Masterbatch and compound manufacturing is presented as a quality-controlled, export-oriented activity built on regulatory compliance, R&D support, and structured batch testing for colour consistency, dispersion, mechanical performance, and stability. The product range is described as application-specific, including laser marking masterbatches, flame retardant masterbatches meeting UL 94 ratings, long glass fibre reinforced compounds for metal replacement, and amber colour masterbatches for pharmaceutical packaging that comply with global regulatory requirements.
April 1, 2026
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Identical question of law declarations under Form 117 keep pending tax disputes aligned with the final higher court decision.
Form 117 is the prescribed declaration by which an assessee states that a question of law in the assessee's pending case is identical to a question already pending before the High Court or Supreme Court in the assessee's own case for another tax year. The form is filed before the Assessing Officer or appellate authority, with supporting documents showing the related pending proceedings. If accepted, the assessee is bound by the final decision on the identical question and the pending order may later be amended to conform to that decision.
April 1, 2026
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Identical question of law declaration streamlines tax disputes by binding pending cases to the higher court's final decision.
Form 117 is the optional declaration used by an assessee to state that a question of law in the relevant case is identical to a question already pending before the High Court or Supreme Court in the assessee's own case for another assessment year. It may be filed before the Assessing Officer or the appellate authority, requires prescribed particulars and supporting documents, and once admitted binds the assessee to the final decision on that identical question while not stopping the pending proceedings.
April 1, 2026
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Cross-objections before the Income-tax Appellate Tribunal require timely filing, supporting documents, and structured grounds under the prescribed form.
Form 116 is the prescribed memorandum of cross-objections to the Income-tax Appellate Tribunal, enabling a respondent in an appeal to challenge any part of the order appealed against without filing a separate appeal. It may be filed by a respondent, including an assessee, deductor, or the Income-tax Department, only after an appeal has been filed and notice of that appeal has been received. The form is to be furnished within thirty days, accompanied by relevant orders and supporting documents, and may include grounds for condonation of delay where applicable.
April 1, 2026
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Cross-objections before the Tribunal must be filed in the prescribed form, with separate grounds, tax effect, and timely notice-based filing.
Form 116 is the prescribed memorandum of cross-objections before the Income-tax Appellate Tribunal in response to an appeal already filed by the opposite party. It is available to a respondent such as an assessee, the Income-tax Department, or a government deductor, and must be filed within 30 days of receipt of notice. The form cannot be filed independently of an existing appeal, and each ground of cross-objection must be numbered, stated separately, and accompanied by the corresponding tax effect.
April 1, 2026
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Income-tax appeal form governs Tribunal filings, prescribed time limits, supporting documents, and electronic submission requirements.
Form No. 115 is the prescribed appeal form for filing an appeal before the Income-tax Appellate Tribunal against appealable orders of income-tax authorities. It is to be filed by an aggrieved assessee or by the Income-tax Department, within two months from the end of the month in which the order is communicated, and may be accompanied by the relevant orders, grounds, statements, and supporting documents. The form is filed electronically, along with the prescribed fee, and is structured to capture appellant details, respondent details, appeal particulars, disputed amounts, grounds of appeal, and verification.

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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