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April 4, 2026
Show AI Summary
Deduction claim audit report for tea, coffee and rubber businesses requires Chartered Accountant certification and compliance with deposit rules.
Form No. 182 is a statutory audit report for assessees engaged in growing and manufacturing tea, coffee or rubber who claim deduction under section 48. It must be furnished by a Chartered Accountant annually before the return due date and certifies audit of books, timely deposit in the specified account or approved scheme, withdrawal utilisation, disallowable amounts, asset transfers, and the deduction permissible. The form is now a smart, tabulated e-form with mandatory professional identifiers and standardised fields for e-filing and validation.
April 4, 2026
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Tax deduction audit report rules require prescribed certification, verified deposits, and portal filing for tea, coffee and rubber businesses.
Form No. 182 is the prescribed audit report for assessees engaged in growing and manufacturing tea, coffee or rubber in India who claim deduction under section 48. It must be certified by an Accountant and furnished annually before the return due date. The report is mandatory for the deduction claim, supports verification of deposits, withdrawals, utilisation and deduction computation, and is completed through the e-filing portal with digital signing and assessee acceptance.
April 4, 2026
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Electoral trust audit reporting through Form 181 requires electronic disclosure of contributions, distributions, and administration expenses.
Form 181 is the annual audit report for electoral trusts, to be furnished electronically by an accountant through the e-filing portal before the return due date. It requires disclosure of voluntary contributions received and distributed, application for the benefit of persons or interested persons, and expenditure on administration or management of the trust. The form has been simplified and aligned with the Income-tax Act, 2025.
April 4, 2026
Show AI Summary
Digital audit report requirements govern electoral trusts claiming exclusion of voluntary contributions from total income.
FN 181 is a mandatory digital audit report for an electoral trust seeking exclusion of reported voluntary contributions from total income. It must be prepared by an accountant, filed electronically with the Commissioner of Income Tax (CPC) through the e-filing portal, and submitted on or before the due date for filing the return of income. The form cannot be filed offline or edited after submission, and a valid PAN is mandatory for filing.
April 4, 2026
Show AI Summary
Employee welfare fund approval under income tax rules depends on notified purposes, verified disclosure, and hearing before rejection.
Form 180 is the electronic application for approval or renewal of an employee welfare fund established for notified purposes under section 11(3) read with Schedule VII, to be filed by the trust or fund before the jurisdictional PCIT/CIT and verified by the trustee or principal officer. The form requires details of the trust or fund, employer organisation, objects, trustees, employee membership, contributions, income, application or accumulation of funds, along with the trust deed, activity notes and accounts. Approval is granted only if the prescribed conditions are satisfied, for a period not exceeding three tax years, and rejection requires recorded reasons and an opportunity of hearing.
April 4, 2026
Show AI Summary
Employee Welfare Fund approval through Form 180 requires online filing, valid PAN, and strict trust-based eligibility conditions.
Form 180 is the prescribed electronic application for an Employee Welfare Fund seeking approval or renewal from the jurisdictional Principal CIT/CIT. The fund must be a trust for notified welfare purposes for serving employees or their dependents, and the application must be verified by the trustee or principal officer. Filing is mandatory for approval, which confers pass-through treatment and tax exemption subject to conditions. The form can be filed only online, cannot be edited after submission, and requires a valid PAN and supporting documents.
April 4, 2026
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Business connection in India compliance through Form 173 for eligible investment funds and annual verification of eligibility conditions.
Form 173 is a statement furnished by an eligible investment fund to verify compliance with the conditions for claiming that its activities do not constitute a business connection in India. The form is filed once in a tax year within 90 days from the end of the tax year, and it contains particulars on residence, tax identification number, Schedule I compliance, participation interests in India, fund manager remuneration, and investment profits. Supporting documents may include approval orders, registrations, financial statements, and remuneration contracts.
April 4, 2026
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Eligible investment fund reporting under no-business-connection rules requires mandatory online Form 173 filing and digital signature compliance.
Form 173 is the mandatory statement for an eligible investment fund to establish that its activities do not create a business connection in India. It must be filed once in a tax year, within 90 days from the end of the tax year, by the fund manager or designated person, only through the Income Tax e-filing portal, and it cannot be edited after submission. The form requires supporting fund details, registrations, financial statements, and digital signature compliance, and a valid PAN is mandatory.
April 4, 2026
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Eligible investment fund reporting under Form 172 requires accountant certification, electronic filing, and compliance with prescribed conditions.
Form 172 is the accountant's report for an eligible investment fund to establish fulfilment of prescribed conditions relevant to section 9(12) and the claim that the fund's activities do not create a business connection in India. It is prescribed under Rule 274(7), filed once in each tax year by the appointed accountant, and due by 31 October of the succeeding tax year. The form is filed electronically with a UDIN and digital signature, and non-filing may attract penalty under section 447.
April 4, 2026
Show AI Summary
Business connection in India reporting through Form 172 requires mandatory electronic filing, UDIN generation, and supporting documentation.
Form 172 is the mandatory accountant's report for an eligible investment fund to show compliance with conditions for claiming no business connection in India. It is filed once in a tax year by the appointed accountant through the Income Tax e-filing portal, after UDIN generation and digital signature. The form requires a valid PAN, cannot be edited after submission, and may need supporting documents such as fund manager details, SEBI registrations, financial statements, and contracts relating to the fund manager's activities and remuneration.
April 3, 2026
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Authorised Income Tax Practitioner registration under Form 171 depends on eligibility, supporting documents, and authority verification.
Form 171 is the one-time application for registration as an authorised Income Tax Practitioner under the specified eligibility categories in section 515(3) of the Income Tax Act, 2025. Eligible applicants include accountants, persons who have passed a recognised accountancy examination, and other qualified persons recognised by the Central Board of Direct Taxes. The form requires applicant details, the claimed eligibility category, qualifications, prior tax appearances, and supporting documents, and is filed with the jurisdictional Income Tax Authority for verification and registration.
April 3, 2026
Show AI Summary
Authorised Income-tax Practitioner registration through Form 171 requires eligibility details, supporting documents, and one-time filing.
Form 171 is the prescribed application for registration as an Authorised Income-tax Practitioner under section 515 of the Income-tax Act 2025 and must be filed with the jurisdictional Chief Commissioner or Commissioner of Income-tax. The application is mandatory for recognition in that capacity, may be filed after eligibility arises, and is a one-time filing unless otherwise directed. It requires applicant particulars, eligibility details, qualifications, supporting documents, and relevant firm or association details. On approval, the applicant's name is entered in the Register of Income-tax Practitioners and a Certificate of Registration is issued.
April 3, 2026
Show AI Summary
Annual Information Statement consolidates tax credits, payments, transactions, and proceedings in a taxpayer's e-filing account.
Form 168 operates as an auto-generated Annual Information Statement linked to a taxpayer's PAN and available in the e-filing account. It consolidates TDS, TCS, tax payments, specified financial transactions, demand and refund details, and pending or completed proceedings, together with any other prescribed information. The taxpayer does not file the form manually. It is updated dynamically during the year as underlying reports and payments are processed, and it uses Tax Year instead of Financial Year.
April 3, 2026
Show AI Summary
Annual Information Statement and taxpayer summary streamline income reporting through detailed verification, feedback correction, and consolidated return filing.
Annual Information Statement (AIS) is the detailed financial statement linked to PAN, and Taxpayer Information Summary (TIS) is its consolidated version showing category-wise totals for use in return filing. AIS contains transaction-level data, while TIS provides summarized figures such as salary, rental income, interest, capital gains, dividend, business income and taxes paid. Taxpayers should verify AIS, use the feedback mechanism for incorrect or unrelated entries, and rely on the updated TIS; actual income must still be reported in the return even if missing from AIS.
April 3, 2026
Show AI Summary
GST appeal filing blocked by NIL demand entries despite unpaid dispute over liability and prior voluntary payment.
Taxpayers may face portal restrictions when an adjudication order reflects a NIL demand because payment was made at the show cause notice stage without admitting liability. Although such payment does not amount to acceptance of the demand, the GST portal may block filing of appeal application APL-01 when no liability is captured in the Demand and Collection Register. The taxpayer may seek rectification of the order so that the correct demand amount is reflected and the appeal can then be filed within the prescribed time.
April 3, 2026
Show AI Summary
Annual reporting for film production and specified activities under the income-tax framework now requires structured disclosure and TDS linkage.
Form 164 requires persons engaged in cinematograph film production or notified specified activities to furnish an annual statement for each tax year under section 507 of the Income-tax Act, 2025, read with Rule 236. The statement is due within 60 days from the end of the tax year and covers filer particulars, film or activity details, and payment and TDS information, including aggregate payments above the prescribed threshold linked to the relevant film or activity. The revised format uses three parts and standardised digital reporting.
April 3, 2026
Show AI Summary
Mandatory annual statement for film production and specified activities covers incomplete projects, threshold payments, TAN, and electronic filing status.
A mandatory annual statement is required under section 507 of the Income-tax Act, 2025 for persons engaged in cinematograph film production or specified activities such as event management, sports events, documentary production, OTT or TV programme production, performing arts, or similar notified activities. The filing obligation applies to every individual, partnership firm, LLP, company or other entity that produced a film or undertook a specified activity during the relevant tax year, including cases where the film or activity was not completed in that year. The statement must be filed within 60 days from the end of the tax year, and TAN is required where the filer is liable to deduct tax at source.
April 3, 2026
Show AI Summary
Personal loan flexibility expands as longer repayment tenure, collateral-free borrowing, and faster disbursal aim to ease EMI burden.
Bajaj Finance has revised its personal loan offering by extending the repayment tenure up to 108 months, replacing the earlier 96-month structure. The longer tenure is intended to reduce monthly EMI burden and give borrowers greater flexibility in managing repayments, while shorter tenures remain available within a range of 12 months to 108 months depending on customer preference. The personal loan product is described as collateral-free and designed for planned and urgent expenses, with loan amounts ranging from Rs. 40,000 to Rs. 55 lakh.
April 3, 2026
Show AI Summary
Indirect transfer reporting under Form 163 requires timely electronic disclosure of share transfers affecting Indian assets and control rights.
Form 163 is the reporting statement for indirect transfers of assets located in India under section 506 of the Income-tax Act, 2025 and Rule 235 of the Income-tax Rules, 2026. It is to be furnished by an Indian concern, or its representative, where a non-resident transfers shares or interests in a foreign company or entity in a manner affecting assets, rights, management or control in relation to the Indian concern. The form is filed electronically within the prescribed timelines and supports computation of income reported in Form 4.
April 3, 2026
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Foreign exchange reserves decline as rupee pressure, RBI dollar sales, and lower gold and currency assets shape weekly movement.
India's foreign exchange reserves declined to USD 688.058 billion for the week ended March 27, driven by lower foreign currency assets and gold reserves. The Reserve Bank of India continued to intervene in the foreign exchange market through dollar sales and related policy measures as the rupee remained under pressure, while Special Drawing Rights rose slightly and the IMF reserve position edged down.

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Guidance Note - Form 24

March 26, 2026

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Form No. 24 [corresponding to erstwhile Form 3CE] – Audit Report for Non-Residents / Foreign Companies earning income by way of Royalty or Fees for Technical Services (FTS) through a Permanent Establishment (PE) or Fixed Place of Profession in India

Purpose:

Form No. 24 is a statutory audit report prescribed under Rule 43 of the Income-tax Rules, 2026.

It is required to be furnished by a non-resident assessee or foreign company that earns royalty or fees for technical services (FTS) from India and carries on business through a Permanent Establishment (PE) or fixed place of profession in India.

Form No. 24 provides an independent Chartered Accountant’s certificate confirming the correctness of such income computation.

The form verifies that:

  • The assessee has a PE or fixed place of profession in India during the relevant tax year.
  • The assessee has maintained books of account in respect of Indian operations.
  • Only expenses attributable to the PE have been deducted while computing income under section 59.
  • The computation of income from royalty/FTS and profits attributable to PE is correct.

Who Should File:

Form No. 24 must be filed by:

  • Non-resident individuals
  • Foreign companies
  • Any other non-resident entity

who:

  • Earn royalty or fees for technical services (FTS) from India under an agreement with the government or an Indian concern, and
  • The royalty/FTS is effective connected with a Permanent Establishment (PE) or fixed place of profession in India,

The form is furnished by a Chartered Accountant.

Frequency & Due Dates:

Form No. 24 is furnished annually one month prior to the due date for furnishing the return of income under Section 263(1).

Structure of Form No. 24:

Form No. 24 constitutes the following key components:

  • Basic details: Name, address, PAN, Details of the agreement under which royalty/FTS is received, Details of the Permanent Establishment / fixed place of profession
  • Verification of PE and Books of Account: Confirmation that the assessee has a PE or fixed place of profession in India, whether separate books of account are maintained for the PE, books of account examined during audit (with a tabular list)
  • Income Computation under Section 59: Amount of royalty/FTS received, Expenses attributable to PE, disallowance of expenses

What are the documents required to file the Form No. 24?

Following documents may be required for filing Form No. 24:

  1. Books of account of the PE or fixed place of profession
  2. Agreement(s) relating to royalty or FTS
  3. Invoices, work orders, project reports
  4. Details of global and India-specific expense allocation, including head office expenditure

What is the process flow of filing Form No. 24?

The process flow includes following steps

  1. Identification of PE / fixed place and obligation under Section 59
  2. Maintenance and audit of books of account of the PE
  3. Compilation of income and expense statements attributable to India
  4. Examination by Chartered Accountant
  5. Preparation and submission of Form No. 24 (e-Form) on the e-filing portal
  6. DSC-based verification by the CA
  7. Acceptance by the non-resident assessee
  8. Form becomes part of the assessment record enabling computation under Section 59

Outcome of Processed Form No. 24:

Enables computation of royalty/FTS on net income basis, rather than gross basis

Brief note on broad or qualitative changes proposed:

Key updates include the following

  • The entire form has been made into a smart form, tabulating data to make extraction easier.
  • Books of account examined – A few books of account have been provided in a tabular format so that the accountant need only tick the books examined. A field for adding any other books has been given.
  • Details on maintenance of books of account have been expanded to include accounting software, storage, and compliance with provisions of Rule 6F (also proposed to be amended) relating to copies of books of account to be updated regularly in case books are maintained in storage outside India
  • Change in definition of accountant entitled to sign the audit report – The Form originally allowed three types of people to sign the report:
    • A CA as defined in the Chartered Accountant’s Act, 1949
    • A person entitled to be appointed as an Auditor u/s 226(2) of the Companies Act, 1956
    • A person entitled to audit the accounts by virtue of any other law [for those assessees whose accounts were audited under any other law]

The new Act defines accountant in section 515(3)(b) as a CA defined in the Chartered Accountant’s Act, 1949, subject to certain exclusions, like related parties of the assessee or a CA that has been dismissed from government service or convicted of an offence, etc. Since these are reasonable exclusions, the same definition has been included in the proposed Form.

With respect to the second category, the Companies Act, 2013 does not include a corresponding provision of section 226(2) of Companies Act, 1956. Hence, this clause has been removed as redundant.

  • Details like membership number, firm registration number, and UDIN have been incorporated in the Form to be filled in mandatorily.

Challenges and Solutions:

Earlier, Form No. 24 majorly had free textboxes to enter details like expenditure, details of payer, etc. By tabulating the data, compliance as well as extraction and validation is expected to be simplified.

Common Changes made across Forms:

  1. To make Forms system-friendly and enable e-filing and uploading, certain anomalies found due to grouping of Name, Designation, Address, PAN and Aadhaar number have been separated into different boxes.
  2. Assessment / Financial / Previous year or years have been replaced with Tax year or years, wherever appearing in the Form/Annexure.
  3. Sections, Clauses and Schedules changes as per the Income-tax Act, 2025.
  4. Currency symbol “Rs.” has been replaced with “₹”.

Topics

Acts Income Tax