Form No. 28 Frequently Asked Questions

Form of application under section 77(4) of the Income-tax Act, 2025

1. What is Form No. 28?

Ans: This form is a report of an accountant to be furnished by an assessee under section 77(4) of the Income-tax Act, 2025 relating to the computation capital gains in the case of slump sale.

2: Who should file Form No. 28?

Ans: Form No. 28 must be furnished by any assessee who transfers an undertaking or division as a "going concern" for a lump-sum consideration without assigning individual values to assets and liabilities (a slump sale).

3: Is Form No. 28 mandatory?

Ans: Yes. It has to be filed by an assessee undertaking a slump sale, to certify the computation of net worth and capital gains under Section 77(4) of the Income Tax Act, 2025.

4: What is the time limit for filing Form No. 28?

Ans: Form No. 28 must be filed on or before the due date for filing the assessee's income tax return.

5: How many times can Form No. 28 be filed in a year?

Ans: Form No. 28 has to be filed once in a year on or before the due date for filing the assessee's income tax return.

6: Can I edit Form No. 28 after submission?

Ans: No. Once Form No. 28 is submitted and acknowledgment is generated, it cannot be edited. Ensure all details are correct before submission.

7: What if I do not have a PAN?

Ans: Form No. 28 cannot be submitted without a valid PAN.

8: Can Form No. 28 be filed offline?

Ans: No. Form No. 28 can only be submitted online through the Income Tax e-Filing portal.