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April 1, 2026
Guidance Note – Form 122
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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.
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Form No. 122 – Frequently Asked Questions (FAQ)
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April 1, 2026
Guidance Note – Form 121
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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.
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Form No. 121 – Frequently Asked Questions
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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.
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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.
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Guidance Note – Form 120
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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.
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FORM NO. 120 – FREQUENTLY ASKED QUESTIONS (FAQS)
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April 1, 2026
Guidance Note – Form 119
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Dispute resolution committee applications through Form 119 require eligibility, supporting evidence, and electronic filing for disputed tax orders.
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Form 119 – Frequently Asked Questions
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Dispute Resolution Committee application framework under Form 119 requires electronic filing, eligibility checks, and structured disclosure.
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Guidance Note – Form 118
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Deferment of appeal for identical question of law enables later filing after the pending case is finally decided.
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Form 118 – Frequently Asked Questions
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Deferred appeal on identical question of law under Form 118 requires assessee acceptance and collegium review.
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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.
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Guidance Note – Form 117
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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.
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Form 117 – Frequently Asked Questions
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Identical question of law declaration streamlines tax disputes by binding pending cases to the higher court's final decision.
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Guidance Note – Form 116
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Cross-objections before the Income-tax Appellate Tribunal require timely filing, supporting documents, and structured grounds under the prescribed form.
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Form 116 – Frequently Asked Questions
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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.
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Guidance Note – Form 115
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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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Income Tax

Guidance Note - Form 44

March 26, 2026

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Guidance Note with respect to Form No. 44 : Foreign Tax Credit

Form No. 44 (Statement of income from a country or specified territory outside India and Foreign Tax Credit)

1. Purpose:

Subject to satisfaction of conditions of Rule 76 of the Income-tax Rules, 2026, to claim foreign tax credit under Rule 76(1) or to intimate the Income Tax Department under Rule 76(14) about carry backward of loss of the current year or revision of return or similar statement, the case may be, of any year or any other reason resulting in refund of foreign tax for which credit has been claimed in any tax year(s), the assessee shall furnish Form No. 44 for relevant tax year.

2. Who should file?

Only a resident assessee, having foreign income and intending to claim credit for foreign tax paid outside India on such foreign income should file Form No. 44 in accordance with Rule 76. Form No. 44 shall also be filed by a resident assessee under Rule 76(14) to intimate the Income Tax Department about carry backward of loss of the current year or revision of return or similar statement, the case may be, of any year or any other reason resulting in refund of foreign tax for which credit has been claimed in any tax year(s).

3. Frequency & Due Dates:

Due Date

Due Date

To be filed for relevant tax year

As per Rules 76(12) and 76(13) of the Income-tax Rules, 2026:

Form No. 44 shall be furnished within 12 months from the end of the relevant tax year in which the corresponding foreign income has been offered to tax in India and the return for such tax year has been furnished within the time specified under section 263(1) or 263(4) of the Income-tax Act, 2025.

Where the return has been furnished under section 263(6)(a) of the Income-tax Act, 2025, Form No. 44 to the extent it relates to the income included in the updated return, shall be furnished on or before the date on which such return is furnished.

4. Structure of Form:

Form No. 44 has three parts.

PART A: Particulars of the person

PART B: Details of income from a country or specified territory outside India which is offered to tax or assessed to tax in India and on which Foreign Tax Credit is claimed

PART C: Details regarding refund of foreign tax by foreign tax authority for which credit was already claimed in India

5. Documents required to file Form No. 44:

i. Documents containing details of head-wise/source-wise income from a foreign country/specified territory which is offered to tax or assessed to tax in India and on which Foreign Tax Credit is claimed, details of foreign tax paid on such income; copy of the respective Double Taxation Avoidance Agreements wherever applicable; details of disputes, if any, regarding the foreign tax paid or part thereof in respect of all countries/specified territories from where the resident taxpayer has earned income

ii. Documents containing details regarding refund of foreign tax by foreign tax authority for which credit has already been claimed in India such as reason for refund of foreign tax, amount of the refund of the foreign tax, amount of the refunded foreign tax for which credit has already been claimed in India, tax year(s) in which credit of the refunded foreign tax has already been claimed in India

6. Step-by-step process of filing Form No. 44:

Form No. 44 can be filed through e-filing portal using taxpayer’s user ID and password.

Follow the below-mentioned steps to fill and submit the form through online mode:

Step 1: Log in to the e-filing portal using your user ID and password.

Step 2: Once logged in, navigate to your Dashboard, then click on e-File > Income Tax Forms > File Income Tax Forms.

Step 3: On the File Income Tax Forms page, select Form No. 44. Alternatively, enter Form No. 44 in the search box to find out and file the form.

Step 4: On the Instructions page, click Let’s Get Started.

Step 5: On click of Let’s Get Started, Form No. 44 is displayed. Fill all required details and attach the documents required under Rules 76(10) and 76(11) of the Income-tax Rules, 2026. Click Proceed.

Step 6: On the Preview page, verify the details and click Proceed to e-Verify.

Step 7: Click Yes to submit.

Step 8: On clicking Yes, you will be taken to the e-Verify page, where you can complete the verification process.

After successful e-Verification, a success message is displayed along with a Transaction ID and Acknowledgement Number. Please keep a note of the Transaction ID and Acknowledgement Number for future reference. Download a copy for your records. You will also receive a confirmation message on your email ID and mobile number registered with the e-filing portal.

7. Major changes as compared to erstwhile Form No. 67

As per Rule 76(16), Form No. 44 is required to be verified by an accountant: –

(a) where the assessee is a company; or

(b) in all other cases where the amount of foreign tax paid outside India for a tax year equals or exceeds one lakh rupees.

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