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    Guidance note - Form 57
    Guidance note - Form 56
    PLI Scheme disburses ₹15,554 crore in electronics and ₹2,377.56 crore in automobile sector incentives
    PLI Schemes attract over ₹2.16 lakh crore investment, drive ₹20.41 lakh crore production and generate 14.39 lakh jobs
    India's Life Insurers Pay ₹6.30 Lakh Crore in Benefits in FY25 To Emerge as A Pillar of Household Financial Security
    Fadnavis praises PM for excise cut; warns against hoarding, rumour-mongering
    China opens investigations into US trade practices in response to Trump tariff moves
    Herbalife to Expand Its Personalized Nutritional Supplement Capabilities Through Planned Acquisition of Bioniq
    Excise duty cut on petrol, diesel with eye on elections in four states: TMC member Saket Gokhale
    National Council for Cement and Building Materials signs MoU to strengthen skill development and capacity building in construction sector
    Shri Piyush Goyal, Commerce & Industries Minister, leads the Indian delegation for the 14th Ministerial Conference of the WTO starting on March 26, 20...
    Department of Financial Services (DFS) reviews Unsatisfied closed complaints related to Banks and Insurance Companies registered on Centralised Public...
    Japan commits Official Development Assistance (ODA) to India for four projects in sectors of Urban Transport, Health and Agriculture
    Guidance note - Form 55
    Form No. 55 – Frequently Asked Questions
    Guidance note - Form 54
    Govt to review windfall tax imposed on export of diesel and ATF on fortnightly basis: CBIC chief
    Excise duty cut on petrol-diesel due to assembly polls: Congress slams govt
    Form 54 – Frequently Asked Questions
    Guidance note - Form 53
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March 27, 2026
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Designated constituent entity intimation under income tax rules governs filing of Form 57 for international group reporting
Form No. 57 is an intimation by a designated constituent entity of an international group for the purposes of section 171(4), to be furnished under Rule 123 of the Income-tax Rules, 2026 when more than one constituent entity is required to file Form No. 56. The designated entity may file the form if the group has appointed it for compliance, and the intimation must be made at least 30 days before the due date for Form No. 56. The form captures particulars of the designated entity, the international group, the parent entity and the accounting year, and is filed online through the e-filing portal.
March 27, 2026
Show AI Summary
Transfer pricing master file reporting requires constituent entities to disclose group details, thresholds, and supporting information electronically.
Form No. 56 (Master File) is an income-tax reporting document prescribed under Rule 123 of the Income-tax Rules, 2026 and section 171 of the Income-tax Act, 2025 for transfer pricing transparency. It applies to a constituent entity of an international group where the consolidated group revenue exceeds INR 500 crore and the aggregate value of international transactions exceeds INR 50 crore, or international transactions involving intangible property exceed INR 10 crore. Part A must still be furnished even if those conditions are not met. The form is filed by the due date for the return of income.
March 27, 2026
Show AI Summary
Production Linked Incentive schemes strengthen domestic manufacturing, expand exports, and build supply chain resilience across key sectors.
Production Linked Incentive schemes across 14 sectors are being implemented to strengthen domestic manufacturing, attract investment, promote exports and generate employment. As of 31 December 2025, the schemes had cumulatively attracted investments of over Rs.2.16 lakh crore, generated production and sales of over Rs.20.41 lakh crore, supported exports of over Rs.8.3 lakh crore and created employment for more than 14.39 lakh persons across the covered sectors. The electronics and automobiles sectors have received incentive disbursements and reported incremental production through participating companies. The schemes are said to expand domestic manufacturing capacity, reduce import dependence and improve supply chain resilience. The policy framework is supplemented by initiatives for semiconductor development, electronics component manufacturing, logistics efficiency, rare earth magnet manufacture and critical mineral supply security.
March 27, 2026
Show AI Summary
Production Linked Incentive schemes boost manufacturing, investment and jobs across key sectors under Make in India.
Production Linked Incentive schemes under the Make in India initiative are stated to incentivize incremental production and sales across 14 sectors, expand manufacturing capacity, and attract fresh investment within a wider industrial policy framework. The schemes are stated to have generated investments exceeding Rs.2.16 lakh crore, production and sales exceeding Rs.20.41 lakh crore, and over 14.39 lakh direct and indirect jobs, while also supporting exports, reducing import dependence, and strengthening domestic manufacturing.
March 27, 2026
Show AI Summary
Life insurance strengthens household financial security as insurers pay benefits, maintain solvency, and address the protection gap.
India's life insurance sector is presented as a major pillar of household financial security, with insurers paying substantial benefits in FY25 and supporting protection, retirement planning, wealth creation, and liquidity across life stages. The text says policyholders increasingly use proceeds for lifecycle goals such as education, home purchase, travel, and reinvestment into other life insurance products, reflecting broader use of policy benefits beyond protection. It also states that insurers remain above solvency thresholds, supported by asset-liability matching and strong solvency margins, while awareness efforts continue to address the protection gap.
March 27, 2026
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Excise duty cut and anti-hoarding warnings aim to protect fuel supply and prevent artificial shortages.
Excise duty on petrol and diesel was reduced to cushion consumers against rising crude prices, with oil companies said to absorb the burden without passing it on. Public warnings were issued against panic buying, hoarding, and rumour-mongering, including false claims of a nationwide lockdown, on the ground that such conduct could create an artificial shortage and disrupt supply.
March 27, 2026
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Trade retaliation escalates as China opens investigations into US restrictions on goods, technology, and green energy exports.
China launched two investigations into US trade practices in response to recent tariff-related investigations announced by the United States. One probe concerns US policies restricting Chinese goods and advanced technology exports, while the other concerns barriers affecting Chinese green energy exports. The investigations are expected to last six months, with a possible three-month extension if necessary.
March 27, 2026
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Personalized nutrition acquisition expands Herbalife's data-driven wellness platform through Bioniq assets, contingent on regulatory approvals.
Herbalife announced an agreement to acquire certain assets of Bioniq to expand personalized nutritional supplement capabilities and strengthen a technology-enabled, data-driven wellness platform. The transaction is expected to close in the second quarter of 2026, subject to customary closing conditions and regulatory approvals. The purchase price includes deferred and contingent payments, and Herbalife also obtained a call option relating to Bioniq LAB. The release includes a forward-looking statements disclaimer covering execution, integration, regulatory, market, operational, tax, technology, and compliance risks.
March 27, 2026
Show AI Summary
Excise duty on fuel and GST burdens draw parliamentary criticism over pricing, enforcement, and budget priorities.
Excise duty on petrol and diesel was criticised in parliamentary discussion as being politically timed, with a demand for assurance that fuel prices would not rise after voting in four states. The debate also raised whether consumers had been denied the benefit of discounted crude oil purchases, and whether the excise reduction would remain permanent rather than being offset later through higher pump prices. The discussion further addressed GST burdens, public expenditure concerns, and demands for budgetary changes.
March 27, 2026
Show AI Summary
Skill development and capacity building in construction sector through structured training and certification programmes.
A Memorandum of Understanding has been signed to strengthen skill development and capacity building in the construction sector through structured training and certification programmes. The collaboration is intended to train civil engineers, ready-mix concrete professionals, contractors, construction workers, and masons across the country, with emphasis on material quality testing, concrete mix proportioning, durability, and sustainable construction practices.
March 27, 2026
Show AI Summary
WTO reform through transparent, inclusive member-driven process with development at the core and preserved foundational principles
India's participation in the 14th Ministerial Conference of the WTO centred on support for WTO reform through a transparent, inclusive and member-driven process that keeps development at its core. The position emphasised the need to preserve the WTO's foundational principles and objectives, including non-discrimination, consensus-based decision making and equity. Bilateral discussions also addressed the conference agenda and ways to strengthen trade relations.
March 27, 2026
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Grievance redress governance through CPGRAMS review meetings strengthens complaint resolution, transparency, compliance, and citizen-centric oversight.
DFS conducts periodic CPGRAMS review meetings with financial regulators, banks, insurers, institutions, and complainants to assess grievance resolution through a dip-stick survey at the senior-most level. The exercise reviews unsatisfied closed complaints, addresses systemic and pending issues, and uses citizen feedback to strengthen grievance redress, transparency, compliance, and preventive governance across banking, insurance, pension, and claim-related disputes.
March 27, 2026
Show AI Summary
Official Development Assistance supports metro, healthcare and horticulture projects across India through Japan-backed loan agreements.
Japan has committed Official Development Assistance loans to India for four projects in urban transport, health and agriculture across Maharashtra, Karnataka and Punjab. The projects include Bengaluru Metro Rail Phase 3, Mumbai Metro Line 11, strengthening tertiary healthcare and medical education in Maharashtra, and promoting sustainable horticulture in Punjab. The assistance is channelled through loan agreements between the Government of India and JICA.
March 27, 2026
Show AI Summary
Mutual Agreement Procedure application under treaty rules enables resident taxpayers to challenge inconsistent foreign tax actions.
Form No. 55 is the prescribed application by a resident assessee in India to invoke the Mutual Agreement Procedure where a foreign tax authority's action or order is considered inconsistent with the applicable Double Taxation Avoidance Agreement. The form is filed within the treaty time limit, usually within three years of first notification, and requires applicant details, foreign authority particulars, reasons for objection, supporting documents, and details of any remedy sought abroad. It may be submitted online or offline, must be e-verified, and cannot be withdrawn.
March 27, 2026
Show AI Summary
Double taxation relief through mutual agreement procedure begins with Form No. 55 for resident assessees.
Form No. 55 is an application by a resident assessee in India to the Competent Authority of India when a foreign tax authority's action or order is considered inconsistent with the applicable Double Taxation Avoidance Agreement. It is used to seek resolution under the Mutual Agreement Procedure, generally within the treaty time limit, and may be filed online or through the offline utility with supporting documents and verification by DSC or EVC. The form cannot be withdrawn after filing.
March 27, 2026
Show AI Summary
Advance Pricing Agreement renewal form streamlines repeated transfer pricing filings and reduces compliance burden for similar transactions.
Form 54 is a renewal mechanism for an Advance Pricing Agreement application, intended for applicants who have already signed an APA or previously filed a pending APA application involving the same or substantially similar transactions. It reduces duplication and compliance burden, supports continuing or comparable international transactions, and may also cover rollback requests. The form is filed electronically by an eligible person and requires disclosures on the applicant's profile, covered transactions, rollback details, prior filings, and transfer pricing methodology.
March 27, 2026
Show AI Summary
Windfall tax on diesel and ATF to be reviewed fortnightly as duties aim to secure domestic fuel supply.
Special additional excise duty and export duties were imposed on diesel and aviation turbine fuel to discourage exports and secure adequate domestic supply. The windfall levy will be reviewed on a fortnightly basis, reflecting a dynamic adjustment mechanism linked to supply conditions and market developments. The duty changes were announced alongside a reduction in excise duty on petrol and diesel for domestic consumption to moderate price pressures and reduce underrecoveries for oil marketing companies.
March 27, 2026
Show AI Summary
Excise duty reduction on petrol and diesel triggers fiscal relief for oil companies amid unchanged retail pump prices.
Excise duty on petrol and diesel was reduced by notification with immediate effect, cutting the levy on petrol and removing the duty on diesel. The change was described as a reduction in the special additional excise duty component paid by oil marketing companies, while retail pump prices for consumers were reported to remain unchanged at the time of the announcement. The measure was reported to provide some fiscal relief to oil companies amid higher input costs, though political criticism said it did not translate into direct consumer relief.
March 27, 2026
Show AI Summary
Advance pricing agreement renewal form streamlines repeated filings, reduces compliance burden, and supports rollback requests online.
Form 54 is an optional renewal application for taxpayers who have already entered into, or previously applied for, an advance pricing agreement involving the same or highly similar international transactions with an associated enterprise. It is intended to avoid duplication, reduce compliance burden, and streamline the renewal route, including rollback requests where eligible. The form must be filed online, once a year, with the prescribed documents, proof of payment, and a valid PAN, and it cannot be edited after submission and acknowledgment.
March 27, 2026
Show AI Summary
Minimum alternate tax relief form enables recomputation of book profits for APA and secondary adjustment income.
Form 53 is the prescribed electronic application for claiming relief in minimum alternate tax payable where a taxpayer's book profits for a financial year increase because of income relating to past years brought in on account of an Advance Pricing Agreement or a secondary adjustment. Relief is available only where the taxpayer has not previously utilised MAT credit allowed under the Act, and no interest is payable on any refund arising from the relief mechanism. The form requires disclosure of past income and the prescribed computation, and it must be verified by the authorised person.

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Form 088 – Frequently Asked Questions

March 30, 2026

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Form 088 – Frequently Asked Questions

Form 088 – Application for Information under Section 258(2)(a) of Income Tax Act, 2025

Name of form as per I.T. Rules, 1962

Form 46

Name of form as per I.T. Rules, 2026

Form 088

Corresponding section of I.T. Act, 1961

138(1)(b)

Corresponding section of I.T. Act, 2025

258(2)(a)

Corresponding Rule of I.T. Rules, 1962

113

Corresponding Rule of I.T. Rules, 2026

155

Q1. What is Form 088 and when should it be used?

Ans: Form 088 is used to request specific information relating to a taxpayer under Section 258(2)(a) of the Income-tax Act, 2025. It is used by public authorities authorized by the law or the authorities authorized by the Central Government to request information necessary for statutory, regulatory, investigative, or administrative purposes.

Q2. Who is authorised to file Form 088?

Ans: Form 088 may be filed by:

  • Regulatory or law-enforcement agencies.
  • Government departments authorised under Rule 155.
  • Any competent authority legally empowered by the Central Government to request taxpayer information or authorised under Rule 155 to seek information under Section 258(2)(a).

Private individuals, taxpayers themselves, or unauthorised entities cannot file Form 088.

Q3. Is Form 088 required to be filed online or manually?

Ans: Form 088 is now required to be filed online through the Income-tax Department’s e-Filing portal. The form is to be submitted electronically by the authorised applicant.

Q4. Should a separate Form 088 be filed for each taxpayer or tax year?

Ans: Yes.

A separate Form 088 must be filed for each tax year and each taxpayer as clearly stated in the instructions attached to the form.

Q5. I need information for multiple years for the same taxpayer. Can I submit one consolidated Form 088?

Ans: No.

You must file separate Form 088 applications for each tax year, even for the same taxpayer.

Q6. Do I need to mandatorily provide Aadhaar number in Form 088?

Ans: For individuals, Aadhaar number is required if available, as provided in Part B of Form 088.

For assessees other than individuals, Aadhaar is not applicable.

Q7. The address of the taxpayer is incomplete or partially known. Can I still file Form 088?

Ans: The applicant should provide the address details as completely as possible in accordance with Note 2 of Form 088.

Q8. Is providing the mobile number compulsory in Form 088?

Ans: Providing a mobile number is not mandatory. However, if available, it should be furnished, as it facilitates communication and verification by the Department.

Q9. While filling Part C, what level of detail should be provided under “Specific information sought”?

Ans: You should specify:

  • The exact data required
  • The tax year for which it is required
  • Any internal reference number or case identifier

Avoid broad requests like “All details of taxpayer.” Such requests may be avoided.

Q10. What types of “Reasons for requisition” are acceptable?

Ans: Acceptable reasons include:

  1. Statutory investigations
  2. Regulatory compliance review
  3. Legal proceedings requiring taxpayer information
  4. Inter-departmental coordination based on law
  5. Intelligence or enforcement referrals

Vague reasons like “General inquiry” or “For record purposes” may be avoided.

Q11. Can I attach supporting documents to strengthen my request?

Ans: Yes.

Documents such as departmental letters, authorization orders, case references, or legal provisions may be attached to support the request.

Q12. What documents may be uploaded along with Form 088?

Ans:

The applicant may upload supporting documents such as authorisation orders, official correspondence, internal approvals, or legal references, if any, to substantiate the request. Physical documents, office seal, or stamp are not required in online filing.

Q13. Is digital signature (DSC) required for Form 088?

Ans: Form 088 is filed online through the e-Filing portal and is authenticated through electronic verification by the authorised applicant. Digital Signature Certificate (DSC) is not mandatory unless specifically notified. Physical signature is not required once the form is submitted electronically.

Q14. Will the Income-tax Department reject Form 088?

Ans: Yes, Form 088 can be rejected if:

  • The applicant is not authorised
  • PAN or identity of taxpayer is mismatched or incorrect
  • Information sought is too broad or not legally justified
  • The request falls outside Section 258(2)(a)
  • Mandatory fields are incomplete

However, the reason for rejection will be communicated.

Q15. How will the information requested through Form 088 be shared?

Ans: The information or decision on disclosure is communicated by the jurisdictional Income-tax authority through official correspondence, which may be issued electronically through the e-Filing portal or through other official modes, as applicable.

Q16. My Form 088 submission was returned stating “Incomplete taxpayer details.” What does this mean?

Ans: It means mandatory fields like PAN, taxpayer name, Tax Year, or address were incomplete or inconsistent.

You should verify the entries and resubmit.

Q17. What is the importance of the applicant’s designation and details?

Ans: These details help the Department confirm:

  • Statutory competence
  • Validity of authority
  • Identity of the requester
  • Eligibility under Section 258(2)(a)

Missing or incorrect details can lead to rejection.

Q18. Can a private consultant or CA file Form 088 on behalf of a department or authority?

Ans: No.

Form 088 can only be filed by the competent authority itself.

Q19. How long does it take to receive information after filing Form 088?

Ans: There is no statutory time limit, but normally:

• Basic requests are processed in 15–30 days

• Complex or inter-jurisdictional requests take longer

Q20. What will be the outcome of submission of Form 088 to the jurisdictional Income Tax Authority?

Ans:

You will receive either:

  1. The requested information (partially or fully), or
  2. A written order giving reasons for non-disclosure, such as:
  • Legal restrictions
  • Inadequate justification
  • Jurisdictional issues
  • Confidentiality constraints

Q21. What are the common mistakes to avoid while preparing Form 088?

Ans:

  • Leaving mandatory fields blank
  • Requesting overly broad or vague information
  • Submitting without proper authorization
  • Using personal contact details instead of official ones
  • Not specifying the tax year clearly

Q22. Is there a fee for filing Form 088?

Ans: No.

Form 088 is a statutory request and does not require any fee.

Q23. Can Form 088 be used to request taxpayer records for academic or research purposes?

Ans: No.

Form 088 can only be used for statutory and legally authorised purposes.

Q24. How are annexures and supporting documents to be submitted with online Form 088?

Ans:

In online Form 088:

  • Details under “Specific information sought” and “Reason for seeking information” are to be entered in the prescribed text fields.
  • Where the space is insufficient, annexures can be uploaded electronically in the form, as permitted in Part C and Note 4 of Form 088.
  • Supporting documents such as authorisation orders, official correspondence, or legal references may also be uploaded online. No physical submission of documents is required.

Q25. Are any details pre-filled in online Form 088?

Ans:

Yes, certain information is pre-filled by the system to the extent available on the e-Filing portal, such as:

  • Applicant’s name and designation (where mapped),
  • Official contact details.

The applicant must verify the pre-filled data before submission.

Q26. Will the e-Filing system allow submission of Form 088 for multiple assessees or tax years in one form?

Ans:

No. The online system enforces the requirement that:

  • One Form 088 can be filed only for one assessee and one tax year.

Separate online applications must be filed for each assessee and for each tax year, in line with Note 6 of Form 088.

Q27. How will the applicant know whether Form 088 filed by him/her has been accepted by the Department?

Ans:

After online submission of Form 088, an acknowledgement number is generated on the e-Filing portal. The applicant can track the status of the form (Submitted / Under Processing / Accepted / Returned / Rejected) by logging into the e-Filing account and navigating to e-File → Income Tax Forms → View Filed Forms.

Any communication regarding acceptance, return for defects, or rejection, along with reasons wherever applicable, will be electronically communicated through the e-Filing portal and sent to the registered email ID and mobile number of the applicant.

Topics

Acts Income Tax