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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 It may be submitted online or offline, must be e-verified, and cannot be withdrawn.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 The form cannot be withdrawn after filing.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.
March 27, 2026
Show AI Summary
Excise duty cuts on petrol and diesel aim to stabilise fuel prices and ease consumer burden.
Excise duty on petrol and diesel has been reduced to moderate domestic fuel prices and shield consumers from the impact of rising global crude oil prices. The special additional excise duty on petrol has been cut from Rs 13 per litre to Rs 3 per litre, while the corresponding duty on diesel has been reduced from Rs 10 per litre to nil. Duties have also been reintroduced on the export of diesel and aviation turbine fuel to support oil marketing companies and mitigate external market volatility.
March 27, 2026
Show AI Summary
Excise duty reduction on petrol and diesel eases fuel price pressure while export duties curb domestic supply diversion.
Excise duty on petrol and diesel was reduced to offset the impact of sharply rising global crude prices and to prevent an immediate increase in retail fuel prices. The reduction lowered the special additional excise duty on petrol and removed the corresponding levy on diesel, while the overall incidence of excise on both fuels was recalibrated through the existing duty structure. The measure was presented as a fiscal intervention to ease under-recoveries of oil marketing companies and to protect consumers from supply-driven price pressure.
March 27, 2026
Show AI Summary
Minimum alternate tax relief through Form 53 applies to APA and secondary adjustment cases with recomputation of book profits.
Form 53 is the prescribed application for taxpayers affected by secondary adjustments or APA-related adjustments for past years to seek recomputation of book profits and minimum alternate tax liability. It is mandatory where book profit increases in a financial year because income of past year(s) is included pursuant to an Advance Pricing Agreement or a secondary adjustment. The form must be filed by the due date for the return, can be filed once a year, requires no specific supporting documents, cannot be edited after acknowledgment, and cannot be submitted without a valid PAN.
March 27, 2026
Show AI Summary
Advance Pricing Agreement compliance reporting requires annual filing of Form 52 with adjustments, critical assumptions, and supporting documentation.
Form 52 is an Annual Compliance Report for taxpayers covered by a unilateral, bilateral, or multilateral Advance Pricing Agreement. It requires annual confirmation that the APA methodology, critical assumptions, and agreed terms and conditions have been complied with, together with tabular computation of any adjustment where actual results differ from the APA. The form also requires disclosure of deviations, supporting documentation, and filing within the prescribed time under Rule 113 of the Income-tax Rules, 2026.
March 27, 2026
Show AI Summary
Advance Pricing Agreement compliance reporting under Form 52 requires annual online filing with supporting transfer pricing documentation.
Form 52 is the annual compliance report for Advance Pricing Agreements under the Income-tax Act, 2025. It is mandatory for taxpayers with unilateral, bilateral, or multilateral APAs, and must be filed once a year for each year covered by the agreement. The report is filed online through the Income Tax e-Filing portal, cannot be edited after submission, and must be supported by APA documents explaining transfer pricing methodology, arm's length price computation, and compliance with critical assumptions.
March 27, 2026
Show AI Summary
Advance Pricing Agreement application form streamlines transfer pricing disclosures, rollback requests, and electronic filing requirements
Form 51 is the application form for an Advance Pricing Agreement under the Income-tax framework and is used for both forward-looking APA requests and rollback requests where permitted. It consolidates the earlier separate application formats and is filed electronically under the prescribed rules to the competent tax authority. The form requires extensive disclosure on the applicant, associated enterprise, covered transactions, business structure, financials, transfer pricing background, relevant agreements, and transfer pricing methodology.
March 27, 2026
Show AI Summary
Advance Pricing Agreement filing form streamlines transfer pricing applications, rollback requests, and online compliance requirements.
Form 51 is the prescribed application for an Advance Pricing Agreement under the Income-tax Act, 2025, covering international transactions and specified domestic transactions for a specified period. It may be filed by a person who has entered into, or is contemplating entering into, international transactions with an associated enterprise, including eligible rollback applicants. The form must be filed online, with a valid PAN and proof of payment, and cannot be edited after submission and acknowledgment, except through the prescribed defect or amendment procedure. Supporting documents include financial statements and relevant inter-company agreements.
March 27, 2026
Show AI Summary
Advance Pricing Agreement pre-filing consultation form streamlines transfer pricing discussions, electronic filing, and anonymous representation options.
Form FN050 is the income-tax application for a pre-filing consultation in relation to an Advance Pricing Agreement, allowing an eligible person to discuss the proposed transfer pricing methodology for international transactions before formal APA filing. The form requires details of the applicant, the type of APA proposed, the transactions to be covered, and the relevant tax years, with annexures covering group structure, business model, functional profile, transfer pricing audit history, and other international transactions. It is filed electronically, assigned to an APA team, and taken up for consultation, with the Indian competent authority associated in bilateral or multilateral cases.
March 27, 2026
Show AI Summary
Advance Pricing Agreement pre-filing meeting form guides optional online application for transfer pricing discussions.
Form 50 is the prescribed income-tax application for requesting a pre-filing meeting in connection with an Advance Pricing Agreement under the transfer pricing framework. It is optional and available to a taxpayer intending to enter into an APA, enabling the taxpayer to place its proposed transfer pricing methodology before the tax authority before making a formal APA application. The form may be filed before undertaking the international transaction, only once in a year, and online only through the Income Tax e-Filing portal.
March 27, 2026
Show AI Summary
RERA enforcement and insolvency accountability need overhaul to protect homebuyers from stalled projects and blocked ownership.
Stricter enforcement of RERA and insolvency law is sought to address homebuyers left without possession or legal title despite paying builders in full. The proposed reform emphasis includes attachment of a builder's personal assets on declaration of insolvency and the imposition of strict punishment after proper investigation. Concern is also expressed that delays within RERA allow default disputes to continue indefinitely, defeating the purpose of the regulatory regime.
March 27, 2026
Show AI Summary
Excise duty relief and export levies aim to shield fuel consumers and secure domestic supply amid global oil-price volatility.
Excise duty on petrol and diesel has been reduced to cushion domestic consumers against the rise in global crude oil prices and the resulting pressure on fuel costs. The special additional excise duty on petrol has been cut and the corresponding levy on diesel has been removed, while export duties have been reintroduced on diesel and aviation turbine fuel to preserve domestic availability of these products. The measure applies to diesel and aviation turbine fuel, but no windfall tax has been imposed on domestic crude oil producers.
March 27, 2026
Show AI Summary
Safe harbour filing requirements under Form 49 cover eligible transactions, due dates, disclosures, and accountant certification.
Safe harbour option under Form No. 49 is to be exercised by an eligible assessee by furnishing the merged and simplified form on or before the due date. The form replaces the erstwhile Forms 3CEFA, 3CEFB and 3CEFC and is used to furnish particulars relating to eligible international transactions, eligible specified domestic transactions and eligible business for the relevant tax year. Different filing timelines apply depending on the nature of the transaction, including a special filing window for provision of information technology services and a due-date-linked filing requirement for other cases.

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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