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March 25, 2026
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Insolvency resolution delays under the bankruptcy code draw debate over tribunal capacity, creditor recoveries, and reform priorities.
Delay in insolvency resolution under the Insolvency and Bankruptcy Code remained the central issue in parliamentary discussion on the Insolvency and Bankruptcy Code (Amendment) Bill, 2025. Members referred to tribunal capacity constraints, overburdened case loads, delayed liquidation and resolution timelines, value deterioration, and low realisations to creditors as continuing problems in the insolvency ecosystem. The select committee report was noted as seeking to address these structural concerns through amendments aimed at improving the functioning of the insolvency and bankruptcy framework.
March 25, 2026
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Electricity tariff reduction cuts power charges by one paisa per unit across all consumer categories for FY27.
Electricity tariff for all consumer categories in Himachal Pradesh has been reduced by one paisa per unit for FY27, effective from 1 April 2026. The tariff order fixes the average cost of supply at Rs 6.75 per unit after truing up, resulting in a corresponding reduction in energy charges across consumer classes. The revised schedule sets category-wise tariffs for domestic, commercial, industrial, agricultural, railway, EV charging, irrigation, bulk supply, and street lighting consumers, while domestic subsidy is left to the state government decision and compensation mechanism.
March 25, 2026
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Money laundering attachment over Mahadev betting assets targets alleged proceeds of crime and overseas luxury properties.
Provisional attachment under the Prevention of Money Laundering Act was issued against immovable assets linked to the Mahadev Online Book betting operation, including luxury properties in Dubai, apartments in Burj Khalifa and two properties in Delhi. The attached assets were alleged to represent proceeds of crime generated from illegal online betting activities controlled through entities associated with the main promoter of the platform.
March 25, 2026
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Insolvency and Bankruptcy Code reform focuses on faster resolution, out-of-court settlements, and cross-border insolvency provisions.
The Insolvency and Bankruptcy Code is described as a revival and resolution framework that has generated substantial recoveries through resolution of bankrupt companies and improved creditor-debtor discipline. The proposed amendment bill seeks to reduce the time taken for admission of insolvency resolution applications, speed up case clearance, support out-of-court resolution, and address cross-border insolvency and discretionary provisions.
March 25, 2026
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Power tariff unchanged as the commission prioritizes revenue neutrality, loss reduction, and efficiency in electricity distribution.
The Haryana Electricity Regulatory Commission kept power tariff unchanged for the 2026-27 financial year and treated the Annual Revenue Requirement of the distribution licensees as revenue-neutral despite a projected revenue gap. The order linked the decision to improved efficiency in revenue collection, receivables management, power procurement and loss reduction, while also fixing distribution loss levels and directing feeder-level monitoring to curb losses.
March 25, 2026
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Permanent Establishment audit reporting governs royalty and technical fees income for non-residents under the prescribed form.
Form No. 24 is a prescribed audit report for non-residents, foreign companies, and other non-resident entities deriving royalty or fees for technical services from India through a Permanent Establishment or fixed place of profession in India. It is certified by an Accountant and is mandatory where such income is effectively connected with the Indian Permanent Establishment or fixed place of profession. The form requires books of account, supporting documents, annexures, and electronic certification details, and is furnished annually before the return due date. Furnishing and acceptance of the form support assessment on a net income basis.
March 25, 2026
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Skill Development Project notification under income tax law links approval, audit compliance, and renewal conditions for eligible companies.
Form 23 is the CBDT notification form for an approved Skill Development Project under Section 47(1)(b) of the Income-tax Act, 2025 read with Rules 39 and 40. It is issued after Form 22 is examined and recommended by NCVET, and it specifies the approved Tax Year(s), project particulars, conditions, and validity for up to three Tax Years. The framework requires separate books, audit, prescribed reporting, compliance with notification conditions, and permits renewal or revocation depending on project performance and statutory compliance.
March 25, 2026
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Skill development project notification governs approval, tax-year limits, conditions, and compliance for income-tax benefits.
Form 23 is the income-tax notification form for an approved skill development project under Section 47(1)(b) of the Income-tax Act, 2025, issued after approval under Rule 39. It notifies the project in the Official Gazette, specifies the approved tax years, and sets the terms, duration, and expenditure limits. The notification is issued by the Central Board of Direct Taxes on recommendation of NCVET, and contains the company's particulars, project details, training institute details, approved tax years, estimated expenditure, and attached conditions.
March 25, 2026
Show AI Summary
Skill Development Project approval under income tax rules requires Form 22 filing, structured disclosures, and electronic verification.
Form 22 is the prescribed Income-tax application by which an eligible company seeks approval of a Skill Development Project under Section 47(1)(b) of the Income-tax Act, 2025 read with Rule 39. The form is filed with the National Council for Vocational Education and Training for recommendation to the Central Board of Direct Taxes, and it must be submitted electronically using DSC or EVC before commencement of the project. It requires disclosure of company particulars, project particulars, training institute details, prior notifications or revocations, return of income data, penalties, outstanding tax demands, expenditure projections, and supporting annexures.
March 25, 2026
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Free trade agreements and voluntary CSR are highlighted as tools for quality-led growth and inclusive development.
India's expanded free trade agreements are presented as a means of securing preferential market access for goods and services, with reduced or zero duty benefits linked to stronger export competitiveness. Indian industry, farmers, MSMEs, fishermen and artisans are urged to use these opportunities through a sustained focus on quality, higher standards and improved production and service capability. The statement also presents voluntary corporate social responsibility beyond statutory minima as an example of tangible social commitment.
March 25, 2026
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Multilateral trading system priorities shape India's agenda on WTO reform, food security, digital trade, and development concerns.
The WTO Ministerial Conference agenda covers WTO reform, the e-commerce work programme and moratorium, investment facilitation for development, fisheries subsidies, and agriculture-related issues. India's priorities include a development-centric multilateral trading system, a permanent solution on Public Stockholding for food security, effective Special and Differential Treatment, and a fully functional, automatic, and binding dispute settlement mechanism. India also supports policy space in digital trade, balanced fisheries subsidy disciplines, and investment facilitation for developing countries.
March 25, 2026
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Startup ecosystem partnership expands incorporation support, mentorship and financial tools for early-stage founders through a dedicated platform.
DPIIT entered into a strategic partnership with a leading fintech platform through a Memorandum of Understanding to strengthen India's startup ecosystem by supporting startups, innovators and entrepreneurs with financial tools, founder enablement programmes and ecosystem assistance. The collaboration is directed towards helping early- and growth-stage startups scale through digital payment solutions, financial infrastructure, incorporation support, mentorship and structured guidance for formalising and expanding operations. A dedicated platform, Startup Sahayak, has been launched to provide end-to-end assistance for early-stage founders, including company incorporation, access to schemes and guidance on funding opportunities.
March 25, 2026
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Cooperative sector survey training strengthens data quality and prepares nationwide collection on economic contribution and employment generation.
The Rapid Survey of Functional Cooperatives is being prepared through an all-India training workshop to equip master trainers with conceptual clarity, survey methodology, technical know-how, and uniform understanding of survey concepts. The survey will be conducted nationwide from April 2026 using the National Cooperative Database as the sampling frame and a web-based data collection system to generate sector-wise estimates of economic contribution and employment generation.
March 25, 2026
Show AI Summary
Infrastructure project monitoring through PAIMANA tracks ongoing Central Sector projects, sector-wise progress, and new additions across Ministries.
Central Sector infrastructure projects worth Rs.150 crore and above are monitored through the PAIMANA portal, which standardises infrastructure tracking, auto-updates project data from Ministries and Departments, and supports timely review and data-driven decision-making. As of February 2026, the portal records 1,948 ongoing projects across 17 Central Ministries and Departments, with a revised cost of Rs.41.98 lakh crore and cumulative expenditure of Rs.19.71 lakh crore. The portfolio covers multiple sectors, led by Transport & Logistics and Energy, and includes new additions and commissioned projects during February 2026.
March 25, 2026
Show AI Summary
Skill development project approval through Form 22 requires online filing, verified disclosures, and compliance with prescribed conditions.
Form 22 is the prescribed income-tax application for an eligible company seeking approval of a skill development project under Section 47(1)(b) of the Income-tax Act, 2025, read with Rule 39. The form is filed before commencement of the project through the e-filing portal and requires disclosure of the project structure, training institute particulars, proposed expenditure, supporting documents, and compliance details. It is verified by DSC or EVC, and defects must be rectified within the prescribed time or the application may be treated as invalid.
March 25, 2026
Show AI Summary
Agricultural extension project notification under Form 21 requires approval, compliance, renewal, and revocation safeguards.
Form 21 is the notification instrument issued by the Central Board of Direct Taxes for an approved Agricultural Extension Project under Section 47(1)(a) of the Income-tax Act, 2025 read with Rule 37. It is issued after examination of Form 20, records the project particulars, approved tax years, expected expenditure, and notification conditions, and is authenticated by signature and Official Gazette publication. The notification remains valid for up to three Tax Years, is subject to compliance and renewal requirements, and may be revoked for cessation, non-genuine activities, or breach of approval conditions.
March 25, 2026
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Facilitative tax and customs reform measures in the Finance Bill 2026 aim to ease compliance, support MSMEs, and promote trade.
The Finance Bill 2026 is described as a set of facilitative tax and customs measures centred on trust-based tax administration, ease of living, MSME support, trade facilitation and customs reform. The measures highlighted include lower tax collected at source on certain foreign remittances and overseas tour packages, customs duty exemption on critical drugs, duty-free import treatment for medicines and personal use articles, permission to file updated income-tax returns after reassessment proceedings begin, and a foreign asset disclosure scheme for small taxpayers. The Bill also seeks to reduce compliance burden and dispute potential through customs rationalisation and facilitation-first enforcement.
March 25, 2026
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Pan-Asian dining expansion marks P.F. Chang's Tricity debut with a Mohali restaurant and signature wok-first menu.
P.F. Chang's expands its India footprint by opening its first restaurant in Mohali at HLP Gallerria, marking its Tricity debut and eighth outlet in the country. The launch is part of the brand's North India growth strategy and extends its presence beyond metro locations. The Mohali restaurant highlights the brand's wok-first cooking, scratch-made sauces, signature Pan-Asian dishes, and menu options tailored for Indian diners, including vegetarian and Jain selections, alongside MSG-free preparation and a premium casual dining experience.
March 25, 2026
Show AI Summary
Agricultural extension project notification under income-tax rules sets approval conditions, duration limits, and compliance requirements for tax benefits.
Form 21 is the prescribed income-tax notification form for an approved agricultural extension project under Section 47(1)(a) of the Income-tax Act, 2025, issued after approval under Rule 37 and published in the Official Gazette. It notifies the project, specifies the approved tax year(s), and sets out the terms, conditions, duration, expenditure limits, and beneficiary charges. The form records the applicant's particulars, project purpose, commencement date, approved period, estimated expenditure, and other conditions attached to approval.
March 25, 2026
Show AI Summary
Agricultural Extension Project approval requires Form 20 filing, prior Ministry clearance, and electronic verification before commencement.
Form 20 is the prescribed income-tax application for approval of an Agricultural Extension Project under Section 47(1)(a) read with Rule 37. It must be filed electronically before commencement of the project and before seeking notification, with prior Ministry of Agriculture approval and compliance with Rule 37 conditions. The form requires applicant and project particulars, supporting documents, and verification through DSC or EVC. Defects must be rectified within one month, approval is notified in Form 21 and published in the Official Gazette, and it remains valid for up to three tax years.

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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.

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Acts Income Tax