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    Advisory regarding confirmation of “Tax Liability Breakup, As Applicable” in GSTR-3B
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March 16, 2026
Show AI Summary
Tax Liability Breakup confirmation required in GSTR 3B: confirm or edit auto populated breakup to proceed with filing.
From February 2026 the portal auto populates the Tax Liability Breakup in GSTR 3B for supplies dated to previous tax periods when tax is paid in the current period; taxpayers must open the payment page tab, confirm or edit and save that breakup after offsetting liability, and only then proceed with filing using EVC or DSC, with the current confirmation requirement being applied in all cases pending portal resolution.
March 16, 2026
Show AI Summary
Wholesale price inflation set to rise as crude oil surge pushes wholesale costs higher, affecting manufacturing and non-food goods.
Wholesale price inflation rose to 2.13% in February 2026, led by higher prices in food and non-food articles and an uptick in manufactured goods; fuel and power deflation narrowed as global oil prices increased. Analysts warn that persistent crude oil price rises from geopolitical conflict will transmit more to WPI than retail CPI, likely pushing wholesale inflation higher in subsequent months. The report identifies basic metals, textiles and other manufacturing segments as contributors and stresses supply-chain, logistics and domestic manufacturing measures to contain cost-push pressures.
March 16, 2026
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Tariff architecture uncertainty delays signing of interim trade agreement until US restores a stable global tariff framework.
The interim India-US trade framework remains unsigned pending establishment of a new US global tariff architecture; the previously agreed preferential tariff of 18 per cent for India is contingent on how the US restructures tariffs after a Supreme Court decision altered the prior emergency tariff regime. Negotiators have postponed final legalisation to ensure India's comparative advantage is preserved and to resolve outstanding non tariff and national security tariff issues before signing.
March 16, 2026
Show AI Summary
Base year revision of industrial production index to update methodology and weights, release planned soon.
Revision of the Index of Industrial Production base year involves updating the item basket, item weights, data sources, and factory list, and proposes adoption of a chain-linked approach to better capture emerging sectors and changes in industrial composition. A Technical Advisory Committee (TAC-IIP) will advise on methodological improvements, and the Ministry plans to release the revised IIP series under the new methodology in the near term.
March 16, 2026
Show AI Summary
Cooperative sector survey to estimate GVA and employment, collecting financial and labour data across cooperatives.
The National Statistics Office will use the National Cooperative Database to survey primary cooperatives, their federations and multistate societies across major sectors to estimate GVA/GVO and employment, collecting financial, tax, subsidy, distributive expense, depreciation and labour cost data for FY 2020 21 and FY 2023 24, while banking cooperatives will supply only employment data.
March 16, 2026
Show AI Summary
Project monitoring threshold revised; mandated projects are monitored via integrated portals with automated API data flows.
The Ministry released updated CPI and GDP series and will release a revised IIP series; NIC-2025 aligns with ISIC Revision 5. Under the Allocation of Business Rules, 1961, the Ministry monitors projects above the prescribed cost threshold using the PAIMANA portal, integrated with IPMP; line ministries and implementing agencies must update IPMP, and data are fetched into PAIMANA via APIs for online monitoring.
March 16, 2026
Show AI Summary
Base year revision of GDP and statistical modernisation enables nowcasting and real-time economic monitoring for policy guidance.
Revision of the GDP base year to 2022-23 integrates new data sources, NIC-2025 classification, and methodological improvements to improve national accounts measurement; the IIP series and price indices have been modernized (CAPI for CPI and secure online WPI transmission) and a nowcasting framework using high-frequency indicators and data dashboards provides near real-time assessments of economic activity for policy support.
March 16, 2026
Show AI Summary
Statistical data accountability strengthened through digital collection platforms and harmonised standards for reliable public dissemination.
MoSPI strengthened statistical data accountability by deploying digital collection tools-CAPI integrated with e SIGMA, AI enabled chatbots and multilingual interfaces-with in built validation for real time submission and automated checks. Measures include physical scrutiny by senior officers, regular training, state/UT capacity building under the Support for Statistical Strengthening sub scheme, and improved dissemination via an Advance Release Calendar, revamped portals and API exchange. Alignment with international and national standards is reflected in adoption of the United Nations Fundamental Principles of Official Statistics, the Statistical Quality Assessment Framework, harmonised classifications, and circulation of a National MetaData Structure to enhance clarity and discoverability.
March 16, 2026
Show AI Summary
Digital data dissemination: GoIStats app provides selected socio economic indicators on the go with standalone platform policy and feedback.
The GoIStats mobile application serves as a digital data dissemination channel providing selected socio economic indicators and visualisations from nine statistical products and 178 infographics, with ongoing dataset onboarding, active user engagement metrics and an inbuilt feedback mechanism; there is no proposal to integrate the app with other national data platforms at this stage.
March 16, 2026
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RBI intervention follows sharp rupee depreciation amid oil-driven trade pressures and foreign fund outflows to stabilise markets.
The rupee weakened to a record low against the US dollar amid high crude prices, sustained foreign portfolio outflows and a widening merchandise trade deficit; the Reserve Bank of India intervened in FX markets to stabilise the currency and limit excessive volatility, while market participants noted domestic equity recovery and imminent international monetary policy decisions as key near term influences on USD INR dynamics.
March 16, 2026
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Brand marketing strategy: Bleevo marks first anniversary, emphasizing pan-India expansion, creative talent, and integrated branding services.
Bleevo marks its first anniversary as a women-led Out-of-Home and integrated marketing agency from Chennai, focused on pan-India expansion and offering full-service branding, outdoor advertising, public relations, performance marketing, and brand experiences. The agency emphasizes a people-first approach, a young predominantly female team, and guiding clients through discovery to translate brand essence into design, strategy, and storytelling while building nationwide recall.
March 16, 2026
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Money laundering probe leads to arrest of food company promoter over alleged dairy product adulteration and forged export test reports.
Enforcement alleges the company manufactured and distributed adulterated dairy products by substituting milk fat with palm oil and other chemicals, supplied domestically and exported. Investigators allege multiple forged laboratory test reports were submitted to obtain export clearances while laboratories deny issuing them. The probe, which follows a local police complaint, targets proceeds from these activities as money laundering and has resulted in custodial remand of the company's principal for further PMLA investigative measures.
March 16, 2026
Show AI Summary
LPG supply prioritisation and PNG conversion policy secures fuel availability while imposing sectoral allocation controls.
Gujarat expanded LPG distribution and prioritised PNG connections, directing district collectors to coordinate with city gas distribution companies to encourage LPG-to-PNG conversion and facilitate new PNG connections for domestic and commercial users, while maintaining rising buffer stocks and sectoral LPG allocation rules where PNG is unavailable.
March 16, 2026
Show AI Summary
Digital inclusive finance recognition: WeBank's AI driven model advances accessibility and SME credit access across regions.
WeBank won four awards recognising its digital inclusive finance model and customer accessibility initiatives, retaining regional digital bank titles and adding awards for SME banking and a sign language service. The bank's AI native strategy strengthens infrastructure, toolchains, applications, governance and organisational design to integrate AI across business scenarios, deploying numerous AI applications and agents to enhance efficiency, risk management and customer experience. Its digital lending product Weiyedai and the Weilidai sign language service expand timely credit access for micro and small enterprises and provide accessible service for customers with hearing impairments.
March 16, 2026
Show AI Summary
Trade deficit widens as merchandise exports dip and imports surge, signalling supply-chain and geopolitical risks to trade.
Merchandise exports fell marginally in February while imports rose sharply, producing a monthly trade deficit; year to date exports rose modestly but imports grew faster. The Commerce Secretary warns of expected export softness in March due to logistical disruptions from the West Asia crisis, with trade-route interruptions, notably in the Strait of Hormuz, cited as the principal constraint on outbound shipments.
March 16, 2026
Show AI Summary
Wholesale price inflation rises driven by food and non-food articles, while retail inflation also edges upward.
Wholesale price inflation rose to 2.13% in February led by increases in food articles and manufactured products, with non-food articles spiking; fuel and power continued to record negative inflation. Retail inflation also rose to 3.2% in February, and the central bank has lowered policy rates in the current fiscal year while focusing on retail inflation for benchmark rate decisions.
March 16, 2026
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Foreign exchange stability: rupee weakened as capital outflows and reserves decline increased market pressure.
Foreign exchange stability: the rupee weakened against the US dollar as foreign portfolio outflows, higher global crude prices and volatile equity markets drove the currency to near intra day lows; exchange data showed significant FII net selling and a notable weekly decline in forex reserves reported by the central bank, highlighting interacting external and domestic drivers relevant to reserve management and market stability.
March 16, 2026
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Pre-deposit linkage: link DRC-03 payments via DRC-03A on portal to avoid duplicate pre-deposit when filing appeal.
Payments made through Form GST DRC-03 are not automatically recognised against a Demand ID for pre-deposit calculation. Taxpayers must file Form GST DRC-03A on the GST portal to map the DRC-03 payment to the relevant Demand ID so that the Electronic Liability Register reflects the adjustment and the automated pre-deposit check will not require duplicate payment when filing an appeal.
March 16, 2026
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Regulatory harmonization for medical devices drives export policy to expand global market access and manufacturing competitiveness.
Strengthening India's medical devices export ecosystem focuses on regulatory harmonization, streamlining approval processes, and coordination between industry and regulators to reduce compliance bottlenecks and facilitate exports, supported by trade policy measures to improve market access. Complementary measures include development of manufacturing clusters, expansion of testing and certification capacity, and incentives for research and development and innovation to build global brand recognition and scale high value manufacturing.
March 16, 2026
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Responsible Business Conduct: integrating ESG into corporate reporting, labour protections and insolvency frameworks for better market alignment.
The consultation advanced embedding Responsible Business Conduct and the social dimension of ESG across corporate, labour and financial frameworks by mapping national initiatives to the National Guidelines on Responsible Business Conduct, aligning SEBI's Business Responsibility and Sustainability Reporting with labour and social data, designing tiered compliance mechanisms for smaller enterprises, and exploring integration of employee wage protection and ESG considerations into insolvency and restructuring under the Insolvency And Bankruptcy Code.

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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