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March 30, 2026
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Kisan Credit Card access expands through digital issuance, concessional lending, and stronger grievance redressal for farmers.
Measures supporting the Kisan Credit Card ecosystem focus on expanding credit access, improving digital issuance, and strengthening financial inclusion for farmers, including small and marginal farmers. Priority Sector Lending guidelines and the Ground Level Agriculture Credit target operate as key policy instruments for scaling KCC coverage, with a sub-target for small and marginal farmers and incentive and disincentive frameworks intended to encourage more equitable agricultural credit distribution. The KCC scheme also covers working capital for animal husbandry, dairying and fisheries, while the Modified Interest Subvention Scheme provides concessional short-term agricultural loans through KCC with an additional prompt repayment incentive.
March 30, 2026
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Priority sector lending supports rural credit flow through agriculture targets, refinance support, and self-help group programmes.
Priority sector lending and related government measures are used to maintain uninterrupted rural credit flow for agriculture, MSMEs and self-help groups. Reserve Bank of India policy requires specified banks to allocate at least 18% of adjusted net bank credit or credit equivalent of off-balance sheet exposures, whichever is higher, to agriculture, with a 10% sub-target for small and marginal farmers. Concessional refinance support and NABARD programmes further assist rural financial institutions, self-help groups and microenterprises.
March 30, 2026
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Rupee volatility and RBI forex exposure cap reshape market sentiment amid geopolitical tensions and dollar strength.
Rupee volatility in foreign exchange markets intensified amid geopolitical tensions, risk-off sentiment, elevated dollar demand and firmer crude prices, with the currency touching an intra-day low before settling lower against the US dollar. The Reserve Bank of India reduced the net open position that banks may maintain overnight and capped the Net Open Position (NOP-INR) for banks at USD 100 million, with compliance required by 10 April, as part of oversight of banks' foreign exchange exposure.
March 30, 2026
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Quarterly reporting of non-resident client details through Form 092 requires online filing, declarations, and timely verification.
Quarterly reporting requirements apply to specified funds and stock brokers dealing with non-resident clients under Rule 157. Form 092 is the prescribed quarterly statement for furnishing non-resident client particulars, including name, contact details, country of residence, Tax Identification Number, and, where TIN is unavailable, the unique identification number issued by the foreign jurisdiction. The form must be filed online on the e-Filing portal within 15 days from the end of each quarter, and all non-resident clients dealt with during the quarter may be reported in the same return.
March 30, 2026
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Public interest refusal to furnish information under income-tax law now uses electronic Form 91 with DIN authentication.
Form 91 is the statutory electronic form used by the designated Income-tax authority to refuse furnishing information requested under section 258(2)(a) of the Income-tax Act, 2025 where disclosure is not considered to be in the public interest. It is issued only by the competent authority, records the application reference, assessee details and relevant tax year, and states the refusal on public interest grounds. The form is authenticated through a system-generated DIN and electronic issuance details, creating a formal and traceable record distinct from forms used for furnishing information or intimation of non-availability.
March 30, 2026
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Money laundering probe intensifies as Nepal widens scrutiny of former prime ministers and protests continue after arrests.
Protests continued in Nepal after the arrest of former Prime Minister K P Sharma Oli and former home minister Ramesh Lekhak in connection with the alleged suppression of the Gen Z protests, while the Department of Money Laundering Investigation and police intensified scrutiny of former prime ministers Sher Bahadur Deuba, K P Sharma Oli and Pushpa Kamal Dahal. The probe expanded after preliminary enquiries and the arrest of former minister Deepak Khadka in a money laundering case, with allegations of financial benefits for facilitating licences and contracts and forensic confirmation of burnt banknote fragments.
March 30, 2026
Show AI Summary
Public interest refusal for tax information requests through Form 091 by the designated Income-tax authority.
Form 091 is the prescribed income-tax form used by the designated Income-tax authority to refuse furnishing information sought under section 258(2)(a) of the Income-tax Act, 2025, where disclosure is not considered to be in the public interest. It is issued only after an information request is received and declined, applies separately for each tax year, and is authenticated by the authority's signature, name, and designation without requiring an official seal.
March 30, 2026
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Insolvency code amendments tighten timelines, add creditor-initiated resolution, and curb frivolous delays in the process.
Insolvency and Bankruptcy Code amendments introduce stricter timelines, an out-of-court creditor-initiated resolution mechanism, and an enabling framework for group and cross-border insolvency. The revised framework replaces the underutilised fast-track route with a creditor-initiated insolvency process based on debtor-in-possession and creditor-in-control principles, subject to safeguards and defined timelines. The amendments also provide deterrent measures against abuse of process, including penalties for vexatious and frivolous proceedings, and seek to protect the integrity of the resolution system by discouraging delay-causing litigation.
March 30, 2026
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Non-availability of information intimation under Form 90 is issued electronically after record verification and DIN authentication.
Form 90 is the electronic intimation issued by the designated Income-tax authority under section 258(2)(a) of the Income-tax Act, 2025, where requested information is unavailable in departmental records or no assessment has been made for the relevant tax year. It is generated after verification of records, authenticated through the Department's system with DIN, and includes the application reference, assessee name, and mandatory tax year. The form is event-based, has no fixed periodicity or due date, and standardises the term tax year for clear and traceable communication.
March 30, 2026
Show AI Summary
Non-availability of information intimation under income tax law through Form 090 communicates missing records, not rejection.
Form 090 is the prescribed intimation used by the designated Income-tax authority to communicate that information sought under section 258(2)(a) of the Income-tax Act, 2025 is not available in departmental records for the specified tax year. It is issued electronically after verification of records, is event-based, and must be furnished separately for each tax year. The form requires the exact tax year, recipient details, DIN and date, application reference, assessee name, and a statement confirming non-availability of information or that no assessment has been made.
March 30, 2026
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Electronic information disclosure under the Income-tax Act, 2025 uses Form 89 for structured, traceable furnishing or refusal.
Form 89 is the electronic statutory form used by the designated Income-tax authority to furnish permissible information in response to a valid application by an authorised public authority under section 258(2)(a) of the Income-tax Act, 2025, for a specified assessee and a single tax year. It is an event-based form, furnished through the Department's system with DIN and system-generated authentication, and is linked to the corresponding application in Form 88. The form contains assessee particulars in Part A and disclosure-limited information details in Part B, and it also allows recording of refusal, wholly or partly, where disclosure is not considered to be in the public interest.
March 30, 2026
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Taxpayer information disclosure under authorised application governs Form 089, with electronic furnishing and limited, confidential disclosure.
Form 089 is the statutory online form used by designated income-tax authorities to furnish taxpayer-related information in response to a valid application made by an authorised public authority under section 258(2)(a) of the Income-tax Act, 2025. It is tax-year specific, furnished electronically, and may be used only for information available in departmental records and within the permissible scope of disclosure. The authority may refuse disclosure for unauthorised, invalid, incomplete, or overbroad requests, and the reasons must be recorded electronically.
March 30, 2026
Show AI Summary
Assessee information requests under the Income-tax Act now require online Form 88 filing by authorised public authorities only.
Form 88 is the prescribed application for obtaining information about an assessee under Section 258(2)(a) of the Income-tax Act, 2025. It is available only to authorised public authorities, including regulatory and law-enforcement agencies, government departments authorised under Rule 155, and other competent authorities empowered by the Central Government. A separate application is required for each assessee and each tax year; consolidated requests are not allowed. The form must be filed online through the e-Filing portal with electronic verification and supporting documents uploaded electronically.
March 30, 2026
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E-commerce duty moratorium ends unresolved as WTO members defer tariff and TRIPS safeguards talks.
The World Trade Organization meeting ended without consensus on extending the moratorium on customs duties on electronic transmissions, leaving the issue of tariffs on digital downloads and streaming unresolved. The lapse of the moratorium also coincided with the expiry of the TRIPS non-violation complaint safeguard, increasing the possibility of challenges to WTO-compliant measures and reducing policy space for developing countries. Related WTO reform and e-commerce work programme discussions were also deferred for continued negotiation in Geneva.
March 30, 2026
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Insolvency and bankruptcy reform drives banking health, with proposed changes aimed at faster admission of resolution applications.
The Insolvency and Bankruptcy Code is described as a central mechanism for improving banking sector health through recovery of non-performing assets under the insolvency resolution process. The proposed amendment Bill seeks further changes to the framework, including measures to reduce the time taken for admission of insolvency resolution applications, while the resolution process is said to have coincided with better company performance and improved corporate governance.
March 30, 2026
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Taxpayer information requests under Form 088 require authorised filing, specific grounds, separate tax year submissions, and electronic portal authentication.
Form 088 is the online application used by authorised public authorities, regulatory bodies, law-enforcement agencies, and other competent authorities to seek specific taxpayer information under Section 258(2)(a) of the Income-tax Act, 2025. It must be filed separately for each taxpayer and each tax year through the e-Filing portal, with narrowly framed particulars, stated reasons, and supporting authorisation where necessary. Incomplete, overbroad, or unauthorised requests may be returned or rejected, and communications are issued electronically with portal-based status tracking.
March 30, 2026
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Tonnage Tax Scheme audit report filing requires accountant certification, supporting annexures, and electronic submission within the specified date.
Form No. 81 is prescribed for furnishing the audit report under section 232(21) for a company that has opted for taxation under the Tonnage Tax Scheme. The report, prepared and certified by an accountant, verifies books of account, computation of shipping income, compliance with charter-in limits, and other statutory conditions. It is to be furnished on or before the specified date and may include annexures such as charter arrangement certificates, related party notes, asset notes, and loss statements.
March 30, 2026
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Tonnage Tax Scheme reporting requires accountant certification, separate books, and detailed disclosure of shipping income and compliance.
Form 81 is an accountant's report for a company opting for the Tonnage Tax Scheme, certifying the correctness of books of account and income computation for qualifying ships. It requires separate books, disclosure of charter-in compliance, shipping income, statutory reserve details, ship-wise tonnage income, related party transactions, depreciation, non-exclusive assets, and losses, with mandatory annexures where applicable and reasons for any negative or qualified answers.
March 30, 2026
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Tonnage Tax Scheme option filing requires Form 80, supporting vessel documents, and electronic verification of eligibility.
Form No. 80 is the prescribed electronic application for an Indian company engaged in operating ships or inland vessels to exercise or renew the option to be governed by the Tonnage Tax Scheme. It requires particulars of the applicant, ships or inland vessels, supporting certificates and approvals, and is used to verify whether the statutory conditions for coverage under Chapter XII-G are satisfied.
March 30, 2026
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Tonnage tax scheme application rules govern Form 80 filing, renewal, verification, completeness, and false statement liability.
Form 80 is the mandatory application for an eligible Indian company engaged in the operation of ships or inland vessels to exercise or renew the option under the tonnage tax scheme. The form must be filed within the prescribed time, includes Part A for all cases and Part B only for renewal, and requires detailed ship-wise particulars with supporting annexures. It is filed with the jurisdictional Joint Commissioner and must be signed by the authorised signatory. Incomplete applications may be treated as invalid, and false statements in the form or annexures attract prosecution.

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Guidance Note – Form 88

March 30, 2026

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Form 88 - Application for Information under Section 258(2)(a)

Purpose:

Form 88 is used to make a formal request for information under Section 258(2)(a) of the Income-tax Act, 2025.

It enables public authorities and other competent authorities authorised under Rule 155 to obtain specific information relating to an assessee from the Income-tax Department for statutory, regulatory, investigative, enforcement, or administrative purposes.

The form ensures statutory compliance while maintaining confidentiality and controlled disclosure of taxpayer-related data in accordance with the Act.

Who Should File:

Form 88 can be filed only by authorised public authorities, namely:

• Regulatory or law-enforcement agencies.

• Government departments authorised under Rule 155.

• Any competent authority legally empowered by the Central Government to request information under Section 258(2)(a).

Private individuals, taxpayers themselves, consultants, or Chartered Accountants are not permitted to file Form 88.

Frequency & Due Dates:

Form 88 is filed whenever information relating to an assessee is required by an authorised public authority.

Nature of Filing

When to File

Application for assessee information

Whenever information is required under Section 258(2)(a)

Separate application for each assessee and tax year

Mandatory

Note: A separate Form 88 must be filed for each assessee and for each tax year. Consolidated applications are not permitted.

Structure of Form 88:

1. Address Block:

  • Addressed to the Principal Chief Commissioner / Chief Commissioner / Principal Commissioner / Commissioner of Income-tax, as per jurisdiction.

2. Part A - Personal Information of the Applicant:

  • Name of the applicant (full name without abbreviations)
  • Father’s / Husband’s name
  • Designation
  • Complete official address
  • Contact details:

Landline number with STD code (if available)

Mobile number (if available)

Official email ID

3. Part B – Personal Information of the Assessee Whose Information Is Sought:

  • Name of the assessee (full name or entity name)
  • Permanent Account Number (PAN)
  • Aadhaar number (for individuals, if available)
  • Status of the assessee (Individual, Company, Firm, Trust, Government, etc.)
  • Complete address of the assessee

4. Part C – Details of Information Sought:

  • Tax Year
  • Specific information sought (free text up to 200 words per item)
  • Reason for seeking information (free text up to 200 words per item)
  • Facility to repeat entries for multiple information items
  • Upload option for annexures where the prescribed space is insufficient

5. Declaration and Verification:

  • Date of application
  • Name and designation of the applicant
  • Electronic verification through the Income-tax e-Filing portal

Physical signature, stamp, or office seal is not required for online filing.

Documents Required to File Form 88:

  • Supporting documents, if any, such as:

Authorisation orders

Official correspondence

Internal approvals

Legal provisions or references substantiating the request

All documents are to be uploaded electronically. Physical submission is not required.

Filing Mode and Count:

  • Form 88 is mandatorily filed online through the Income-tax Department’s e-Filing portal.
  • Certain applicant details may be pre-filled by the system.
  • There is no fixed filing frequency; filing depends on the number of requisitions raised during a year.

Process Flow of Filing Form 88:

1. Preparation of the Application:

  • Identify the assessee and relevant tax year.
  • Ensure the applicant is authorised under Rule 155.
  • Complete Part A, Part B, and Part C accurately.

2. Online Submission:

  • Submit Form 88 electronically through the e-Filing portal.
  • Upload annexures and supporting documents, if required.

3. Verification by the Department:

  • Jurisdictional Income-tax authority verifies:

Statutory competence of the applicant

Correctness of assessee details

Legal justification and scope of information sought

4. Communication of Outcome:

  • Information is furnished in accordance with Section 258(2)(a), or
  • A reasoned communication for non-disclosure or rejection is issued electronically.

Outcome of Processed Form 88:

For the Applicant:

  • Receipt of the requested information (fully or partially), or
  • Receipt of a written communication stating reasons for non-disclosure or rejection.

For the Department:

  • Ensures disclosure only to authorised entities.
  • Maintains an electronic audit trail of all requests and disclosures.

Brief Note on Broad or Qualitative Changes Proposed:

Key changes from the old Form 88 to the finalised Form 88 include:

  • Legislative shift from Section 138(1)(b) of the Income-tax Act, 1961 to Section 258(2)(a) of the Income-tax Act, 2025.
  • Mandatory online filing through the e-Filing portal.
  • Clear separation of applicant details (Part A) and taxpayer details (Part B).
  • Introduction of Part C exclusively for information sought and reasons.
  • Inclusion of assessee status field for precise identification.
  • Word limits and annexure upload facility to ensure focused and justified requests.
  • Replacement of physical signature and seal with electronic verification.

Challenges and Solutions:

Earlier Challenge:

  • Narrative-based and unstructured applications led to inconsistencies and processing delays.

Solution in Final Form:

  • Structured Parts A, B, and C with defined fields, validations, and upload facilities ensure standardisation and faster processing.

Earlier Challenge:

  • Restricted addressee and ambiguity regarding competent authority.

Solution in Final Form:

  • Explicit recognition of filing before PCCIT / CCIT / PCIT / CIT and clear identification of authorised applicants.

Earlier Challenge:

  • Manual filing and physical documentation.

Solution in Final Form:

  • End-to-end electronic filing with portal-based tracking and communication.

Common Changes Made Across Form

  1. Mandatory online filing through the e-Filing portal.
  2. Replacement of “Assessment Year” with “Tax Year”.
  3. Updated statutory references to the Income-tax Act, 2025.
  4. Structured data fields to support automation and audit trail.
  5. Removal of physical signatures, stamps, and seals.   

Topics

Acts Income Tax