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March 30, 2026
Show AI Summary
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
Show AI Summary
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
Show AI Summary
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
Show AI Summary
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
Show AI Summary
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
Show AI Summary
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
Show AI Summary
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
Show AI Summary
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
Show AI Summary
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
Show AI Summary
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
Show AI Summary
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.
March 30, 2026
Show AI Summary
Pass-through taxation reporting for investment funds through Form 79, with unit holder income disclosure and auto-generated statements.
Form 79 is the consolidated annual statement for Investment Funds to report income paid or credited to unit holders under the pass-through taxation framework. Eligible Category I or Category II AIFs, and comparable IFSCA-regulated funds subject to the stated conditions, must file it annually by 15 June with detailed fund-level income, loss, set-off, and unit holder-wise distribution particulars. The form requires verification by both an authorised person and a qualified accountant, and its filing triggers auto-generation of Form 78 statements for unit holders.
March 30, 2026
Show AI Summary
Investment fund income distribution reporting requires Form 79 filing online with supporting records and prescribed timelines.
Form 79 is the statement of income paid or credited by an investment fund to persons liable to tax on such income, and it must be filed by the person responsible for making the payment or credit on behalf of the fund. The statement is to be submitted online through the Income Tax e-filing portal by 15 June of the financial year following the tax year, with supporting records including audited financial statements, unit holder details, income distribution data, loss set-off computations, and the relevant registration certificate.
March 30, 2026
Show AI Summary
Pass-through taxation reporting through Form 78 requires unit holder income statements, capital gain codes, and timely furnishing
Form 78 is the individual unit holder statement for income distributed by an Investment Fund under section 224 and Rule 145, furnished by the person responsible for payment or credit on behalf of the Fund to each unit holder by 30 June of the following financial year. It is system-generated from the consolidated parent Form 79 and includes unit holder details, fund particulars, income or loss classification with capital gain codes, and deemed loss details under section 224(3). No separate documents are required, and the form supports transparent pass-through income reporting by unit holders.
March 30, 2026
Show AI Summary
Pass-through income reporting through Form 78 supports compliance, income classification, capital gains coding, and loss carry-forward.
Form 78 is the statement of income paid or credited by an investment fund to each unitholder under section 224 of the Income-tax Act, 2025. It is a child form generated from the parent Form 79 through the e-filing portal and is not filed separately or offline. The form must be furnished by 30 June of the financial year following the tax year, and it helps unit holders report pass-through income, classify income under the correct heads, apply capital gains tax rate codes, and use deemed loss details for carry-forward purposes.
March 30, 2026
Show AI Summary
Business trust income distribution statements require auto-generated Form 77 for unit holders with income breakup and timely furnishing.
Form 77 is the individual unit holder statement furnished by a Business Trust to each unit holder for reporting income distributed during the tax year. It is generated automatically from Form 76 through the e-filing system, requires no separate attachments, and is furnished to each unit holder by 30 June following the tax year. The form captures unit holder details, business trust details, and income distribution particulars, including interest, letting, leasing or renting income, dividend income, and other income, and is verified by the responsible person for the trust.

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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