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March 28, 2026
Show AI Summary
Specified fund compliance for Form 70 governs exempt income reporting and concessional taxation claims for offshore banking units.
Form 70 is the prescribed e-form for a specified fund to furnish the annual statement of exempt income attributable to the investment division of an offshore banking unit under section 11 read with Schedule VI, together with income taxable at concessional rates under section 210(3) of the ITA 2025. Filing is mandatory for a specified fund seeking exemption or concessional taxation and must be made electronically on the e-filing portal by the due date, with supporting documents, verification by the Trustee or Principal Officer, and the audit report in Form 71 certifying separate accounts and audit of the eligible investment division.
March 28, 2026
Show AI Summary
Exempt income reporting through Form 70 requires electronic filing, verification, and timely compliance for specified fund benefits.
Form 70 is the annual statement for a specified fund to report exempt income and income taxable at concessional rates in relation to the investment division of an offshore banking unit. It must be verified by the Principal Officer or Managing Trustee and filed electronically on the Income-tax e-filing portal within the prescribed due date. Filing a valid form is a mandatory condition for claiming exemption or concessional taxation, and the form cannot be filed offline or edited after valid submission. A valid PAN of the fund and the verifier is required, along with prescribed supporting documents and mandatory attachments.
March 28, 2026
Show AI Summary
Concessional taxation for specified funds depends on timely filing of Form 69 with income and unit-holder details.
Form 69 is the prescribed annual statement for a specified fund to report income attributable to units held by non-residents, other than a permanent establishment in India, for concessional taxation. The form is a mandatory compliance requirement and must be filed electronically on or before the due date, with trustee or principal officer verification. It includes fund particulars, registration details, and computations of income from securities and capital gains, supported by constituting documents, registration certificate, financial statements, securities statements, and unit-holder residency details.
March 28, 2026
Show AI Summary
Concessional taxation for specified funds requires electronic Form 69 filing, verification, and timely supporting disclosures.
Form 69 is the prescribed electronic statement for a specified fund claiming concessional taxation on income attributable to units held by a non-resident, other than a permanent establishment in India. A valid filing within the prescribed due date is a mandatory condition for the concessional rate benefit. The form must be verified by the Principal Officer or Managing Trustee, supported by the prescribed annexures and documents, and cannot be edited after submission and acknowledgment.
March 28, 2026
Show AI Summary
Exempt income reporting under Form 68 streamlined for specified funds with electronic filing and updated verification requirements.
Form 68 is the annual statement prescribed for specified funds seeking exemption under Section 11 read with Schedule VI of ITA 2025 in respect of income attributable to units held by a non-resident, other than a permanent establishment in India. It is filed electronically by the Principal Officer on or before the return due date, and captures particulars of the fund, income, exempt income, unit-holder details, and the working of income attributable to non-resident holders. The guidance note also describes the supporting documents and the simplified filing updates, including IFSCA registration, mandatory document upload, and verification in place of declaration.
March 28, 2026
Show AI Summary
Exempt income statement filing for specified funds requires verified online submission within the prescribed due date.
Form 68 is the prescribed electronic statement for claiming exemption of income of specified funds under section 11 read with Schedule VI [Table: Sl. Nos. 1 to 4] of the Income-tax Act, 2025, in respect of income attributable to units held by a non-resident other than a permanent establishment of such non-resident in India. The form must be verified by the Principal Officer or Managing Trustee, filed only through the Income-tax e-filing portal, and furnished on or before the applicable due date. Valid filing requires mandatory PAN details, specified annexures, and satisfaction of the statutory eligibility conditions.
March 28, 2026
Show AI Summary
Alternate Minimum Tax reporting gets a structured Form 67 update with CA certification, itemised computation, and digital filing.
Form 67 is a chartered accountant's report for certifying book profit, adjusted total income and Alternate Minimum Tax liability under the updated section 206 framework. It applies to non-corporate taxpayers subject to the AMT regime, is furnished annually with the return of income, and must be digitally signed. The revised form introduces itemised computation fields, category-based AMT rates, and system-enabled validation through the e-filing process.
March 28, 2026
Show AI Summary
Alternate Minimum Tax compliance through Form 67 requires CA certification, electronic filing, and timely submission with the return.
Form 67 is prescribed for furnishing details relating to the computation of Adjusted Total Income and Alternate Minimum Tax (AMT) under section 206(2) of the Income-tax Act, 2025. It applies to persons other than companies, subject to stated exceptions, and is not required for certain specified taxpayers where adjusted total income does not exceed twenty lakh rupees. The form is used to determine AMT on adjusted total income, with tax payable at the higher of the regular tax or AMT, and it incorporates adjustments such as depreciation and other specified items.
March 28, 2026
Show AI Summary
Minimum Alternate Tax reporting through Form 66 demands Chartered Accountant certification, digital filing, and return-linked book profit verification.
Companies liable to Minimum Alternate Tax must furnish Form 66, a Chartered Accountant-certified report on book profit and MAT computation, annually with the income tax return. The form is digitally signed, accepted by the company through the e-filing portal, and linked to the return for processing. It contains company particulars, profit adjustments, transition amount, final MAT computation, auditor certification, and supporting financial and tax documents.
March 27, 2026
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Access to unrelied ED documents denied at pre-cognisance stage in an ongoing money-laundering investigation.
Access to documents seized by the Enforcement Directorate but not relied upon in the chargesheet was refused at the pre-cognisance stage in an ongoing Prevention of Money Laundering Act matter. The court held that the accused had already been supplied with the prosecution complaint and relied-upon documents, and that disclosure of unrelied material was not required before cognisance when the investigation remained pending.
March 27, 2026
Show AI Summary
Trade agreement framework balances market access with farmer safeguards, calibrated tariff concessions, and export opportunities across key sectors.
India and the United States have agreed on a framework for an interim trade agreement intended to expand reciprocal and mutually beneficial trade while protecting domestic sensitivities, particularly in agriculture and dairy. The framework contemplates improved market access, rules of origin, action on non-tariff barriers, and cooperation on standards, digital trade, economic security, technology, supply chain resilience, energy and manufacturing. Limited and calibrated tariff concessions have been offered on select agricultural products through quota-based mechanisms, phased concessions and partial duty reductions, with the quotas kept within existing import levels to avoid adverse impact on domestic farmers.
March 27, 2026
Show AI Summary
Rupee weakness deepens as higher crude prices, dollar strength and foreign selling weigh on currency and reserves.
The rupee weakened sharply to a historic low against the US dollar amid sustained pressure from higher crude oil prices, a stronger greenback, foreign investor selling, and energy-led inflation concerns. India's foreign exchange reserves also declined during the reporting week, driven by a fall in gold reserves. The government indicated plans to mobilise substantial borrowing through dated securities in the April-September period, while noting a reduction in gross market borrowing after G-Sec switches.
March 27, 2026
Show AI Summary
Government borrowing calendar set for dated securities, green bonds, retail bidding and flexible issuance management.
The Centre plans to raise gross market borrowings through dated securities in the first half of FY 2026-27 to finance the fiscal deficit, with borrowing spread across weekly auctions and multiple maturities. The borrowing calendar includes sovereign green bonds, non-competitive bidding for specified retail investors, and flexibility to modify issuance amounts, maturities, instruments and timing in consultation with the Reserve Bank of India, depending on funding needs and market conditions.
March 27, 2026
Show AI Summary
Bilateral trade agreement negotiations advance as India and the US discuss WTO issues, tariffs, and next steps in talks.
India and the United States continued discussions on the next steps in the bilateral trade agreement negotiations, covering the WTO agenda, the India-US BTA, and ways to deepen bilateral economic cooperation and trade ties. A framework for the first phase has been finalised, but the legal text remains unsigned, and the chief negotiators' meeting was postponed because of changes in the US tariff architecture and the need to await the revised global tariff framework before the interim trade agreement is signed.
March 27, 2026
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Energy supply stability assured as government rules out lockdown, citing adequate fuel stocks and anti-hoarding measures.
The government ruled out any lockdown and said India has adequate stocks of petrol, diesel and LPG, with fuel retail operations continuing normally despite energy supply disruptions linked to the war in West Asia. Officials said rumours have caused panic buying, while alternative sourcing, higher domestic LPG production, excise duty cuts, export levies, export diversion directions and intensified anti-hoarding enforcement are being used to stabilise supplies and protect consumers.
March 27, 2026
Show AI Summary
Excise duty cut on petrol and diesel aims to shield consumers from global fuel price volatility.
The Union Government reduced excise duty on petrol and diesel by Rs 10 per litre to prevent a retail price increase caused by rising global oil prices. The move was described as a people-centric measure intended to shield consumers from fuel price volatility and wider shortages linked to global instability.
March 27, 2026
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State borrowing costs harden as bond yields rise, forcing partial bids and higher returns in volatile fixed-income markets.
States' borrowing costs hardened in a State Development Loan auction as cut-off yields rose across long-term maturities, with several securities moving above 8 per cent. The increase tracked a broader rise in government bond yields amid global oil price pressures, inflationary concerns and weakness in the rupee, causing some states to accept only partial borrowing amounts or reject bids. The report notes that higher bond yields may keep borrowing costs elevated and increase volatility in fixed-income markets.
March 27, 2026
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Money laundering proceedings over bank loan fraud allegations include diversion of proceeds through offshore entities and property transactions.
Money laundering proceedings under the Prevention of Money Laundering Act concern a former senior executive of Reliance Communications and another accused in an alleged bank loan fraud case. The allegations include concealment, layering and diversion of proceeds of crime through foreign subsidiaries and offshore entities, purchase and sale of a Manhattan condominium during the insolvency process, and routing of sale proceeds through an asserted sham investment arrangement. The allegations also include personal diversion of funds for overseas education-related payments.
March 27, 2026
Show AI Summary
Minimum alternate tax and book profit reporting through Form 66, with CA certification, exemptions, and MAT credit rules.
Form No. 66 is the prescribed electronic statement for furnishing details of book profit and minimum alternate tax under section 206(1) of the Income-tax Act, 2025. It applies to companies where normal tax is lower than the minimum tax, must be filed along with the return of income, and requires certification by an Accountant/Chartered Accountant. The FAQ explains book-profit adjustments, MAT credit, exemptions, Ind-AS transition amounts, and the consequences of incorrect or missing filing.
March 27, 2026
Show AI Summary
Patent box regime filing through Form 65 enables eligible resident assessees to opt for concessional royalty taxation.
Form 65 is the prescribed application for an eligible resident assessee to exercise the option under Section 194(1) of the Income-tax Act, 2025 for royalty income from a patent developed and registered in India. It relates to the concessional 10% tax rate under the patent box regime and requires the assessee to forgo deductions or allowances against such royalty income. The form is filed electronically by the return-filing due date, with patent details, royalty particulars, expenditure information and verification requirements.

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Form 99 – Frequently Asked Questions (FAQ)

March 30, 2026

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Form 99 – Frequently Asked Questions (FAQ)

Appeal to the Joint commissioner of Income-tax

(Appeals) or the Commissioner of Income-tax (Appeals)

Name of form as per I.T. Rules, 1962

Form 35

Name of form as per I.T. Rules, 2026

99

Corresponding section of I.T. Act, 1961

249

Corresponding section of I.T. Act, 2025

358

Corresponding Rule of I.T. Rules, 1962

45

Corresponding Rule of I.T. Rules, 2026

167

1. What is Form 99?

Ans: Form 99 is the prescribed electronic form for filing an appeal before the Joint Commissioner of Income-tax (Appeals) or the Commissioner of Income-tax (Appeals) against a relevant order passed by an Income-tax Authority under the Income-tax Act, 2025.

2. Who can file Form 99?

Ans: Form 99 can be filed by an appellant who is aggrieved by an appealable order passed by an Income-tax Authority under sections 356 or 357 of the Income-tax Act, 2025

3. Is filing of Form 99 mandatory?

Ans: No. Filing of Form 99 is optional.

It is required only if the assessee chooses to prefer an appeal against the relevant order instead of accepting the order or opting for any alternative remedy provided under the Act.

4. What is the time limit for filing Form 99?

Ans: The appeal should be presented within 30 days of the following date:

(a) Where the appeal relates to any assessment or penalty, the date of service of notice of demand relating to the assessment or penalty.

(b) In any other case, the date on which intimation of the order sought to be appealed against is served

5. What details are required in Part A of Form 99?

Ans: Part A requires personal and identification details of the appellant, including:

  • Name
  • Complete address
  • PAN
  • TAN (mandatory in appeals against TDS orders)
  • Updated mobile number and email ID

Most details will be auto-populated but can be edited, where permitted.

6. What information is required in Part B relating to the relevant order?

Ans: Part B captures details of the order against which appeal is filed, including:

  • Relevant tax year or block period
  • DIN of the Order against which Appeal is preferred
  • Section and sub-section of the Order against which Appeal is preferred
  • Date of order
  • Date of service of notice of demand, in case the Appeal is preferred against an Assessment Order or Penalty Order
  • Details of the Income-tax Authority passing the order
  • Jurisdictional Assessing Officer details

7. How should Tax Year or Block Period be selected in Form 99?

Ans: The appellant must select either:

  • Tax Year, or
  • Block Period,

depending on whether the appeal relates to a regular assessment or to an order passed under sections 294 or 298 of the Income-tax Act, 2025.

8. Is payment of tax a pre-condition for filing Form 99?

Ans: Yes. Filing of Form 99 is subject to compliance with statutory conditions regarding payment of tax, including:

  • Payment of tax due on income returned, where a return has been filed, or
  • Payment of advance tax as prescribed under section 358(6)(b), where no return has been filed, as applicable.
  • Deposit of tax, borne by the deductor, if the appeal relates to any tax deductible on payments to Non – Residents as mentioned under section 393(2)

9. What details are required in Part D (Appeal Details)?

Ans: Part D captures quantitative details of disputed amounts, depending on the nature of the Orders against which appeal is preferred, such as:

  • Block assessment cases
  • Regular assessment or loss cases
  • Penalty matters
  • TDS/TCS default cases

Auto-populated figures must be verified, and only the disputed amounts are to be entered by the appellant.

10. What information is required in Part E relating to pending appeals?

Ans: Part E seeks disclosure of whether any other appeal of the same taxpayer is pending before any Joint Commissioner (Appeals) or Commissioner (Appeals). This information may be auto-populated and can be edited to provide additional details.

11. What is required to be filed in Part F of Form 99?

Ans: Part F requires filing of:

  • Statement of Facts
  • Grounds of Appeal, with each ground not exceeding 100 words
  • Relevant sections cited, amount involved, and status of similar grounds already decided in prior appeals if any
  • Additional documentary evidence, if any, in accordance with rule 192
  • Details of Declaration filed in Form No.117, in case the tax payer claims identical question of law is pending before High Court or Supreme Court (repetitive appeal).

12. Can additional evidence be filed along with Form 99?

Ans: Yes. Additional documentary evidence may be filed, subject to:

  • Selection of “Yes” in the relevant field, and
  • Upload of details linking each document to the specific grounds of appeal, and
  • Compliance with rule 192 of the Income-tax Rules.

13. What details are required in Part G relating to filing of appeal?

Ans: Part G requires furnishing of:

  • Due date of filing appeal
  • Whether there is any delay in filing
  • Grounds for condonation of delay, if applicable
  • Details of appeal fees paid
  • Supporting documents relevant to the grounds of appeal

14. What happens if there is a delay in filing Form 99?

Ans: In case of delay, the appellant must:

  • Select “Yes” in the relevant field, and
  • Upload a separate statement explaining the grounds for condonation of delay.

15. Can Form 99 be filed offline?

Ans: Form 99 is required to be filed electronically through the prescribed income-tax e-filing system in cases where e-filing of return of income is mandatory for the appellant.

16. Can Form 99 be revised after filing?

Ans: No. Once Form 99 is filed and verified, it cannot be revised. The appellant should carefully review all details before submission.

17. Who can verify Form 99?

Ans: Form 99 must be verified by the appellant or by an authorised person who is competent to verify the return of income under section 265 of Income Tax Act, 2025.

18. Can Appeal be filed in cases where immunity u/s 440 of the Income Tax Act 2025, is also sought?

Ans: No. The appellant or the authorised person who is verifying Form 99, has to certify in the verification that no immunity u/s 440 of the Income Tax Act, 2025 is filed.

19. Why is Form 99 important?

Ans: Form 99 enables:

  • Statutory redressal of grievances against assessment and other orders
  • Structured presentation of disputed issues
  • Filing of appeals in a transparent and standardised electronic manner
  • Effective functioning of the appellate mechanism under the Income-tax Act, 2025  

Topics

Acts Income Tax