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    April 1, 2026
    Guidance Note – Form 124
    April 1, 2026
    Form No. 124 – Frequently Asked Questions (FAQ)
    April 1, 2026
    Ministry of Statistics and Programme Implementation develops India SDG Dashboard in partnership with United Nations Resident Coordinator Office which ...
    April 1, 2026
    Guidance Note – Form 123
    April 1, 2026
    Digitalisation and technological upgradation relates to data collection, processing, analysis and dissemination undertaken for improvement of Official...
    April 1, 2026
    CBIC introduces one-time relief measure for eligible units in SEZs to sell manufactured goods in Domestic Tariff Area (DTA) at concessional customs du...
    April 1, 2026
    Form No. 123 – Frequently Asked Questions (FAQ)
    April 1, 2026
    Guidance Note – Form 122
    April 1, 2026
    Form No. 122 – Frequently Asked Questions (FAQ)
    April 1, 2026
    Guidance Note – Form 121
    April 1, 2026
    Form No. 121 – Frequently Asked Questions
    April 1, 2026
    Oppn playing politics on West Asia crisis, alleges Rijiju amid heated exchanges with LoP Kharge
    April 1, 2026
    Guidance Note – Form 120
    April 1, 2026
    Versigent Launches as New Publicly Traded Company
    April 1, 2026
    FORM NO. 120 – FREQUENTLY ASKED QUESTIONS (FAQS)
    April 1, 2026
    Guidance Note – Form 119
    April 1, 2026
    DEE Development secures revised tariff of Rs 5.224 per unit from PSERC for biomass-based Malwa power project
    April 1, 2026
    Form 119 – Frequently Asked Questions
    April 1, 2026
    Guidance Note – Form 118
    April 1, 2026
    Form 118 – Frequently Asked Questions
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April 1, 2026
Guidance Note – Form 124
Show AI Summary
Tax deduction at source claims form requires employee details, supporting evidence, and annual disclosure to employer.
Form No. 124 is the employee's statement of particulars of claims for deduction of tax at source under section 392(5)(b) of the Income-tax Act, 2025 read with Rule 205 of the Income-tax Rules, 2026. It is furnished to the current employer so that deductions, exemptions and allowances may be considered for correct tax deduction from salary. The form is filed once every financial year and requires employee details, claim particulars, supporting evidence and a declaration that the particulars are correct and complete.
April 1, 2026
Form No. 124 – Frequently Asked Questions (FAQ)
Show AI Summary
Employee tax benefit declarations guide salary TDS computation through Form No. 124 and supporting evidence.
Form No. 124 is the employee statement furnished to an employer for consideration of deductions, exemptions, allowances, and other tax benefits while computing taxable salary and TDS liability. It applies where the employee seeks employer recognition of claims relating to house rent allowance, leave travel allowance, interest on housing loan, and investment- or expenditure-based deductions, together with supporting evidence. The form has Part A for employee particulars and Part B for the tax benefits claimed with annexures in support of those claims.
April 1, 2026
Ministry of Statistics and Programme Implementation develops India SDG Dashboard in partnership with United Nations Resident Coordinator Office which serves as a centralized data platform for monitoring SDG indicators
Show AI Summary
Statistical data dissemination and SDG monitoring strengthened through a centralized dashboard, expert review, and public access tools.
MoSPI maintains a centralized digital mechanism for public access to its statistical publications and has developed the India SDG Dashboard in partnership with the United Nations Resident Coordinator Office as a centralized data platform for monitoring SDG indicators aligned with the National Indicator Framework. The Ministry's publications compile social and environmental statistics for evidence-based planning, policymaking, research, and analysis, while expert committees, the e-Sankhyiki portal, the Advance Release Calendar, and stakeholder consultations are used to improve coverage, dissemination, transparency, and usability.
April 1, 2026
Guidance Note – Form 123
Show AI Summary
Perquisites and fringe benefit reporting through Form 123 for employee salary disclosures and tax valuation compliance.
Form No. 123 is the employer-issued statement for reporting the value of perquisites, fringe benefits, amenities and profits in lieu of salary provided to an employee during a financial year. It is issued where salary paid or payable exceeds one lakh and fifty thousand rupees, and it is due by 30 April of the following year. The form captures employer and employee details, valuation of perquisites, tax deducted or paid, and a declaration certifying correctness and completeness.
April 1, 2026
Digitalisation and technological upgradation relates to data collection, processing, analysis and dissemination undertaken for improvement of Official Statistical System by Ministry of Statistics and Programme Implementation
Show AI Summary
Digitalisation of official statistics uses AI, machine learning and secure data systems to improve dissemination and access.
Digitalisation and technological upgradation in the Official Statistical System include modules for data collection, processing, analysis and dissemination, with a Data Innovation Lab integrating Artificial Intelligence and Machine Learning. Security by design principles, cyber security guidelines, agency-based compliance monitoring, a Chief Information Security Officer, and security audit with SSL certification support the deployment of applications. These reforms are continuous and are expected to improve data collection, validation, processing and dissemination.
April 1, 2026
CBIC introduces one-time relief measure for eligible units in SEZs to sell manufactured goods in Domestic Tariff Area (DTA) at concessional customs duty rates to address concerns arising due to global trade disruptions, as announced in Union Budget 2026–27
Show AI Summary
Concessional customs duty relief for eligible SEZ units enables limited DTA sales with value addition and export-linked caps.
A one-time customs relief window allows eligible SEZ manufacturing units to sell manufactured goods in the Domestic Tariff Area at concessional duty rates for a limited period. Eligibility is confined to units that commenced production on or before 31 March 2025, and the goods must have undergone minimum 20% value addition over inputs. DTA sales under the relief are capped at 30% of the highest annual FOB value of exports in any of the three preceding financial years, with certain sensitive sectors excluded and faceless assessment applying to clearances.
April 1, 2026
Form No. 123 – Frequently Asked Questions (FAQ)
Show AI Summary
Perquisite valuation statement under income tax rules continues to govern employee benefits, tax details, and return compliance.
Form No. 123 is the employer-issued statement of perquisites, fringe benefits or amenities, and profits in lieu of salary for an employee, replacing the earlier Form 12BA. It certifies valuation of monetary and non-monetary perquisites for income-tax return purposes and is generally required where salary exceeds the prescribed threshold. The form contains Part A with employer and employee particulars and Part B with perquisite-wise valuation and salary tax details, including tax deducted at source and remittance particulars.
April 1, 2026
Guidance Note – Form 122
Show AI Summary
Form No. 122 consolidates employee salary, perquisite and tax details from multiple employers for correct tax deduction.
Form No. 122 is a consolidated income-tax statement for an employee to furnish salary details from another employer, taxable allowances, perquisites, provident fund accretions, tax deducted, house property loss, other income and tax deducted or collected at source, so the current employer can compute the correct tax liability and deduct tax at source. It is meant for employees who have changed jobs during the same tax year and should be filed as early as possible, but not later than 31 March of the financial year. The form includes employee particulars, salary details, other income details and an annexure covering taxable perquisites and provident fund items.
April 1, 2026
Form No. 122 – Frequently Asked Questions (FAQ)
Show AI Summary
Income tax declaration form helps salaried employees report multiple-employer income, house property loss, and source-based tax credits.
Form No. 122 is a consolidated declaration furnished by a salaried employee to the employer for reporting salary from another employer, house property loss, other taxable income, and tax deducted or collected at source. It is intended for employees with salary from more than one employer or other income, is beneficial rather than mandatory, and may be submitted offline or through HR/payroll without uploading to the income-tax portal or attaching it to the return of income.
April 1, 2026
Guidance Note – Form 121
Show AI Summary
Self-declaration for no TDS on specified income: consolidated Form 121 streamlines eligibility, filing, and payer reporting.
Form No. 121 is the consolidated self-declaration form for receipt of specified incomes without deduction of tax at source under section 393(6) and Rule 211. It replaces earlier Forms 15G and 15H and applies to eligible resident individuals, HUFs, and other specified entities, while excluding companies, firms, and non-residents. The declaration must be furnished before payment or credit, and the payer must verify eligibility, assign a UIN, file a monthly statement, and quote the UIN in the quarterly TDS return. The form only prevents TDS and does not exempt the income from tax.
April 1, 2026
Form No. 121 – Frequently Asked Questions
Show AI Summary
Tax deduction at source declaration under Form No. 121 enables eligible taxpayers to avoid TDS on specified incomes.
Form No. 121 is the declaration mechanism for receiving specified incomes without deduction of tax at source where the declarant expects tax on estimated total income for the tax year to be nil. It replaces the earlier Forms 15G and 15H and is intended for resident individuals, Hindu undivided families, and other specified eligible entities, while companies, firms, and non-residents are ineligible. The declaration must be furnished separately to each payer before the scheduled transaction date, with PAN mandatory for validity, and must be filed afresh for each tax year.
April 1, 2026
Oppn playing politics on West Asia crisis, alleges Rijiju amid heated exchanges with LoP Kharge
Show AI Summary
Parliamentary debate on West Asia crisis and legislative agenda turns into clash over discussion, time allocation, and excise duty resolution.
Parliamentary proceedings saw a dispute over a demand for discussion on the West Asia crisis, with the opposition objecting to the absence of the Prime Minister from an all-party meeting and the government replying that the issue had already been addressed in Parliament. The government also sought extended sittings to clear its agenda, which included the Central Armed Police Forces (General Administration) Bill 2026, the Insolvency and Bankruptcy Code (Amendment) Bill, 2026, and a statutory resolution on Special Additional Excise Duty on Aviation Turbine Fuel.
April 1, 2026
Guidance Note – Form 120
Show AI Summary
Advance rulings application Form 120 streamlines online tax certainty, detailed disclosures, and unified filing for multiple applicant categories.
Form No. 120 is the unified online application for advance rulings before the Board for Advance Rulings under the Income-tax Act. It may be filed by specified classes of applicants, including non-residents, residents transacting with non-residents, residents with high-value transactions, public sector companies, and any person seeking a ruling on an impermissible avoidance arrangement. The application requires detailed disclosure of facts, legal interpretation, transaction details, ownership structure, supporting documents, and proof of fee payment, and it may be withdrawn within 30 days of filing.
April 1, 2026
Versigent Launches as New Publicly Traded Company
Show AI Summary
Tax-free spin-off leads Versigent to launch as an independent listed company with shares trading on NYSE.
Versigent PLC announced its launch as an independent, publicly traded company following separation from Aptiv PLC and commencement of trading on the New York Stock Exchange under the ticker VGNT. The separation was implemented through a distribution of Versigent ordinary shares to Aptiv shareholders of record, with cash in lieu of fractional shares, and was completed as a tax-free spin-off for Swiss and U.S. federal income tax purposes. The release also notes the use of carve-out historical financial measures and non-GAAP reporting such as Adjusted EBITDA.
April 1, 2026
FORM NO. 120 – FREQUENTLY ASKED QUESTIONS (FAQS)
Show AI Summary
Advance ruling applications through Form No. 120 govern online filing, fee slabs, admissibility limits, and binding effect on tax questions.
Form No. 120 is the online application for an advance ruling from the Board for Advance Rulings on questions of law, fact, or mixed questions relating to proposed or undertaken transactions. It specifies applicant categories, fee slabs, supporting documents, and the requirement to file only where the issue is not already pending before an income-tax authority, Tribunal, or court, subject to limited relaxation for public sector companies and GAAR matters. The ruling is binding for the specific transaction, may be appealed, may be declared void for fraud or misrepresentation, and remains effective only while facts and law remain unchanged.
April 1, 2026
Guidance Note – Form 119
Show AI Summary
Dispute resolution committee applications through Form 119 require eligibility, supporting evidence, and electronic filing for disputed tax orders.
Application to the Dispute Resolution Committee under section 379 is made in Form No. 119 by an eligible assessee aggrieved by a specified order passed by an Income-tax Authority. The form captures the applicant's particulars, the challenged order, disputed additions or disallowances, statement of facts, grounds of application, and supporting evidence. It is filed electronically through the income-tax e-filing portal with the prescribed annexures and, where applicable, payment of the application fee.
April 1, 2026
DEE Development secures revised tariff of Rs 5.224 per unit from PSERC for biomass-based Malwa power project
Show AI Summary
Biomass tariff revision supports continued renewable power operations and revenue visibility for a Punjab-based 6 MW plant.
A revised tariff has been fixed for DEE Development Engineers Ltd's 6 MW biomass-based Malwa Power Plant under the Punjab State Electricity Regulatory Commission, replacing the interim tariff applied during pendency of the petition. The revised arrangement includes annual escalation on the variable component and extends the plant's operating life for another 10 years after expiry of the earlier power purchase pact, supporting continued biomass-based power generation and revenue visibility.
April 1, 2026
Form 119 – Frequently Asked Questions
Show AI Summary
Dispute Resolution Committee application framework under Form 119 requires electronic filing, eligibility checks, and structured disclosure.
Form 119 is the prescribed electronic application for seeking dispute resolution before the Dispute Resolution Committee under section 379 of the Income-tax Act, 2025. It is available to an eligible assessee aggrieved by a specified order passed by an Income-tax Authority, subject to statutory eligibility conditions, including payment of tax on returned income where a return has been filed. Filing is optional, separate applications are required for each tax year and each specified order, and the form must be submitted electronically and cannot be revised after submission.
April 1, 2026
Guidance Note – Form 118
Show AI Summary
Deferment of appeal for identical question of law enables later filing after the pending case is finally decided.
Form 118 is prescribed for an application to defer filing an appeal before the High Court or the Income-tax Appellate Tribunal where the relevant case involves an identical question of law already pending in another case. The appellant files the form before the appropriate forum with supporting documents showing the identical question of law and the other pending proceeding. The forum examines whether the statutory conditions for deferment are satisfied, and if accepted, filing of the appeal is deferred until the final decision on the identical question of law in the other case.
April 1, 2026
Form 118 – Frequently Asked Questions
Show AI Summary
Deferred appeal on identical question of law under Form 118 requires assessee acceptance and collegium review.
Form 118 is used by the Income-tax Department to defer filing of an appeal before the Income-tax Appellate Tribunal or the High Court where the relevant case involves an identical question of law already pending in another case before the High Court or the Supreme Court. The procedure depends on collegium consideration and the assessee's acceptance that the questions are identical. The form is filed manually by the Assessing Officer on directions of the Principal Commissioner or Commissioner, cannot be revised after submission, and operates only until the identical legal issue attains finality.

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Income Tax

Form 113 & 114– Frequently Asked Questions

April 1, 2026

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Form 113 & 114– Frequently Asked Questions

Statement or Correction statement and certificate of donation under section 354(1) of the Income-tax Act, 2025

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

10BD 10BE

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

FN 113

FN 114

Corresponding section of I.T. Act, 1961

clause (viii) and clause (ix) of sub-section (5) of section 80G or under subsection (1A) of section 35

Corresponding section of I.T. Act, 2025

354(1)

Corresponding Rule of I.T. Rules, 1962

18AB

Corresponding Rule of I.T. Rules, 2026

RN 190(2)

RN 190(7)

1: What is FN 113 and FN 114?

Ans: FN 113 is a statement for furnishing the particulars of donations received by the registered non-profit organization (donee) during the tax-year whereas FN 114 is an acknowledgement/certificate for the donor in respect of donations given to such donee in respect of donations paid

2: Who should file FN 113?

Ans: Any registered non-profit organization (donee) receiving donations over a period of tax-year.

3: Is FN 113 mandatory?

Ans: FN 113 is mandatorily required to be filed and verified in accordance with section 354(1)(e) of the IT Act, 2025 by the registered non-profit organization (donee) who is in receipt of voluntary donations

4: What is the time limit for filing FN 113 and issue of certificate in FN 114?

Ans: FN113 is required to be filed before 31st May immediately following the end of the tax year so that the certificate of donation in FN 114 may be issued by the given date.

5: Where can I file FN 113 and to which authority is it required to be furnished to ?

Ans: FN 113 is required to be furnished electronically to Commissioner of Income Tax (CPC) on the e-filing portal.

6 : What happens after I file FN 113 ?

Ans: Upon successful filing of FN 113 and upon generation/receipt of certificate on FN 114, the donor may claim exemption on account of such reported voluntary donations in the return of income filed subsequently

7: Can I edit FN 113 after submission?

Ans: Yes. Once FN 113 is submitted, a correction statement may be filed. However, a revised FN 114 may have to be issued to the donor. Further, multiple FN 113 may be filed spread over different reporting periods.

8: While filling Part A of FN 113, can I leave PAN blank?

Ans: A valid PAN is mandatory for all applicants filling the form and FN 113 cannot be filed in absence of PAN.

9: Can FN 113 be filed offline?

Ans: No. FN 113 can only be submitted online through the Income Tax e-Filing portal.

10: Why are FN 113 and FN 114 important?

Ans: FN 113 and FN 114 are important as they help verify donation claims and allow donors to claim tax deductions correctly.

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