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April 3, 2026
Bajaj Finance Extends Personal Loan Tenure up to 108 Months, Easing Repayment Burden
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Personal loan flexibility expands as longer repayment tenure, collateral-free borrowing, and faster disbursal aim to ease EMI burden.
Bajaj Finance has revised its personal loan offering by extending the repayment tenure up to 108 months, replacing the earlier 96-month structure. The longer tenure is intended to reduce monthly EMI burden and give borrowers greater flexibility in managing repayments, while shorter tenures remain available within a range of 12 months to 108 months depending on customer preference. The personal loan product is described as collateral-free and designed for planned and urgent expenses, with loan amounts ranging from Rs. 40,000 to Rs. 55 lakh.
April 3, 2026
Guidance Note – Form 163
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Indirect transfer reporting under Form 163 requires timely electronic disclosure of share transfers affecting Indian assets and control rights.
Form 163 is the reporting statement for indirect transfers of assets located in India under section 506 of the Income-tax Act, 2025 and Rule 235 of the Income-tax Rules, 2026. It is to be furnished by an Indian concern, or its representative, where a non-resident transfers shares or interests in a foreign company or entity in a manner affecting assets, rights, management or control in relation to the Indian concern. The form is filed electronically within the prescribed timelines and supports computation of income reported in Form 4.
April 3, 2026
Forex reserves drop by USD 10.29 billion to USD 688.06 billion
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Foreign exchange reserves decline as rupee pressure, RBI dollar sales, and lower gold and currency assets shape weekly movement.
India's foreign exchange reserves declined to USD 688.058 billion for the week ended March 27, driven by lower foreign currency assets and gold reserves. The Reserve Bank of India continued to intervene in the foreign exchange market through dollar sales and related policy measures as the rupee remained under pressure, while Special Drawing Rights rose slightly and the IMF reserve position edged down.
April 3, 2026
Form No. 163 – Frequently Asked Questions
Show AI Summary
Indirect transfer reporting in Form No. 163 requires timely electronic filing, supporting documents, and a valid PAN.
Reporting of indirect transfers of assets located in India requires an Indian concern, or its representative, to furnish information in Form No. 163 under section 506 of the Income Tax Act, 2025. The form is mandatory and applies where a non-resident transfers shares of, or interest in, an offshore company or entity resulting in an indirect transfer of assets in India. It must be furnished within ninety days from the end of the financial year, or within ninety days of the transaction where management or control rights in relation to the Indian concern are transferred.
April 3, 2026
Guidance Note – Form 162
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Annual statement filing for liaison offices in India requires RBI-linked disclosure, electronic submission, and timely compliance.
Form 162 is an annual statement required under section 505 of the Income Tax Act, 2025, for non-resident entities maintaining a liaison office in India. It must be filed once in each tax year within eight months from the end of the tax year, electronically through the income-tax e-filing portal and digitally signed by the authorised signatory. The form captures head office, liaison office, RBI approval, Annual Activity Certificate, financial, employee, and counterparty details, and may be used for verification, international taxation, and transfer pricing cross-checks.
April 3, 2026
Form 162 – Frequently Asked Questions
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Annual statement compliance for liaison offices requires electronic filing, certified activity records, valid PAN, and timely submission.
Form 162 is the annual statement required for non-resident entities maintaining a liaison office in India under the Income-tax Act, 2025, to be filed electronically once in each tax year within eight months from the end of the tax year. The filing requires particulars relating to the office's activities, approval details, employees, Indian counterparties, and audited financial information, along with a certified Annual Activity Certificate and valid PAN. The form cannot be submitted offline or edited after acknowledgment, and non-filing or delay may attract penalty, revocation of liaison office permission, and other assessment-related action.
April 3, 2026
Guidance Note – Form 161
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Immunity from penalty and prosecution through Form 161 depends on full payment, no appeal, and timely electronic filing.
Form 161 is the prescribed application under the Income-tax Act, 2025 for immunity from penalty and prosecution where an assessee accepts an assessment or reassessment order, pays the full tax and interest demand within the prescribed time, and does not file an appeal. The application is event-based and must be filed within one month from the end of the month in which the order is received. It requires structured taxpayer identity details, order and payment particulars, and a statutory verification, and is filed electronically with supporting assessment, demand, payment, and PAN documents.
April 3, 2026
Form 161 – Frequently Asked Questions
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Immunity from penalty and prosecution through Form 161 requires full payment, no appeal, and online filing.
Form 161 is the prescribed application under section 440(2) of the Income-tax Act, 2025 for seeking immunity from penalty and prosecution after an assessment or reassessment order. It is optional and event-based, must be filed within one month from the end of the month of receipt of the order, and is available only where the taxpayer has paid the full tax and interest demand and has not filed any appeal. The form requires order details, demand details, proof of payment, and PAN, and can be submitted only online through the e-Filing portal.
April 3, 2026
Guidance Note – Form 160
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Refund of wrongly deducted tax through Form 160 requires full transaction details, supporting documents, and timely filing.
Refund of tax deducted at source and deposited to the Central Government is available through Form 160 where tax was not required to be deducted on the relevant income or transaction. The form is filed by the deductor before the Assessing Officer having jurisdiction, within thirty days from payment of tax, and must contain transaction details, deductee details, agreement particulars, and proof of the tax deducted and deposited. Supporting documents and verification enable examination of whether the refund claim is admissible.
April 3, 2026
Form 160 – Frequently Asked Questions
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Refund of wrongly deducted tax through Form 160 requires proof that no tax was deductible and full TDS disclosure.
Refund of tax deducted at source and paid to the Central Government may be sought through Form 160 where the deductor contends that no tax was deductible on the relevant income or transaction. The form is the prescribed application under the Income-tax law and is to be used only in cases where tax was actually deducted and deposited, but the applicant later claims that the deduction was not required under the Act. It is filed before the TDS Assessing Officer having jurisdiction over the applicant, and the application is supported by the statutory particulars needed to test the claim of non-deductibility.
April 3, 2026
Guidance Note – Form 159
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Tax Clearance Certificate Form 159 governs clearance for persons leaving India and requires Assessing Officer issuance on Form 158.
Tax Clearance Certificate in Form 159 is issued by the Assessing Officer in response to Form 158 and is prescribed under section 420(5) of the Income-tax Act, 2025 read with Rule 228 of the Income-tax Rules, 2026. The form records the departing person's identity details and travel-linked validity, is issued through ITBA functionality, and has no statutory timeline for issue. Form 158 is the supporting application, and the note states that the taxpayer cannot leave India without the requisite clearance certificate.
April 3, 2026
Form 159 – Frequently Asked Questions
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Tax Clearance Certificate governs departure-related compliance and is issued by the Assessing Officer on a Form 158 application.
Form 159 is the Tax Clearance Certificate issued by the Assessing Officer in response to Form 158. It is not filed by the taxpayer, but is issued to the specified taxpayer through the ITBA functionality, subject to the requirements of the Income-tax Act, 2025. No statutory time limit is prescribed for issuance, and the certificate is event-based, depending on the travel requirements of the person leaving India.
April 3, 2026
Guidance Note – Form 158
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Tax clearance certificate requirements for persons leaving India are set out through electronic filing of Form 158.
Form 158 is the application for a Tax Clearance Certificate required from a person directed by the Assessing Officer to obtain clearance before leaving India. It is filed each time the requirement applies, captures travel, identification, business, and passport details, and must be supported by documents such as passport or emergency certificate, PAN, and travel booking records. The form is filed electronically through the income-tax portal and digitally signed; on processing, Form 159 is issued as the Tax Clearance Certificate.
April 3, 2026
Form 158 – Frequently Asked Questions
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Tax Clearance Certificate filing under Form 158 requires mandatory electronic submission before leaving India.
Form 158 is the mandatory electronic application for a Tax Clearance Certificate for domiciled persons required to obtain clearance before leaving India under the Income-tax Act, 2025. It must be filed each time the person leaves India, through the e-filing portal only. PAN is mandatory, while Aadhaar is not required. Supporting documents include passport or emergency certificate details and travel booking documents. The form cannot be edited after submission, and verification may be completed through prescribed electronic modes.
April 3, 2026
Guidance Note – Form 157
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Foreign departure undertaking for persons without PAN or taxable income is proposed as a manual compliance form.
Form 157 is a manual undertaking to be furnished by persons domiciled in India leaving India at the time of departure under section 420(4) of the Income-tax Act, 2025 and Rule 228 of the Income-tax Rules, 2026. It applies only to persons without PAN or without income chargeable to tax. The form requires identity and passport details, an undertaking regarding PAN or taxable income status, and particulars of the foreign visit, supported by passport documents or an emergency certificate where no passport is available.
April 3, 2026
Form 157– Frequently Asked Questions
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Form 157 certificate filing rules for domiciled persons leaving India without PAN or taxable income
Form 157 is a proposed new income-tax certificate form for persons domiciled in India leaving India who do not have PAN, do not have income chargeable to tax in India, or are not required to obtain PAN. It is mandatory subject to notified exceptions, must be filed each time the person leaves India, and is to be submitted manually before the jurisdictional Assessing Officer with the prescribed identity documents. The form does not require proof of tax payment, Aadhaar is no longer required in the personal details, and corrections may be made before submission or later through the Assessing Officer.
April 3, 2026
Guidance Note – Form 156
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Form 156 filing requirement for Indian residents leaving India is being split into declaration and undertaking formats.
Persons domiciled in India leaving India must furnish Form 156 at the time of departure as an undertaking under section 420(3) of the Income-tax Act, 2025 read with rule 228 of the Income-tax Rules, 2026, subject to notified exceptions. The form is to be filed electronically through the Income-tax Department e-filing portal and requires personal particulars, travel purpose, duration of stay abroad, passport details, and supporting documents such as passport and PAN, or an emergency certificate where no passport is available. The form structure is being rationalised by splitting the existing manual form into Form 156 and Form 157.
April 3, 2026
Form 156– Frequently Asked Questions
Show AI Summary
Departure undertaking requirement governs Form 156 filing, with PAN-based e-filing and limited verification options for domiciled persons leaving India.
Form 156 is an undertaking to be furnished by persons domiciled in India leaving India at the time of departure, subject to notified exceptions. It applies only where the person has a valid PAN and income chargeable to tax in India, and is filed each time the person leaves India. The form cannot be edited after submission and acknowledgement. Filing is electronic through the income tax e-filing portal, with verification by electronic verification code or digital signature certificate, and requires passport or emergency certificate details, without proof of tax payment or Aadhaar.
April 3, 2026
Guidance Note – Form 155
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No objection certificate for departing persons not domiciled in India issued as tax clearance through departmental process.
Form 155 is the no objection certificate and tax clearance certificate issued by the Assessing Officer to a person not domiciled in India under section 420(1) of the Income-tax Act, 2025, read with Rule 228 of the Income-tax Rules, 2026. It is issued in response to Form 154 filed by a person leaving India, records identity and travel details, and states the validity period of the certificate. The certificate is issued through the departmental ITBA functionality and may need to be shown to Customs or Immigration Officers if required.
April 3, 2026
Form 155 – Frequently Asked Questions
Show AI Summary
Tax Clearance Certificate for non-domiciled persons is issued on Form 154 applications and may be required for immigration checks.
Form 155 is a Tax Clearance Certificate issued by the prescribed authority in response to Form 154 for a person not domiciled in India. It is not filed by the taxpayer, is issued subject to the conditions in the Act through the ITBA system, and has no prescribed statutory timeline. The certificate is event-based, depends on travel requirements, and may be produced before immigration officers if asked.

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Income Tax

Form No. 131– Frequently Asked Questions (FAQ)

April 2, 2026

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Form No. 131 (Earlier Form No. 16A)

Form No. 131– Frequently Asked Questions (FAQ)

Certificate u/s 395(4)(a) of the Income-tax Act, 2025 for Tax Deducted at Source

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

16A

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

131

Corresponding section of I.T. Act, 1961

203

Corresponding section of I.T. Act, 2025

395(4)(a)

Corresponding Rule of I.T. Rules, 1962

31

Corresponding Rule of I.T. Rules, 2026

215(1) [Table: Sl. No. 2]

1. What is Form No. 131 and its use?

Ans: Form No. 131 is a certificate prescribed under section 395(4)(a) of the Income-tax Act, 2025 for tax deducted at source (TDS). Such certificate is issued by the deductor to the deductee on whose behalf tax has been deducted at source. It serves as proof of tax deducted and deposited with the Central Government on behalf of deductee who had earned income other than salary and which was subjected to TDS. The form is meant to enable deductee to claim TDS credit at the time of filing of the ITR.

2. Who issues the certificate in Form No. 131?

Ans: Any person responsible for deduction of tax at source under the relevant provisions of the Income-tax Act, 2025, on payments other than salary, is required to issue TDS certificate in this form.

3. Is it mandatory for the deductor to issue Form No. 131?

Ans: Yes. it is the responsibility of the person deducting tax at source to issue Form No. 131 once tax has been deducted and deposited.

4. Can Deductor issue Form No. 131 to the deductees without having filed TDS statement?

Ans: No. Quarterly TDS statement in Form No. 140/144 must be filed for the certificate to be generated and issued from TRACES Portal of Income-tax Department. This form is generated on processing of quarterly TDS statements in Form No. 140 or 144.

5. Can Form No. 131 be issued offline?

Ans: No. The TDS certificate in Form No. 131 must be downloaded from the TRACES website and the deductor should provide it to the deductee after signing it digitally or manually. The certificate in Form No. 131 prepared by the deductor through any other mode/process will not be a legal or valid TDS certificate.

6. What are the due dates for issuing Form No. 131?

Ans: The due date for issuance of TDS certificate in Form No. 131 is within 15 days from the due date of furnishing of quarterly statement of tax deducted at source.

The details are as follows:

Quarter

Period

Due Date

Q1

Apr – Jun

15th August of the Financial Year

Q2

Jul – Sep

15th November of the Financial Year

Q3

Oct – Dec

15th February of the Financial Year

Q4

Jan – Mar

15th June of the Financial Year immediately following the Tax Year in which deduction is required to be made

7. If there is a mistake in Form No. 131, can corrections be made?

Ans: If any correction is required in Form No. 131, the deductor must file a revised TDS statement in Form No. 140/144, within the stipulated time. Once the revised TDS statement is processed, the deductor can download and issue the corrected certificate in Form No. 131 to the deductee.

8. Is Form No. 131 required to be attached with the return of income?

Ans: No. It is not required to be attached with the return of income but should be preserved for purpose of records.

9. Can multiple deductors issue Form No. 131 to the same deductee?

Ans: Yes. Each deductor (i.e., each person/entity who deducts tax) is mandatorily required to issue a separate TDS certificate quarter-wise for the tax deducted by them in the case of a deductee.

10. Is Form No. 131 applicable to payments made to non-residents?

Ans: Yes, it is applicable to non-residents wherever tax is deducted at source from payments made to such persons and the transaction is reported in Form 144 with valid PAN of such deductee.

11. Can a duplicate certificate be issued by the deductor?

Ans: Yes. Deductor can issue a duplicate certificate in Form No. 131 if the deductee has lost the original certificate. However, deductor must mention on the certificate that it is a duplicate one.

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Acts Income Tax
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