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April 2, 2026
Form No. 131– Frequently Asked Questions (FAQ)
Show AI Summary
TDS certificate issuance rules govern Form No. 131, requiring TRACES-based generation, timely delivery, and revised statements for corrections.
Form No. 131 is the prescribed TDS certificate for payments other than salary, issued by the deductor to the deductee as proof of tax deducted and deposited, and to enable TDS credit in the return of income. It is generated only after filing and processing of the quarterly TDS statement on the TRACES portal, must be downloaded and signed before issue, and is invalid if prepared by any other mode. The certificate must be issued within the prescribed time, corrected through revised TDS statements where necessary, and retained for records.
April 2, 2026
Guidance Note – Form Nos. 130, 131, 132 & 133
Show AI Summary
TDS and TCS certificate rules shift to revised TRACES-based forms with defined issuance timelines and certificate structures.
TDS and TCS certificates under section 395(4) of the Income-tax Act, 2025 are to be issued in revised Form Nos. 130, 131, 132 and 133, replacing the earlier certificate forms under the Income-tax Act, 1961. The deductor, collector or employer must request generation and download through the TRACES portal, and the certificate is valid only when generated from that portal and signed digitally or physically by the deductor or collector. The revised forms prescribe separate issuance timelines, certificate structures and linkage to the relevant statements or challan-cum-statements.
April 2, 2026
Form No. 130 – Frequently Asked Questions (FAQ)
Show AI Summary
TDS certificate Form No. 130 formalises tax credit for salary, pension, and specified senior-citizen interest income.
Form No. 130 is the annual TDS certificate issued to salaried employees, pensioners, and specified senior citizens in relation to salary, pension, or eligible interest income on which tax has been deducted and deposited. It replaces Form 16 and serves as proof of deduction and deposit of tax, enabling the deductee to claim credit for TDS. The certificate is issued by the employer or specified bank through the TRACES system, after processing of quarterly TDS statements, and issuance is mandatory once tax has been deducted and deposited.
April 2, 2026
Guidance Note – Form 129
Show AI Summary
Tax deduction before remittance governs Form 129 applications to determine taxable income and treaty-based withholding for non-resident payments.
Form No. 129 is the electronic application used by a payer remitting sums, other than salary, to a non-resident individual or a foreign company to obtain a certificate determining the amount chargeable to tax before remittance and to authorise deduction of tax on that amount. The form applies before remittance, may be withdrawn before an order is passed, and requires payer and payee particulars, transaction details, supporting documents, and treaty-based or domestic taxability details for assessment by the Assessing Officer.
April 2, 2026
Gross and Net GST revenue collections for the month of Mar, 2026
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GST revenue collections and refund adjustments for March 2026 show provisional gross, net and cess figures across domestic and import streams.
Gross and net GST revenue collections for March 2026 are reported on a provisional basis, with separate disclosure of domestic and import collections, refunds, net revenue and compensation cess. The statement presents gross GST revenue by CGST, SGST and IGST, shows domestic refunds and export-linked GST refunds through ICEGATE, and derives net domestic revenue, net customs revenue and total net GST revenue after refund adjustments. It also notes that compensation cess is a transitory arrangement until the loan and interest liability is discharged, and that the figures may vary on finalisation.
April 2, 2026
Form No. 129 – Frequently Asked Questions
Show AI Summary
Tax deduction at lower or nil rate through Form No. 129 for non-resident payments and remittances.
Form No. 129 is an online application by a payer to obtain a certificate for deduction of tax at a lower or nil rate on payments to a non-resident or foreign company. It is filed before remittance, requires supporting documents and verification through prescribed electronic methods, and may be withdrawn before the Assessing Officer passes an order. If eligibility and compliance requirements are satisfied, the Assessing Officer issues a certificate valid for the specified tax year; otherwise, tax is deducted at the applicable rate.
April 2, 2026
Income-tax Act, 2025 comes into force from today (1st April, 2026)
Show AI Summary
Income-tax simplification and modernisation as the new Act replaces the old regime with streamlined compliance measures.
The Income-tax Act, 2025 comes into force from 1 April 2026 and replaces the long-standing Income-tax Act, 1961. The reform is presented as a comprehensive simplification and modernisation of India's direct tax framework, aimed at improving clarity, ease of compliance, and reader-friendly presentation without altering the underlying tax policy. The Income-tax Rules, 2026 have been notified to operationalise the new Act, and the corresponding forms have also been issued to make compliance simpler.
April 2, 2026
The Directorate General of Foreign Trade Conducts Special Drive for Expeditious Disposal of Export Obligation Discharge Certificates
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Export obligation discharge certificates see accelerated disposal under a special drive to clear backlog and ease exporter compliance.
The Directorate General of Foreign Trade conducted a time-bound special drive for expeditious issuance of Export Obligation Discharge Certificates under the Advance Authorisation and Export Promotion Capital Goods schemes, with daily monitoring by senior officials to accelerate closure of export obligations and improve trade facilitation. The drive was designed to support an exporter-friendly ecosystem by enabling release of bank guarantees and bonds, reducing grievance burden, and strengthening compliance monitoring under the foreign trade framework. In view of the campaign's results, the special drive was extended for a further two months with fresh guidelines. The extension continues the administrative effort to expedite EODC disposal, support timely closure of export obligations, and reduce the operational burden on exporters.
April 2, 2026
Government notifies Conditional Concessional Customs Duty for SEZ to Domestic Tariff Area sales to boost manufacturing capacity
Show AI Summary
Conditional customs duty concessions for SEZ to DTA clearances impose value addition, cap limits, and anti-double-benefit safeguards.
Conditional customs duty concessions are notified for clearance of goods manufactured in Special Economic Zones to the Domestic Tariff Area, subject to a ceiling of 30 per cent of the highest annual Free on Board export value in the preceding three financial years. Eligible units must satisfy minimum 20 per cent value addition, obtain a Development Commissioner's certificate, and comply with audit requirements, while export benefits such as duty drawback on inputs are barred to prevent double benefits.
April 2, 2026
Guidance Note – Form 128
Show AI Summary
Lower or nil tax deduction certificate process under income tax law through electronic Form 128 filing and approval.
Form No. 128 is the electronic application under the Income-tax Act, 2025 for a certificate authorising lower or nil deduction of tax at source and lower collection of tax under section 395(1) and section 395(3). It may be filed by resident or non-resident applicants seeking reduced TDS or TCS on specified income, and requires applicant details, tax liability particulars, income estimates, supporting financial information, and payer/TAN details where applicable. The form is processed electronically, and any approved certificate can be shared with the payer for application of the authorised rate during its validity.
April 2, 2026
Form No. 128 – Frequently Asked Questions
Show AI Summary
Lower or nil tax deduction certificate through TRACES requires advance electronic filing, PAN, and supporting documents.
Form No. 128 is the electronic application for a certificate authorising lower or nil deduction of income-tax and lower collection of income-tax under section 395(1) and section 395(3) of the Income-tax Act, 2025. The form is optional, must be filed through the TRACES portal before the relevant transaction, and cannot be processed once the TDS/TCS transaction is completed. It requires PAN, supporting documents, and electronic submission with e-verification.
April 2, 2026
Guidance Note – Form 127
Show AI Summary
Tax collection at source declaration for non-trading use of goods enables buyers to obtain goods without TCS.
Form No. 127 is the declaration required from a buyer to obtain goods without collection of tax at source where the goods are intended for manufacturing, processing, production, or generation of power and are not meant for trading. The buyer must furnish the declaration to the seller at or before the purchase or payment event, and the seller must verify the declaration, upload monthly details to the e-filing portal by the 7th of the following month, and forward the declaration to the tax authority.
April 2, 2026
Form No. 127 – Frequently Asked Questions (FAQ)
Show AI Summary
TCS exemption declaration for specified goods requires PAN, timely filing, and seller reporting obligations.
Form No. 127 is a buyer's declaration under section 394(2) of the Income-tax Act, 2025 for obtaining specified goods without collection of tax at source. A resident buyer may furnish the declaration to the seller where the goods are intended for manufacturing, processing, producing articles or things, or generating power, and not for trading. PAN is mandatory, the declaration must be furnished on or before the date of transaction, and once received the seller must report the particulars and include the transactions in the quarterly TCS statement.
April 2, 2026
Guidance Note – Form 126
Show AI Summary
Tax deduction relief for non-resident branch operations through a unified Form No. 126 compliance framework.
Form No. 126 is a unified self-declaration and treaty-benefit request for specified non-residents carrying on business or profession in India through a branch to obtain a certificate for receipt of certain sums without deduction of tax at source. Banking companies and insurers, and other eligible non-resident persons, must satisfy the conditions in Rule 209, including tax compliance, branch-based receipt on own account, and, for non-banking applicants, continuous business in India for five years and prescribed fixed assets. The application is filed electronically, processed by the Assessing Officer, and the certificate remains valid for the relevant tax year unless cancelled earlier.
April 2, 2026
Rupee rebounds from record low; gains 1.6 pc to 93.19 against US dollar
Show AI Summary
Rupee recovery follows RBI cap on banks' net open position amid capital outflows and crude-driven pressure.
Rupee recovered in early trade after the Reserve Bank of India capped banks' net open position in the onshore forward delivery market and required compliance by April 10, 2026. The currency remained under pressure from foreign capital outflows, a stronger dollar, rising crude oil prices, geopolitical volatility, widening trade deficit, declining remittances and sustained foreign portfolio investor selling.
April 2, 2026
Govt exempts critical petrochemical products from customs duty amid West Asia crisis
Show AI Summary
Customs duty exemption on critical petrochemical imports aims to stabilise supply chains and ease cost pressures.
Full customs duty exemption has been granted on specified critical petrochemical imports as a temporary and targeted measure to protect supply stability amid disruptions in global supply chains caused by the West Asia crisis. The exemption is intended to ensure continued availability of essential petrochemical inputs for domestic industry, reduce cost pressures on downstream sectors, and provide relief to consumers of final products. The exemption remains valid until June 30 and covers Methanol, Anhydrous ammonia, Toluene, Styrene, Dichloromethane, Vinyl chloride monomer, Poly butadiene, Styrene butadiene and Unsaturated polyester resins.
April 2, 2026
GST fraud unearthed in Meerut, 1 arrested
Show AI Summary
GST fraud through fake firms and fake invoices exposed alleged illegal input tax credit claims and circular trading.
GST fraud involving fake firms, shell companies, fake invoices and circular trading was detected during a police investigation. The alleged racket used fake Aadhaar and PAN details to unlawfully avail input tax credit and underreported sales in GST returns, causing an estimated loss of around Rs 3 crore to the government exchequer, with the total involvement suspected to be higher. One accused was arrested, while efforts continued to trace other persons involved.
April 1, 2026
HIGHLIGHTS
Show AI Summary
GST revenues rise on stronger imports and domestic sales, marking one of the highest monthly collections this fiscal.
GST revenues rose about 9 per cent in March to over two lakh crore rupees, reaching the third highest monthly collection in the 2025-26 fiscal. The increase was supported by higher receipts from imports as well as domestic sales and purchases, reflecting a recovery in tax mop-ups after earlier tax cuts.
April 1, 2026
Haryana records highest SGST growth in FY26: Report
Show AI Summary
State GST collection growth in Haryana leads the country, driven by stronger compliance, economic activity and taxpayer base expansion.
State GST collection growth in Haryana was reported as the highest among all states in FY26, with post-settlement SGST collection rising to Rs 48,289 crore from Rs 39,743 crore in FY25. The increase of 21.5 per cent exceeded the national average SGST growth of 5.7 per cent. Total GST collection in the State also grew by 8.6 per cent, placing Haryana fifth among states and Union Territories in gross domestic GST collection.
April 1, 2026
Parliament amends IBC to speed up insolvency cases
Show AI Summary
Insolvency resolution framework tightened to speed up admissions, reduce delays, and support rescue of viable businesses.
Parliament has amended the Insolvency and Bankruptcy Code to speed up admission and resolution of insolvency cases, reduce backlog, and preserve enterprise value. The changes introduce stricter timelines, greater reliance on information utilities, stronger liquidation oversight, and an enabling framework for group and cross-border insolvency. The bill also replaces the underused fast-track process with a creditor-initiated framework, exempts MSMEs from disqualification under specified provisions, and requires insolvency applications to be admitted within 14 days once default is established.

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Income Tax

Form No. 134 & 135 - Frequently Asked Questions

April 2, 2026

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Form No. 134 & 135 (Earlier Form No. 49B)

Form No. 134 & Form No. 135 - Frequently Asked Questions

Form for application for allotment of Tax Deduction and Collection Account Number [TAN] under section 397 of Income-tax Act, 2025

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

49B

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

134 & 135

Corresponding section of I.T. Act, 1961

203A

Corresponding section of I.T. Act, 2025

397

Corresponding Rule of I.T. Rules, 1962

114A

Corresponding Rule of I.T. Rules, 2026

216

 

Form No.

Applicant Type

134

Government

135

Non-Government

1. What is TAN?

Ans: TAN (Tax Deduction and Collection Account Number) is a unique identifier allotted by the Income-tax Department to persons/entities responsible for deduction of tax at source (TDS) or collection of tax at source (TCS). It is required to be quoted in all TDS/TCS related communications and compliances.

2. Who should apply for TAN?

Ans: Any person/entity who is required to deduct or collect tax at source (TDS/TCS), file TDS/TCS statements or issue TDS/TCS certificates should apply for TAN.

3. Which forms are prescribed for TAN application under the Income-tax Rules, 2026?

Ans: TAN application has been bifurcated into two e‑Forms:

(i) Form No. 134 – Application for Allotment of Tax Deduction and Collection Account Number for Government Category

(ii) Form No. 135 – Application for Allotment of Tax Deduction and Collection Account Number for non- Government Category (Individual and other than Individual entity).

4. Is TAN different from PAN?

Ans: Yes, TAN is different from PAN. TAN is an identifier for persons/entities responsible for Tax Deducted at Source (TDS)/Tax Collected at Source (TCS) compliances whereas PAN is an identifier for taxpayers. Wherever TAN is required, PAN cannot be quoted in place of TAN.

5. Whether a separate TAN is required for Tax Collected at Source (TCS)?

Ans: No, the TAN allotted for TDS can also be used for TCS. If an entity does not have a TAN, it should apply for TAN using the applicable form.

6. How can an applicant apply for TAN?

Ans: TAN applications can be submitted through the following modes:

i. Offline at authorized PAN Centers

ii. Online through Protean or MCA portal.

7. Who is the ‘person responsible for deduction/collection of tax’?

Ans: Person responsible for deduction/collection of tax is the authorised person accountable for TDS/TCS compliances on behalf of the deductor/collector.

8. What happens if an application is incomplete or deficient?

Ans: Incomplete/deficient applications are liable to be treated as invalid.

9. Whether TAN application can be edited after final submission?

Ans: No, after final submission and generation of acknowledgement, edits are not permitted in TAN Application. In case of any change, applicant may submit change request (correction application) after TAN is allotted.

10. Is Correction allowed in TAN?

Ans: Yes, TAN correction request can be submitted using correction application.

11. How will applicants know that TAN is allotted?

Ans: A letter will be sent to the applicant’s registered E-mail id once TAN is allotted.

12. Is there any fee for TAN application?

Ans: Yes, fees of Rs.77 (inclusive of GST) is applicable.

13. What should be done in case of change in details after allotment of TAN?

Ans: Any change/correction in TAN details should be carried out through the prescribed change request forms for TAN holders.

Form No. 134 & 135 (Earlier Form No. 49B)

FAQs (Forms wise)

Form No. 134: Form for application for allotment of Tax Deduction and Collection Account Number [TAN] under section 397 of Income-tax Act, 2025 for Government Category Deductors

1. What is Form No. 134?

Ans: Form No. 134 is an application form for allotment of Tax Deduction and Collection Account Number (TAN) for Government Category Deductors.

2. Who can file Form No. 134?

Ans: Form No. 134 can be filed by Government entities i.e. Central Government, State Government and Local Authorities.

3. What documents are required to file Form No. 134?

Ans: AIN and Certificate from PAO/ZAO/DTO/CDDO are required for filing the application in Form No. 134.

Note: AIN (Accounts Office Identification Number) is a unique identifier assigned to an Accounts Office (AO) that is responsible for reporting and reconciliation of TDS/TCS transactions for Government deductors.

4. What is Accounts Office Identification Number (AIN) and why is it required in Government TAN application?

Ans: AIN is a 7-digit unique number allotted by the Income-tax Department to PAOs (Pay & Accounts Offices), DDOs (District Treasury Offices) and CDDOs (Cheque Drawing & Disbursing Officers). AIN links the deductor/collector to the relevant Accounts Office for Government reporting and reconciliation. Making AIN mandatory improves traceability and correct mapping for Government deductors.

Form No. 134 & 135 (Earlier Form No. 49B)

Form No. 135: Form for application for allotment of Tax Deduction and Collection Account Number [TAN] under section 397 of Income-tax Act, 2025 for other than Government Entities

1. What is Form No. 135?

Ans: Form No. 135 is an application form for allotment of Tax Deduction and Collection Account Number (TAN) for Categories other than Government Entities.

2. Who can file Form No. 135?

Ans: Form No. 135 can be filed by any person other than Government Entities to apply for TAN. The following entities are eligible to file this form:

  • Individuals,
  • Branch of Individual Business (Sole proprietorship concern),
  • LLP / Firm/Association of Persons / Trust / Body of Individual / Artificial Juridical Person/ Hindu Undivided Family (HUF),
  • Branch of LLP / Firm/Association of Persons / Trust / Body of Individual / Artificial Juridical Person/ Hindu Undivided Family (HUF),
  • Company,
  • Branch/Division of Company,
  • Statutory/Autonomous bodies.

3. What are the supporting documents required for Non‑Government Categories applying for TAN?

Ans: The following supporting documents are required for TAN Application as per Rule 216 of Income-tax Rules, 2026:

i. Proof of Identity (POI)

ii. Proof of Address (POA)

iii. Proof of Date of Birth / Date of Incorporation (as applicable)

4. Is PAN mandatory for TAN application in Form No. 135?

Ans: Yes, PAN is mandatory for categories other than Government category.

5. What additional identifiers are required in Form No. 135?

Ans: Depending on the category, Form No. 135 captures additional identifiers such as LLP registration number for LLP’s and Corporate Identity Number (CIN) for companies mandatorily.

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