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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
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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.
April 1, 2026
GST collections rise 9 pc to over Rs 2 lakh cr in March, third highest in FY26
Show AI Summary
GST collections rise on strong domestic demand, higher import revenues, and recovering momentum after rate rationalisation.
GST collections increased in the reported month, with gross receipts rising on the strength of both domestic supplies and import-related revenues. After adjustment for refunds, net GST revenues also recorded year-on-year growth, indicating continued buoyancy in tax mobilisation. The trend was linked to a recent GST rate rationalisation, including lower rates on many goods and a simplified slab structure, with collections initially dipping after the tax cut before recovering in later months.
April 1, 2026
The ‘Perfect Colourants’ Growth Story: Driven by Mr. Madan Humad Since 1987 as India’s Leading Masterbatch and Compound Manufacturer & Exporter
Show AI Summary
Quality-controlled masterbatch manufacturing links R&D, regulatory compliance, and application-specific products across export markets.
Masterbatch and compound manufacturing is presented as a quality-controlled, export-oriented activity built on regulatory compliance, R&D support, and structured batch testing for colour consistency, dispersion, mechanical performance, and stability. The product range is described as application-specific, including laser marking masterbatches, flame retardant masterbatches meeting UL 94 ratings, long glass fibre reinforced compounds for metal replacement, and amber colour masterbatches for pharmaceutical packaging that comply with global regulatory requirements.
April 1, 2026
Guidance Note – Form 117
Show AI Summary
Identical question of law declarations under Form 117 keep pending tax disputes aligned with the final higher court decision.
Form 117 is the prescribed declaration by which an assessee states that a question of law in the assessee's pending case is identical to a question already pending before the High Court or Supreme Court in the assessee's own case for another tax year. The form is filed before the Assessing Officer or appellate authority, with supporting documents showing the related pending proceedings. If accepted, the assessee is bound by the final decision on the identical question and the pending order may later be amended to conform to that decision.
April 1, 2026
Form 117 – Frequently Asked Questions
Show AI Summary
Identical question of law declaration streamlines tax disputes by binding pending cases to the higher court's final decision.
Form 117 is the optional declaration used by an assessee to state that a question of law in the relevant case is identical to a question already pending before the High Court or Supreme Court in the assessee's own case for another assessment year. It may be filed before the Assessing Officer or the appellate authority, requires prescribed particulars and supporting documents, and once admitted binds the assessee to the final decision on that identical question while not stopping the pending proceedings.
April 1, 2026
Guidance Note – Form 116
Show AI Summary
Cross-objections before the Income-tax Appellate Tribunal require timely filing, supporting documents, and structured grounds under the prescribed form.
Form 116 is the prescribed memorandum of cross-objections to the Income-tax Appellate Tribunal, enabling a respondent in an appeal to challenge any part of the order appealed against without filing a separate appeal. It may be filed by a respondent, including an assessee, deductor, or the Income-tax Department, only after an appeal has been filed and notice of that appeal has been received. The form is to be furnished within thirty days, accompanied by relevant orders and supporting documents, and may include grounds for condonation of delay where applicable.

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Income Tax

Form No. 141 - Frequently Asked Questions

April 2, 2026

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Form No. 141 (Earlier Form Nos. 26QB/QC/QD/QE)

Form No. 141 - Frequently Asked Questions

Challan-cum-Statement of deduction of tax under section 393(1) [Table: Sl. No. 2(i), 3(i), 6(ii) & 8(vi)] of the Income-tax Act, 2025

Name of form as per Income Tax Rules, 1962

26QB. 26QC, 26QD & 26QE

Name of form as per Income Tax Rules, 2026

141

Corresponding Section of Income Tax Act, 1961

194-IA, 194-IB, 194M & 194S

Corresponding section of Income Tax Act, 2025

393(1) [Table: Sl. Nos. 2(i), 3(i), 6(ii) & 8(vi)]

Corresponding Rule of Income Tax Rules, 1962

30 & 31A

Corresponding Rule of Income Tax Rules, 2026

218 & 219

1. What is Form No. 141?

Ans: The Form No. 141 is a single unified form introduced to enable reporting and payment of tax deducted at source for specified transactions through multiple dedicated schedules instead of separate forms.

2. Which forms have been merged into the Form No. 141?

Ans: The consolidated Form 141 replaces:

  • Form 26QB
  • Form 26QC
  • Form 26QD
  • Form 26QE

3. How is reporting for different transactions structured in this form?

Ans: This form contains separate schedules, each corresponding to a specific type of transaction earlier reported through a separate form.

4. Which schedules correspond to which erstwhile forms?

Ans: The mapping is as follows:

Schedule A – Rent payments (earlier Form 26QC)

Schedule B – Purchase of immovable property (earlier Form 26QB)

Schedule C – Payments to resident contractors or professionals (earlier Form 26QD)

Schedule D – Transfer of virtual digital assets (earlier Form 26QE)

5. Is the deductor required to fill all schedules in the consolidated form?

Ans: No. The deductor is required to fill only the relevant schedule applicable to the transaction being reported.

6. Who is required to file the Form No. 141?

Ans: A person (tenant/buyer/payer/buyer of VDA) who is deducting tax at source under the specified provisions of Income-tax Act, 2025 is required to file this form.

7. Is TAN mandatory for filing Form No. 141?

Ans: No. Filing is to be done using PAN of the deductor.

8. How does the deductor select the appropriate schedule?

Ans: The deductor must select the schedule based on the nature of the transaction and the applicable section of the Act.

9. What transactions are to be reported in Schedule A?

Ans: Schedule A is applicable for reporting rent payments under section 393(1) [Table Sl. No. 2(i)] where tax is deducted by person other than specified person.

10. What transactions are to be reported in Schedule B?

Ans: Schedule B is applicable for reporting purchase of immovable property under section 393(1) [Table Sl. No. 3(i)].

11. What transactions are to be reported in Schedule C?

Ans: Schedule C is applicable for reporting payments to resident contractors or professionals under section 393(1) [Table Sl. No. 6(ii)].

12. What transactions are to be reported in Schedule D?

Ans: Schedule D is applicable for reporting transactions involving transfer of virtual digital assets under section 393(1) [Table Sl. No. 8(vi)].

13. Can multiple schedules be used in a single form?

Ans: No. Each Form No. 141 is meant for one transaction type only, and therefore only one schedule may be filled per filing.

14. Is a separate Form No. 141 required for each transaction of same nature?

Ans: No. A single Form No. 141 is sufficient for multiple transactions of same nature having same month of deduction. Transactions with different month of deductions cannot be clubbed in a single form.

15. How should transactions involving multiple sellers or buyers be reported?

Ans: Separate forms are required to be filed for each deductor for its proportionate share, within the relevant schedule. One deductor can report multiple transactions of same nature having same month of deduction. Multiple deductees can be used in the same form, however, in case of more than one deductor, separate forms are required to be filed for each deductor for its proportionate share.

16. What is the due date for filing Form No. 141?

Ans: The due date is within 30 days from the end of the month in which tax is deducted.

17. How is payment of tax made under Form No. 141?

Ans: Payment of tax is made electronically along with submission of the Form No. 141.

18. What happens after payment is made successfully?

Ans: Upon successful payment of tax, a Challan Identification Number (CIN) is generated automatically against particular acknowledgement number linked to the statement.

19. Can the Form No. 141 be revised?

Ans: Yes. A correction statement may be filed to rectify errors in any schedule within two years from the end of the tax year in which such statement is required to be delivered.

20. What happens if deductee PAN is invalid or incorrect?

Ans: In such cases, credit will not be reflected in the deductee’s ATS/ Form 26AS and deductor will be liable to deduct tax at a higher rate, wherever applicable.

21. Is late fees applicable for delayed filing?

Ans: Yes. Late fee under section 427 of Income-tax Act, 2025 shall be levied for delay in filing the form.

22. Is interest applicable for late deduction or payment?

Ans: Yes. Interest under section 398(3)(a) shall apply, as per the Income-tax Act, 2025.

23. Will TDS certificates continue to be issued?

Ans: Yes. Based on the schedule used and upon successful processing, the deductor can download relevant TDS certificate in Form No. 132 from TRACES and issue it to the deductee(s).

24. What are the threshold limits for different nature of payments in Form No. 141?

Ans: Threshold limits prescribed under the respective nature of payments are as under:

Nature of Payments

Threshold limits

On payment of rent

₹50,000 for a month or part of a month

On transfer of immovable property

₹50 lakh or more

On professional / contract / commission / brokerage payments

₹50 lakh

On transfer of VDA

No monetary limit is prescribed

25. What will be the applicability of Form No. 141?

Ans: The Form No. 141 shall be applicable for the transactions pertaining to Tax Year 2026- 27 onwards.

26. Can an authorised representative file the consolidated form?

Ans: Yes. Filing of original statement may be done through an authorised representative using valid credentials at e-filing portal only.

27. What proof will deductor have after submission of this form?

Ans: The ARN (Acknowledgement Receipt Number) is generated after submission of form and the deductor will also have the facility to download the submitted form.

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Acts Income Tax
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