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    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
    April 1, 2026
    GST collections rise 9 pc to over Rs 2 lakh cr in March, third highest in FY26
    April 1, 2026
    The ‘Perfect Colourants’ Growth Story: Driven by Mr. Madan Humad Since 1987 as India’s Leading Masterbatch and Compound Manufacturer & Exporter
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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.
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.

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Income Tax

Form No. 143 – Frequently Asked Questions

April 2, 2026

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Form No. 143 (Earlier Form No. 27EQ)

Form No. 143 – Frequently Asked Questions

Quarterly Statement of Collection of Tax at Source under section 397(3)(b) of the Income-tax Act, 2025

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

27EQ

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

143

Corresponding section of I.T. Act, 1961

200(3)

Corresponding section of I.T. Act, 2025

397(3)(b)

Corresponding Rule of I.T. Rules, 1962

31AA

Corresponding Rule of I.T. Rules, 2026

219

1. What is Form No. 143?

Ans: Form No. 143 is a quarterly statement filed by collectors who are responsible to collect tax at source on specified goods and transactions involving sale of scrap, tendu leaves, liquor, forest produce, parking lot, toll plaza, mining & quarrying, overseas remittance, foreign tour packages etc.

2. Who is required to file Form No. 143?

Ans: Every collector (seller, operator, or authorized person) responsible for collecting tax at source on specified transactions such as sale of motor vehicles, scrap, liquor, tendu leaves, foreign remittances, etc. is required to file Form No. 143.

3. Is filing of Form No. 143 mandatory?

Ans: Any collector, who is required to collect tax from buyers/collectees at the time of debit or receipt of payment, must file Form No. 143 for the relevant quarter(s).

4. What is the time limit for filing Form No. 143?

Ans: Form No. 143 is to be filed quarterly:

Quarter

Period

Due Date

Q1

Apr – Jun

31st July of the Financial Year

Q2

Jul – Sep

31st October of the Financial Year

Q3

Oct – Dec

31st January of the Financial Year

Q4

Jan – Mar

31st May of the Financial Year immediately following the Tax Year in which collection is made

5. Is it mandatory to file Form No. 143 in electronic format?

Ans: Yes. As per the Income-tax Rules, all TDS/TCS statements including Form No. 143 must be furnished electronically in the prescribed format.

6. Can Form No. 143 be edited after submission?

Ans: No. Form No. 143 once submitted, cannot be edited. However, in order to correct or update the details in an already submitted Form No. 143, the collector is allowed to file a correction statement once the previously submitted statement has been processed by CPC-TDS.

7. What is the time limit for filing the correction statement?

Ans: Within two years from the end of the tax year in which the statement was required to be delivered. For example, the correction statement in respect of Form No. 143 for the Quarter 2 of Tax Year 2026-27 can be filed upto 31.03.2029.

8. How will collector know whether the Form No. 143 filed by him has been accepted by the Income-tax Department?

Ans: After filing Form No. 143 on the TRACES portal of Income-tax Department, the collector receives an Acknowledgment Receipt Number (ARN) on successful submission of the Form.

9. Why filing of Form No. 143 in a timely and accurate manner is important?

Ans: Filing of Form No. 143 in a timely and accurate manner is important as:

⮚ It will ensure that accurate and complete tax credit is passed onto the collectees. Consequently, it will also eliminate scope for collectee related grievances.

⮚ The collector would be able to avoid legal challenges associated with noncompliance including late filing fee u/s 427 and penal proceedings u/s 461 and 465(2)(g).  

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Acts Income Tax
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