Loading...

Top
Help
×

By creating an account you can:

Logo TaxTMI
Call Us / Help / Feedback

Contact Us At :

E-mail: [email protected]

Call / WhatsApp at: +91 99117 96707

For more information, Check Contact Us

FAQs :

To know Frequently Asked Questions, Check FAQs

Most Asked Video Tutorials :

For more tutorials, Check Video Tutorials

Submit Feedback/Suggestion :

Email :
Please provide your email address so we can follow up on your feedback.
Category :
Description :
Min 15 characters 0/2000
Make Most of Text Search
  1. Checkout this video tutorial: How to search effectively on TaxTMI.
  2. Put words in double quotes for exact word search, eg: "income tax"
  3. Avoid noise words such as : 'and, of, the, a'
  4. Sort by Relevance to get the most relevant document.
  5. Press Enter to add multiple terms/multiple phrases, and then click on Search to Search.
  6. Text Search
  7. The system will try to fetch results that contains ALL your words.
  8. Once you add keywords, you'll see a new 'Search In' filter that makes your results even more precise.
  9. Text Search
Add to...
You have not created any category. Kindly create one to bookmark this item!
Create New Category
Hide
Title :
Description :
❮❮ Hide
Default View
Expand ❯❯
Close ✕
🔎 News - Adv. Search
TEXT SEARCH:

Press 'Enter' to add multiple search terms. Rules for Better Search

Search In:
Main Text + AI Text
  • Main Text
  • Main Text + AI Text
  • AI Text
Category: ?
Categorized by AI
---- All Categories ----
  • ---- All Categories ----
  • Income Tax
  • GST
  • Customs, DGFT & SEZ
  • FEMA & RBI
  • Corp. Laws, SEBI & IBC
  • PMLA, Black Money & ED
  • Budget
  • News and Press Release
  • PTI News
Month:
---- All Months ----
  • ---- All Months ----
  • January
  • February
  • March
  • April
  • May
  • June
  • July
  • August
  • September
  • October
  • November
  • December
Year:
---- All Years ----
  • ---- All Years ----
  • 2026
  • 2025
  • 2024
  • 2023
  • 2022
  • 2021
  • 2020
  • 2019
  • 2018
  • 2017
  • 2016
  • 2015
  • 2014
  • 2013
  • 2012
  • 2011
Sort By: ?
In Sort By 'Default', exact matches for text search are shown at the top, followed by the remaining results in their regular order.
Relevance Default Date
❯❯
Maximize Maximize Maximize
0 / 200
Expand Note
Add to Folder

No Folders have been created

+

Are you sure you want to delete "My most important" ?

NOTE:

News
Showing Results for :
Reset Filters
Results Found:
Show All Summaries Hide All Summaries
March 31, 2026
Show AI Summary
Disproportionate assets probe leads to recovery of cash, vehicles and property documents from senior officials.
Police action against two senior Bihar government officers for alleged possession of disproportionate assets led to searches at multiple locations and recovery of property documents, cash, luxury items and vehicle records. The Economic Offences Unit registered separate FIRs against Kishanganj SDPO Gautam Kumar and Saharsa DRDA director Vaibhav Kumar after preliminary findings indicated assets allegedly far in excess of their known income, with suspected benami properties and investments traced to family members and associates. Searches yielded documents relating to numerous land parcels, residential property, insurance and financial investments, bank deposits, cash, luxury watches, high-end vehicles and other valuables.
March 31, 2026
Show AI Summary
Free trade agreements and apple imports raise concerns over Himachal orchardists' economic interests and market competitiveness.
Himachal Pradesh's apple sector was discussed in the context of free trade agreements with the European Union, the United States, New Zealand and other countries, with concern that lower import duties on apples could affect the economic interests of local growers. A private resolution urged the central government to frame a policy to safeguard orchardists, and the government accepted the resolution. The debate also noted that Himachal apples must improve in quality to compete with imports and that the state lags behind those markets in quality standards.
March 31, 2026
Show AI Summary
Sanctions waiver revives Iranian crude trade as a cargo heads to Gujarat amid refinery inventory pressures.
India's crude oil trade may see a renewed shipment of Iranian oil after a sanctions waiver allowed oil "on the water" to be purchased for a limited period. A vessel carrying about 600,000 barrels of Iranian crude has reportedly been observed heading toward Vadinar in Gujarat, marking the first such delivery since imports stopped in 2019 after sanctions tightening. The development is linked to Indian refiners' need for cargoes amid tightening inventories, while the government has stated that any resumption of purchases will depend on techno-commercial feasibility.
March 31, 2026
Show AI Summary
Registered non-profit organisation audit reporting in Form 112 standardises income, foreign contribution, and related person disclosures.
Form 112 is the annual audit report required to be furnished electronically under section 348 for a registered non-profit organisation whose total income exceeds the maximum amount not chargeable to income-tax in the relevant tax year. The form is filed through the e-filing portal on or before 30 September of the following year, with a Chartered Accountant certificate and annexure covering audited particulars, income classification, application of income, donations, related person transactions, specified violations, loans, borrowings, and supporting schedules. The guidance also consolidates earlier audit forms into a common Form 112 with different schedules for small and large registered non-profit organisations.
March 31, 2026
Show AI Summary
Electronic audit report filing for registered non-profit organisations is mandatory, time-bound, and tied to exemption eligibility under the income-tax law.
Form 112 is the electronic audit report prescribed under section 348 of the Income-tax Act, 2025, for a registered non-profit organisation whose income exceeds the basic non-taxable limit. It must be filed annually through the e-filing portal, one month before the due date for the return of income, and cannot be edited after acknowledgment or filed offline. PAN is mandatory, and supporting documents include registration papers, audited financials, related forms, FCRA records, AIS, and TDS returns.
March 31, 2026
Show AI Summary
Research-academia collaboration in cement and construction advances joint innovation, training, and sector-wide capacity building.
Strengthening research-academia collaboration in the cement and construction sector is pursued through a Memorandum of Understanding between the National Council for Cement and Building Materials and Delhi Technological University. The arrangement is directed toward joint research and innovation in cement and concrete technologies, along with training opportunities for students, professionals and other stakeholders. It also supports skill development and capacity building across the sector, with an emphasis on sharing technical knowledge, best practices and industry-relevant expertise.
March 31, 2026
Show AI Summary
E-commerce export and courier trade reforms remove value caps, add Return to Origin processing, and simplify returns handling.
CBIC operationalised reforms for e-commerce exports and courier-based trade to improve ease of doing business, reduce logistics inefficiencies, and strengthen export competitiveness. The reforms remove the value cap on commercial courier export consignments, introduce a Return to Origin mechanism for uncleared or unclaimed imports after 15 days, and simplify re-import of returned or rejected goods through a risk-based approach and system-based processing.
March 31, 2026
Show AI Summary
Amendment to accumulated income purpose through Form 110 requires electronic filing and Assessing Officer decision.
FORM 110 is an electronic application for a registered non-profit organisation seeking approval to amend the original purpose for which income was accumulated or set apart for a particular tax-year. It is filed on the e-filing portal before expiry of the period prescribed under Form 109 and must include details of the earlier Form 109, the proposed amendment, the amount unapplied, the reasons for the change, and an undertaking. The application is then forwarded to the jurisdictional Assessing Officer for decision and order in the prescribed ITNS form under section 342(6).
March 31, 2026
Show AI Summary
Change of purpose for accumulated income requires online FN 110 filing and approval before amended utilisation.
FN 110 is the prescribed digital application for a registered non-profit organisation seeking approval to amend the original purpose stated in FN 109 for income accumulated or set apart for a particular tax year. The form is mandatory when such amendment is proposed, must be filed online through the e-filing portal, requires a valid PAN, and cannot be filed offline or edited after submission. After filing and acceptance in FN 111, the accumulated or set-apart amount may be applied toward the amended purpose as approved.
March 31, 2026
Show AI Summary
Accumulation or set-aside of income by non-profit organisations requires annual electronic disclosure in Form 109.
Form 109 is an annual electronic statement for a registered non-profit organisation to report regular income accumulated or set apart under section 342(1) of the Income Tax Act, 2025. It must be furnished on the e-filing portal before the due date for filing the return of income and includes details of the amount, purpose, period of accumulation, prior-year accumulations, and any non-application due to injunction or court order. The reported amount may be claimed in a subsequent return for application within five tax years.
March 31, 2026
Show AI Summary
Accumulation of income by non-profit organisations requires timely electronic filing of FN 109 with a valid PAN.
Registered non-profit organisations may furnish FN 109 electronically or digitally to indicate accumulation or setting apart of regular income under section 342(1) of the Income-tax Act, 2025, for application in subsequent tax years for a period not exceeding five tax years. The form is mandatory for claiming the accumulated or set-apart amount, must be filed by the return due date, requires a valid PAN, and is submitted online to the Commissioner of Income Tax (CPC) through the e-filing portal. It cannot be edited after submission or filed offline.
March 31, 2026
Show AI Summary
Deemed application for non-profit income requires electronic filing of Form 108 before the return due date.
Form 108 requires a registered non-profit organisation to electronically furnish a statement exercising the option under section 341(7) for treating regular income as deemed application under section 341(5). The annual filing is due before the return of income due date and covers computation of the shortfall in application and the reasons for that shortfall. A reported shortfall may be claimed as deemed application in the subsequent return of income.
March 31, 2026
Show AI Summary
Deemed application of income under FN 108 requires timely online filing by registered non-profit organisations.
Registered non-profit organisations may use FN 108 as the electronic statement for exercising the option to treat a shortfall in application of income as deemed application where income could not be applied because it was not received during the relevant tax year. The form is mandatory for such a claim, must be filed online by the return filing due date, requires a valid PAN, and cannot be edited after submission.
March 31, 2026
Show AI Summary
Registration and approval conditions under Form 107 govern validity, disclosure, commercial activity, and cancellation safeguards.
Form No. 107 is the written order passed by the jurisdictional Principal Commissioner or Commissioner on an application in Form No. 105 for regular registration or approval, rejection of the application, cancellation of registration or approval, or a mixed order granting one section code while rejecting another. It records applicant particulars, the unique registration or approval number, the section, date, nature of activity, validity period and relevant tax years, and where applicable the reasons for rejection or cancellation. The form also sets out conditions on application of income, commercial activities, books of account, compliance with law, and true and complete disclosure.
March 31, 2026
Show AI Summary
Registration and approval orders under Form 107 govern grant, rejection, cancellation, and validity periods for eligible applicants.
Form No. 107 is the written order by which the jurisdictional Principal Commissioner or Commissioner grants regular registration or approval, rejects the application, cancels registration or approval, or grants one section code while rejecting the other. It is passed on receipt of Form No. 105, ordinarily within six months from the end of the quarter in which the application is made. The order may issue a 16 digit alphanumeric Unique Registration Number, and the validity of regular registration or approval is generally five tax years, with stated exceptions extending validity in specified cases.
March 31, 2026
Show AI Summary
Provisional registration and approval conditions under Form 106 cover income use, commercial activity limits, and disclosure compliance.
Form No. 106 is the order through which the Commissioner of Income Tax (CPC) grants provisional registration or provisional approval, or rejects an application made in Form No. 104. It captures applicant details, the provisional registration or approval number, the period of validity, and the authority issuing the order. The form prescribes conditions on application of income, commercial activities, maintenance of separate books, compliance with law, and true disclosure, and it may be cancelled if false information is found or electronic filing requirements are not met.
March 31, 2026
Show AI Summary
Preferential allotment of equity shares under a resolution plan supports AI expansion, technology platforms, and working capital needs.
Preferential allotment of equity shares by a listed artificial intelligence and digital transformation company pursuant to a Resolution Plan approved by the National Company Law Tribunal and in compliance with applicable SEBI Regulations, the Companies Act, 2013 and stock exchange requirements. The allotment comprised equity shares issued to strategic investors in the public non-promoter category at a premium, with participation from alternative investment funds, strategic investors and high-net-worth individuals.
March 31, 2026
Show AI Summary
Provisional registration and approval under income tax rules require timely orders, a unique registration number, and compliance with filing requirements.
Provisional registration or provisional approval is granted through Form No. 106 after receipt of Form No. 104, with an order to be passed within one month from the end of the month of application. The provisional status remains valid for three tax years or up to six months from commencement of activities, whichever is earlier. The order issues a 16-digit Unique Registration Number and may later be cancelled after hearing if the application contains false or incorrect information or fails electronic filing and verification requirements.
March 31, 2026
Show AI Summary
Form 105 governs regular registration and approval of non-profit organisations, with filing, validity, documents, and re-application rules.
Form No. 105 is the electronic application for regular registration or regular approval of specified non-profit organisations and allied funds under the Income-tax Act, 2025. It covers applicants seeking registration to claim benefits available to registered non-profit organisations, and applicants seeking approval so that donations received may qualify for donor deduction. The form requires details of identity, formation, existing registration, income, office bearers, beneficial ownership, activities, assets, liabilities, and supporting documents. It also provides for filing timelines, validity periods, re-application, withdrawal, and correction of erroneous details before the order is passed.
March 31, 2026
Show AI Summary
EMI calculators support smarter personal loan planning by helping borrowers assess repayments, tenure, and borrowing capacity in advance.
Personal loan planning increasingly depends on EMI calculators that allow borrowers to estimate monthly instalments, compare loan scenarios, adjust tenure for affordability, and assess the total cost of borrowing before applying. By entering the loan amount, tenure, and interest rate, applicants can review repayment obligations in advance and align borrowing decisions with monthly income and budget capacity, thereby supporting more disciplined financial planning and reducing the risk of over-borrowing. The personal loan product is presented as a flexible digital lending option with an online application process, minimal documentation, and fast approval features.

News

Back

All News

Showing Results for :
Reset Filters
No Records Found

News

Back

All News

Showing Results for : Reset Filters

Guidance Note – Form 145

April 3, 2026

Contents
Forms
Summary
Note

Note

-

Bookmark

Print

Print

Form No. 145: Payments to Non-Residents/Foreign Company

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

Form No. 15CA

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

Form No. 145

Corresponding section of I.T. Act, 1961

195, 271-I

Corresponding section of I.T. Act, 2025

393, 395, 397, 462

Corresponding Rule of I.T. Rules, 1962

37BB

Corresponding Rule of I.T. Rules, 2026

220

1. Purpose:

Form No. 145 is a mandatory declaration filed by any person or entity responsible for making a payment to a non-resident (not being a company) or a foreign company, before remitting funds outside India. It:

i. Provides details of foreign remittances chargeable to tax in India.

ii. Enables the Income-tax Department to track potentially taxable payments overseas and serves as a core compliance measure under the Income-tax Act, 2025.

iii. Assists with proper tax deduction at source (TDS) under section 393(2)(Table: Sl.No.17) and cross-verification with other forms such as Form No. 144 and Form No. 146 & Form No. 147.

iv. Is integrated with ITBA system of the Department to enable risk profiling, analytics, and backend verification.

2. Who should file?

As per Rule 220, every person responsible for paying to a non-resident (not being a company) or to a foreign company shall furnish such information in Form No. 145, before remitting the payment except in respect of the following payments:

i. Remittance is made by an individual and it does not require prior approval of RBI, i.e. payments by an individual under Liberalised Remittance Scheme.

ii. Remittance is made by a Unit of an International Financial Services Centre

iii. Remittance is of the nature specified under relevant purpose code as per RBI.

3. Frequency & Due Dates:

Frequency

Due Date

Form No. 145 is an event-based form and is required for each remittance that satisfies the conditions laid in Rule 220.

There is no time limit prescribed to submit Form No. 145. However, it should be submitted before the remittance is made

4. Structure of Form:

Form No. 145 has four parts. Depending upon the case, the remitter (sender) needs to fill the relevant part.

PART A: To be filled up if remittance or the aggregate of such remittances is chargeable to tax and does not exceed ₹ 5 lakh during the tax year. It has:

i. Particulars of the remitter (sender): Name, address, PAN, TAN, contact details, status, residential status

ii. Particulars of the remittee (recipient): Name, address, PAN, TIN, contact details

iii. Particulars of the remittance (fund transfer): Amount, bank details, proposed date, nature, purpose code as per RBI, TDS details, ITDREIN, aggregate remittances.

iv. Declaration: by the remitter (sender)

PART B: - To be filled up if remittance is chargeable to tax and the remittance or the aggregate of such remittances, exceeds ₹ 5 lakh during the tax year and a certificate u/s 395(1)/395(2) of the Income-tax Act, 2025 has been obtained from the Assessing Officer. It has details of remitter (sender), remittee (recipient), remittance (fund transfer) and declaration as in Part A and also details of AO certificate (Certificate No., date, section, amount, rate of TDS).

PART C: To be filled up if remittance is chargeable to tax and the remittance or the aggregate of such remittances, exceeds ₹ 5 lakh during the tax year and a certificate in Form No. 146 from an accountant has been obtained. It has details of remitter (sender), remittee (recipient), remittance (fund transfer) and declaration as in Part A and also details of the accountant (name, membership no., name of firm, date of certificate, Form No. 146 UDIN). In remittance details, it further has details of its taxability under Income-tax Act and relief under DTAA.

PART D: To be filled up if the remittance is not chargeable to tax. It contains details of remitter (sender), remittee (recipient), remittance (fund transfer) and declaration as in part A.

5. Documents required:

i. Invoice(s) /Agreement or contract between remitter (sender) and remittee (recipient), in respect of foreign remittance.

ii. Certificate u/s 395(1)/395(2) of the Assessing Officer- Required, if filing Part B of Form No. 145.

iii. Chartered Accountant's certificate in Form No. 146 - Required, if filing Part C of Form No. 145.

iv. Form No. 41 and Tax Residency Certificate (TRC) of remittee (recipient)- Required for claiming DTAA benefits.

v. Details of remitter (sender), remittee (recipient), remittance (fund transfer) and bank details of the remitter (sender).

6. Filing Count:

On an average, about 44-45 lakhs Form No. 15CA (now Form No. 145) were filed each year over the past five years.

7. Step-by-step process of filing Form:

Form No. 145 can be filed through the following methods:

  • Online Mode - through e-Filing portal
  • Offline Mode - through Income Tax Department's Offline Utility Service. The "offline" process refers to preparing the data using the utility while not connected to the internet, and then uploading the generated file to the online portal for final submission.

Online Mode: The remitter to follow the below steps to fill and submit Form No. 145 through online mode:

Step 1: Log in to the e-Filing portal using your user ID and password.

Step 2: Once logged in, navigate to your Dashboard, then click on e-File > Income Tax Forms > File Income Tax Forms.

Step 3: On the File Income Tax Forms page, select Form No. 145. Alternatively, enter Form No. 145 in the search box to file the form.

Step 4: On the Instructions page, click Let's Get Started.

Step 5: On click of Let's Get Started, Form No. 145 is displayed. Select the applicable part and fill all the required details. Click Proceed. Upload of Form No. 146 is mandatory prior to filling Part C of Form No. 145. To prefill the details in Part C of Form No. 145, the Acknowledgment number of e-Filed Form No. 146 should be provided.

Step 6: On the Preview page, verify the details and click Proceed to e-verify.

Step 7: Click Yes to submit.

Step 8: On clicking Yes, you will be taken to the e-verify page, where you can complete the verification process. For TAN users DSC is mandatory to file Form No. 145.

After successful e-Verification, a success message is displayed along with a Transaction ID and Acknowledgement Number. Please keep a note of the Transaction ID and Acknowledgement Number for future reference. Download a copy for your records. You will also receive a confirmation message on your email ID and mobile number registered with the e-Filing portal.

Offline mode: The remitter to follow the below steps for offline or bulk filing of Form No. 145:

Step 1: Download the Offline Utility: Without logging in to the e-Filing portal, you can download the Offline Utility for Statutory Forms from Home > Downloads. Install it on your computer and proceed to Step 2. Alternately, you can download the offline utility after logging in to the e-Filing portal by clicking e-File > Income Tax Forms > File Income Tax Forms > Select the Form,

Filing Type, FY / AY and Mode of Filing (Offline). Then, click Download under the Offline Utility option. Unzip the folder and extract all files.

Step 2: Prepare the Form: Open the utility and select Form No. 145. Select the appropriate Part (A, B, C, or D) based on your remittance (fund transfer) details. Fill in all the required information, such as remitter (sender) and remittee (recipient) details, nature of payment, and tax deduction details. Use the "Validate" button to check for errors

Step 3: Generate XML File: Once the form is validated successfully, use the "Generate XML" option. For bulk uploads, you can generate multiple XMLs and zip them into a single folder. For Part C, you must first import the Form No. 146 XML/JSON file submitted by your Chartered Accountant (accessible from View e-Filed Forms).

Step 4: Upload the Form on the Portal: Log in to the e-Filing portal using your user ID and password. Navigate to "e-File" > "Income Tax Forms" > "File Income Tax Forms". Select Form No. 145 and choose "Offline" as the submission mode. Upload the generated XML or zipped file and submit.

Step 5: E-Verify: Verify the submission using a Digital Signature Certificate (DSC) or an Electronic Verification Code (EVC). DSC is mandatory for TAN users.

Upon successful submission and verification, an acknowledgement number and transaction ID will be generated. You will also receive a confirmation message via email and SMS.

Submit to Bank/Authorized dealer (AD): A copy of printed form and acknowledgment to be provided to your bank (Authorised Dealer) before the remittance is processed.

Consequences of non-compliance: If any person fails to submit Form No. 145, or provides inaccurate information in Form No. 145, he is liable for a penalty of upto of ₹1 lakh under section 462 of the Income-tax Act, 2025.

8. Withdrawal/Modification of Form No. 145:

Once submitted Form No. 145 can't be modified; however, it can be withdrawn within 7 days from submission date.

9. Outcome of Form No. 145:

Form No. 145 is integrated with ITBA portal of the Department to enable risk profiling, analytics, and backend verification. As per risk parameters identified, cases are selected for verification. Thereafter, the Assessing Officer examines and verifies the transactions in these Form No. 145 forms as per SOP. If provisions of the Income-tax Act have been complied with, then the case is closed with the approval of the Competent Authority. In other cases, appropriate action as per the provisions of the Income-tax Act is taken.

10. Brief note on broad or qualitative changes in Form No. 145:

Part-A:

i. Remittee (recipient)details-

A new row has been added for the "Tax Identification Number (TIN) in the remittee (recipient)'s country of residence". This is mandatory field if the remittee (recipient) does not have a PAN. As per Rule No. 217, if a payee/deductee wants to claim the DTAA rate without having a PAN, they must provide the remitter (sender) with their TIN or a unique identification number issued by their government along with other details, such as their name, email ID, contact number, address in their country of residence and TRC. Further, TIN field is already part of Form No. 144.

ii. Remittance details- Following rows have been added:

a) A new checkbox has been added to confirm "if the bank making the remittance is also the authorised dealer". If they are the same, the applicant won't need to enter the details twice. This field will be automatically filled using the RBI's list of Category-1 authorised dealers based on the bank's name. If the bank and authorised dealer are different, a dropdown menu of Category-1 authorised dealers from the RBI list will appear in next row, so the correct authorised dealer can be selected.

b) One row for "ITDREIN" has been added. Income Tax Department Reporting Entity Identification Number is a unique ID issued by the Income Tax Department to the authorised dealer/reporting entity after it registers on the portal and it will help in cross verification with Form No. 147. This is an optional field.

c) One row for "BSR Code of the bank branch (7 digit)" has been added to Part A of Form No. 145, as it was already present in Parts B, C, and D. This code is included in all TDS forms because it is linked to the Challan Identification Number (CIN).

Part-B:

i. Changes proposed in respect of remittee (recipient) and remittance details in Part A have been applied to Part B, as discussed above.

ii. AO certificate details: One row for Amount as per certificate has been added.

Part-C:

Section A: General Information:

i. Changes proposed in respect of remittee (recipient) in Part A have been applied to Part C, as discussed above.

ii. AO certificate details in have been removed, because if the remitter has obtained a lower deduction certificate from AO, then he is required to file Part B and not Part C.

iii. Accountant details: Following rows have been added:

a) PAN of the Accountant

b) Firm Registration Number

c) Unique Document Identification Number (UDIN): As per the ICAI notification, a UDIN is now mandatory for Form No. 146. The UDIN is generated online by ICAI after the form is filed. UDIN allows the authenticity of the document to be verified, as it can be validated in real time through an API link with ICAI.

Section B: Particulars of remittance and TDS:

i. Changes proposed in respect of remittance details in Part A have been applied to Part C, as discussed above.

Part-D:

i. Changes proposed in respect of remittee (recipient) and remittance details in Part A have been applied to Part D, as discussed above.

ii. In remitter (sender) details- "TAN if available" has been kept as an optional field as in Part D the remitter (sender) does not have to deduct tax before making the payment.

11. Challenges and Solutions:

Challenges: Under Rule 220, a remitter (sender) is presently required to furnish Form No. 145 to the authorised dealer (AD) in physical form before any foreign remittance is processed. The AD, in turn, relies on the particulars contained in Form No. 145 to prepare and file its own statutory quarterly return in Form No. 147. In practice, however, inconsistencies frequently arise between the data reported in these two forms due to:

(i) Clerical errors in manual data entry.

(ii) Exchange-rate fluctuations between the date of Form No. 145 submission and the actual date of remittance as per Form No. 147.

(iii) Duplicate capture of Form No. 145 particulars by the AD.

(iv) Multiple Form No. 145 filings by remitter (sender) to rectify earlier mistakes relating to a single transaction.

The resulting mismatch impairs the integrity of both data, as these are used for risk management by the Department and verification of high-value cross-border payments is also carried out using this data.

Solutions:

(i) A change in Rule 220 has been made to enable the electronic delivery of Form No. 145 to authorized dealers. This will enhance ease of compliance as the remitter need not submit printed copy of Form No. 145 to its AD and AD need not keep such records, thus it shall streamline the remittance process and enhance compliance.

(ii) Addition of field of 'Tax Identification Number (TIN)' for the remittee (recipient) who does not have a PAN, provides for identification of beneficiary. TIN is the unique identification number on the basis of which the remittee (recipient) is identified in his country of residence.

(iii) For ease of compliance Aadhaar details of remitter and remittee have been done away with.

(iv) AO certificate details in part C of Form No. 145 have been removed, because if the remitter has obtained a lower deduction certificate from AO, then he is required to file Part B and not Part C.

(v) Addition of 'UDIN' field in Part C of Form No. 145 allows the authenticity of the document to be verified, as it can be validated in real time through an API link with ICAI resulting in transparency, and authenticity of information

(vi) Addition of field of 'ITDREIN' in Form No. 145 could help in generating a ledger of transactions by the department which can be shared with the reporting entity/authorised dealer and also to have a list of consumed and unutilized Form No. 145. The reporting entity/authorised dealer may use it while filing Form No. 147.

(vii) Field of "BSR Code of the bank branch (7 digit)" has been added to Part A of Form No. 145, which is linked to the Challan Identification Number (CIN).

These measures aim to improve the operational efficiency and accuracy of the form submission process.

12. Common Changes made across Forms:

i. To make forms system-friendly and enable e-filing and uploading, certain anomalies found due to grouping of name, address, PAN have been separated into different boxes.

ii. Assessment/financial/previous year(s) have been replaced with tax year(s).

iii. Sections and clauses have been changed as per the Income-tax Act, 2025.

iv. Currency symbol "Rs." has been replaced with "₹".

Topics

Acts Income Tax