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April 1, 2026
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Tax devolution dispute intensifies as Karnataka alleges unfair GST returns, denied compensation, and shrinking fiscal share.
Karnataka Chief Minister Siddaramaiah alleged that the Union Government's tax devolution and fiscal policy towards Karnataka amounted to tax terrorism or tax plunder, saying the state receives only a small share in return for its tax contribution. He said Karnataka has repeatedly raised concerns about unfair distribution of taxes, cess, surcharge revenues, GST compensation, and central funding, and claimed these issues have weakened the state's finances and increased dependence on borrowing. He also described GST implementation as flawed and unscientific, leading to significant financial losses.
April 1, 2026
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Money laundering probe leads to searches, cash seizure and firearm recovery in Kolkata-linked premises.
Money laundering investigation under the Prevention of Money Laundering Act led to searches at multiple premises in Kolkata linked to an alleged criminal syndicate, including the residence and commercial premises of an accused history-sheeter, a business entity, and associated persons. During the raids, the Enforcement Directorate seized about Rs 1.2 crore cash from a location linked to one associate and recovered a country-made pistol from the accused's premises.
April 1, 2026
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Corporate resolution under insolvency law gains faster admission, stronger creditor oversight, and MSME promoter participation safeguards.
The Insolvency and Bankruptcy Code is presented as a framework for corporate resolution and banking-sector improvement through asset recovery, with liquidation remaining a residual measure where resolution fails. The current amendments focus on expeditious admission based on the existence of default, greater reliance on information utilities, statutory timelines, stronger liquidation oversight, and a creditor-initiated insolvency framework with out-of-court initiation, debtor-in-possession structure, and defined timelines. The amendments also enable group and cross-border insolvency and exempt MSMEs from specified disqualifications so that existing promoters may participate in resolution.
April 1, 2026
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Insolvency and bankruptcy reform debate centers on creditor haircuts, tribunal backlog, and concerns over corporate defaulter protection.
The Rajya Sabha debated the Insolvency and Bankruptcy Code (Amendment) Bill, 2026, amid criticism of repeated amendments, substantial creditor haircuts, alleged favouritism toward large corporate defaulters, and ongoing pendency and infrastructure bottlenecks in insolvency tribunals. Members raised concerns over proposed creditor-initiated insolvency changes, executive rule-making on cross-border insolvency, and the limited effectiveness of MSME resolution mechanisms, while others supported the Code and urged stronger institutional capacity and better use of insolvency funds.
April 1, 2026
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Tax deduction at source relief for branch-based non-residents through Form No. 126 and Assessing Officer certification.
Form No. 126 is an optional self-declaration and treaty-benefit request for a specified non-resident person carrying on business or profession in India through a branch, to obtain an Assessing Officer certificate authorising receipt of specified sums without deduction of tax at source. Eligibility depends on whether the applicant is a banking company or insurer, or another branch-based business or profession, and the form must be filed online before income is received. The certificate is valid for the relevant tax year unless cancelled earlier.
April 1, 2026
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Specified senior citizen declaration governs pension and interest income reporting, bank deduction, and return-filing exemption.
Form No. 125 is the declaration furnished by a specified senior citizen to the specified bank for pension and interest income. It applies to a resident aged seventy-five years or more who has pension income and only interest from the same specified bank, and who gives the prescribed declaration. The form is used by the deductor for reporting and is stated to exempt the taxpayer from return-filing compliance for the relevant tax year. It is filed once each financial year and requires key personal, bank, pension, and tax-regime details.
April 1, 2026
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Insolvency and Bankruptcy Code amendments aim to speed resolution, cut backlog, and strengthen the financial ecosystem.
Amendments to the Insolvency and Bankruptcy Code were passed to accelerate insolvency resolution, reduce case backlog, and strengthen the financial ecosystem. The changes focus on shortening the time taken for admission of insolvency resolution applications and improving the efficiency of the resolution framework. The government accepted all recommendations made by the Lok Sabha Select Committee and added one further recommendation from the Ministry of Corporate Affairs.
April 1, 2026
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Specified senior citizen declaration governs return-filing exemption for pension and interest income through a specified bank.
Form No. 125 is the declaration to be furnished by a specified senior citizen in relation to pension income and interest received or receivable through a specified bank. The declaration is confined to pension and interest income and does not extend to other income. Filing the form enables exemption from filing an income-tax return, while the specified bank computes total income and deducts tax accordingly. The form must be submitted once for each tax year, may be filed in paper or electronically, and may be revised or withdrawn if income details change.
April 1, 2026
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Tax deduction at source claims form requires employee details, supporting evidence, and annual disclosure to employer.
Form No. 124 is the employee's statement of particulars of claims for deduction of tax at source under section 392(5)(b) of the Income-tax Act, 2025 read with Rule 205 of the Income-tax Rules, 2026. It is furnished to the current employer so that deductions, exemptions and allowances may be considered for correct tax deduction from salary. The form is filed once every financial year and requires employee details, claim particulars, supporting evidence and a declaration that the particulars are correct and complete.
April 1, 2026
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Employee tax benefit declarations guide salary TDS computation through Form No. 124 and supporting evidence.
Form No. 124 is the employee statement furnished to an employer for consideration of deductions, exemptions, allowances, and other tax benefits while computing taxable salary and TDS liability. It applies where the employee seeks employer recognition of claims relating to house rent allowance, leave travel allowance, interest on housing loan, and investment- or expenditure-based deductions, together with supporting evidence. The form has Part A for employee particulars and Part B for the tax benefits claimed with annexures in support of those claims.
April 1, 2026
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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
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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
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
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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
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
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
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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
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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
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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
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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.

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Form No. 146 – Frequently Asked Questions

April 3, 2026

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Form No. 146 – Frequently Asked Questions

Form of application under section 393 of the Income-tax Act, 2025

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

Form No. 15CB

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

Form No. 146

Corresponding section of I.T. Act, 1961

195, 271J

Corresponding section of I.T. Act, 2025

393, 463

Corresponding Rule of I.T. Rules, 1962

37BB

Corresponding Rule of I.T. Rules, 2026

220

1. What is Form No. 146?

Ans: Form No.146 is an Accountant's certificate required for filing part C of Form No.145, if remittance is chargeable to tax and exceeds ₹ 5 lakh during the tax year.

2. Who can file Form No. 146?

Ans: A Chartered Accountant (CA) who is registered on the e-Filing portal and who has been assigned Form No.145, Part-C by the person responsible for making the payment to non-resident, is entitled to certify details in Form No.146.

3. Is Form No.146 mandatory?

Ans: Yes, it is mandatory for taxable payments to non-residents (not being a Company) or to a foreign company that exceed ₹5 Lakh in a tax year, and a certificate from the Assessing Officer u/s 395(1) / 395(2) of the Income-tax Act has not been obtained.

4. What is the purpose of certification in Form No. 146?

Ans: Form No.146 is the tax determination certificate where the Chartered Accountant (CA) examines and certifies the remittance with regard to chargeability provisions under sections 5 and 9 of the Income-tax Act along with the provisions of Double Taxation Avoidance Agreements (DTAA), if any.

5. How a taxpayer can assign Form No. 145, Part-C to a Chartered Accountant?

Ans: To file Form No.146, the taxpayer must first add their Chartered Accountant (CA) in the e-Filing portal. This is done by logging in, going to “My Account” → “Add CA,” entering the CA’s membership number, selecting “Form No. 146” as the form name, and clicking submit.

6. What are the prerequisite conditions for an Accountant to file Form No. 146?

Ans: To file Form No.146, the Chartered Accountant should:

i. be registered as a “Chartered Accountant” on the e-Filing portal and

ii. have registered Digital Signature Certificate (DSC) and

iii. have been assigned Form No.145, Part-C by the taxpayer.

7. What is the time limit for filing Form No. 146?

Ans: There is no specific time limit prescribed; however, Form No. 146 has to be filed before the part C of Form No.145 is filed by the taxpayer.

8. How many times can Form No.146 be filed in a year?

Ans: There is no limit for filing of Form No.146 in a year. As Form No. 146 is an event-based form, it is required to be filed before every remittance that satisfies the conditions laid out in Rule No. 220.

9. What documents are required to file Form No. 146?

Ans: Documents required include:

i. Invoices, agreements, or contracts for the remittance.

ii. Details of remitter, remittee, remittance and bank details of the remitter.

iii. Specific certificates depending on the Part: AO certificate for Part B or Accountants’ certificate (Form No.146) for Part C.

iv. Form No. 41 and Tax Residency Certificate (TRC) if claiming DTAA benefits.

10. How can I file Form No. 146?

Ans: Form No. 146 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.

11. What is the "Offline Utility" and when is it useful?

Ans: The Offline Utility is a downloadable tool from the Income Tax e-Filing portal that allows users to prepare Form No. 146 data without an active internet connection. This is particularly useful for "bulk filing," where a business needs to prepare multiple remittance forms simultaneously and upload them as a single zipped XML file.

12. How do I e-Verify Form No.146?

Ans: Form No.146 can be e-verified through Digital Signature Certificate (DSC) only. The DSC of the CA should be registered on e-filing portal.

13. How do I know that the form has been successfully submitted?

Ans: Once successfully submitted and verified, an acknowledgement number and transaction ID is generated and the accountant receives a confirmation message via email and SMS.

14. Can Form No.146 be edited or modified after submission?

Ans: No, Form No.146 can’t be edited or modified once submitted.

15. Can Form No.146 be withdrawn after submission?

Ans: Yes, Form No.146 can be withdrawn within 7 days from submission date. However, if Form No.146 has been "consumed" by taxpayer in filing Form No.145- Part C, then it cannot be independently withdrawn by the Chartered Accountant unless the taxpayer first withdraws the Form No.145. However, if a taxpayer withdraws Form No. 145- Part C, the corresponding Form No. 146 (Accountant's certificate) linked to it is automatically updated to "Withdrawn" status.

16. What is the outcome of Form No.146?

Ans: After the CA uploads Form No.146, the remitter can view the uploaded Form No.146 under Worklist – ‘For Your Information’ and can file Part C of Form No.145. To prefill the details in Part C of Form No.145, the Acknowledgement Number of e- Verified Form No.146 should be verified. On successful filing of Form No.145 Part C against the particular Form No.146, the status of Form No.146 shall update as “Consumed”. One Form No.146 can be consumed for filing one Form No.145 only.

17. What is UDIN and why is it important?

Ans: Unique Document Identification Number or UDIN is 18-Digits system generated alphanumeric unique number, which is generated online on ICAI portal. UDIN in Form No.146 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.

18. What are the consequences of providing inaccurate information in the Form No. 146?

Ans: If an accountant provides inaccurate information in Form No.146, then he is liable for a penalty of upto of ₹10,000 for each such certificate under section 463 of the Income-tax Act, 2025.

19. Why is Form No.146 important?

Ans: Form No.146 serves a regulatory-compliance function, ensuring that a qualified professional has examined and certified the taxability of funds being remitted outside India under the Income-tax Act and international tax treaties (DTAA).

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