Loading...

⚠ ✕
❮ Top
☎ Help
☰
Income Tax ▸
Income Tax ▸
Allied (Direct Tax) ▸
Income Tax Case Laws ▸
DTAA ▸
International Taxation ▸
PMLA ▸
Benami Property ▸
Black Money ▸
Money Laundering ▸
Vivad ▸
Direct Tax ▸
Indirect Taxes ▸
GST ▸
Central GST ▸
Integrated GST + ▸
UTGST / SGST ▸
GST Case Laws + ▸
Customs ▸
Customs Act / Rules ▸
Notifications / Forms ▸
Circulars / Tariff ▸
Case Laws / Manual ▸
FTP/SEZ ▸
Foreign Trade ▸
Notifications / Circulars / Appendix / Forms ▸
Special Economic Zone (SEZ) ▸
Corp. Law ▸
Company Laws ▸
Standards / Trusts ▸
Partnership / LLP / Societies ▸
Case Laws ▸
FEMA ▸
FEMA / FCRA ▸
Notifications / Circulars ▸
Manual / FAQ ▸
FEMA Case Laws ▸
SEBI / IBC ▸
SEBI ▸
SEBI Case Laws ▸
IBC ▸
IBC - Case Laws ▸
Indian Laws ▸
Indian Laws ▸
Bharatiya Nyaya 2023 ▸
Finance Acts & Bills / Amendment Acts ▸
Case Laws ▸
Labour Laws ▸
Labour Code ▸
Old / Others ▸
Central Excise ▸
Central Excise - Cases ▸
Wealth Tax ▸
Service Tax ▸
Service Tax Cases ▸
CST / DVAT ▸
CST / VAT / Sales Tax ▸
  • Advanced Search :
    • ×

    By creating an account you can:

    Logo TaxTMI
    Keyword Search :
    AI Tools : New
    Ask tax questions in natural language. Powered by AI trained on the TaxTMI legal database. Use AI Tools ➞
    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
    6. The system will try to fetch results that contains ALL your words.
    7. Once you add keywords, you'll see a new 'Search In' filter that makes your results even more precise.
      8. 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:

    Open Link
    News
    Showing Results for :
    Reset Filters
    Results Found:
    Show All Summaries Hide All Summaries
    March 27, 2026
    Guidance note - Form 54
    Show AI Summary
    Advance Pricing Agreement renewal form streamlines repeated transfer pricing filings and reduces compliance burden for similar transactions.
    Form 54 is a renewal mechanism for an Advance Pricing Agreement application, intended for applicants who have already signed an APA or previously filed a pending APA application involving the same or substantially similar transactions. It reduces duplication and compliance burden, supports continuing or comparable international transactions, and may also cover rollback requests. The form is filed electronically by an eligible person and requires disclosures on the applicant's profile, covered transactions, rollback details, prior filings, and transfer pricing methodology.
    March 27, 2026
    Govt to review windfall tax imposed on export of diesel and ATF on fortnightly basis: CBIC chief
    Show AI Summary
    Windfall tax on diesel and ATF to be reviewed fortnightly as duties aim to secure domestic fuel supply.
    Special additional excise duty and export duties were imposed on diesel and aviation turbine fuel to discourage exports and secure adequate domestic supply. The windfall levy will be reviewed on a fortnightly basis, reflecting a dynamic adjustment mechanism linked to supply conditions and market developments. The duty changes were announced alongside a reduction in excise duty on petrol and diesel for domestic consumption to moderate price pressures and reduce underrecoveries for oil marketing companies.
    March 27, 2026
    Excise duty cut on petrol-diesel due to assembly polls: Congress slams govt
    Show AI Summary
    Excise duty reduction on petrol and diesel triggers fiscal relief for oil companies amid unchanged retail pump prices.
    Excise duty on petrol and diesel was reduced by notification with immediate effect, cutting the levy on petrol and removing the duty on diesel. The change was described as a reduction in the special additional excise duty component paid by oil marketing companies, while retail pump prices for consumers were reported to remain unchanged at the time of the announcement. The measure was reported to provide some fiscal relief to oil companies amid higher input costs, though political criticism said it did not translate into direct consumer relief.
    March 27, 2026
    Form 54 – Frequently Asked Questions
    Show AI Summary
    Advance pricing agreement renewal form streamlines repeated filings, reduces compliance burden, and supports rollback requests online.
    Form 54 is an optional renewal application for taxpayers who have already entered into, or previously applied for, an advance pricing agreement involving the same or highly similar international transactions with an associated enterprise. It is intended to avoid duplication, reduce compliance burden, and streamline the renewal route, including rollback requests where eligible. The form must be filed online, once a year, with the prescribed documents, proof of payment, and a valid PAN, and it cannot be edited after submission and acknowledgment.
    March 27, 2026
    Guidance note - Form 53
    Show AI Summary
    Minimum alternate tax relief form enables recomputation of book profits for APA and secondary adjustment income.
    Form 53 is the prescribed electronic application for claiming relief in minimum alternate tax payable where a taxpayer's book profits for a financial year increase because of income relating to past years brought in on account of an Advance Pricing Agreement or a secondary adjustment. Relief is available only where the taxpayer has not previously utilised MAT credit allowed under the Act, and no interest is payable on any refund arising from the relief mechanism. The form requires disclosure of past income and the prescribed computation, and it must be verified by the authorised person.
    March 27, 2026
    Excise duty cuts on petrol, diesel will ensure stability, ease burden on citizens: Goa CM
    Show AI Summary
    Excise duty cuts on petrol and diesel aim to stabilise fuel prices and ease consumer burden.
    Excise duty on petrol and diesel has been reduced to moderate domestic fuel prices and shield consumers from the impact of rising global crude oil prices. The special additional excise duty on petrol has been cut from Rs 13 per litre to Rs 3 per litre, while the corresponding duty on diesel has been reduced from Rs 10 per litre to nil. Duties have also been reintroduced on the export of diesel and aviation turbine fuel to support oil marketing companies and mitigate external market volatility.
    March 27, 2026
    Govt cuts excise duty on petrol, diesel; slaps windfall tax on fuel exports
    Show AI Summary
    Excise duty reduction on petrol and diesel eases fuel price pressure while export duties curb domestic supply diversion.
    Excise duty on petrol and diesel was reduced to offset the impact of sharply rising global crude prices and to prevent an immediate increase in retail fuel prices. The reduction lowered the special additional excise duty on petrol and removed the corresponding levy on diesel, while the overall incidence of excise on both fuels was recalibrated through the existing duty structure. The measure was presented as a fiscal intervention to ease under-recoveries of oil marketing companies and to protect consumers from supply-driven price pressure.
    March 27, 2026
    Form 53 – Frequently Asked Questions
    Show AI Summary
    Minimum alternate tax relief through Form 53 applies to APA and secondary adjustment cases with recomputation of book profits.
    Form 53 is the prescribed application for taxpayers affected by secondary adjustments or APA-related adjustments for past years to seek recomputation of book profits and minimum alternate tax liability. It is mandatory where book profit increases in a financial year because income of past year(s) is included pursuant to an Advance Pricing Agreement or a secondary adjustment. The form must be filed by the due date for the return, can be filed once a year, requires no specific supporting documents, cannot be edited after acknowledgment, and cannot be submitted without a valid PAN.
    March 27, 2026
    Guidance note - Form 52
    Show AI Summary
    Advance Pricing Agreement compliance reporting requires annual filing of Form 52 with adjustments, critical assumptions, and supporting documentation.
    Form 52 is an Annual Compliance Report for taxpayers covered by a unilateral, bilateral, or multilateral Advance Pricing Agreement. It requires annual confirmation that the APA methodology, critical assumptions, and agreed terms and conditions have been complied with, together with tabular computation of any adjustment where actual results differ from the APA. The form also requires disclosure of deviations, supporting documentation, and filing within the prescribed time under Rule 113 of the Income-tax Rules, 2026.
    March 27, 2026
    Form 52 – Frequently Asked Questions
    Show AI Summary
    Advance Pricing Agreement compliance reporting under Form 52 requires annual online filing with supporting transfer pricing documentation.
    Form 52 is the annual compliance report for Advance Pricing Agreements under the Income-tax Act, 2025. It is mandatory for taxpayers with unilateral, bilateral, or multilateral APAs, and must be filed once a year for each year covered by the agreement. The report is filed online through the Income Tax e-Filing portal, cannot be edited after submission, and must be supported by APA documents explaining transfer pricing methodology, arm's length price computation, and compliance with critical assumptions.
    March 27, 2026
    Guidance note - Form 51
    Show AI Summary
    Advance Pricing Agreement application form streamlines transfer pricing disclosures, rollback requests, and electronic filing requirements
    Form 51 is the application form for an Advance Pricing Agreement under the Income-tax framework and is used for both forward-looking APA requests and rollback requests where permitted. It consolidates the earlier separate application formats and is filed electronically under the prescribed rules to the competent tax authority. The form requires extensive disclosure on the applicant, associated enterprise, covered transactions, business structure, financials, transfer pricing background, relevant agreements, and transfer pricing methodology.
    March 27, 2026
    Form 51 – Frequently Asked Questions
    Show AI Summary
    Advance Pricing Agreement filing form streamlines transfer pricing applications, rollback requests, and online compliance requirements.
    Form 51 is the prescribed application for an Advance Pricing Agreement under the Income-tax Act, 2025, covering international transactions and specified domestic transactions for a specified period. It may be filed by a person who has entered into, or is contemplating entering into, international transactions with an associated enterprise, including eligible rollback applicants. The form must be filed online, with a valid PAN and proof of payment, and cannot be edited after submission and acknowledgment, except through the prescribed defect or amendment procedure. Supporting documents include financial statements and relevant inter-company agreements.
    March 27, 2026
    Guidance note - Form 50
    Show AI Summary
    Advance Pricing Agreement pre-filing consultation form streamlines transfer pricing discussions, electronic filing, and anonymous representation options.
    Form FN050 is the income-tax application for a pre-filing consultation in relation to an Advance Pricing Agreement, allowing an eligible person to discuss the proposed transfer pricing methodology for international transactions before formal APA filing. The form requires details of the applicant, the type of APA proposed, the transactions to be covered, and the relevant tax years, with annexures covering group structure, business model, functional profile, transfer pricing audit history, and other international transactions. It is filed electronically, assigned to an APA team, and taken up for consultation, with the Indian competent authority associated in bilateral or multilateral cases.
    March 27, 2026
    Form 50 – Frequently Asked Questions
    Show AI Summary
    Advance Pricing Agreement pre-filing meeting form guides optional online application for transfer pricing discussions.
    Form 50 is the prescribed income-tax application for requesting a pre-filing meeting in connection with an Advance Pricing Agreement under the transfer pricing framework. It is optional and available to a taxpayer intending to enter into an APA, enabling the taxpayer to place its proposed transfer pricing methodology before the tax authority before making a formal APA application. The form may be filed before undertaking the international transaction, only once in a year, and online only through the Income Tax e-Filing portal.
    March 27, 2026
    Builder declares insolvency, buyer pays the price: BJP MP Bajpai demands RERA overhaul in RS
    Show AI Summary
    RERA enforcement and insolvency accountability need overhaul to protect homebuyers from stalled projects and blocked ownership.
    Stricter enforcement of RERA and insolvency law is sought to address homebuyers left without possession or legal title despite paying builders in full. The proposed reform emphasis includes attachment of a builder's personal assets on declaration of insolvency and the imposition of strict punishment after proper investigation. Concern is also expressed that delays within RERA allow default disputes to continue indefinitely, defeating the purpose of the regulatory regime.
    March 27, 2026
    Govt cuts excise duty on petrol, diesel; windfall tax on fuel export back
    Show AI Summary
    Excise duty relief and export levies aim to shield fuel consumers and secure domestic supply amid global oil-price volatility.
    Excise duty on petrol and diesel has been reduced to cushion domestic consumers against the rise in global crude oil prices and the resulting pressure on fuel costs. The special additional excise duty on petrol has been cut and the corresponding levy on diesel has been removed, while export duties have been reintroduced on diesel and aviation turbine fuel to preserve domestic availability of these products. The measure applies to diesel and aviation turbine fuel, but no windfall tax has been imposed on domestic crude oil producers.
    March 27, 2026
    Guidance note - Form 49
    Show AI Summary
    Safe harbour filing requirements under Form 49 cover eligible transactions, due dates, disclosures, and accountant certification.
    Safe harbour option under Form No. 49 is to be exercised by an eligible assessee by furnishing the merged and simplified form on or before the due date. The form replaces the erstwhile Forms 3CEFA, 3CEFB and 3CEFC and is used to furnish particulars relating to eligible international transactions, eligible specified domestic transactions and eligible business for the relevant tax year. Different filing timelines apply depending on the nature of the transaction, including a special filing window for provision of information technology services and a due-date-linked filing requirement for other cases.
    March 27, 2026
    Form No. 49 - Frequently Asked Questions (FAQs)
    Show AI Summary
    Safe Harbour compliance through Form No. 49 now consolidates transaction disclosures, eligibility conditions, and online filing requirements.
    Form No. 49 is the electronic application for opting for Safe Harbour under the Income-tax Act, 2025 and the Income-tax Rules, 2026. It merges the earlier Forms 3CEFA, 3CEFB and 3CEFC into a single smart e-form for eligible international transactions, eligible specified domestic transactions and eligible business. The FAQs state that filing is mandatory only for assessees intending to opt for Safe Harbour, it must be filed online through the e-filing portal, and it requires disclosure of associated enterprises, transaction-specific details, supporting documents, accountant reports, and prescribed e-verification.
    March 27, 2026
    Guidance note - Form 48
    Show AI Summary
    Transfer pricing reporting requires structured transaction-wise disclosure, arm's length price details, and accountant certification under Form 48.
    Form No. 48 requires an accountant's report to be furnished under the Income-tax Act, 2025 for international transactions and specified domestic transactions with associated enterprises. The form is filed annually by the prescribed due date and uses a structured, transaction-wise format covering the assessee's particulars, associated enterprises or persons, transaction details, advance pricing agreement information, arm's length price determination, and any adjustment. Part F contains the accountant's certification of maintenance of the required information and documents.
    March 27, 2026
    Form No. 48 - Frequently Asked Questions
    Show AI Summary
    Form No. 48 reporting rules for international and specified domestic transactions, online filing, PAN requirement, and arm's length pricing.
    Form No. 48 is the mandatory accountant's report for international transactions and specified domestic transactions under section 172 of the Income-tax Act, 2025. It must be filed annually, only online through the Income Tax e-Filing portal, and requires a valid PAN. The form contains six parts covering assessee details, transaction aggregates, international and specified domestic transaction particulars, arm's length price computation, and threshold-based reporting. The FAQs also explain transaction identifiers, relationship coding, aggregation treatment, arm's length price auto-population, and the computation rules for transfer pricing methods.

    News

    Back

    All News

    Showing Results for :
    Reset Filters
    No Records Found

    News

    Home › news › Income Tax › 2026 › April, 2026 › This
    Back

    All News

    whatsapp Join Channel
    Showing Results for : Reset Filters
    Income Tax

    Form No.148 – Frequently Asked Questions

    April 3, 2026

    Contents
    Forms
    Summary
    Note

    Note

    -

    Bookmark

    Print

    Print

    Print Options

    Form No.148 – 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. 15CD

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

    Form. No.148

    Corresponding section of I.T. Act, 1961

    195, 80LA, 271-I

    Corresponding section of I.T. Act, 2025

    393, 397, 147, 462

    Corresponding Rule of I.T. Rules, 1962

    37BB

    Corresponding Rule of I.T. Rules, 2026

    220

    1. What is Form No.148?

    Ans. Form No. 148 is a quarterly statement filed by units of an International Financial Services Centre (IFSC) in respect of remittances made to a non-resident (not being a company) or to a foreign company.

    2. Who should file Form No.148?

    Ans. Every unit of an International Financial Services Centre making a remittance to a non-resident (not being a company) or to a foreign company must file this form, regardless of whether the remittance is taxable or not.

    3. What is International Financial Services Centre?

    Ans. International Financial Services Centre means an International Financial Services Centre which has been approved by the Central Government under sub-section (1) of section 18 of the Special Economic Zones Act, 2005

    4. Is Form No. 148 mandatory?

    Ans. Yes, Form No. 148 is mandatory.

    5. What is the time limit for filing Form No. 148?

    Ans. The form must be filed quarterly by the 15th day of the month following the end of the quarter (e.g. due date for Q1 is 15th July).

    6. How many times Form No. 148 is required to be filed in a year?

    Ans: It is to be filed four times a year, once for each quarter of the year.

    7. What documents are required to file Form No. 148?

    Ans. Documents containing remittee and remittance details are required to file the form.

    8. How can I file Form No. 148?

    Ans: Form No. 148 can be submitted through online mode only through e-Filing portal.

    9. How do I e-Verify Form No. 148?

    Ans: Form No.148 can be e-verified by the authorised person of the reporting entity through Digital Signature Certificate (DSC) only.

    10. 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 applicant will receive a confirmation message on the email ID(s) and mobile number(s) registered with the e-Filing portal.

    11. Can I edit or modify or withdraw Form No. 148 after its submission?

    Ans: No, Form No.148 can’t be edited or modified or withdrawn once submitted.

    12. What is the outcome of Form No.148?

    Ans: With the introduction of Form No.148, IFSC units are exempt from filing Part D of Form No. 145 for remittances not chargeable to tax under the Act, however, they must still report all these remittances in the quarterly statement via Form No.148. The system is designed to cross-link with other filings and compliance mechanisms maintained by the Income Tax Department.

    13. What are the consequences of not filing or late filing of Form No.148?

    Ans: If any person fails to submit Form No.148 within due date, then he is liable for a penalty of upto of ₹1 lakh under section 462 of the Income-tax Act, 2025.

    14. Why is Form No.148 important?

    Ans. It is important for improving the ease of doing business for IFSC units by providing a consolidated quarterly mechanism that replaces the need for repetitive Form No.145/ Form No. 146 filings. It also ensures data consistency and transparency for international transactions.

    Topics

    Acts Income Tax
    Next ➔