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March 27, 2026
Japan commits Official Development Assistance (ODA) to India for four projects in sectors of Urban Transport, Health and Agriculture
Show AI Summary
Official Development Assistance supports metro, healthcare and horticulture projects across India through Japan-backed loan agreements.
Japan has committed Official Development Assistance loans to India for four projects in urban transport, health and agriculture across Maharashtra, Karnataka and Punjab. The projects include Bengaluru Metro Rail Phase 3, Mumbai Metro Line 11, strengthening tertiary healthcare and medical education in Maharashtra, and promoting sustainable horticulture in Punjab. The assistance is channelled through loan agreements between the Government of India and JICA.
March 27, 2026
Guidance note - Form 55
Show AI Summary
Mutual Agreement Procedure application under treaty rules enables resident taxpayers to challenge inconsistent foreign tax actions.
Form No. 55 is the prescribed application by a resident assessee in India to invoke the Mutual Agreement Procedure where a foreign tax authority's action or order is considered inconsistent with the applicable Double Taxation Avoidance Agreement. The form is filed within the treaty time limit, usually within three years of first notification, and requires applicant details, foreign authority particulars, reasons for objection, supporting documents, and details of any remedy sought abroad. It may be submitted online or offline, must be e-verified, and cannot be withdrawn.
March 27, 2026
Form No. 55 – Frequently Asked Questions
Show AI Summary
Double taxation relief through mutual agreement procedure begins with Form No. 55 for resident assessees.
Form No. 55 is an application by a resident assessee in India to the Competent Authority of India when a foreign tax authority's action or order is considered inconsistent with the applicable Double Taxation Avoidance Agreement. It is used to seek resolution under the Mutual Agreement Procedure, generally within the treaty time limit, and may be filed online or through the offline utility with supporting documents and verification by DSC or EVC. The form cannot be withdrawn after filing.
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.

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Form 154– Frequently Asked Questions

April 3, 2026

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Form 154– Frequently Asked Questions

Form of undertaking to be furnished under section 420(1) of the Act

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

Form 30A

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

154

Corresponding section of I.T. Act, 1961

230(1)

Corresponding section of I.T. Act, 2025

420(1)

Corresponding Rule of I.T. Rules, 1962

43

Corresponding Rule of I.T. Rules, 2026

228

1. What is Form 154?

Ans: Form 154 is a form filed by a person not domiciled in India when leaving India. The form is an undertaking by employer/other person that they will pay any taxes arising on behalf of the person leaving India in respect of transactions with them.

2: Who should file Form 154?

Ans: The Form 154 is to be filed by taxpayer but is to be signed by

(a) employer for his employee leaving India or

(b) any other person transacting with or representing the person leaving India

3: Is Form 154 mandatory?

Ans: Yes, Form 154 is mandatory for non-domiciled persons leaving India who came in connection with business, profession or employment and who has income derived from any source in India.

4: What is the time limit for filing Form 154?

Ans: Form 154 must be filed when leaving India in order to obtain tax clearance certificate in Form 155. Thus, there is no statutorily prescribed time-limits or timelines for filing this Form, as it is dependent on the travel plans/requirements of the person leaving India. However, the person must take care that sufficient time is available to the department to consider the Form and issue the Form 155 before the travel journey is undertaken.

5: How many times can Form 154 be filed in a year?

Ans: Form 154 is event-based and is filed each time a non-domiciled person (fulfilling the said conditions of income from India) is leaving India.

6: What documents are required to file Form 154?

Ans: The following documents would be required to be annexed to the Form 154.

1) Passport of the person leaving India.

2) In absence of Passport, Emergency Certificate of the country issuing the same.

7: Do I need to attach proof of tax payment?

Ans: It is not necessary to attach any proof of tax payment. Where there is tax liability existing, tax payment proof can be attached to allow the Assessing Officer process the request faster.

8: While filling personal details, can I leave Aadhaar or mobile number blank?

Ans:

  • Aadhaar is no longer required in the personal details.
  • Mobile number ensures faster communication and verification; it is recommended to provide it.

9: What if I do not have a PAN?

Ans: Form 154 cannot be submitted without a valid PAN. This is because it is an undertaking by employer or other person in India on behalf of the non-domiciled person leaving India. The undertaking is with respect to payment of taxes, if any arises, for the person leaving India and hence, there is requirement of PAN for those filing Form 154.

10: Can Form 154 be filed offline?

Ans: Yes. Form 154 is to be filed by the person leaving India but the form is signed by an employer/other person. Hence, it is kept as a manual form and is to be filed offline with the prescribed authority.

11. What is the process flow of filing Form 154?

Ans: The form is submitted manually by the person leaving India before the prescribed authority. This is generally attached to a letter/mail requesting Tax Clearance Certificate

12: Why is Form 154 important?

Ans: The form is an undertaking by employer/other person that they will pay any taxes arising on behalf of the person leaving India in respect of transactions with them. Only on the submission of this form, the prescribed authority can issue the tax clearance certificate. This certificate is to submitted to the immigration officers, if they so ask, by the person leaving India.

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