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April 4, 2026
Guidance Note – Form 190
Show AI Summary
Mutual fund approval process for subscribing to eligible public issues under the Income-tax Act framework clarified.
Approval is sought by a mutual fund to subscribe to an eligible issue of public companies under Schedule XV(1)(z)(ii) of the Income-tax Act, 2025, through Form 190. The form must be filed three months before the issue of eligible capital with the prescribed details and documents, including mutual fund and management particulars, scheme details, SEBI and custodian records, audited financial statements, and approval documents relating to the public company's share issue.
April 4, 2026
Form 190 – Frequently Asked Questions
Show AI Summary
Mutual fund approval for eligible public company issues depends on timely filing of Form 190.
A mutual fund must file Form 190 to seek approval for investment in the eligible issue of public companies under Schedule XV(1)(z)(ii) of the Income-tax Act, 2025. The form corresponds to the earlier Form 59A under the Income-tax Rules, 1962, and to the corresponding rule framework under the Income-tax Rules, 2026. The application is to be filed by the mutual fund itself, together with the documents specified in the form, three months before the issue of eligible capital. Approval for subscription is granted on the basis of the particulars furnished in Form 190.
April 4, 2026
Guidance Note – Form 189
Show AI Summary
Approval for issue of eligible capital under Schedule XV depends on Form 189 details, disclosures, and supporting documents.
Form 189 is the application for approval of issue of public companies under Schedule XV(1)(z)(i) of the Income-tax Act, 2025, and is filed by the public company three months before the issue of eligible capital. The form requires company particulars, management details, bankers and auditors, issue details, project details, and supporting documents such as incorporation certificate, audited financial statements, equity details, SEBI approval and any project report. Processed Form 189 leads to approval for issue of eligible capital on the basis of the details furnished.
April 4, 2026
Form 189 – Frequently Asked Questions
Show AI Summary
Public company issue approval through Form 189 governs eligible capital issues and related deduction eligibility.
Form 189 is the prescribed application for approval of issue of public companies under Schedule XV(1)(z)(i) of the Income-tax Act, 2025. It is filed by the public company with supporting documents before the issue of eligible capital, and the approval is granted on the basis of the details furnished in the form. Individual contributions to the issue are stated to qualify for deduction under the Act.
April 4, 2026
Guidance Note – Form 188
Show AI Summary
Consolidated approval form standardises gratuity and superannuation fund compliance, replacing rule-based particulars with structured filing.
Introduction of consolidated Form 188 standardises the approval process for Gratuity Fund and Superannuation Fund applications under Part B of Schedule XI by replacing the earlier text-based particulars in Rule 95 and Rule 109. The form is filed by trustees or an authorised person only for initial approval, and it requires details of the employer, the fund, eligible employees, account maintenance, fund status, trustee verification, and supporting documents such as the trust deed, fund rules, and accounts where applicable.
April 4, 2026
Form No. 188 – Frequently Asked Questions (FAQs)
Show AI Summary
Approval mechanism for gratuity and superannuation funds is standardised through Form 188 with structured compliance requirements.
Form 188 provides a standardised application mechanism for approval of Gratuity Funds and Superannuation Funds, replacing earlier rule-based procedural requirements. It is filed once by the trustees or an authorised person, with prescribed particulars and supporting documents such as the trust deed, fund rules, accounts, and balance sheet where applicable. The application is examined by the jurisdictional authority, which may seek clarifications and then grant approval, issue deficiency notice, or reject the application.
April 4, 2026
Guidance Note – Form 187
Show AI Summary
Appeal against fund recognition refusal uses Form 187, with supporting documents and filing within 60 days.
Appeal against refusal to recognise or withdrawal of recognition from a recognised provident fund, and refusal to approve or withdrawal of approval from a superannuation fund or gratuity fund, is filed in Form 187 by the employer, trustee, or authorised representative within 60 days of communication of the order. The form requires appellant particulars, fund details, grounds of appeal, verification, and supporting documents such as the impugned order, original application, proof of filing, authorisation, and fee challan.
April 4, 2026
Form No. 187 – Frequently Asked Questions (FAQs)
Show AI Summary
Appeals for provident, superannuation and gratuity funds require Form 187, supporting documents and filing within 60 days.
Form 187 prescribes the appellate mechanism under the Income-tax Act, 2025 for matters concerning recognised provident funds, superannuation funds and approved gratuity funds, including appeals against orders affecting recognition, approval, withdrawal, cancellation or refusal of such status. The form is to be used by trustees, employers or other authorised persons representing the fund where an adverse order has been passed by the competent income-tax authority. Appeals must be filed within 60 days from communication of the order, and filing does not by itself operate as a stay unless specifically granted.
April 4, 2026
Soft drinks, air conditioners recovered along India-Nepal border in Bahraich: SSB
Show AI Summary
Customs enforcement along the India-Nepal border led to seizure of undocumented soft drinks and air conditioners.
Customs enforcement along the India-Nepal border led to seizure of soft drinks and air conditioners being moved without valid customs documents. A vehicle carrying 1,575 bottles of soft drinks was intercepted after the driver tried to flee, while two split air conditioners transported on bicycles were also recovered in a separate patrol operation. The goods, vehicle and bicycles were handed over to the Customs Department.
April 4, 2026
Indian Pharma sector clocks USD 29 bn export by end of February in FY26
Show AI Summary
Indian pharmaceutical exports show sustained growth as formulations, biologicals, vaccines and Ayush products drive resilience.
Indian pharmaceutical exports recorded sustained growth in FY26, reaching nearly USD 29 billion by the end of February and increasing over the corresponding period in the previous financial year. The export performance was led by formulations, biologicals, vaccines and Ayush products, and was described as resilient despite global challenges, pricing pressures and trade volatility. The sector's overall value was placed at about USD 60 billion, with projected expansion to USD 130 billion by 2030.
April 4, 2026
Guidance Note – Form 186
Show AI Summary
Recognised Provident Fund recognition process requires trust deed compliance, supporting documents, scrutiny and ongoing investment and reporting obligations.
Application under Rule 40C seeks recognition of a provident fund so it qualifies as a Recognised Provident Fund for income-tax purposes. It applies to employers, trustees and existing funds seeking recognition on formation, conversion, amendment, merger or split. The form requires trust deed details, fund rules, investment policy, financial information and supporting documents, followed by scrutiny, possible revisions, issuance of recognition and ongoing compliance with investment, audit and reporting requirements.
April 4, 2026
Form No. 186 – Frequently Asked Questions (FAQs)
Show AI Summary
Recognised Provident Fund recognition through Form 186 depends on disclosure, supporting documents, and compliance with trust conditions.
Form 186 is the prescribed application for seeking recognition of a provident fund as a Recognised Provident Fund for income-tax purposes. It is filed by the employer, trustees, or an existing trust seeking recognition, and is ordinarily a one-time application subject to refiling or intimation for material changes in the trust deed or fund rules. The form requires detailed disclosures and supporting documents, and on approval the fund attains RPF status with tax treatment governed by applicable statutory limits and conditions. Recognition may later be withdrawn for non-compliance.
April 4, 2026
Guidance Note – Form 185
Show AI Summary
Recognised provident fund accounting in Form 185 requires annual subscriber-wise records of contributions, interest, withdrawals, and balances.
Rule 294 requires recognised provident fund accounts to be prepared at intervals not exceeding twelve months, with a separate account maintained for each subscriber in Form 185. The form is maintained internally by the provident fund trust or authorised officers, and records subscriber particulars, opening balance, monthly contributions, interest, withdrawals or advances, closing balance, and verification. Part A is maintained separately for each subscriber, while Part B presents the same information in consolidated annual subscriber-wise form.
April 4, 2026
Form No. 185 – Frequently Asked Questions (FAQs)
Show AI Summary
Recognised Provident Fund recordkeeping requires Form 185 to track contributions, interest, withdrawals, and annual balances.
Form No. 185 is the prescribed accounting format for individual subscriber records under a Recognised Provident Fund, maintained by trustees or authorised officers under the Income-tax Rules. It records annual subscriber-wise particulars such as contributions, interest credited, withdrawals or advances, opening and closing balances, and verification details. Part-A is kept for each subscriber, while Part-B is the annual consolidated abstract filed with the Assessing Officer.
April 4, 2026
Guidance Note – Form 183
Show AI Summary
Deduction audit report for petroleum and natural gas businesses requires deposit verification, withdrawal checks, and Chartered Accountant certification.
Form No. 183 is the prescribed audit report for claiming deduction under section 49 in the business of prospecting, extracting, or producing petroleum, natural gas, or both in India. It is furnished by a Chartered Accountant and verifies audit of the relevant books, timely deposit into the specified account, permitted use of withdrawals, disallowance of inadmissible expenditure, and transfer restrictions on assets acquired under the scheme. The form is filed annually before the return due date and requires supporting records of books, deposits, withdrawals, and asset transfers.
April 4, 2026
West Asia conflict disrupts snack exports from Bikaner
Show AI Summary
Supply chain disruption hits Bikaner snack exports as conflict delays shipments and raises freight and input costs.
West Asia conflict has disrupted Bikaner exports and imports, causing delays in shipments of bhujia, papad, namkeen and spices to Gulf and European markets. Traders report longer transit routes, container shortages, higher freight charges, rising raw material and packaging costs, and consignments stuck at ports or in transit, affecting the city's export-driven economy.
April 4, 2026
FORM NO. 183 – Frequently Asked Questions (FAQs)
Show AI Summary
Audit report for petroleum and natural gas deduction claims requires certification, supporting records, and online filing compliance.
Form No. 183 is the prescribed audit report under Rule 291 read with Section 49 of the Income-tax Act, 2025 for an assessee engaged in the business of prospecting, extracting, or producing petroleum, natural gas, or both in India. It is mandatory where the deduction is claimed and must be certified by an Accountant. The form requires supporting books, financial statements, evidence of deposits and withdrawals from the specified account, and a computation showing that the deduction remains within the permissible limit.
April 4, 2026
Guidance Note – Form 182
Show AI Summary
Deduction claim audit report for tea, coffee and rubber businesses requires Chartered Accountant certification and compliance with deposit rules.
Form No. 182 is a statutory audit report for assessees engaged in growing and manufacturing tea, coffee or rubber who claim deduction under section 48. It must be furnished by a Chartered Accountant annually before the return due date and certifies audit of books, timely deposit in the specified account or approved scheme, withdrawal utilisation, disallowable amounts, asset transfers, and the deduction permissible. The form is now a smart, tabulated e-form with mandatory professional identifiers and standardised fields for e-filing and validation.
April 4, 2026
Form No. 182 – Frequently Asked Questions (FAQs)
Show AI Summary
Tax deduction audit report rules require prescribed certification, verified deposits, and portal filing for tea, coffee and rubber businesses.
Form No. 182 is the prescribed audit report for assessees engaged in growing and manufacturing tea, coffee or rubber in India who claim deduction under section 48. It must be certified by an Accountant and furnished annually before the return due date. The report is mandatory for the deduction claim, supports verification of deposits, withdrawals, utilisation and deduction computation, and is completed through the e-filing portal with digital signing and assessee acceptance.
April 4, 2026
Guidance Note – Form 181
Show AI Summary
Electoral trust audit reporting through Form 181 requires electronic disclosure of contributions, distributions, and administration expenses.
Form 181 is the annual audit report for electoral trusts, to be furnished electronically by an accountant through the e-filing portal before the return due date. It requires disclosure of voluntary contributions received and distributed, application for the benefit of persons or interested persons, and expenditure on administration or management of the trust. The form has been simplified and aligned with the Income-tax Act, 2025.

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Income Tax

Form 172– Frequently Asked Questions

April 4, 2026

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Form 172– Frequently Asked Questions

Report from an accountant to be furnished for the purpose of section 9 (12) [ Schedule I: Paragraph 1(4)] regarding fulfilment of certain conditions by an eligible investment fund

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

Form 3CEJA

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

172

Corresponding section of I.T. Act, 1961

9A

Corresponding section of I.T. Act, 2025

9 (12) & Schedule I

Corresponding Rule of I.T. Rules, 1962

10V(13)

Corresponding Rule of I.T. Rules, 2026

274(7)

1. What is Form 172?

Ans: Form 172 is report by Accountant regarding the conditions fulfilled for an investment fund with respect to fund manager to claim no business connection in India under section 9(12) of the Income-tax Act, 2025). This form is prescribed under Rule 274(7) of Income-tax Rules, 2026.

2: Who should file Form 172?

Ans: Form 172 can be filed by every eligible investment fund, that is, the Accountant which the eligible investment fund, has appointed for this purpose

3: Is Form 172 mandatory?

Ans: Yes, Form 172 is mandatory.

4: What is the time limit for filing Form 172?

Ans: Form 172 must be filed by specified date of Section 173 r.w.s 172 and Section 263 of Income-tax Act, 2025, which is 31st October of the succeeding Financial Year to the tax year.

5: How many times can Form 172 be filed in a year?

Ans: Form 172 must be filed once in a tax year

6: What documents are required to file Form 172?

Ans: Following documents may be required for filing Form 172 :

  • Communication addresses, emails, phone nos. of the investment manager
  • SEBI Registrations of the Fund Manager/s
  • Financial statement showing details of investment in the fund and transactions with related parties.
  • Contracts/documents specifying the activities of the fund manager and remuneration payable to the fund manager/s

7: Can I edit Form 172 after submission?

Ans: No. Once Form 172 is submitted and acknowledgment is generated, it cannot be edited. Ensure all details are correct before submission.

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 172 cannot be submitted without a valid PAN.

10: Can Form 172 be filed offline?

Ans: No. Form 172 can only be submitted online through the Income Tax e-Filing portal.

11. What is the process flow of filing Form 172?

Ans: The process flow for filing Form 172 includes following steps

  1. Firm/Accountant has to register on the UDIN portal to generate UDIN as per the process of the ICAI.
  2. The Form is to be filed electronically through the e-filing portal of the Income Tax Department by the accountant after generation of Unique Document Identification Number.
  3. The statement should be digitally signed by the accountant.

12: Why is Form 172 important?

Ans: Filing Form 172 enable the fund to claim its activities are not constituting business connection in India subject to the conditions being fulfilled Failure to file Form 172 can lead to:

  • Levy of Penalty under Section 447 of the Income-tax Act, 2025 of 100000 rupees
  • Other proceedings for assessment of income under the Income-tax Act, 2025.

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Acts Income Tax
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