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April 2, 2026
Show AI Summary
Quarterly TDS statement for non-salary payments requires deductor details, deductee-wise reporting, and prescribed filing steps.
Form No. 140 is the quarterly TDS statement for non-salary payments to resident deductees, filed by persons responsible for deduction of tax on specified payments such as interest, commission, brokerage, professional fees, and rent. The form requires deductor particulars, tax payment details, and a deductee-wise annexure covering PAN, amount paid or credited, tax deducted and deposited, deduction rate, and related certificate details. Filing is quarterly, supported by challans and PAN details, and involves preparation, validation, and upload through the prescribed electronic or facilitation-centre process.
April 2, 2026
Show AI Summary
Foreign exchange market curbs drive rupee higher as banks adjust positions under Reserve Bank restrictions.
Reserve Bank of India measures to curb banks' activity in the onshore and derivative foreign exchange markets led to a sharp appreciation in the rupee after recent volatility and heavy pressure from capital outflows, a stronger dollar and higher crude prices. The central bank capped the net open position on the Indian rupee for banks at USD 100 million and required compliance by a specified deadline, while also restricting authorised dealers from offering non-deliverable derivative contracts involving the rupee to resident or non-resident users. Users were further barred from rebooking foreign exchange derivative contracts, whether deliverable or non-deliverable, once cancelled after the issuance of the instructions.
April 2, 2026
Show AI Summary
Tax deduction statement filing governs quarterly reporting, electronic submission, correction limits, and acknowledgment for non-salary resident payments.
Form No. 140 is the quarterly electronic statement of deduction of tax at source for non-salary payments made to resident deductees, and it is mandatory for all deductors responsible for such payments. It must be filed within the prescribed quarterly due dates, cannot be edited after submission, and corrections may be filed only after processing by CPC-TDS within the specified two-year time limit. Successful filing on the TRACES portal generates an Acknowledgment Receipt Number.
April 2, 2026
Show AI Summary
Excess TDS and TCS refund claims move through a TRACES-based electronic form with pre-filled challan details and digital signing.
Form No. 139 is the electronic refund application by which a deductor, collector, or eligible taxpayer may claim refund of excess tax paid under Chapter XIX. Filing is permitted where the corresponding TDS or TCS statement has been processed and the excess remains as an unmatched or unconsumed challan credit. The application requires challan particulars, utilisation details, refund amount, declaration, digital signature, and supporting bank and tax records.
April 2, 2026
Show AI Summary
Excess TDS/TCS refund claims under Form No. 139 must be filed online, after processing, and only when credit remains unallowed.
Form No. 139 is the prescribed online application for a deductor or collector to claim refund of excess TDS/TCS deposited under Chapter XIX-B of the Income-tax Act, 2025, where the excess is not adjusted against any other liability in the system. The form may be filed only after the relevant statement has been processed, cannot be edited after acknowledgment is generated, and is not maintainable once the deductee has been allowed credit for the same tax. Approved refunds, along with interest, are credited to the prevalidated bank account, and refund arising from appellate or rectification orders does not require filing of the form.
April 2, 2026
Show AI Summary
Quarterly TDS statement for salary and specified senior citizen income streamlines deductor reporting, annexures, and filing compliance.
Form No. 138 is the quarterly TDS statement for salary and specified senior citizen income, replacing Form 24Q and being filed under the Income-tax Act, 2025 and the Income-tax Rules, 2026. It is used by employers and specified deductors to report tax deducted and deposited, together with deductor particulars, deductee-wise details, and quarterly annexures. Annexure I applies to all quarters, while Annexure II and Annexure III are filed only in the last quarter for salary and specified senior citizen income details.
April 2, 2026
Show AI Summary
Quarterly TDS statement filing requires electronic submission, prescribed annexures, correction limits, and timely compliance for tax credit reporting.
Form No. 138 is a quarterly electronic TDS statement required from employers deducting tax from salaries and specified banks deducting tax from pension and interest income of specified senior citizens. Only Annexure-I is filed for all quarters, while Annexure-II and Annexure-III are filed only for Q4. The form must be filed within the prescribed quarterly due dates, cannot be edited after submission, and may be corrected within two years after processing by CPC-TDS.
April 2, 2026
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TDS/TCS book adjustment reporting requires monthly filing of Form 137 for government office tax credits.
Form No. 137 is the monthly TDS/TCS book adjustment statement filed by Government offices and related accounts offices to report tax deducted or collected without challan and credit it to the Central Government account through the book adjustment system. It is filed under the Income-tax Rules, 2026 by offices remitting TDS/TCS through book entry rather than challan, with prescribed due dates, accounts office particulars, DDO-wise transfer voucher details and supporting AIN, TAN and voucher data. Processing generates Book Identification Numbers for DDOs for use in quarterly TDS/TCS statements.
April 2, 2026
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TDS/TCS book adjustment reporting requires mandatory electronic filing, AIN-based processing, and BIN generation for government offices.
Form No. 137 is the monthly consolidated TDS/TCS book adjustment statement for government offices where tax is credited to the Central Government without challan payment. It is mandatory for the concerned Accounts Officer, must be filed electronically within the prescribed time, and may be revised to correct mistakes. An Accounts Office Identification Number is required, and processing of the form generates a Book Identification Number used for related TDS/TCS statements and tax credit flow.
April 2, 2026
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Customs duty exemption on critical petrochemicals aims to steady supply chains and ease input costs across manufacturing sectors.
Temporary customs duty exemption granted on critical petrochemical products to address supply disruptions arising from the West Asia conflict and consequent global shipping and supply chain disturbances. The measure is directed at preserving the availability of essential petrochemical inputs for domestic industry, maintaining supply stability, and easing cost pressures on sectors dependent on petrochemical feedstock and intermediates, including plastics, packaging, textiles, pharmaceuticals, chemicals and automotive components. The exemption applies to specified petrochemical goods, including methanol, anhydrous ammonia, toluene, styrene, dichloromethane, vinyl chloride monomer, poly butadiene, styrene butadiene and unsaturated polyester resins.
April 2, 2026
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Accounts Office Identification Number application governs book-adjustment TDS/TCS reporting, supervisory verification, and TRACES-based allotment.
Form No. 136 is the statutory application for allotment of an Accounts Office Identification Number (AIN) to government Accounts Officers making TDS/TCS payments through book adjustment without challan production. The form is required only once, and the allotted AIN is mandatory for filing Form No. 137 statements for monthly reporting of such remittances. It requires applicant particulars, declarations, supervisory counter-verification, and code-based annexures, and may be filed online on TRACES or offline before the jurisdictional Commissioner of Income-tax (TDS).
April 2, 2026
Show AI Summary
Accounts Office Identification Number rules govern AIN allotment, filing modes, eligibility, and later modification for government offices.
Form No. 136 is the application for allotment of an Accounts Office Identification Number (AIN) for Central and State Government Accounts Offices making TDS/TCS payments through book adjustment. AIN is a unique seven-digit identifier, and non-government offices are not eligible. The form may be filed online through the TRACES portal or offline before the jurisdictional Commissioner of Income-tax (TDS). Only one AIN is allotted to an Accounts Office, and details may later be modified. TAN is not mandatory, though it must be mentioned if already available.
April 2, 2026
Show AI Summary
Tax Deduction and Collection Account Number forms now require category-specific details, documents, and streamlined filing rules.
Forms Nos. 134 and 135 are prescribed for allotment of a unique Tax Deduction and Collection Account Number (TAN), with Form 134 for Government applicants and Form 135 for non-Government applicants. They apply to persons required to deduct or collect tax at source, file TDS/TCS statements, or issue TDS/TCS certificates. The revised forms separate Government and non-Government categories and require category-specific particulars, mandatory PAN-related details, and supporting documents. The process may be completed online or physically and results in TAN allotment and dispatch of the TAN letter.
April 2, 2026
Show AI Summary
Tax Deduction and Collection Account Number rules define TAN application forms, eligibility, documents, fee and correction procedures.
TAN is the unique identifier used for TDS and TCS compliances and must be quoted in related communications and filings. Under the Income-tax Rules, 2026, TAN applications are made through Form No. 134 for Government category deductors and Form No. 135 for non-Government applicants, either offline at authorised PAN centres or online through the prescribed portals. Incomplete applications are treated as invalid, post-submission edits are not permitted, correction requests may be made after allotment, and the fee is payable. Government applicants require AIN and the prescribed certificate; non-Government applicants require identity, address and incorporation-related documents, with PAN mandatory.
April 2, 2026
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Bail cancellation for non-compliance leads to surrender, passport restraint, forfeiture of deposit, and insolvency-linked conditions.
Cancellation of bail granted in connection with the alleged Grand Venice Mall scam after non-compliance with bail conditions. The Supreme Court directed surrender within one week, barred release of the passport without leave of the Court, and ordered forfeiture and disbursal of the deposited bail amount. Fresh regular bail may be sought only after twelve months and subject to compliance with the insolvency proceedings invoked against the petitioner's companies under the Insolvency and Bankruptcy Code, 2016.
April 2, 2026
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TCS certificate issuance rules govern Form No. 133, including TRACES generation, correction, duplicate issue, and credit claims.
Form No. 133 is the prescribed TCS certificate under section 395(4)(a) of the Income-tax Act, 2025, issued by the person responsible for collection of tax at source to the collectee as proof of tax collected and deposited with the Central Government. It enables the collectee to claim TCS credit on filing the return of income. The certificate is generated only after filing and processing of the quarterly TCS statement in Form No. 143 through the TRACES portal, must be issued within the prescribed time, and may be corrected, preserved, or reissued as a duplicate in accordance with the stated requirements.
April 2, 2026
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TDS certificate compliance requires Form 132 for specified payments, TRACES generation, and timely issuance after processing.
Form No. 132 is the consolidated TDS certificate for specified payments such as rent, immovable property transfers, technical services, contractual payments and transfer of Virtual Digital Assets. It must be issued by the deductor after tax is deducted and deposited, serves as proof of tax deposited with the Central Government, and enables the deductee to claim TDS credit. The certificate is generated from TRACES only after the challan-cum-statement in Form No. 141 is filed and processed, and it must be issued within 15 days from the due date for that filing.
April 2, 2026
Show AI Summary
TDS certificate issuance rules govern Form No. 131, requiring TRACES-based generation, timely delivery, and revised statements for corrections.
Form No. 131 is the prescribed TDS certificate for payments other than salary, issued by the deductor to the deductee as proof of tax deducted and deposited, and to enable TDS credit in the return of income. It is generated only after filing and processing of the quarterly TDS statement on the TRACES portal, must be downloaded and signed before issue, and is invalid if prepared by any other mode. The certificate must be issued within the prescribed time, corrected through revised TDS statements where necessary, and retained for records.
April 2, 2026
Show AI Summary
TDS and TCS certificate rules shift to revised TRACES-based forms with defined issuance timelines and certificate structures.
TDS and TCS certificates under section 395(4) of the Income-tax Act, 2025 are to be issued in revised Form Nos. 130, 131, 132 and 133, replacing the earlier certificate forms under the Income-tax Act, 1961. The deductor, collector or employer must request generation and download through the TRACES portal, and the certificate is valid only when generated from that portal and signed digitally or physically by the deductor or collector. The revised forms prescribe separate issuance timelines, certificate structures and linkage to the relevant statements or challan-cum-statements.
April 2, 2026
Show AI Summary
TDS certificate Form No. 130 formalises tax credit for salary, pension, and specified senior-citizen interest income.
Form No. 130 is the annual TDS certificate issued to salaried employees, pensioners, and specified senior citizens in relation to salary, pension, or eligible interest income on which tax has been deducted and deposited. It replaces Form 16 and serves as proof of deduction and deposit of tax, enabling the deductee to claim credit for TDS. The certificate is issued by the employer or specified bank through the TRACES system, after processing of quarterly TDS statements, and issuance is mandatory once tax has been deducted and deposited.

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Guidance Note – Form 183

April 4, 2026

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Form No. 183 [corresponding to erstwhile Form No. 183] – Audit Report under Section 49 for claiming deduction in respect of business of prospecting, extracting, or producing petroleum, natural gas, or both

Purpose:

Form No. 183 is a statutory audit report prescribed under Rule 291 of the Income-tax Rules, 2026. It is used for certifying the deduction claimed by an assessee engaged in the business of prospecting, extracting, or producing petroleum, natural gas, or both in India.

The form verifies that:

  • The assessee’s books of account with respect to such business have been audited either under section 49 of the Income-tax Act, 2025 or under any other law
  • The assessee has deposited an amount, within time, in a special account with the State Bank of India or in a site restoration account, in accordance with a special scheme/deposit scheme made/approved by the Ministry of Petroleum and Natural Gas
  • Whether the withdrawals made from the account were for purposes specified in the special scheme/deposit scheme
  • Whether withdrawals made for purposes specified in the special scheme/deposit scheme have not been so utilised, in which case, the amount would be chargeable as income of that tax year
  • Whether withdrawals have been made for purchase of certain assets mentioned in the section, in which case, the amount would be chargeable as income of that tax year
  • Whether any amount has also been claimed as expenditure while computing income under the head ‘Profits and gains of business or profession’, and which needs to be disallowed
  • Whether any asset acquired in accordance with special scheme/deposit scheme, has been transferred before eight years, in which case, corresponding part of the cost would be chargeable as income of that tax year
  • The amount of deduction permissible in accordance with section 49

Thus, Form No. 183 serves as a Chartered Accountant’s audit certificate authenticating the correctness of the deduction claimed under Section 48.

Who Should File:

Form No. 183 must be furnished by assessees engaged in the business of prospecting, extracting, or producing petroleum, natural gas, or both in India.

The audit report in Form No. 183 is to be furnished by a Chartered Accountant.

Frequency & Due Dates:

Form No. 183 is furnished annually one month prior to the due date for furnishing the return of income under Section 263(1).

Structure of Form No. 183 :

Form No. 183 is divided into three parts.

Part I: Audit report u/s 49 in case where accounts of the assessee have been audited under any other law

Part II: Audit report u/s 49 in case where accounts of the assessee have not been audited under any other law

Part III: Statement of particulars relating to claim of deduction u/s 49:

  • Accounting information: Books of account examined, method of accounting followed, maintenance of separate accounts for business of prospecting, extracting, or producing petroleum, natural gas, or both in India
  • Deposit information: amounts deposited within time in the specified account
  • Withdrawal information: amounts withdrawn, purposes of withdrawal, utilisation for stated purposes, amounts utilised for purposes not allowed, transfer of asset bought with withdrawn funds before expiry of specified time
  • Deduction permissible: Total deduction permissible in accordance with section 49

What are the documents required to file the Form No. 183 ?

Following documents may be required for filing Form No. 183 :

  1. Books of account / relevant documents of the business (Balance Sheet, Profit & Loss Account or Income & Expenditure statement).
  2. Audit report if audited under any other law
  3. Evidence of deposit in the specified Account
  4. Documents related to withdrawal of funds from specified Account showing purpose of withdrawal, proof of utilization
  5. Documents related to transfer of assets purchased in accordance with special scheme/Deposit Scheme

What is the process flow of filing Form No. 183?

The process flow includes following steps

  1. Deposit of amounts into specified Account
  2. Withdrawal of amounts (if any) from specified Account
  3. Audit by Chartered Accountant under any other law or under section 49
  4. Furnishing of Form No. 183 online by Chartered Accountant (e-form)
  5. E-verification of Form via DSC
  6. Acceptance of Form by taxpayer

Outcome of Processed Form No. 183:

Enables claiming of deduction under Section 49, which can be up to 20% of profits derived from the business, subject to the amount deposited.

Brief note on broad or qualitative changes proposed:

Key updates include the following

  • The entire form has been made into a smart form, tabulating data to make extraction easier.
  • Books of account examined – A few books of account have been provided in a tabular format so that the accountant need only tick the books examined. A field for adding any other books has been given.
  • References to account in State Bank of India or Deposit Account have been replaced with specified account since the same has been explicitly defined in the new Act.
  • Deposit and withdrawal details have been tabulated for ease of entry and extraction.
  • Data on transfer of asset has been tabulated for ease of entry and extraction.
  • Change in definition of accountant entitled to sign the audit report – The Form originally allowed three types of people to sign the report:
    • A CA as defined in the Chartered Accountant’s Act, 1949
    • A person entitled to be appointed as an Auditor u/s 226(2) of the Companies Act, 1956
    • A person entitled to audit the accounts by virtue of any other law [for those assessees whose accounts were audited under any other law]

The new Act defines accountant in section 515(3)(b) as a CA defined in the Chartered Accountant’s Act, 1949, subject to certain exclusions, like related parties of the assessee or a CA that has been dismissed from government service or convicted of an offence, etc. Since these are reasonable exclusions, the same definition has been included in the proposed Form.

With respect to the second category, the Companies Act, 2013 does not include a corresponding provision of section 226(2) of Companies Act, 1956. Hence, this clause has been removed as redundant.

  • Details like membership number, firm registration number, and UDIN have been incorporated in the Form to be filled in mandatorily.

Challenges and Solutions:

Earlier, Form No. 183 majorly had free textboxes to enter details like date of deposit/withdrawal, amount, purpose, etc. By tabulating the data, compliance as well as extraction and validation is expected to be simplified.

Common Changes made across Forms:

  1. To make Forms system-friendly and enable e-filing and uploading, certain anomalies found due to grouping of Name, Designation, Address, PAN and Aadhaar number have been separated into different boxes.
  2. Assessment / Financial / Previous year or years have been replaced with Tax year or years, wherever appearing in the Form/Annexure.
  3. Sections, Clauses and Schedules changes as per the Income-tax Act, 2025.
  4. Currency symbol “Rs.” has been replaced with “₹”.

Topics

Acts Income Tax