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April 3, 2026
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Tax Clearance Certificate Form 159 governs clearance for persons leaving India and requires Assessing Officer issuance on Form 158.
Tax Clearance Certificate in Form 159 is issued by the Assessing Officer in response to Form 158 and is prescribed under section 420(5) of the Income-tax Act, 2025 read with Rule 228 of the Income-tax Rules, 2026. The form records the departing person's identity details and travel-linked validity, is issued through ITBA functionality, and has no statutory timeline for issue. Form 158 is the supporting application, and the note states that the taxpayer cannot leave India without the requisite clearance certificate.
April 3, 2026
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Tax Clearance Certificate governs departure-related compliance and is issued by the Assessing Officer on a Form 158 application.
Form 159 is the Tax Clearance Certificate issued by the Assessing Officer in response to Form 158. It is not filed by the taxpayer, but is issued to the specified taxpayer through the ITBA functionality, subject to the requirements of the Income-tax Act, 2025. No statutory time limit is prescribed for issuance, and the certificate is event-based, depending on the travel requirements of the person leaving India.
April 3, 2026
Show AI Summary
Tax clearance certificate requirements for persons leaving India are set out through electronic filing of Form 158.
Form 158 is the application for a Tax Clearance Certificate required from a person directed by the Assessing Officer to obtain clearance before leaving India. It is filed each time the requirement applies, captures travel, identification, business, and passport details, and must be supported by documents such as passport or emergency certificate, PAN, and travel booking records. The form is filed electronically through the income-tax portal and digitally signed; on processing, Form 159 is issued as the Tax Clearance Certificate.
April 3, 2026
Show AI Summary
Tax Clearance Certificate filing under Form 158 requires mandatory electronic submission before leaving India.
Form 158 is the mandatory electronic application for a Tax Clearance Certificate for domiciled persons required to obtain clearance before leaving India under the Income-tax Act, 2025. It must be filed each time the person leaves India, through the e-filing portal only. PAN is mandatory, while Aadhaar is not required. Supporting documents include passport or emergency certificate details and travel booking documents. The form cannot be edited after submission, and verification may be completed through prescribed electronic modes.
April 3, 2026
Show AI Summary
Foreign departure undertaking for persons without PAN or taxable income is proposed as a manual compliance form.
Form 157 is a manual undertaking to be furnished by persons domiciled in India leaving India at the time of departure under section 420(4) of the Income-tax Act, 2025 and Rule 228 of the Income-tax Rules, 2026. It applies only to persons without PAN or without income chargeable to tax. The form requires identity and passport details, an undertaking regarding PAN or taxable income status, and particulars of the foreign visit, supported by passport documents or an emergency certificate where no passport is available.
April 3, 2026
Show AI Summary
Form 157 certificate filing rules for domiciled persons leaving India without PAN or taxable income
Form 157 is a proposed new income-tax certificate form for persons domiciled in India leaving India who do not have PAN, do not have income chargeable to tax in India, or are not required to obtain PAN. It is mandatory subject to notified exceptions, must be filed each time the person leaves India, and is to be submitted manually before the jurisdictional Assessing Officer with the prescribed identity documents. The form does not require proof of tax payment, Aadhaar is no longer required in the personal details, and corrections may be made before submission or later through the Assessing Officer.
April 3, 2026
Show AI Summary
Form 156 filing requirement for Indian residents leaving India is being split into declaration and undertaking formats.
Persons domiciled in India leaving India must furnish Form 156 at the time of departure as an undertaking under section 420(3) of the Income-tax Act, 2025 read with rule 228 of the Income-tax Rules, 2026, subject to notified exceptions. The form is to be filed electronically through the Income-tax Department e-filing portal and requires personal particulars, travel purpose, duration of stay abroad, passport details, and supporting documents such as passport and PAN, or an emergency certificate where no passport is available. The form structure is being rationalised by splitting the existing manual form into Form 156 and Form 157.
April 3, 2026
Show AI Summary
Departure undertaking requirement governs Form 156 filing, with PAN-based e-filing and limited verification options for domiciled persons leaving India.
Form 156 is an undertaking to be furnished by persons domiciled in India leaving India at the time of departure, subject to notified exceptions. It applies only where the person has a valid PAN and income chargeable to tax in India, and is filed each time the person leaves India. The form cannot be edited after submission and acknowledgement. Filing is electronic through the income tax e-filing portal, with verification by electronic verification code or digital signature certificate, and requires passport or emergency certificate details, without proof of tax payment or Aadhaar.
April 3, 2026
Show AI Summary
No objection certificate for departing persons not domiciled in India issued as tax clearance through departmental process.
Form 155 is the no objection certificate and tax clearance certificate issued by the Assessing Officer to a person not domiciled in India under section 420(1) of the Income-tax Act, 2025, read with Rule 228 of the Income-tax Rules, 2026. It is issued in response to Form 154 filed by a person leaving India, records identity and travel details, and states the validity period of the certificate. The certificate is issued through the departmental ITBA functionality and may need to be shown to Customs or Immigration Officers if required.
April 3, 2026
Show AI Summary
Tax Clearance Certificate for non-domiciled persons is issued on Form 154 applications and may be required for immigration checks.
Form 155 is a Tax Clearance Certificate issued by the prescribed authority in response to Form 154 for a person not domiciled in India. It is not filed by the taxpayer, is issued subject to the conditions in the Act through the ITBA system, and has no prescribed statutory timeline. The certificate is event-based, depends on travel requirements, and may be produced before immigration officers if asked.
April 3, 2026
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Undertaking for tax clearance on departure from India requires employer or other signatory support and manual filing.
Form 154 is an undertaking required from an employer or other person when a person not domiciled in India is leaving India. It is filed manually under section 420(1) and Rule 228, and is supported by passport or Emergency Certificate details. The form is generally attached to a request for a Tax Clearance Certificate, and processing results in issuance of Form 155.
April 3, 2026
Show AI Summary
Form 154 undertaking governs tax clearance for non-domiciled persons leaving India with India-sourced income.
Form 154 is the prescribed undertaking for a non-domiciled person leaving India with India-sourced income in connection with business, profession or employment. It is signed by the employer or other person concerned, filed offline before the prescribed authority, and is required each time such person departs India. The form supports issuance of a tax clearance certificate, requires a valid PAN, and is accompanied by a passport or emergency certificate, while Aadhaar is not required and proof of tax payment is optional.
April 3, 2026
Show AI Summary
Tax recovery notice and certificate require payment within 15 days before recovery proceedings can begin.
Form 153 is the statutory Certificate and Notice of Demand issued by the Tax Recovery Officer for recovery of outstanding tax arrears under the Income-tax Act, 2025, read with the Income-tax Rules, 2026. It is an event-driven recovery instrument issued after default and a recovery certificate, may cover multiple tax years and multiple heads of arrears, and directs the taxpayer to pay within 15 days, failing which recovery proceedings may follow.
April 3, 2026
Show AI Summary
Tax recovery demand notice under Form 153 requires payment of arrears within 15 days before coercive recovery begins.
Form 153 is the statutory Certificate and Notice of Demand issued by the Tax Recovery Officer for unpaid tax arrears, including tax, interest, penalty, fine, or other sums. It requires payment within 15 days and may cover multiple tax years or multiple heads of arrears in one notice. If payment is not made, recovery proceedings may follow, including attachment or sale of property and other enforcement measures, with interest, costs, charges, and expenses also accruing.
April 3, 2026
Show AI Summary
Advance tax estimate dispute through Form 152 lets an assessee submit reasons and a revised income estimate.
Form 152 is used to intimate the Assessing Officer under section 407(8) where an assessee considers the estimate of income or advance tax in a notice of demand under section 289, issued pursuant to an order under section 407(2) or section 407(5), to be excessive. The assessee may state the reasons for disputing the estimate and furnish a revised estimate of income subject to advance tax for the relevant tax year. The form includes the demand reference, reasons for dispute, revised head-wise income estimate, computation of advance tax payable, and verification, together with supporting documents where required.
April 3, 2026
Show AI Summary
Advance tax estimate disputes can be notified through Form 152 with reasons and a revised income estimate.
Form 152 is the statutory mechanism for intimating the Assessing Officer that a demand for advance tax is excessive and for furnishing a revised estimate of income subject to advance tax. It is optional and may be filed only by a person served with such notice who considers the Assessing Officer's estimate to be higher than the correct estimate for the relevant tax year. The form must be filed before the Assessing Officer who issued the demand and must specify the reasons for disputing the estimate along with a head-wise revised estimate of income.
April 3, 2026
Show AI Summary
Advance tax compliance through Form 151 notice of demand, setting estimated liability, instalments, and due dates for payment.
Form 151 is the prescribed notice of demand for requiring payment of advance tax under the Income-tax Act, 2025. It is issued by the Assessing Officer to an assessee liable to pay advance tax under section 407(2) or 407(5), based on available information regarding the assessee's income for the relevant tax year. The notice states the estimated advance tax liability and the instalments and due dates for payment, and is accompanied by a computation of advance tax payable under section 407.
April 3, 2026
Show AI Summary
Advance tax notice under Form 151 sets out estimated income, instalments, and payment requirements for assessees.
Form 151 is the prescribed notice of demand for requiring payment of advance tax where an assessee is liable to pay advance tax on estimated income for the relevant tax year. It is issued by the assessing officer on the basis of the officer's computation of estimated income subject to advance tax and the advance tax payable, and it informs the assessee of the demand and the instalments and due dates for payment. The form must also set out the assessee's particulars, the statutory basis, the tax year, and the amount payable.
April 3, 2026
Show AI Summary
Tax collection default certificate: Form 150 enables electronic proof that the collectee paid tax and the collector is not treated as in default.
Form No. 150 is the electronic accountant's certificate required where a collector has failed to collect tax at source, but the collectee has included the relevant income in the return and paid the tax due, so that the collector is not treated as an assessee in default under section 398(2). The form is furnished electronically through the prescribed online filing framework, supported by a Chartered Accountant's certification confirming inclusion of income in the collectee's return and proof of tax payment. The process uses TRACES and e-filing portal steps, with prescribed transaction details, supporting records, and digitally signed certification.
April 3, 2026
Show AI Summary
Tax at source default regularisation through Form No. 150 requires accountant certification and preserves interest liability.
Form No. 150 provides a mechanism for a collector who failed to collect tax at source to avoid being treated as an assessee in default where the collectee has filed a return, included the relevant amount in income, and paid the tax due. The form relies on an accountant's certificate in Annexure A and applies to both resident and non-resident collectees. Filing begins on the TRACES website and is processed through the e-filing portal, while interest remains payable for the period from the date tax was collectible until the collectee files the return.

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Corp. Laws / SEBI / IBC

Adani wins US court hearing in push to throw out SEC fraud suit

April 8, 2026

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New York, Apr 8 (PTI) A US judge granted a request from billionaire Gautam Adani to schedule a hearing in his effort to dismiss a US Securities and Exchange Commission fraud case, which he says lacks necessary jurisdiction as well as fails on multiple reasons.

This followed lawyers of Adani and his nephew, Sagar filing a plea seeking dismissal of the case.

"The court has received Defendants' letter requesting a pre-motion conference on their anticipated motion to dismiss the Complaint. The court GRANTS that request and DIRECTS the parties" to schedule the pre-motion conference, the Eastern District court of New York said in its order.

In the filing, ​the Adanis' lawyers said there was no credible evidence supporting ​the alleged bribery scheme.

The SEC, they said, lacked necessary jurisdiction over the two men and that the alleged misstatements underpinning the case weren't actionable.

The case brought by SEC in November 2024 alongside a criminal complaint by the US Department of Justice, alleges that the Adanis sought to pay over USD 250 million in bribes to Indian officials to secure solar energy contracts and concealed the scheme from US investors and banks when they raised funds.

The Adani Group has denied all allegations, stating that none of its entities or executives have been charged under the US Foreign Corrupt Practices Act, and that Adani Green Energy - the renewable energy arm that raised the funds - is not a party to the proceedings.

While Gautam Adani chairs the Adani Group, Sagar Adani is executive director at Adani Green Energy.

The lawsuits had been stalled for over a year as the defendants, based in India, were not served notices. The group, which spans green energy, ports, realty, mining and news media, has continued to raise funds from global investors, including BlackRock, since the charges were filed.

The Brooklyn, New York court's decision to grant a hearing allows Adani to argue that the regulator's complaint should be thrown out at an early stage, potentially avoiding a protracted discovery process and trial.

In filings, Adani's legal team has argued that the case lacks sufficient jurisdictional basis and fails to establish actionable claims under US securities laws.

NO US JURISDICTION ------------------------ The Adanis argued that the court lacked personal jurisdiction, saying neither of them had sufficient contacts with the US or direct involvement in the bond offering.

The USD 750-million bond sale was conducted outside the United States under Rule 144A and Regulation S exemptions, with securities sold to non-US underwriters and only later resold in part to qualified institutional buyers, they said.

The plea stated that "in September 2021, Adani Green, which is not a US registrant, conducted a USD 750 million bond offering pursuant to SEC Rule 144A and SEC Regulation S, which are registration exemptions for private resales to qualified institutional buyers (QIBs) and for non-US sales, respectively".

"Adani Green sold all of the notes from the Offering outside the United States, via a Subscription Agreement, to non-US underwriters, who later resold the Notes to QIBs. A fraction of those resales -- in transactions to which Adani Green was not a party -- are alleged to have been made to 'investors in the United States'," it said.

The plea through the lawyers added that the complaint does not allege that Gautam Adani approved the issuance, attended key meetings, or directed any activity at US investors.

Stating that the SEC could not charge the two under the US Foreign Corrupt Practices Act, it instead recast its charges as a securities fraud case.

The filing states that the Adanis dispute that there is any credible evidence supporting the purported bribery scheme.

"Notably, the SEC does not allege that there were any investor losses, and there were none. The bonds have matured, and Adani Green repaid all principal and interest in full to investors in 2024," it added.

EXTRATERRITORIAL REACH CHALLENGED --------------------------------------------- The filing also contends the SEC's case is impermissibly extraterritorial, noting the securities were not listed in the United States, the issuer is Indian, and the alleged misconduct occurred entirely in India.

Citing US Supreme Court precedent, Adanis said the SEC failed to show any "domestic transaction", a requirement for applying US securities laws.

Under the sections invoked, the SEC must plausibly allege a "domestic transaction" and it must plead that "irrevocable liability was incurred or title was transferred within the United States".

The SEC charges against Adanis say nothing about where irrevocable liability was incurred, the plea said, adding that the mere fact, taken as true, that some downstream investors were located in the US is irrelevant to the case.

"The SEC's claims here solely involve Indian Defendants, an Indian issuer, securities not registered with the SEC and not traded on any US exchange, and underlying conduct alleged to have occurred exclusively in India," it said. "This case is thus conclusively beyond the reach of the US securities laws." NO INVESTOR LOSSES ------------------------- The defendants said the SEC does not allege any investor losses, adding that the bonds matured and were fully repaid with interest in 2024.

They also disputed the underlying bribery allegations, saying there is no credible evidence supporting such claims.

"The alleged bribery scheme relates to a solar energy project in India for the provision of renewable power in India. There is no allegation that any US company bid on the project, or that any US customer purchased energy in the project. In fact, there was no such US involvement," the plea said.

'PUFFERY' DEFENCE ---------------------- The filing argues that statements cited by the SEC -- relating to ESG commitments, anti-corruption practices, and corporate reputation -- amount to non-actionable "puffery", or general corporate optimism that investors cannot reasonably rely on.

It further said the SEC failed to link either defendant to specific misleading statements or demonstrate intent to defraud.

The defendants are seeking dismissal of the case in full and said they are prepared to appear for a pre-motion conference if required.

Adanis argued that the court lacks personal jurisdiction, saying neither had sufficient contacts with the US or direct involvement in the bond offering.

"The complaint contains no plausible allegation that Gautam Adani was involved in drafting, reviewing, or approving any document containing any alleged misstatement. Indeed, the SEC does not allege that Gautam Adani even knew these statements were being made," the plea said. "Because there are no allegations tying him to any alleged misstatement, the SEC's claims against Gautam Adani fail as a matter of law." The allegations against Sagar Adani are also deficient. "Even if 'multiple drafts' of the Offering Circular 'were provided to [him]', these allegations do not tie him to specific misstatements, much less show that he had 'ultimate authority' over their content," it said.

The SEC also fails to adequately plead that defendants acted with the requisite intent. "The SEC makes no plausible allegation that Defendants acted with knowledge or recklessness," it said.

The defendants intend to move to dismiss the SEC's complaint by April 30, 2026 and, as part of this process, have on April 7, 2026 submitted a letter with the EDNY (Eastern District New York) judge informing the court that the defendants are prepared to attend a pre-motion conference should the court wish to schedule one.

The filing of this letter is a standard procedural step in the legal process for the handling of such matters in accordance with the procedural rules prescribed by the EDNY judge.

In the letter, the defendants have briefly set out their grounds for dismissal of SEC's complaint, including that (i) the court concerned lacks personal jurisdiction over the defendants and the claims against them, (ii) the SEC's claims are impermissibly extraterritorial, (iii) the alleged misstatements by the defendants are too vague and general for any reasonable investor to rely upon as a guarantee of any concrete fact or outcome, making them inactionable, and (iii) the defendants' lack of involvement in the transaction bars the SEC's claims against them.

Gautam Adani is represented by Sullivan & Cromwell LLP, while Sagar Adani's counsel is Nixon Peabody LLP and Hecker Fink LLP.

SEC's CHARGES AGAINST ADANI ------------------------------------ The SEC has alleged that Gautam Adani, Sagar Adani and others orchestrated a USD 250 million-plus bribery scheme between 2020 and 2024 to secure solar energy contracts in India.

Their plea (termed as letter in US legal system) pointed out that SEC does not allege that there were any investor losses as there were none. The bonds have matured and all interest payments were made on time.

The court lacks personal jurisdiction over defendants and the claims against them should be dismissed under Rule 12(b)(2), the letter cited.

The SEC must plead that defendants had sufficient "minimum contacts" with the US and that the claims against them arose out of those activities, the letter pointed out. With respect to Gautam Adani, the SEC does not come close, the lawyers added.

The claims, according to the lawyers, "involve Indian Defendants, an Indian issuer, securities not registered with the SEC and not traded on US exchanges, and underlying conduct alleged to have occurred exclusively in India".

The SEC has not alleged underwriters who purchased the bonds from AGEL were US institutions as they weren't, or that the subscription agreement underlying the purchases was governed by US law as it wasn't.

"This case is thus conclusively beyond the reach of the US securities laws," the lawyers said.

The SEC has also failed to tie Sagar Adani to a single allegedly false or misleading statement, much less one directed at US investors, the letter added. PTI ANZ ANZ ANU ANU

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