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April 1, 2026
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Form No. 122 consolidates employee salary, perquisite and tax details from multiple employers for correct tax deduction.
Form No. 122 is a consolidated income-tax statement for an employee to furnish salary details from another employer, taxable allowances, perquisites, provident fund accretions, tax deducted, house property loss, other income and tax deducted or collected at source, so the current employer can compute the correct tax liability and deduct tax at source. It is meant for employees who have changed jobs during the same tax year and should be filed as early as possible, but not later than 31 March of the financial year. The form includes employee particulars, salary details, other income details and an annexure covering taxable perquisites and provident fund items.
April 1, 2026
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Income tax declaration form helps salaried employees report multiple-employer income, house property loss, and source-based tax credits.
Form No. 122 is a consolidated declaration furnished by a salaried employee to the employer for reporting salary from another employer, house property loss, other taxable income, and tax deducted or collected at source. It is intended for employees with salary from more than one employer or other income, is beneficial rather than mandatory, and may be submitted offline or through HR/payroll without uploading to the income-tax portal or attaching it to the return of income.
April 1, 2026
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Self-declaration for no TDS on specified income: consolidated Form 121 streamlines eligibility, filing, and payer reporting.
Form No. 121 is the consolidated self-declaration form for receipt of specified incomes without deduction of tax at source under section 393(6) and Rule 211. It replaces earlier Forms 15G and 15H and applies to eligible resident individuals, HUFs, and other specified entities, while excluding companies, firms, and non-residents. The declaration must be furnished before payment or credit, and the payer must verify eligibility, assign a UIN, file a monthly statement, and quote the UIN in the quarterly TDS return. The form only prevents TDS and does not exempt the income from tax.
April 1, 2026
Show AI Summary
Tax deduction at source declaration under Form No. 121 enables eligible taxpayers to avoid TDS on specified incomes.
Form No. 121 is the declaration mechanism for receiving specified incomes without deduction of tax at source where the declarant expects tax on estimated total income for the tax year to be nil. It replaces the earlier Forms 15G and 15H and is intended for resident individuals, Hindu undivided families, and other specified eligible entities, while companies, firms, and non-residents are ineligible. The declaration must be furnished separately to each payer before the scheduled transaction date, with PAN mandatory for validity, and must be filed afresh for each tax year.
April 1, 2026
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Parliamentary debate on West Asia crisis and legislative agenda turns into clash over discussion, time allocation, and excise duty resolution.
Parliamentary proceedings saw a dispute over a demand for discussion on the West Asia crisis, with the opposition objecting to the absence of the Prime Minister from an all-party meeting and the government replying that the issue had already been addressed in Parliament. The government also sought extended sittings to clear its agenda, which included the Central Armed Police Forces (General Administration) Bill 2026, the Insolvency and Bankruptcy Code (Amendment) Bill, 2026, and a statutory resolution on Special Additional Excise Duty on Aviation Turbine Fuel.
April 1, 2026
Show AI Summary
Advance rulings application Form 120 streamlines online tax certainty, detailed disclosures, and unified filing for multiple applicant categories.
Form No. 120 is the unified online application for advance rulings before the Board for Advance Rulings under the Income-tax Act. It may be filed by specified classes of applicants, including non-residents, residents transacting with non-residents, residents with high-value transactions, public sector companies, and any person seeking a ruling on an impermissible avoidance arrangement. The application requires detailed disclosure of facts, legal interpretation, transaction details, ownership structure, supporting documents, and proof of fee payment, and it may be withdrawn within 30 days of filing.
April 1, 2026
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Tax-free spin-off leads Versigent to launch as an independent listed company with shares trading on NYSE.
Versigent PLC announced its launch as an independent, publicly traded company following separation from Aptiv PLC and commencement of trading on the New York Stock Exchange under the ticker VGNT. The separation was implemented through a distribution of Versigent ordinary shares to Aptiv shareholders of record, with cash in lieu of fractional shares, and was completed as a tax-free spin-off for Swiss and U.S. federal income tax purposes. The release also notes the use of carve-out historical financial measures and non-GAAP reporting such as Adjusted EBITDA.
April 1, 2026
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Advance ruling applications through Form No. 120 govern online filing, fee slabs, admissibility limits, and binding effect on tax questions.
Form No. 120 is the online application for an advance ruling from the Board for Advance Rulings on questions of law, fact, or mixed questions relating to proposed or undertaken transactions. It specifies applicant categories, fee slabs, supporting documents, and the requirement to file only where the issue is not already pending before an income-tax authority, Tribunal, or court, subject to limited relaxation for public sector companies and GAAR matters. The ruling is binding for the specific transaction, may be appealed, may be declared void for fraud or misrepresentation, and remains effective only while facts and law remain unchanged.
April 1, 2026
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Dispute resolution committee applications through Form 119 require eligibility, supporting evidence, and electronic filing for disputed tax orders.
Application to the Dispute Resolution Committee under section 379 is made in Form No. 119 by an eligible assessee aggrieved by a specified order passed by an Income-tax Authority. The form captures the applicant's particulars, the challenged order, disputed additions or disallowances, statement of facts, grounds of application, and supporting evidence. It is filed electronically through the income-tax e-filing portal with the prescribed annexures and, where applicable, payment of the application fee.
April 1, 2026
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Biomass tariff revision supports continued renewable power operations and revenue visibility for a Punjab-based 6 MW plant.
A revised tariff has been fixed for DEE Development Engineers Ltd's 6 MW biomass-based Malwa Power Plant under the Punjab State Electricity Regulatory Commission, replacing the interim tariff applied during pendency of the petition. The revised arrangement includes annual escalation on the variable component and extends the plant's operating life for another 10 years after expiry of the earlier power purchase pact, supporting continued biomass-based power generation and revenue visibility.
April 1, 2026
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Dispute Resolution Committee application framework under Form 119 requires electronic filing, eligibility checks, and structured disclosure.
Form 119 is the prescribed electronic application for seeking dispute resolution before the Dispute Resolution Committee under section 379 of the Income-tax Act, 2025. It is available to an eligible assessee aggrieved by a specified order passed by an Income-tax Authority, subject to statutory eligibility conditions, including payment of tax on returned income where a return has been filed. Filing is optional, separate applications are required for each tax year and each specified order, and the form must be submitted electronically and cannot be revised after submission.
April 1, 2026
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Deferment of appeal for identical question of law enables later filing after the pending case is finally decided.
Form 118 is prescribed for an application to defer filing an appeal before the High Court or the Income-tax Appellate Tribunal where the relevant case involves an identical question of law already pending in another case. The appellant files the form before the appropriate forum with supporting documents showing the identical question of law and the other pending proceeding. The forum examines whether the statutory conditions for deferment are satisfied, and if accepted, filing of the appeal is deferred until the final decision on the identical question of law in the other case.
April 1, 2026
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Deferred appeal on identical question of law under Form 118 requires assessee acceptance and collegium review.
Form 118 is used by the Income-tax Department to defer filing of an appeal before the Income-tax Appellate Tribunal or the High Court where the relevant case involves an identical question of law already pending in another case before the High Court or the Supreme Court. The procedure depends on collegium consideration and the assessee's acceptance that the questions are identical. The form is filed manually by the Assessing Officer on directions of the Principal Commissioner or Commissioner, cannot be revised after submission, and operates only until the identical legal issue attains finality.
April 1, 2026
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GST collections rise on strong domestic demand, higher import revenues, and recovering momentum after rate rationalisation.
GST collections increased in the reported month, with gross receipts rising on the strength of both domestic supplies and import-related revenues. After adjustment for refunds, net GST revenues also recorded year-on-year growth, indicating continued buoyancy in tax mobilisation. The trend was linked to a recent GST rate rationalisation, including lower rates on many goods and a simplified slab structure, with collections initially dipping after the tax cut before recovering in later months.
April 1, 2026
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Quality-controlled masterbatch manufacturing links R&D, regulatory compliance, and application-specific products across export markets.
Masterbatch and compound manufacturing is presented as a quality-controlled, export-oriented activity built on regulatory compliance, R&D support, and structured batch testing for colour consistency, dispersion, mechanical performance, and stability. The product range is described as application-specific, including laser marking masterbatches, flame retardant masterbatches meeting UL 94 ratings, long glass fibre reinforced compounds for metal replacement, and amber colour masterbatches for pharmaceutical packaging that comply with global regulatory requirements.
April 1, 2026
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Identical question of law declarations under Form 117 keep pending tax disputes aligned with the final higher court decision.
Form 117 is the prescribed declaration by which an assessee states that a question of law in the assessee's pending case is identical to a question already pending before the High Court or Supreme Court in the assessee's own case for another tax year. The form is filed before the Assessing Officer or appellate authority, with supporting documents showing the related pending proceedings. If accepted, the assessee is bound by the final decision on the identical question and the pending order may later be amended to conform to that decision.
April 1, 2026
Show AI Summary
Identical question of law declaration streamlines tax disputes by binding pending cases to the higher court's final decision.
Form 117 is the optional declaration used by an assessee to state that a question of law in the relevant case is identical to a question already pending before the High Court or Supreme Court in the assessee's own case for another assessment year. It may be filed before the Assessing Officer or the appellate authority, requires prescribed particulars and supporting documents, and once admitted binds the assessee to the final decision on that identical question while not stopping the pending proceedings.
April 1, 2026
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Cross-objections before the Income-tax Appellate Tribunal require timely filing, supporting documents, and structured grounds under the prescribed form.
Form 116 is the prescribed memorandum of cross-objections to the Income-tax Appellate Tribunal, enabling a respondent in an appeal to challenge any part of the order appealed against without filing a separate appeal. It may be filed by a respondent, including an assessee, deductor, or the Income-tax Department, only after an appeal has been filed and notice of that appeal has been received. The form is to be furnished within thirty days, accompanied by relevant orders and supporting documents, and may include grounds for condonation of delay where applicable.
April 1, 2026
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Cross-objections before the Tribunal must be filed in the prescribed form, with separate grounds, tax effect, and timely notice-based filing.
Form 116 is the prescribed memorandum of cross-objections before the Income-tax Appellate Tribunal in response to an appeal already filed by the opposite party. It is available to a respondent such as an assessee, the Income-tax Department, or a government deductor, and must be filed within 30 days of receipt of notice. The form cannot be filed independently of an existing appeal, and each ground of cross-objection must be numbered, stated separately, and accompanied by the corresponding tax effect.
April 1, 2026
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Income-tax appeal form governs Tribunal filings, prescribed time limits, supporting documents, and electronic submission requirements.
Form No. 115 is the prescribed appeal form for filing an appeal before the Income-tax Appellate Tribunal against appealable orders of income-tax authorities. It is to be filed by an aggrieved assessee or by the Income-tax Department, within two months from the end of the month in which the order is communicated, and may be accompanied by the relevant orders, grounds, statements, and supporting documents. The form is filed electronically, along with the prescribed fee, and is structured to capture appellant details, respondent details, appeal particulars, disputed amounts, grounds of appeal, and verification.

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Monetary Policy Statement, 2026-27 Resolution of the Monetary Policy Committee April 6 to 8, 2026

April 8, 2026

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Monetary Policy Decisions

The Monetary Policy Committee (MPC) held its 60th meeting from April 6 to 8, 2026, under the chairmanship of Shri Sanjay Malhotra, Governor, Reserve Bank of India. The MPC members Dr. Nagesh Kumar, Shri Saugata Bhattacharya, Prof. Ram Singh, Dr. Poonam Gupta and Shri Indranil Bhattacharyya attended the meeting.

2. After a detailed assessment of the evolving macroeconomic and financial developments and the outlook, the MPC voted unanimously to keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 5.25 per cent. Consequently, the standing deposit facility (SDF) rate remains at 5.00 per cent and the marginal standing facility (MSF) rate and the Bank Rate remains at 5.50 per cent. The MPC also decided to continue with the neutral stance.

Growth and Inflation Outlook

Global Outlook

3. The outbreak of the conflict in West Asia has led to severe disruption of global supply chains. This poses an unprecedented challenge for the global economy – higher prices and lower global growth. In this environment, monetary policy faces a difficult trade-off – anchoring inflation expectations through policy tightening while minimising its impact on growth forgone. Sovereign bond yields, already high from long-run fiscal sustainability concerns across major economies, have further hardened, driven by inflation fears. Additionally, equity valuations have corrected. As a result of the turmoil in global financial markets, the US dollar has rallied, buoyed by safe‑haven demand that has exerted pressure on currencies of major economies. Further intensification of the conflict, its prolongation and widening geographical spread remain the key downside risks to the global outlook.

Domestic Outlook

4. On the domestic front, the Indian economy remained resilient in 2025-26. Real gross domestic product (GDP) is estimated to grow by 7.6 per cent (y-o-y) during the year, as per the Second Advance Estimates (SAE) of the new GDP series (base year 2022-23). Private consumption and fixed investment contributed significantly to overall growth, while net external demand remained soft. On the supply side, estimated real GVA growth of 7.7 per cent was driven by buoyant services sector and robust manufacturing activity.

5. Looking ahead, elevated energy and other commodity prices coupled with supply shock due to disruptions in the Strait of Hormuz would act as a drag on domestic production in 2026-27. Heightened volatility in global financial markets with its spillover on domestic financial conditions would weigh on growth prospects. On the external front, merchandise exports may be adversely impacted from disruptions to key shipping routes and the concomitant rise in freight and insurance costs in case the conflict is long-drawn. On the other hand, sustained momentum in services sector, persisting impact of GST rationalisation, rising capacity utilisation in manufacturing, and healthy balance sheets of financial institutions and corporates should continue to support domestic demand. In this milieu, the Government’s focus on scaling up domestic manufacturing in several strategic and frontier sectors announced in the Union Budget 2026-27 bodes well for India’s ensuing growth trajactory. Taking all these factors into consideration and on the assumption that the adverse impact of the conflict would remain contained in the near term, real GDP growth for 2026-27 is projected at 6.9 per cent, with Q1 at 6.8 per cent; Q2 at 6.7 per cent; Q3 at 7.0 per cent; and Q4 at 7.2 per cent (Chart 1). Further escalation of the conflict, its continuation over a wider geographical spread and uncertainty regarding the damage to the energy infrastructure, apart from weather related events, pose downside risks to the domestic growth outlook.

6. As per the new CPI series (2024=100), headline inflation increased to 3.2 per cent in February 2026 from 2.7 per cent in January. The uptick was primarily driven by unfavourable base effects even as the momentum remained muted. While food inflation increased in February, core (excluding food and fuel) inflation remained unchanged. Excluding precious metals, core inflation remained moderate at 2.1 per cent in January and February, suggesting subdued underlying inflation pressures.

7. The ongoing conflict has led to large volatility in international energy and other commodity prices imparting considerable uncertainty to the near-term inflation outlook. The pass-through of higher global energy prices has resulted in price increases in select fuels such as premium petrol and LPG and diesel for industrial use. On the other hand, the near-term food supply prospects have been boosted by robust rabi crop providing some comfort. Considering all these factors, CPI inflation for 2026-27 is projected to be at 4.6 per cent with Q1 at 4.0 per cent; Q2 at 4.4 per cent; Q3 at 5.2 per cent; and Q4 at 4.7 per cent. Persistently elevated energy prices due to the West Asia conflict and possible El Niño conditions (which could have a negative impact on southwest monsoon) pose upside risks to inflation (Chart 2). Core inflation is projected at 4.4 per cent for 2026-27 and, excluding precious metals, it is even lower indicating that underlying inflation pressures are expected to remain contained.

Chart 1 and 2

Rationale for Monetary Policy Decisions

8. Since the last policy meeting, geopolitical uncertainties have heightened significantly. Headline inflation remains contained and below the target, but upside risks to the inflation outlook have increased, driven by increased energy price pressures and probable weather disturbances affecting food prices. Core inflation pressures remain muted, although supply chain dislocations and the risk of second-round effects render the future inflation trajectory uncertain.

9. High frequency indicators till February 2026 suggest the continuation of strong momentum in economic activity. Growth impulses continue to be supported by robust private consumption and investment demand. However, the West Asia conflict will adversely impact growth. Higher input costs associated with increase in energy prices and international freight and insurance costs along with supply-chain disruptions could constrain availability of key inputs for downstream sectors, thus impairing growth. The Government has taken several measures targeted at supporting exports and protecting supply chains, which should mitigate the adverse impact of the conflict.

10. The MPC noted that the intensity and the duration of the conflict in West Asia and the resultant damage to the energy and other infrastructure add risk to the inflation and growth outlooks. However, the fundamentals of the Indian economy are on a stronger footing, providing it with greater resilience to withstand shocks now than in the past. The economy is confronted with a supply shock. It is prudent to wait and watch the changing circumstances and the evolving growth-inflation outlook. Accordingly, the MPC voted to keep the policy rate unchanged even as it remains vigilant, closely monitoring incoming information and assessing the balance of risks. The MPC also decided to continue with the neutral stance, retaining the flexibility to respond judiciously to incoming information.

11. The minutes of the MPC’s meeting will be published on April 22, 2026.

12. The next meeting of the MPC is scheduled for June 3 to 5, 2026.

(Brij Raj)           
Chief General Manager

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Acts Income Tax