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April 3, 2026
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Immunity from penalty and prosecution through Form 161 requires full payment, no appeal, and online filing.
Form 161 is the prescribed application under section 440(2) of the Income-tax Act, 2025 for seeking immunity from penalty and prosecution after an assessment or reassessment order. It is optional and event-based, must be filed within one month from the end of the month of receipt of the order, and is available only where the taxpayer has paid the full tax and interest demand and has not filed any appeal. The form requires order details, demand details, proof of payment, and PAN, and can be submitted only online through the e-Filing portal.
April 3, 2026
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Refund of wrongly deducted tax through Form 160 requires full transaction details, supporting documents, and timely filing.
Refund of tax deducted at source and deposited to the Central Government is available through Form 160 where tax was not required to be deducted on the relevant income or transaction. The form is filed by the deductor before the Assessing Officer having jurisdiction, within thirty days from payment of tax, and must contain transaction details, deductee details, agreement particulars, and proof of the tax deducted and deposited. Supporting documents and verification enable examination of whether the refund claim is admissible.
April 3, 2026
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Refund of wrongly deducted tax through Form 160 requires proof that no tax was deductible and full TDS disclosure.
Refund of tax deducted at source and paid to the Central Government may be sought through Form 160 where the deductor contends that no tax was deductible on the relevant income or transaction. The form is the prescribed application under the Income-tax law and is to be used only in cases where tax was actually deducted and deposited, but the applicant later claims that the deduction was not required under the Act. It is filed before the TDS Assessing Officer having jurisdiction over the applicant, and the application is supported by the statutory particulars needed to test the claim of non-deductibility.
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
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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
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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
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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
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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
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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
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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
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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
Show AI Summary
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
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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
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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.

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Corp. Laws / SEBI / IBC

Spirit Airlines goes out of business after 34 years, ending operations immediately

May 2, 2026

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West Pam Beach (US), May 2 (AP) Spirit Airlines, an impish upstart that shook the industry with its irreverent ads and deep discount fares, announced Saturday that it has gone out of business after 34 years.

The ultralow cost airline that once operated hundreds of daily flights on its bright yellow planes and employed about 17,000 people said it had β€œstarted an orderly wind-down of our operations, effective immediately.” The airline said on its website that all flights have been canceled and customer service is no longer available. Some passengers arrived Saturday for flights and were stunned to find them canceled, while workers learned overnight they were out of a job.

β€œWe are proud of the impact of our ultra-low-cost model on the industry over the last 34 years and had hoped to serve our guests for many years to come,” Spirit's announcement said.

US Transportation Secretary Sean Duffy said Saturday that Spirit had a reserve fund set up for customers who bought directly from the airline to get refunds. People who bought from third-party vendors like travel agents would have to seek refunds from them. He had a stark message for people flying with Spirit.

β€œIf you have a flight scheduled with Spirit Airlines, don't show up at the airport. There will be no one here to assist you,” Duffy said.

He said United, Delta, JetBlue and Southwest were offering $200 one-way flights for people who had Spirit confirmation numbers and proof of purchase for a limited time. Other airlines would also help Spirit employees who might be stranded, as well as offering them a preferential application process as they look for work.

Spirit said in a statement it was working to get more than 1,300 crew to their home bases and that the final Spirit flight landed at Dallas Fort Worth International Airport from Detroit Metropolitan Airport.

The company advised customers that they could expect refunds but there would be no help in booking travel on other airlines.

The Trump administration had considered a government bailout for the cash-strapped business to keep it from going under, but a deal was not reached. Of the potential bailout, Duffy said Saturday β€œwe often times don't have half a billion dollars laying around.” President Donald Trump had floated the idea of a bailout last week after the airline found itself in bankruptcy proceedings for the second time in less than two years with jet fuel prices soaring because of the Iran war.

They got you there' ------------------- Five Spirit flights were still showing as β€œon time” on Saturday morning on the departure board in Atlanta. A trickle of passengers who hadn't heard the news were still showing up.

β€œWhat!?” exclaimed Taylor Nantang as she, her husband and four children arrived for a Saturday afternoon Spirit flight from Atlanta to Miami for a spur-of-the-moment vacation. The family had driven down from Tennessee to the Atlanta airport.

β€œSo the whole airline at every airport is out of business?” asked Nantang. β€œOh my, that's crazy.” Other passengers wondered whether the airline would still answer its customer service phone, or when the refunds for cancelled flights might arrive on their credit cards.

Joshua Sigler, who had bought a ticket Friday for a flight Saturday to Miami, said he would just return home after learning of the cancellation, rather than try to take advantage of deals other airlines were offering to stranded Spirit passengers.

He said he had gotten no communication from Spirit, which he had flown multiple times in the past. β€œThey get you there,” he said of past flights. β€œIt was cheap.” Boo-hoo crying' --------------- Former Spirit flight attendant Freddy Peterson was on a Spirit flight from Detroit that arrived in Newark around 11 p.m. Friday. He said that despite rumors flying on social media Friday, things seemed kind of normal, with more than 200 passengers on the plane.

β€œAll our aircraft were packed,” he said.

Peterson, 60, said he set his alarm clock for 3 a.m. Saturday to check the company website at the hour of the rumored shutdown.

β€œI said, OK, well, since all this going on, they said Spirit is supposed to close at 3, I'm going to bed. I set my alarm clock for 3 o'clock, went onto the website and it said, Spirit flights have been canceled,'” Peterson said.

He said Delta Air Lines brought him and another flight attendant back to Atlanta on Saturday morning, with Peterson leaving from there to drive to his home in Shellman in southwest Georgia.

β€œI'll probably do my boo-hoo crying and all that other stuff once I get in the car.” Peterson said he had been a flight attendant with Spirit for 10 years and the company has β€œdone wonders for me.” He said the airline's reputation for bargain basement chaos was largely undeserved, but he did fault management for not communicating with the employees in the closing days, saying a promised employee town hall was canceled.

Bailout fizzles --------------- As late as Friday afternoon, Trump had said that β€œwe're looking at it" and had given the budget carrier a β€œfinal proposal” for a taxpayer-funded takeover.

Spirit has struggled financially since the COVID-19 pandemic, weighed down by rising operating costs and growing debt. By the time it filed for Chapter 11 protection in November 2024, Spirit had lost more than $2.5 billion since the start of 2020.

The budget carrier sought bankruptcy protection again in August 2025, when it reported having $8.1 billion in debts and $8.6 billion in assets, according to court filings.

White House blames Biden --------------------------- The White House had blamed President Joe Biden administration for Spirit's tenuous financial situation. Biden, a Democrat, opposed a proposed merger between Spirit and JetBlue in 2023. On Saturday, Trump administration officials took to social media to amplify voices of conservative critics who faulted Biden for Spirit's demise.

On Saturday, Duffy concentrated blame on Biden as well as his predecessar Pete Buttigieg.

β€œMany at the time said that this was a disaster. This merger should have been allowed,” he said.

Tad DeHaven, a policy analyst at the Cato Institute, a libertarian think tank, said the Trump administration also bears responsibility, arguing that the airline's current crisis reflects a chain reaction of policy missteps rather than a single decision. He pointed specifically to Trump's decision to strike Iran as β€œbad foreign policy," saying the conflict drove up jet fuel prices and Spirit's operating costs.

β€œThey were already in trouble,” DeHaven said, describing the situation as β€œa compounding effect in terms of policy.” Supporters of a rescue including labor unions representing Spirit's pilots, flight attendants and ramp workers said a collapse would put thousands of Americans out of work and hurt consumers by reducing airline competition and increasing airfares. About 17,000 jobs could be impacted, according to Spirit lawyer Marshall Huebner.

Budget-conscious and leisure travelers would likely feel Spirit's absence the most, especially in places where the airline has a big footprint such as Las Vegas and the Florida cities of Fort Lauderdale and Orlando.

The carrier flew about 1.7 million domestic passengers in February, roughly half a million fewer than during the same month a year earlier, according to aviation analytics firm Cirium. Spirit also has sharply reduced its capacity, with about half as many seats available this month than in May 2024. (AP) AMS

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