Income Tax NER

Old form 49AA has been replaced with new forms 95 and 96. ✅Form 95 - PAN allotment application form filed by individual not being citizen of India. ✅Form 96 - PAN allotment application form filed by entities incorporated outside India. Link to access detailed brochure on the above-mentioned forms: incometaxindia.gov.in/documents/d/gu… #IncomeTaxAct2025 #SaralKanoonSashaktBharat @nsitharamanoffc @officeofPCM @FinMinIndia @PIB_India

EPISODE 08: New Form 39 (erstwhile Form 10E) #IncomeTaxAct2025 #SaralKanoonSashaktBharat @nsitharamanoffc @officeofPCM @FinMinIndia @PIB_India

Old form 49B has been replaced with new forms 134 and 135. ✅Form 134 - TAN allotment application form for Government entities. ✅Form 135 - TAN allotment application form for Non-Government entities including individuals, companies and firms. Link to access detailed brochure on the above-mentioned forms: incometaxindia.gov.in/documents/d/gu… #IncomeTaxAct2025 #SaralKanoonSashaktBharat @nsitharamanoffc @officeofPCM @FinMinIndia @PIB_India

EPISODE 07: New TAN Forms 134 & 135 (erstwhile Form 49B) #IncomeTaxAct2025 #SaralKanoonSashaktBharat @nsitharamanoffc @officeofPCM @FinMinIndia @PIB_India

Episode 6: New Form 26 for Tax Audit Reporting (erstwhile Forms 3CA, 3CB, and 3CD ) #IncomeTaxAct2025 #SaralKanoonSashaktBharat @nsitharamanoffc @officeofPCM @FinMinIndia @PIB_India

Old Forms 10B and 10BB have been replaced with New Form 112. ✅Form 112 – Audit report for registered Non-profit Organizations (NPOs). #IncomeTaxAct2025 #SaralKanoonSashaktBharat @nsitharamanoffc @officeofPCM @FinMinIndia @PIB_India

Episode 5 : New Form 112 for NPO Audits (erstwhile Form 10B and 10BB) #IncomeTaxAct2025 #SaralKanoonSashaktBharat @nsitharamanoffc @officeofPCM @FinMinIndia @PIB_India

Old Form 49A has been replaced with New Forms 93 and 94. ✅Form 93 – PAN allotment application for individual Indian citizens. ✅Form 94 – PAN allotment application for Indian entities/companies. #IncomeTaxAct2025 #SaralKanoonSashaktBharat @nsitharamanoffc @officeofPCM @FinMinIndia @PIB_India

💠 From 1 April 2026, the Income-tax Act, 2025 comes into force, ushering in a simpler, clearer and more reader-friendly direct tax framework. 💠 With new Rules and simplified Forms already notified, today marks a new chapter in India' direct tax administration and an important step towards Viksit Bharat Details in the press release. #IncomeTaxAct2025 #SaralKanoonSashaktBharat @nsitharamanoffc @officeofPCM @FinMinIndia @PIB_India

Old Form 10E has been replaced with New Form 39. ✅Form 39 - To claim relief in case of salary arrears or other specified receipts. #IncomeTaxAct2025 #SaralKanoonSashaktBharat @nsitharamanoffc @officeofPCM @FinMinIndia @PIB_India

Episode 4 : New Form 145 for Foreign Remittance Foreign remittance compliance made Simpler and Smarter. #IncomeTaxAct2025 #SaralKanoonSashaktBharat @nsitharamanoffc @officeofPCM @FinMinIndia @PIB_India

Old Form 15CA has been replaced with New Form 145. ✅Form 145 - Declaration for Foreign Remittance. ✅Foreign remittance compliance made Simpler and Smarter. #IncomeTaxAct2025 #SaralKanoonSashaktBharat @nsitharamanoffc @officeofPCM @FinMinIndia @PIB_India

EPISODE3: Old Forms 24Q and 26Q Now Become Forms 138 and 140 Quarterly TDS statements for salaried and non salaried payments #IncomeTaxAct2025 #SaralKanoonSashaktBharat @nsitharamanoffc @officeofPCM @FinMinIndia @PIB_India

Old Forms 24Q and 26Q have been replaced with New Forms 138 and 140. ✅These are quarterly TDS statements. ✅Form 138 - for salary payments. ✅Form 140 - for other payments. #IncomeTaxAct2025 #SaralKanoonSashaktBharat @nsitharamanoffc @officeofPCM @FinMinIndia @PIB_India

Episode 2: The numbers, Simplification and Integration. #IncomeTaxAct2025 #SaralKanoonSashaktBharat @nsitharamanoffc @officeofPCM @FinMinIndia @PIB_India

The New Income Tax website is here. ✅ Simpler to navigate and faster to use. ✅ One place to access all Income Tax related information. ✅ Meet Kar Saathi, your AI companion to help make your Direct Tax related journeys easier. #CitizenFirst #DigitalIndia @nsitharamanoffc @officeofPCM @FinMinIndia @PIB_India

Welcoming the Income Tax Rules, 2026, As the implementation begins, let us embrace clarity and better experience with an insightful podcast “Tax Insights with Rajitha & Prasenjit” Episode 1: Why redesign tax forms? Simpler forms = fewer errors, faster processing and less stress. #IncomeTaxAct2025 #SaralKanoonSashaktBharat @nsitharamanoffc @officeofPCM @FinMinIndia @PIB_India

🌅A new chapter in Direct Tax administration begins today. The New Income Tax Act, 2025 takes effect today with: ✅ Structural Simplification ✅ Policy Continuity Leading to: ⬇️ Reduced Complexity 📈 Better Tax Certainty #IncomeTaxAct2025 #SaralKanoonSashaktBharat @nsitharamanoffc @officeofPCM @FinMinIndia @PIB_India

Clarification on TDS on interest u/s Section 194A in the case of banking institutions. Under the provisions of Section 194A of the Income-tax Act, 1961, tax is required to be deducted at source on interest other than interest on securities. However, in terms of provisions of section 194A(3), banking companies are not required to deduct tax where such interest does not exceed the prescribed threshold (Rs. 50,000/Rs. 1,00,000, as applicable). 2. In the Income-tax Act, 1961, the scope of “banking company” included not only banking companies to which the Banking Regulation Act, 1949 applies, but also “any bank or banking institution referred to in section 51 of that Act.” 3. Under the Income-tax Act, 2025, the corresponding provision relating to TDS on interest is contained in Section 393(1) [Table: Sl. No. 5(ii)], and the definition of “banking company” has been provided in Section 402 of the Act. 4. The definition of “banking company” in Section 402 of the Income-tax Act, 2025 refers to a banking company to which the provisions of the Banking Regulation Act, 1949 apply. The earlier phrase “including any bank or banking institution referred to in section 51 of that Act” has not been included 5. By virtue of the extant Section 51 of the Banking Regulation Act, 1949, such banks and banking institutions fall within the meaning of “banking company” under Section 402 of the Income-tax Act, 2025, even without explicit mention. 6. Thus, such banks or banking institutions will not be required to deduct income-tax on the amount below the threshold provided in Section 393(1) [Table: Sl. No. 5(ii)] of Income-tax Act, 2025. @nsitharamanoffc @officeofPCM @FinMinIndia @PIB_India

Finance Bill, 2026: Clarification on Amendment related to 12% Surcharge for Promoters in Buybacks One of the amendments carried out through Government amendments to the Finance Bill, 2026 provides for a surcharge on additional income-tax payable by promoters on capital gains arising from buyback, in accordance with section 68 of the Companies Act, 2013. 2. The surcharge has been provided at the rate of 12%. 3. It is clarified that section 69 of the Income-tax Act, 2025 provides for tax rates only in respect of additional income tax on promoters in respect of capital gains on such buyback. 4. Therefore, the rate of 12% will apply only on additional income-tax to be paid by the promoters on aforesaid capital gains mentioned in section 69(2)(b). 5. In the case of non-promoters, surcharge as per normal provisions will apply, if applicable on such capital gains. @nsitharamanoffc @officeofPCM @FinMinIndia @PIB_India