Form 148 Income Tax Rules 2026 pdf download and Key points
FORM NO. 148
[See rule 220(6)(b)]
Quarterly statement to be furnished by a unit of an International Financial Services Centre, as referred to in
section 147(1)(b), in respect of remittances, made for the quarter of ………….. of (Tax Year)
Under the new Income-tax Rules, 2026, Form No. 148 replaces the old Form 15CD. It is governed by Sections 393, 397, 147, and 462 of the Income-tax Act, 2025, and Rule 220(6)(b) of the Income-tax Rules, 2026.
Here are all the key points regarding Form No. 148:
1. Purpose of the Form Form 148 is a quarterly statement filed to disclose remittances made to a non-resident (not being a company) or to a foreign company. Its key objective is to provide a consolidated compliance mechanism tailored for International Financial Services Centres (IFSCs), especially for cross-border payments that are exempted from tax or not chargeable in India. This improves the ease of doing business by reducing the need for repetitive, transaction-wise filings of Form No. 145 and Form No. 146.
2. Applicability (Who Should File)
- Who files: It must be filed by every unit of an International Financial Services Centre (IFSC) as referred to in section 147(1)(b) of the Act.
- Is it mandatory? Yes, filing Form 148 is mandatory for these units.
3. Frequency and Due Dates
- Frequency: The form is required to be filed four times a year (once for each quarter).
- Due Date: It must be submitted by the 15th day of the month following the end of the relevant quarter (e.g., the due date for Quarter 1 is 15th July).
4. Mode of Filing and Revisions
- Online Only: Form 148 can exclusively be submitted online through the Income Tax Department’s e-Filing portal.
- Verification: It must be e-verified by the authorized person of the reporting entity using a Digital Signature Certificate (DSC) only.
- No Edits or Withdrawals: Once the form is successfully submitted and verified (generating a Transaction ID and Acknowledgment Receipt Number), it cannot be edited, modified, or withdrawn.
5. Structure of the Form The form is divided into two main parts:
- Part A (Details of the Unit): Captures the unit’s Name, Address, PAN, TAN/TCAN, Status, Residential status, Contact details, Email ID, and specific IFSC registration details (Registration Number and Date).
- Part B (Details of Remittance): Contains three sub-sections:
- Remitter details (if different from the unit): Name and PAN.
- Remittee details: Name, PAN, address, contact details, and their country of residence.
- Remittance details: Destination country, currency, date, amount (in foreign currency and in ₹), nature of the remittance, and the RBI purpose code.
6. Interlink with Form 145 (Outcome) With the introduction of Form 148, IFSC units are exempt from filing Part D of Form No. 145 for remittances that are not chargeable to tax in India. However, they are still legally required to report all such tax-exempt remittances collectively in this quarterly Form 148 statement. The system cross-links this data with other compliance mechanisms to ensure transparency in international transactions.
7. Consequences of Non-Compliance If an IFSC unit fails to submit Form 148 within the prescribed due date, the entity is liable for a penalty of up to ₹1 lakh under section 462 of the Income-tax Act, 2025.
8. Required Documents and Standard Updates
- Documents: To file the form, the applicant needs documents containing the specific remittee and remittance details.
- Updates: Like other new forms, Form 148 separates Name, Address, and PAN into distinct boxes to be system-friendly, replaces “Assessment/Financial year” with “Tax year“, aligns all sections with the 2025 Act, and uses the “₹” symbol for currency.