Form 1 Income Tax Rules 2026 pdf download and Key points
Form 1 Income Tax Rules 2026 pdf download and Key points
FORM NO. 1
[See rule 4]
Under the Income-tax Rules, 2026, Form No. 1 replaces the old Form 3BB. It is governed by Section 66(33) of the Income-tax Act, 2025, and Rule 4 of the Income-tax Rules, 2026.
Here are all the key points regarding Form No. 1:
1. Purpose of the Form Form 1 is a mandatory monthly statement that must be furnished by a stock exchange to report transactions in which client codes have been modified after being registered in the system.
2. Applicability (Who Should File) It must be filed by all stock exchanges (as defined under section 2(92) of the IT Act, 2025) in respect of both cash and derivative market transactions.
3. Frequency and Due Dates
- Frequency: It is an event-based form that must be filed monthly.
- Due Date: It must be filed within 15 days from the last day of each month to which the statement relates.
4. Mode of Filing and Process
- Online Only: The form can only be submitted electronically through the official Income Tax e-filing portal; offline submission is not allowed.
- PAN Requirement: It cannot be submitted without a valid Permanent Account Number (PAN).
- No Edits Allowed: Once Form 1 is submitted and an acknowledgment is generated, it cannot be edited. Stock exchanges must ensure all details are correct before final submission.
5. Key Updates in the 2026 Rules
- Smart Form Format: The basic details section of the stock exchange (such as Name, PAN, and Address) has been upgraded into a “smart form” format.
- Consolidation of Forms: Entities that were previously required to file the old Form 3BC (for commodity derivatives) are now required to file Form 1. As a result, the “commodity derivative name” has been added alongside the “scrip name” in the Scrip Name column of the Derivative Market Table to accommodate these transactions.
1. What is Form No. 1?
Ans: This form is a monthly Statement to be furnished by a stock exchange in respect of transactions in which client codes have been modified after registering in the system.
2: Who should file Form No. 1?
Ans: It has to be filed by a stock exchange within the meaning of section 2(92) of IT Act, 2025.
3: Is Form No. 1 mandatory?
Ans: Yes. It has to be filed by stock exchange in respect of transactions (for both cash and derivative markets) in which client codes have been modified after registering in the system.
4: What is the time limit for filing Form No. 1?
Ans: Form No. 1 must be filed within 15 days from the last day of each month to which such statement relates.
5: How many times can Form No. 1be filed in a year?
Ans: Form No. 1is event-based and has to be filed monthly in respect of transactions in which client codes have been modified after registering in the system.
6: Can I edit Form No. 1 after submission?
Ans: No. Once Form No. 1 is submitted and acknowledgment is generated, it cannot be edited. Ensure all details are correct before submission.
7: What if I do not have a PAN?
Ans: Form No. 1 cannot be submitted without a valid PAN.
8: Can Form No. 1 be filed offline?
Ans: No. Form No. 1 can only be submitted online through the Income Tax e-Filing portal.
Form 1 Income Tax Rules 2026 pdf download
Form No.1– Frequently Asked Questions
Guidance Note on Form 1
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