Form 142 Income Tax Rules 2026 pdf download and Key points
FORM NO. 142
[See rule 219(2)]
Quarterly statement of tax deposited in relation to transfer of virtual digital asset under section
393(1) [ Table: S. No. 8(vi)] to be furnished by an Exchange for the quarter ending …….
June/September/December/March of Tax Year
Based on the provided sources, there is no specific Form No. 142 under the new Income-tax Rules, 2026.
However, it is highly likely you are referring to Section 142 of the new Income-tax Act, 2025. This section deals with tax deductions for Housing Projects and Rental Housing Projects, replacing the old Section 80-IBA of the 1961 Act.
To claim and certify a deduction under Section 142, taxpayers must use Form No. 36, specifically by filling out Part B-6 of the form.
Here are the key points regarding the reporting and compliance for Section 142 deductions:
1. Where to File
- The deduction under Section 142 is claimed in Form No. 36, by selecting option “6. 142” in Part A and subsequently filling out Part B-6.
2. Details Required in the Form When filling out Part B-6 for a Section 142 deduction, the following details must be provided:
- The name of the Housing Project or Rental Housing Project.
- The specific type of the project (i.e., whether it is a standard Housing Project or a Rental Housing Project).
- The date the project was approved under Section 142 of the 2025 Act (or Section 80-IBA of the old 1961 Act).
- The date the project completion certificate was issued by the competent authority (if the project is completed).
3. Mandatory Documents to be Uploaded To successfully claim the deduction, the assessee must attach specific documents alongside the form:
- For a regular Housing Project: A copy of the project’s approval certificate and a copy of the project’s completion certificate.
- For a Rental Housing Project: A copy of the specific notification issued by the Board under Section 80-IBA of the old Income-tax Act, 1961 (as it existed prior to its repeal).