Form 147 Income Tax Rules 2026 pdf download and Key points
FORM NO. 147
[See rule 220(6)(a)]
Quarterly statement to be furnished by an authorised dealer in respect of remittances made for the quarter of
………….. of (Tax Year)
Under the new Income-tax Rules, 2026, Form No. 147 replaces the old Form 15CC. It is governed by Sections 393, 397, and 462 of the Income-tax Act, 2025, and Rule 220(6)(a) of the Income-tax Rules, 2026.
Here are all the key points regarding Form No. 147:
1. Purpose of the Form Form 147 is a quarterly statement used to disclose every foreign-exchange remittance executed during a specific quarter. It serves as a pillar of accountability for high-value cross-border payments, providing a structured framework for the Income Tax Department to ensure compliance.
2. Applicability (Who Should File) It is required to be filed by Authorized Dealers, which include banks and financial institutions approved by the Reserve Bank of India (RBI), whenever they make remittances to a non-resident (not being a company) or to a foreign company.
3. Pre-requisites and Mode of Filing
- Online Only: The form can exclusively be filed online through the e-Filing portal.
- ITDREIN: Before filing, the reporting entity must generate an ITDREIN (Income Tax Department Reporting Entity Identification Number) on the portal.
- Authorized Person: The filing must be done by an authorized person who is a registered user with an active PAN/TAN, and they must use a valid Digital Signature Certificate (DSC) that is mapped to the entity’s ITDREIN.
4. Interlink with Form 145
- The dealer must ensure they have a copy of Form No. 145 (the remittance declaration) filed by the remitter.
- If the remitter has filed Form 145, its acknowledgment number is mandatory to quote in Form 147.
- If the remitter has not filed Form 145 (due to exemptions), the Authorized Dealer must enter the specific reason code (e.g., Code A, B, or C) indicating why it was not filed.
5. Structure of the Form
- Part A (Particulars of Authorized Dealer): Captures the Name, Address, PAN, Email ID, Contact Number, and the ITDREIN of the dealer.
- Part B (Particulars of Remittance): Captures three main sections for each transaction:
- Remitter Details: Name and PAN.
- Remittee Details: Name, Address, Status, Contact, and Taxpayer Identification Number (TIN).
- Remittance Details: Section code, nature of remittance, destination country, date of payment, and amount.
6. Revisions and Outcomes
- No Edits: Once Form 147 is successfully submitted, it cannot be edited, modified, or withdrawn.
- Processing: The submitted data is integrated with the Department’s Insight portal for analytics, backend verification, and risk profiling. Based on risk parameters, specific cases are flagged for scrutiny by the Assessing Officer (AO).
7. Consequences of Non-Compliance Failure to submit Form 147 within the prescribed due date makes the authorized dealer liable for a penalty of up to ₹1 lakh under section 462 of the Income-tax Act, 2025.
8. Key Updates in the 2026 Rules A major qualitative change in the new Form 147 is the addition of a mandatory column for the remittee’s Tax Identification Number (TIN) (or a unique identification number issued by their country of residence) in cases where the remittee does not possess an Indian PAN.