Form 148 Income Tax Rules 2026 pdf download and Key points

Last Updated on: April 21, 2026

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and verified (generating a Transaction ID and Acknowledgment Receipt Number), it cannot be edited, modified, or withdrawn.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.