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Direct Taxation

September 2025

Direct Tax - Borrower TDS Responsibilities Compliance Guide FY 2025–26

Introduction

Picture of by Anjali Darak
by Anjali Darak

Manager - Direct Tax

Non-Banking Financial Companies (NBFCs) have emerged as vital financial intermediaries in India, offering credit to individuals and businesses across sectors. With their growing role, the government has tightened tax compliance norms—particularly under Section 194A of the Income Tax Act, which governs Tax Deducted at Source (TDS) on interest payments. This article provides a comprehensive overview of TDS applicability on NBFCs, compliance requirements, recent updates and practical challenges.

Coming to this month’s, Taxation Times, here’s what we have:

  1. An article on “TDS Applicability on NBFCs: A Comprehensive Guide for FY 2025–26”.
  2. Case Laws from various courts & jurisdictions.
  3. Tax Compliance Calendar – September 2025;
  4. Circulars & Notifications – August 2025;
  5. Tax News from around the world

We hope that you find this month’s edition of the Taxation Times useful. In case you have any feedback or need us to include any information to make this issue more informative, please feel free to write to us at info@uja.in

Happy Reading!
Best Regards,
UJA Tax Team 

TDS Applicability on NBFCs: A Summary Guide for FY 2025–26

In India’s evolving financial landscape, Non-Banking Financial Companies (NBFCs) have emerged as crucial players, bridging the credit gap for individuals and businesses underserved by traditional banks. Their flexibility, reach and innovative lending models have made them indispensable to sectors like MSMEs, consumer finance and rural credit.

However, with this growing influence comes increased regulatory oversight, especially in the realm of taxation. One of the key areas of concern is the applicability of Tax Deducted at Source (TDS) on interest payments made to NBFCs. Unlike banks and certain financial institutions that enjoy exemptions under Section 194A of the Income Tax Act, NBFCs are squarely within the ambit of TDS provisions, making it mandatory for borrowers to deduct and deposit tax on interest payments.

This article delves into the legal framework, compliance requirements, practical challenges and recent updates surrounding TDS on NBFCs, offering a comprehensive guide for businesses, tax professionals and financial advisors navigating this complex terrain in FY 2025–26.

Legal Basis: Section 194A of the Income Tax Act

Section 194A mandates TDS on interest payments (excluding interest on securities) made to residents. While banks, insurance companies and certain institutions are exempt, NBFCs are not making them liable for TDS deduction at 10% on interest income received.

Key Applicability Highlights:

Particulars

Details

Payer

Individuals (subject to audit), HUFs, firms, companies

Payee

NBFCs registered with the RBI

Type of Income

Interest (excluding securities)

Threshold Limit

₹10,000 (general), ₹50,000 (senior citizens from banks), ₹40,000 (others from banks)

TDS Rate

10% (with PAN), 20% (without PAN)

Recent Updates (Effective April 1, 2025)

The Finance Act 2025 introduced revised threshold limits for TDS under Section 194A:

  • Senior Citizens: ₹1,00,000 (from banks, co-ops, post offices)
  • Others: ₹50,000 (from banks, co-ops, post offices)
  • General Payers (including NBFCs): ₹10,000

This change aims to simplify compliance and widen the tax base.

Compliance Requirements for Borrowers

Borrowers making interest payments to NBFCs must follow a structured process to ensure TDS compliance:

Step-by-Step Process:

  • TAN Registration: Obtain a valid Tax Deduction and Collection Account Number.
  • Interest Identification: Use loan amortization schedules to isolate the interest portion in EMIs.
  • TDS Deduction: Calculate 10% on the interest amount and deduct it at the time of payment or credit.
  • Deposit TDS: Pay to the government by the 7th of the following month.
  • File Returns: Submit quarterly TDS returns (Form 26Q).
  • Issue Certificates: Provide Form 16A to the NBFC for tax credit claims.

Challenges in Implementation

Despite clear legal mandates, businesses face practical hurdles:

  • EMI Payment Portals: Most NBFCs require full EMI payments, making it hard to deduct TDS on just the interest portion.
  • Cash Flow Impact: Borrowers often pay TDS from their own funds, increasing financial strain.
  • Accounting Errors: Misclassification between principal and interest can lead to incorrect TDS deductions.
  • NBFC Resistance: Some NBFCs object to TDS deductions, expecting full payments without reductions. 

Consequences of Non-Compliance

Failure to deduct or deposit TDS can lead to:

  • Disallowance of Interest Expense: Up to 30% of the interest may be disallowed under Section 40(a)(ia).
  • Penalties & Interest: Under Sections 201(1A) and 234E.
  • Prosecution: In extreme cases of willful default.

Case Study: Business Loan from NBFC

Scenario: A company borrows ₹50 lakh at 12% interest.

  • Annual Interest: ₹6,00,000
  • TDS @10%: ₹60,000

If TDS is not deducted:

  • Penalty: ₹60,000
  • Interest: 1–1.5% per month
  • Disallowance: ₹6,00,000 may be disallowed, increasing tax liability

Government Measures for Ease of Compliance

To simplify TDS compliance, the government has:

  • Enhanced digital platforms like TRACESand Form 26AS
  • Allowed auto-generation of TDS certificates
  • Removed burdensome provisions like Sections 206AB & 206CCAfor non-filers. 

Conclusion

The inclusion of NBFCs under Section 194A marks a significant shift in India’s tax landscape. While it promotes transparency and accountability, it also imposes operational challenges on borrowers. Businesses must adopt robust systems, stay updated with legal changes and proactively manage TDS obligations to avoid penalties and maintain tax compliance.

Case Laws

10TH JUNE 2025
[2025] 177 taxmann.com 71 (Delhi - Trib.)
IN THE ITAT DELHI BENCH “E"
Income-tax Officer v. Ninecube Technologies (P.) Ltd
JULY 31, 2025
Section 56 of the Income-tax Act, 1961, read with rule 11UA of the Income-tax Rules, 1962

Fact I :

  • The assessee was a private limited company engaged in business activities. During the year, the assessee issued 97,200 equity shares of ₹10 face value at a premium of ₹2,562 per share, totalling a share issue price of ₹2,572 per share.
  • To justify the share premium, the assessee adopted the valuation method under Explanation (a)(ii) to section 56(2)(viib), choosing to compute FMV based on the value of assets (including intangible assets), rather than the NAV or DCF methods under Rule 11UA(2).
  • The assessee submitted a valuation certificate from its statutory auditor supporting FMV computation as on 31.03.2015, using the circle rate for valuing immovable property. The book value as the FMV is the most conservative method of the methods prescribed in Rule 11UA also and the same was adopted by the assessee company for valuing its investment in unquoted shares.
  • The Assessing Officer did not object in principle to the adoption of method as prescribed under section 56(2)(viib) Explanation a(ii) as adopted by the assessee. The Assessing Officer accepted the valuation of immovable property by the assessee taken as the basis for arriving at the FMV of the shares. However, the Assessing Officer recalculated FMV per share at ₹39 instead of ₹2,572, treating the balance ₹1,771.61 per share as excess consideration and made an addition of ₹17.22 crore under section 56(2)(viib).
  • On appeal, the Commissioner (Appeals) deleted the addition.

Held I:

  • The first argument raised by the assessee is that provisions of section 56(2)(vii-b) are invokable only when there is an element of any unaccounted income in the transaction. It has been argued that in this case, shares have been issued to a sister concern. In support of these contentions, reliance was placed upon the decision of this Tribunal in the case of IPSAA Holdings (P.) Ltd v. ACIT [2025] 176 taxmann.com 823 (Delhi – Trib.).[Para 6]
  • The next argument taken by the assessee is that it is mandated by law to adopt a method of its choice. The assessee argued that the Assessing Officer found its valuation excessive, whereas the same is based upon credible evidence on records. The assessee has submitted that it has taken the FMV valuation relying upon data available in audited/ published financials of the respective corporate entities. The assessee argued that the fair market value of the shares has been valued in accordance with the prescription provided in rule 11U/11UA. It was contended that the law gives it the option to value the shares at book value or fair market value. To arrive at the fair market value of its share investments, it adopted the book value of those shares on the basis of the balance sheet of respective companies. In support of these contentions the assessee placed on record the financials of the respective companies, namely, PPS Infrastructure Limited, Beldi Jewels Private Limited; Shivani Buildtech Private Limited; and Saksham Apparels Private Limited. In support of its contention, the assessee has placed through its voluminous paper book, balance sheet, P&L account and certificates of all four companies. The assessee accordingly argued that the addition made by the Assessing Officer also on the premise that the impugned companies are sister concerns, would not survive. It was stated that merely because the said companies are sister concerns would not justify the act of revenue to make any addition. The assessee vehemently argued that its method of valuation by adopting figures from the audited financial statements of investee companies aligns with the valuation methodology prescribed under rule 11U/11UA of the I.T. Rules.[Para 8]
  • It is viewed that the value of the unquoted equity shares investment held by the assessee has been correctly calculated. The order of the Commissioner (Appeals) is based upon correct understanding and appreciation of the facts of the case and does not require any disturbance at this stage. Accordingly, the order of the Commissioner (Appeals) is sustained and all the grounds of appeal raised by the revenue in this appeal are dismissed. [Para 9]

In Favour of: The assessee

[2025] 177 taxmann.com 36 (Ahmedabad - Trib.) IN THE ITAT AHMEDABAD BENCH “SMC” Darshit Gunantbhai Shah v. Income-tax Officer
JULY 29, 2025
Section 43B of the Income-tax Act, 1961

Facts I :

  • The assessee filed his return of income for the assessment year 2021-22 on 12-3-2022, declaring a total income of Rs. 7.17 lakhs. The return was processed under section 143(1) by the Centralized Processing Centre (CPC), Bangalore. An intimation dated 22-7-2022 was issued proposing an adjustment of Rs. 4.68 lakhs under section 143(1)(a)(iv), based on a mismatch between the computation of income and disclosures in the Tax Audit Report in Form 3CD.
  • The CPC highlighted that there was an inconsistency in the claim of deduction for TDS payments under section 43B, which had been debited in the profit and loss account but were reflected in Form 3CD under clause 26(B)(b) as not paid on or before the due date prescribed under section 139(1). The adjustment was thus made under section 143(1)(a)(iv) for ‘disallowance of expenditure indicated in the audit report but not taken into account in computing the total income in the return’.
  • The assessee filed a rectification application under section 154 contending that the amount of Rs. 4.68 lakhs had in fact been paid through various challans before the due date of filing return under section 139(1), but due to inadvertent clerical error, the same was reported in clause 26(B)(b) instead of 26(B)(a). It was submitted that no disallowance under section 43B was warranted.
  • However, the Assessing Officer passed a rectification order rejecting the explanation, stating that the Tax Audit Report had not been revised and hence, no rectification could be allowed.
  • On appeal, the Commissioner (Appeals) held that in the absence of a revised Form 3CD, the claim of deduction under section 43B could not be accepted and upheld the adjustment made by CPC.

Facts I :

  • The assessee filed his return of income for the assessment year 2021-22 on 12-3-2022, declaring a total income of Rs. 7.17 lakhs. The return was processed under section 143(1) by the Centralized Processing Centre (CPC), Bangalore. An intimation dated 22-7-2022 was issued proposing an adjustment of Rs. 4.68 lakhs under section 143(1)(a)(iv), based on a mismatch between the computation of income and disclosures in the Tax Audit Report in Form 3CD.
  • The CPC highlighted that there was an inconsistency in the claim of deduction for TDS payments under section 43B, which had been debited in the profit and loss account but were reflected in Form 3CD under clause 26(B)(b) as not paid on or before the due date prescribed under section 139(1). The adjustment was thus made under section 143(1)(a)(iv) for ‘disallowance of expenditure indicated in the audit report but not taken into account in computing the total income in the return’.
  • The assessee filed a rectification application under section 154 contending that the amount of Rs. 4.68 lakhs had in fact been paid through various challans before the due date of filing return under section 139(1), but due to inadvertent clerical error, the same was reported in clause 26(B)(b) instead of 26(B)(a). It was submitted that no disallowance under section 43B was warranted.
  • However, the Assessing Officer passed a rectification order rejecting the explanation, stating that the Tax Audit Report had not been revised and hence, no rectification could be allowed.
  • On appeal, the Commissioner (Appeals) held that in the absence of a revised Form 3CD, the claim of deduction under section 43B could not be accepted and upheld the adjustment made by CPC.

Facts I :

  • The entire disallowance under section 43B amounting to Rs. 4.68 lakhs has arisen solely on account of the tax auditor’s reporting under clause 26(B)(b) of the Tax Audit Report in Form 3CD, which states that the said amount was not paid before the due date of filing the return. In support of his contention that this was a clerical oversight, the assessee has furnished a certificate issued by the statutory tax auditor for assessment year 2021-22, certifying that the return, audit report and Form 3CD were finalized by him and due to audit season workload, he inadvertently misreported the TDS payment under clause 26(B)(b) instead of clause 26(B)(a). The auditor has admitted that all the TDS payments were in fact, made before the due date of filing the return and that the mistake was clerical. The certificate further affirms that challans were duly verified and TDS deposits were completed before 12-3-2022, the due date for filing return in the present case. This explicit admission by the auditor, supported by contemporaneous payment challans and ledger extracts now placed on record, strengthens the case for factual verification by the Assessing Officer. [Para 7]
  • Section 43B allows deduction of certain statutory liabilities, including taxes and duties, only on an actual payment basis, irrespective of the method of accounting. However, the proviso to section 43B provides relief to the assessee by allowing deduction in the year of accrual itself, if such payments are made before the due date of filing the return of income under section 139(1). [Para 7.1]
  • It is the consistent judicial view that if statutory dues are actually paid before the due date of filing return, then the deduction under section 43B cannot be denied. In the present case, the CPC, while processing the return under section 143(1)(a)(iv), adjusted based on the Tax Audit Report, wherein the TDS of Rs. 4.68 lakhs was disclosed under clause 26(B)(b), which is meant for taxes not paid before due date. This triggered the default adjustment under the Centralised Processing Scheme logic as a ‘disallowance indicated in audit report but not taken into account in return’. It is opined that mere reporting inconsistency by the tax auditor in Form 3CD cannot override actual compliance with the statute. [Para 7.2]
  • It is settled law that substantive rights should not be defeated by procedural lapses, especially when the assessee has made the payments in accordance with law but suffered an adverse adjustment due to technical misreporting. However, it is also noted that the Tax Audit Report has not been formally revised, which is a factual aspect relied upon by the lower authorities. In the absence of a revised report and in view of the consistent line taken by CPC and Commissioner (Appeals), the claim cannot be straightaway allowed at this stage. Nonetheless, the genuineness of payment is supported by primary evidence and the auditor’s acknowledgment and therefore deserves to be verified afresh by the Assessing Officer. Thus, the matter is restored for a limited purpose of verifying the actual dates of payment of the TDS amount disallowed under section 43B. [Para 7.3]
  • It is also found that the disallowance in this case is not based on any incriminating finding or substantive doubt on the genuineness of payment, but merely on a clerical tagging error. Disallowance under section 43B is not automatic if the assessee has actually fulfilled the statutory conditions. In fact, such a disallowance, if continued without verification of facts, would lead to taxation of income which never accrued, thereby offending the principles of real income doctrine and causing unjust enrichment to the revenue. [Para 7.4]
  • In view of the foregoing, the order of the Commissioner (Appeals), NFAC is set aside and the matter is restored to the file of the Jurisdictional Assessing Officer with a direction to verify the correctness of the assessee’s claim that TDS of Rs.4.68 lakhs was paid before the due date of filing return under section 139(1) for assessment year 2021-22. The Assessing Officer shall take into consideration the challans, ledger extracts and the certificate issued by the tax auditor acknowledging the clerical misreporting and re-adjudicate the allowability under section 43B in accordance with law. The assessee shall be granted a reasonable opportunity to furnish necessary evidence in support of his claim. [Para 7.5]
  • In the result, the appeal is allowed for statistical purposes. [Para 8]

Circulars and Notifications August 2025

Circulars

RELAXATION OF TIME LIMIT FOR PROCESSING OF RETURNS OF INCOME FILED ELECTRONICALLY WHICH WERE INCORRECTLY INVALIDATED BY CPC CIRCULAR NO. 10/2025[F. NO. 225/30/2025/ITA-II], DATED 28-7-2025

It has been brought to the notice of the Central Board of Direct Taxes (‘the Board’) that CPC-Bengaluru (CPC) has received grievances regarding erroneous invalidation, due to various technical reasons, while processing the returns filed electronically for different assessment years. The time period for processing these returns has lapsed, the latest being 31.12.2024 for AY 2023-24. Therefore, these returns need to be validated and processed as per the law.

  • The matter has been considered by the Board and it has been decided to relax the timeframe prescribed in the second proviso to sub-section (1) of section 143 of the Income-tax Act, 1961 (the Act) in exercise of its powers under section 119 of the Act. The Board hereby directs that returns of income filed electronically up to 31.03.2024, which have been erroneously invalidated by CPC, shall now be processed. The intimation under sub-section (1) of section 143 of the Act in respect of processing of such returns shall be sent to the assessees concerned by 31.03.2026.
  • All subsequent effects under the Act, including the issue of a refund along with interest as applicable, shall also follow in these cases. In those cases where PAN-Aadhaar linkage is not found, refund of any amount of tax or part thereof, due under the provisions of the Act, shall not be made as laid down in Circular No.03/2023 dated 28.03.2023 vide F.No.370142/14/2022-TPL.
  • This may be brought to the notice of all for necessary compliance.

Press Release

INCOME TAX DEPARTMENT CRACKS DOWN ON BOGUS CLAIMS OF DEDUCTIONS & EXEMPTIONS

The Income Tax Department initiated a large-scale verification operation across multiple locations in the country on 14th July 2025, targeting individuals and entities facilitating fraudulent claims of deductions and exemptions in Income Tax Returns (ITRs). This action follows a detailed analysis of the misuse of tax benefits under the Income-tax Act, 1961, often in collusion with professional intermediaries.

Investigations have uncovered organized rackets operated by certain ITR preparers and intermediaries, who have been filing returns claiming fictitious deductions and exemptions. These fraudulent filings involve the abuse of beneficial provisions, with some even submitting false TDS returns to claim excessive refunds.

To identify suspicious patterns, the Department has leveraged financial data received from third-party sources, ground-level intelligence and advanced artificial intelligence tools. These findings are further substantiated by recent search and seizure operations conducted in Maharashtra, Tamil Nadu, Delhi, Gujarat, Punjab and Madhya Pradesh, where evidence of fraudulent claims was found to have been used by various groups and entities.

Analysis reveals rampant misuse of deductions under sections 10(13A), 80GGC, 80E, 80D, 80EE, 80EEB, 80G, 80GGA and 80DDB. Exemptions have been claimed without a valid justification. Employees of MNCs, PSUs, government bodies, academic institutions and entrepreneurs are among those implicated. Taxpayers are often lured into these fraudulent schemes with promises of inflated refunds in return for a commission. Despite a fully e-enabled tax administration system, ineffective communication remains a significant hurdle in assisting taxpayers. It has been observed that such ITR preparers often create temporary email IDs solely for filing bulk returns, which are later abandoned, resulting in official notices going unread.

In line with its guiding principle of ‘Trust Taxpayers First’, the Department has emphasized voluntary compliance. Over the past year, the Department has carried out extensive outreach efforts, including SMS and email advisories, nudging suspected taxpayers to revise their returns and pay the correct tax. Physical outreach programs, both on and off campus, have also been conducted. As a result, approximately 40,000 taxpayers have updated their returns in the last four months, voluntarily withdrawing false claims amounting to ₹1,045 crore. However, many remain non-compliant, possibly under the influence of the masterminds behind these evasion rackets.

The Department is now poised to take stern action against continued fraudulent claims, including penalties and prosecution wherever applicable. The ongoing verification exercise across 150 premises is expected to yield crucial evidence, including digital records, that will aid in dismantling the networks behind these schemes and ensure accountability under the law.

Further investigations are currently underway.

Taxpayers are again advised to file correct particulars of their income and communication coordinates and not be influenced by advice from unauthorized agents or intermediaries promising undue refunds.

PRESS RELEASE, DATED 14-7-2025

Notifications

SECTION 10(46) OF THE INCOME-TAX ACT, 1961 – EXEMPTIONS – STATUTORY BODY/AUTHORITY/BOARD/COMMISSION – NOTIFIED BODY OR AUTHORITY

NOTIFICATION S.O. 3559(E) [NO. 129/2025/F.NO. 300196/44/2024-ITA-I], DATED 1-8-2025

In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, ‘West Bengal Municipal Development Fund Trust’ (PAN: AAATW1661P), a Trust constituted by the State Government of West Bengal, in respect of the following specified income arising to that Trust, namely:

(a) Interest from Bank deposits,

(b) Interest on Term loan to Urban Local Bodies,

(c) Upfront processing fees.

  1. This notification shall be effective subject to the conditions that the West Bengal Municipal Development Fund Trust

(a) shall not engage in any commercial activity;

(b) activities and the nature of the specified income shall remain unchanged throughout the financial years; and

(c) shall file a return of income in accordance with the provision of clause (g) of sub-section (4C) of section 139 of the Income-tax Act, 1961.

  1. This notification shall be deemed to have been applied for financial years 2021-2022, 2022-23, 2023-24, 2024- 25 and shall also apply with respect to financial year 2025-26.

Tax Calendar September 2025

07th September 2025

  • Equalization Levy Deposit Due Dates: Collection and recovery of equalization levy on specified services in the month of August 2025.
  • TDS/TCS Deposit: Due date for the deposit of Tax deducted/collected for the month of August 2025. However, all sum deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day on where tax is paid without production of an Income tax Challan
  • Form 27C: Declaration under sub-section (1A) of section 206C of the Income-tax Act, 1961 to be made by a buyer for obtaining goods without collection of tax for declarations received in the month of August, 2025

14th September 2025

  • Due date for issue of TDS Certificate for tax deducted under section 194S/194-IA/194-IB/194M in the month of July 2025

15th September 2025

  • All income tax returns except ITR-6: Return of income for the Assessment Year 2025-26 for all assessee other than (a) corporate assessee or (b) non-corporate assessee (whose books of account are required to be audited) or (c) working partner of a firm whose accounts are required to be audited or the spouse of such partner if the provisions of section 5A applies to such spouse or (d) an assessee who is required to furnish a report under section 92E.
  • Self-Assessment Tax Payment Due Date: Payment of Self-Assessment Tax (if the due date of submission of the return of income is July 31, 2025.
  • Advance-Tax Instalment due date: Second instalment of advance tax for the assessment year 2026-27
  • Other Forms:

Form 10CCD

Certificate under sub-section (3) of section 80QQB for authors of certain books in receipt of royalty income, etc. (if the due date of submission of return of income is July 31, 2025)

Form 10CCE

Certificate under sub-section (2) of section 80RRB for Patentees in receipt of royalty income, etc. (if the due date of submission of return of income is July 31, 2025)

Form 10CCF

Report under section 80LA(3) of the Income-tax Act, 1961 (if the due date of submission of return of income is July 31, 2025)

Form 10-EE

Taxation of income from a retirement benefit account maintained in a notified country (if the due date of submission of return of income is July 31, 2025)

Form 10H

Certificate of foreign inward remittance (if the due date of submission of return of income is July 31, 2025)

Form 10IA

Certificate of the medical authority for certifying a person with disability, severe disability, autism, cerebral palsy and multiple disabilities for purposes of section 80DD and section 80U (if the due date of submission of return of income is July 31, 2025)

Form 10-IF

Application for exercise of option under sub-section (5) of section 115BAD of the Income-tax Act, 1961 (if due date of submission of return of income is July 31, 2025)

Form 10IG

Statement of Exempt income under clause (4D) of section 10 of the Income-tax Act, 1961 (if the due date of submission of return of income is July 31, 2025)

Form 10IH

Statement of income of a Specified fund eligible for concessional taxation under section 115AD of the Income-tax Act, 1961 (if the due date of submission of return of income is July 31, 2025)

Form 10-IK

Annual Statement of Exempt Income under sub-rule (2) of rule 21AJA and taxable income under sub-rule (2) of rule 21AJAA (if due date of submission of return of income is July 31, 2025)

Form 10-II

Statement of exempt income under clause (23FF) of section 10 of the Income-tax Act, 1961 (if due date of submission of return of income is July 31, 2025)

Form 3CFA

Form for opting for taxation of income by way of royalty in respect of Patent (if due date of submission of return of income is July 31, 2025)

Form 3CT

Income attributable to assets located in India under section 9 of the Income-tax Act, 1961 (if due date of submission of return of income is July 31, 2025

Form 56FF

Particulars to be furnished under clause (b) of sub-section (1B) of section 10A of the Income-tax Act, 1961 (if due date of submission of return of income is July 31, 2025)

Form 5C

Details of the amount attributed to capital asset remaining with the specified entity (if the due date of submission of return of income is July 31, 2025)

Form 10BA

Declaration to be filed by the assessee claiming deduction under section 80GG (if the due date of submission of return of income is July 31, 2025)

Form 10E

Form for furnishing particulars of income under section 192(2A) for claiming relief u/s 89 (if due date of submission of return of income is July 31, 2025)

Form 10FC

Authorization for claiming deduction in respect of any payment made to any financial institution located in a Notified jurisdictional area. (if the due date of submission of return of income is July 31, 2025)

Form 10BBC

Certificate of an accountant in respect of compliance to the provisions of clause (23FE) of section 10 of the Income-tax Act, 1961 by the notified Pension Fund

Form 10-IEA

Application for exercise of option under clause (i) of sub-section (6) of section 115BAC or withdrawal of option under the proviso to sub-section (6) of section 115BAC of the Income-tax Act, 1961 (if due date of submission of return of income is July 31, 2025)

Form 24G

Due date for furnishing of Form 24G by an office of the Government where TDS/TCS for August, 2025

Form 3BB

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 for August, 2025

Form 3BC

Monthly statement to be furnished by a recognised association in respect of transactions in which client codes have been modified after registering in the system for August, 2025

Form 10BBC

Certificate of an accountant in respect of compliance to the provisions of clause (23FE) of section 10 of the Income-tax Act, 1961 by the notified Pension Fund

30th September 2025

Event

Description

Form 3CA_CD Form 3CB_CD

Due date for filing of audit report under section 44AB for the Assessment Year 2025-26 in the case of a corporate assessee or non-corporate assessee (who is required to submit his/its return of income on October 31, 2025

Form 26QB

Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA in August, 2025

Form 26QC

Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IB in August, 2025

Form 26QD

Due date for furnishing of challan cum statement in respect of tax deducted under section 194M in August, 2025

Form 26QE

Due date for furnishing of challan cum statement in respect of tax deducted under section 194S in August, 2025

Form 66

Audit Report under clause (ii) of section 115VW of the Income-tax Act, 1961 (if the due date of submission of return of income is October 31, 2025)

Form 10B

Audit report under clause (b) of the tenth proviso to clause (23C) of section 10 and sub-clause (ii) of clause (b) of subsection (1) of section 12A of the Income-tax Act, 1961, in the case of a fund or trust or institution or any university or other educational institution or any hospital or other medical institution. (if the due date of submission of return of income is October 31, 2025)

Form 10BB

Audit report under clause (b) of the tenth proviso to clause (23C) of section 10 and sub-clause (ii) of clause (b) of sub-section (1) of section 12A of the Income-tax Act, 1961, in the case of a fund or trust or institution or any university or other educational institution or any hospital or other medical institution which is required to be furnished under clause (b) of the tenth proviso to clause (23C) of section 10 or a trust or institution which is required to be furnished under sub-clause (ii) of clause (b) of section 12A (if due date of submission of return of income is October 31, 2025)

Form 10CCB

Audit report under sections 80-I(7)/ 80-IA(7)/ 80-IB/ 80-IC/80-IAC/80-IE (if due date of submission of return of income is October 31, 2025)

Form 10DA

Report under section 80JJAA of the Income-tax Act, 1961 (if the due date of submission of return of income is October 31, 2025

Form 10-IJ

Certificate to be issued by an accountant under clause (23FF) of section 10 of the Income-tax Act, 1961 (if the due date of submission of return of income is October 31, 2025)

Form 10-IL

Verification by an Accountant under sub-rule (3) of rule 21AJA Verification (if the due date of submission of return of income is October 31, 2025)

Form 29B

Report under section 115JB of the Income-tax Act, 1961 for computing the book profits of the company (if the due date of submission of return of income is October 31, 2025)

Form 29C

Report under section 115JC of the Income-tax Act, 1961 for computing Adjusted Total Income and Alternate Minimum Tax of the person other than a company (if the due date of submission of return of income is October 31, 2025

Form 3AC

Due date for filing audit report under section 33AB(2) (if due date of submission of return of income is October 31, 2025

Form 3AD

Due date for filing audit report under section 33ABA(2) (if due date of submission of return of income is October 31, 2025

Form 3AE

Audit Report under section 35D(4)/35E(6) of the Income-tax Act, 1961 (if due date of submission of return of income is October 31, 2025)

Form 3AF

Statement regarding preliminary expenses incurred to be furnished under the proviso to clause (a) of sub-section (2) of section 35D of the Income-tax Act, 1961 by the assessee (if due date of submission of return of income is October 31, 2025)

Form 3CE

Audit report under sub-section (2) of section 44DA of the Income-tax Act, 1961 (if due date of submission of return of income is October 31, 2025)

Form 3CEA

Report of an accountant to be furnished by an assessee under sub-section (3) of section 50B of the Income-tax Act, 1961, relating to computation of capital gains in case of slump sale (if the due date of submission of return of income is October 31, 2025)

Form 9A

Application for exercise of option under clause (2) of the Explanation to sub-section (1) of section 11 of the Income-tax Act, 1961 (if the assessee is required to submit a return of income on November 30, 2025)

Audit Report SWF

Audit report to be filed by the Sovereign Wealth Fund claiming exemption under clause (23FE) of section 10 of the Income-tax Act, 1961. (if the due date of submission of return of income is October 31, 2025)

Form 10

Statement to be furnished to the Assessing Officer/Prescribed Authority under clause (a) of the Explanation 3 to the third proviso to clause (23C) of section 10 or under clause (a) of sub-section (2) of section 11 of the Income-tax Act, 1961 (if the assessee is required to submit return of income on November 30, 2025)

Form 62

Certificate from the principal officer of the amalgamated company and duly verified by an accountant regarding achievement of the prescribed level of production and continuance of such level of production in subsequent years. (if the due date of submission of return of income is October 31, 2025)

Form 56F

Report under section 10AA of the Income-tax Act, 1961 (if due date of submission of return of income is October 31, 2025)

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State-Level Impacts of Federal Tax Changes

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China’s Tax Credit for Foreign Investors

China offers tax credit to foreign investors for reinvesting profits distributed by Chinese-resident enterprises.

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