Income Tax Rules 2026: A Comprehensive Analysis of Key Tax Form Amendments

Income Tax Form Changes for 2026

The Income Tax Department has introduced significant changes to income-tax form numbering under the Income Tax Rules, 2026. These changes replace several widely used forms that were previously prescribed under the Income Tax Act, 1961, and the Income Tax Rules, 1962.

Key Form Changes

• PAN application for Indian citizens and companies has been redesignated as Form 93, while the PAN application for non-residents and other entities is now Form 95.
• The TAN application form (Form 49B) has been replaced with Form 135.
• Form 15CA, related to international taxation and remittances, is now renumbered as Form 131.
• Forms 15G and 15H have been replaced with Form 121, which is commonly used by individuals to declare that no tax should be deducted at source (TDS) on interest income.
• Form 125 replaces the earlier Form 12BBA, allowing eligible senior citizens to declare their income details and request lower or nil TDS on pension and interest earnings.
• Form 168 replaces Form 26AS, the annual tax statement that consolidates details of TDS credits, tax payments, and specified high-value transactions.

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Changes for Businesses and Deductors

• The quarterly TDS return for non-salary payments, earlier filed using Form 26Q, will now be submitted through Form 140.
• Form 138 replaces Form 24Q, which is used for reporting TDS on salary and pension payments.
• TDS certificates have also been renumbered, with Form 130 replacing Form 16 and Form 131 taking the place of Form 16A.

Employee Declaration and Perquisites

• Form 124 replaces Form 12BB, allowing employees to submit details of tax-saving investments and deductions.
• Form 123 replaces Form 12BA, capturing details of perquisites, allowances, and fringe benefits provided by employers.

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Tax Expert Advice

Tax experts suggest that taxpayers, employers, and employees must take note of the revised form numbers to avoid confusion during filings and documentation. Awareness of new form numbers ensures accurate compliance and avoids unnecessary confusion among taxpayers.