The news quoted M. S. Sahoo on resumption of insolvency proceedings; however, restoration was gradual and subject to thresholds and safeguards under the Insolvency and Bankruptcy Code, 2016.

The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021 introduced PPIRP for MSMEs, enabling faster, cost-effective resolution, preserving jobs, ensuring business continuity, and reducing burden on authorities while protecting stakeholder interests.

The Insolvency and Bankruptcy Board of India notified PPIRP Regulations, 2021 to operationalise pre-pack insolvency for MSMEs under the Insolvency and Bankruptcy Code, 2016, detailing procedures, roles, and resolution plan processes.

The Insolvency and Bankruptcy Board of India marked the 5th anniversary of the Insolvency and Bankruptcy Code, 2016, highlighting improved resolution timelines, stronger creditor rights, and a more robust insolvency ecosystem in India.

IBBI clarified that 725 liquidation cases did not imply existence of resolution plans; many lacked viable or acceptable plans, and the news report misinterpreted the data.

Review of requirement relating to registration for a Not for Profit Organization on Social Stock Exchange and minimum subscription requirement for issuance of Zero Coupon Zero Principal Instruments

Form 154 is a form filed by a person not domiciled in India when leaving India. The form is an undertaking by employer/other person that they will pay any taxes arising on behalf of the person leaving India in respect of transactions with them.

Form 153 is a statutory Certificate and Notice of Demand issued by the Tax Recovery Officer (TRO) under section 413 or section 414 of the Income-tax Act, 2025. It is issued when tax arrears (including tax, interest, penalty, fine, or any other sum) remain unpaid. The form authorises the TRO to initiate recovery proceedings in accordance with sections 413 to 422 of the Income-tax Act, 2025 and Rule 225 to the said Income-tax Rules, 2026.

Form 152 is prescribed for intimating the Assessing Officer under section 407(8) of the Income-tax Act that the notice of demand issued under section 289 for payment of advance tax, pursuant to an order under section 407(2) or section 407(5), is excessive, and for furnishing a revised estimate of income subject to advance tax.

Form No. 151 is prescribed for issuing a notice of demand under section 289 of the Act requiring an assessee to pay advance tax in accordance with section 407(2) or section 407(5) of the Act, where the assessee is liable to pay advance tax on estimated income for the relevant tax year.

Form No. 150 offers an option to a seller, authorized dealer, licensor or lessor (commonly called as a ‘collector’) to remove or rectify defaults for failure to collect tax at source, thus granting relief from being deemed to be an ‘Assessee in Default’. If for some reason, a collector fails to collect tax at source on certain transaction but the respective buyer, licensee or lessee (commonly called as a ‘collectee’) discharges the tax liability on such amount by filing a return of income and paying the due taxes, then the collector can e-file Form No. 150. It includes a certificate in Annexure A, from an Accountant confirming the fact that the collectee has (a) (b) (c) 2. filed an ITR u/s 263 taken into account the amount for computing income in that ITR which was not subjected to TCS, and paid tax on such income.

Form No. 149 offers an option to remove or rectify TDS defaults for failure to deduct tax at source, thus granting relief from being deemed to be an ‘Assessee in Default’. If for some reason, a deductor fails to deduct tax at source on a certain payment but the deductee discharges the tax liability on such amount by filing a return of income and paying the due taxes, then the deductor can e-file Form No. 149. It includes a certificate in Annexure A, from an Accountant confirming the fact that the deductee has (a) filed an ITR (b) by including income which was not subjected to TDS, and (c) paid tax on such income.

Form No. 148 is a quarterly statement filed by units of an International Financial Services Centre (IFSC) in respect of remittances made to a non-resident (not being a company) or to a foreign company.

Form No.147 is a quarterly statement filed by Authorized Dealers (banks and financial institutions) in respect of remittances made to a non-resident (not being a company) or to a foreign company.

Form No.146 is an Accountant's certificate required for filing part C of Form No.145, if remittance is chargeable to tax and exceeds ₹ 5 lakh during the tax year.

Form No. 145 is a mandatory declaration filed by any person or entity responsible for making a payment to a non-resident (not being a company) or a foreign company, before remitting funds outside India.

Form No. 144 is a quarterly statement filed by deductors responsible for deduction of tax at source on payments, other than salary, to non-residents.

Form No. 143 is a quarterly statement filed by collectors who are responsible to collect tax at source on specified goods and transactions involving sale of scrap, tendu leaves, liquor, forest produce, parking lot, toll plaza, mining & quarrying, overseas remittance, foreign tour packages etc.

Form No. 142 is PAN based quarterly form, prescribed under Rule 217 (2) and (3) for furnishing a quarterly statement filed by Virtual Digital Asset (VDA) Exchanges that  Facilitate buying and selling of VDAs (e.g., crypto exchanges), and  Have agreed to deposit tax on behalf of buyers or brokers under section 393(1) [Table: Sl. No. 8(vi)]. This form must be filed electronically on the Income-tax e-Filing portal.

The Form No. 141 is a single unified form introduced to enable reporting and payment of tax deducted at source for specified transactions through multiple dedicated schedules instead of separate forms.