Form No. 148 under the Income-tax Act, 2025 introduces a mandatory quarterly reporting mechanism for units operating in an International Financial Services Centre (IFSC) for all remittances made to non-residents or foreign companies, irrespective of taxability. Replacing earlier repetitive filings, it aims to simplify compliance while enhancing transparency and monitoring of cross-border transactions. The form must be filed online on the e-filing portal within 15 days from the end of each quarter and requires detailed information about the remitter, remittee, and nature of remittance. Once submitted, it cannot be revised or withdrawn, and non-compliance may attract penalties up to ₹1 lakh. A key benefit is that IFSC units are relieved from filing certain parts of earlier forms for non-taxable remittances, provided these are disclosed in Form 148. Overall, the form strengthens reporting standards, improves ease of doing business, and aligns with the government’s push toward digitised, consistent, and transparent international tax compliance systems.
Income Tax Department
Ministry of Finance, Government of India
FAQs on Income Tax Form 148 (Earlier Form 15CD): 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
Form of application under section 393 of the Income – tax Act 2025
| Name of form as per I.T. Rules, 1962 | Form No. 15CD | Name of form as per I.T. Rules, 2026 | Form. No.148 |
| Corresponding section of I.T. | 195, 80LA, | Corresponding section of I.T. | 393, 397, |
| Act, 1961 | 271-I | Act, 2025 | 147, 462 |
| Corresponding Rule of I.T. Rules, 1962 | 37BB | Corresponding Rule of I.T. Rules, 2026 | 220 |
Q1. What is Form No.148?
Ans. 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.
Q2. Who should file Form No.148?
Ans. Every unit of an International Financial Services Centre making a remittance to a non resident (not being a company) or to a foreign company must file this form, regardless of whether the remittance is taxable or not.
Q3. What is International Financial Services Centre?
Ans. International Financial Services Centre means an International Financial Services Centre which has been approved by the Central Government under sub-section (1) of section 18 of the Special Economic Zones Act, 2005
Q4. Is Form No. 148 mandatory?
Ans. Yes, Form No. 148 is mandatory.
Q5. What is the time limit for filing Form No. 148?
Ans. The form must be filed quarterly by the 15th day of the month following the end of the quarter (e.g. due date for Q1 is 15th July).
Q6. How many times Form No. 148 is required to be filed in a year?
Ans: It is to be filed four times a year, once for each quarter of the year.
Q7. What documents are required to file Form No. 148?
Ans. Documents containing remittee and remittance details are required to file the form.
Q8. How can I file Form No. 148?
Ans: Form No. 148 can be submitted through online mode only through e-Filing portal.
Q9. How do I e-Verify Form No. 148?
Ans: Form No.148 can be e-verified by the authorised person of the reporting entity through Digital Signature Certificate (DSC) only.
Q10. How do I know that the form has been successfully submitted?
Ans: Once successfully submitted and verified, an acknowledgement number and transaction ID is generated and the applicant will receive a confirmation message on the email ID(s) and mobile number(s) registered with the e-Filing portal.
Q11. Can I edit or modify or withdraw Form No. 148 after its submission?
Ans: No, Form No.148 can’t be edited or modified or withdrawn once submitted.
Q12. What is the outcome of Form No.148?
Ans: With the introduction of Form No.148, IFSC units are exempt from filing Part D of Form No.
145 for remittances not chargeable to tax under the Act, however, they must still report all these remittances in the quarterly statement via Form No.148. The system is designed to cross-link with other filings and compliance mechanisms maintained by the Income Tax Department.
Q13. What are the consequences of not filing or late filing of Form No.148?
Ans: If any person fails to submit Form No.148 within due date, then he is liable for a penalty of upto of ₹1 lakh under section 462 of the Income-tax Act, 2025.
Q14. Why is Form No.148 important?
Ans. It is important for improving the ease of doing business for IFSC units by providing a consolidated quarterly mechanism that replaces the need for repetitive Form No.145/ Form No. 146 filings. It also ensures data consistency and transparency for international transactions.
Guidance Note on Income Tax Form 148 (Earlier Form 15CD): 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
Form No. 148: Quarterly Statement by Unit of an IFSC
| Name of form as per I.T. Rules, 1962 | Form No. 15CD | Name of form as per I.T. Rules, 2026 | Form No.148 |
| Corresponding section of | 195, | Corresponding section of | 393, 397, |
| I.T. Act, 1961 | 80LA, 271-I |
I.T. Act, 2025 | 147, 462 |
| Corresponding Rule of I.T. Rules, 1962 | 37BB | Corresponding Rule of I.T. Rules, 2026 | 220 |
1. Purpose:
Every unit of an International Financial Services Centre [referred to in section 147(1)(b)] making remittance to a non-resident (not being a company) or to a foreign company, is required to make a quarterly disclosure of such remittance in Form No.148. The key objective is to provide a consolidated, quarterly compliance mechanism tailored for IFSC units, especially for remittances that are exempted from tax or are not chargeable in India, thus reducing repetitive compliance under forms like Form No. 145/ Form No. 146 for each transaction. It forms part of the government’s push to improve ease of doing business, compliance, and transparency in India’s financial services landscape, especially regarding international payments from IFSCs. It aligns with the objective of greater compliance and monitoring of cross-border payments and taxation.
2. Who should file?
As per Rule No. 220, every unit of an International Financial Services Centre (IFSC) making remittance to a non-resident (not being a company) or to a foreign company, is required to furnish a quarterly statement in respect of remittances made for each quarter of the financial year in Form No.148, irrespective of whether the remittance is taxable or not.
3. Frequency & Due Dates:
| Quarter | Period Covered | Due Date for Filing |
| Q1 | April – June | 15th July of the Tax Year |
| Q2 | July – September | 15th October of the Tax Year |
| Q3 | October – December | 15th January of the Tax Year |
| Q4 | January – March | 15th April of the following Tax Year |
4. Structure of Form:
Form No.148 has two Parts.
Part A: It contains details of the Unit: Name, address, PAN, TAN/TCAN, status, residential status, contact details
Part B: It contains details of remittance:
i. Details of remitter, if different from unit: Name, PAN
ii. Details of remittee: Name, PAN, address, contact details, country of which remittee is a resident
iii. Details of remittance: Country of remittance, currency, date, amount (in foreign currency and in ₹, nature, purpose code as per RBI.
Verification: By the person filing the form.
5. Documents required:
Remittee and remittance details.
6. Step-by-step process of filing Form:
Form No. 148 can be submitted through online mode only through e-Filing portal of the Department using following steps:
Step 1: Log in to the e-Filing portal using your user ID (PAN) and password.
Step 2: On your Dashboard, click e-File > Income tax forms > File Income Tax Forms.
Step 3: On the File Income Tax Forms page, select File Form No. 148. Alternatively, enter Form No. 148 in the search box to find the form.
Step 4: On the Form No.148 page, select the filing type, tax year and quarter. Click continue.
Step 5: Fill all the required details and click Preview.
Step 6: On the Preview page, verify the details and click Proceed to e-Verify.
Step 7: Click Yes to submit.
Step 9: On clicking Yes, you will be taken to the e-Verify page where you can verify using Digital Signature Certificate (DSC).
After successful e-Verification, a success message is displayed along with a Transaction ID and Acknowledgement Receipt Number. Please keep a note of the Transaction ID and Acknowledgement Receipt Number for future reference.
Consequences of non-compliance: If any person fails to submit Form No.148 within due date, then he is liable for a penalty of upto of ₹1 lakh under section 462 of the Income-tax Act, 2025
7. Outcome of Form No. 148:
With the introduction of Form No.148, IFSC units are exempt from filing Part D of Form No.145 for remittances not chargeable to tax under the Act, however, they must still report all these remittances in the quarterly statement via Form No.148. The system is designed to cross-link with other filings and compliance mechanisms maintained by the Income Tax Department to ensure data consistency and transparency for international transactions.
8. Common Changes made across Forms:
1. To make forms system-friendly and enable e-filing and uploading, certain anomalies found due to grouping of name, address, PAN have been separated into different boxes.
2. Assessment/financial/previous year(s) have been replaced with tax year(s).
3. Sections and clauses have been changed as per the Income-tax Act, 2025.
4. Currency symbol “Rs.” has been replaced with “₹”.
