The document explains Form No. 1 under Rule 4 of the Income-tax Rules, 2026, which replaces Form 3BB under the earlier framework and corresponds to Section 66(33) of the Income Tax Act, 2025. It is a mandatory monthly statement required to be filed by stock exchanges reporting transactions where client codes have been modified after registration in the system, covering both cash and derivative segments. The form must be filed online through the income tax e-filing portal within 15 days from the end of the relevant month and cannot be edited once submitted. Filing requires a valid PAN and is event-based, applicable only where such modifications occur. The revised form introduces a streamlined “smart form” structure with updated fields, including commodity derivative details, while largely retaining earlier reporting requirements. It also consolidates reporting by rendering Form 3BC redundant, ensuring simplified and consistent compliance for stock exchanges.
FAQ’s pertaining to the Income Tax Form No. 1– 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 the month of…
Form No. 1 – Frequently Asked Questions
Form of application under Rule 4 of the Income-tax Rules, 2026
| Name of form as per I.T. Rules, 1962 | Form 3BB | Name of form as per I.T. Rules, 2026 | Form No. 1 |
| Corresponding section of I.T. Act, 1961 | 43(5) | Corresponding section of I.T. Act, 2025 | 66(33) |
| Corresponding Rule of I.T. Rules, 1962 | 6DDA | Corresponding Rule of I.T. Rules, 2026 | Rule 4 |
1. What is Form No. 1?
Ans: This form is a 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.
2. Who should file Form No. 1?
Ans: It has to be filed by a stock exchange within the meaning of section 2(92) of IT Act, 2025.
3. Is Form No. 1 mandatory?
Ans: Yes. It has to be filed by stock exchange in respect of transactions (for both cash and derivative markets) in which client codes have been modified after registering in the system.
4. What is the time limit for filing Form No. 1?
Ans: Form No. 1 must be filed within 15 days from the last day of each month to which such statement relates.
5. How many times can Form No. 1be filed in a year?
Ans: Form No. 1is event-based and has to be filed monthly in respect of transactions in which client codes have been modified after registering in the system.
6. Can I edit Form No. 1 after submission?
Ans: No. Once Form No. 1 is submitted and acknowledgment is generated, it cannot be edited. Ensure all details are correct before submission.
7. What if I do not have a PAN?
Ans: Form No. 1 cannot be submitted without a valid PAN.
8. Can Form No. 1 be filed offline?
Ans: No. Form No. 1 can only be submitted online through the Income Tax e-Filing portal.
Guidance Note pertaining to the Form No. 1– 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 the month of
Form No 1 (Form No 3BB)
Purpose
This form is a 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. This form is filed under Rule 4 of Income-tax Rules, 2026 (Rule CDDA of Income-tax Rules, 1SC2).
Who Should File?
All stock exchanges are supposed to file this form for the purposes of Section 66(33) of Income-tax Act, 2025 in respect of cash and derivative market transactions.
Filing Method
The form must be filed online on the official income tax e-filing portal.
Frequency of the form
This form is to be filed monthly.
Brief Note on broad or qualitative changes proposed
The format of the form has been designed in smart form format as far as the details of the stock exchanges are concerned. (The basic details regarding Name, PAN and Address etc.). The details related to Form 3BC (viz. commodity derivative name has been added along with scrip name in the Scrip Name column of Derivative Market Table. This has been done in view of the entities which were earlier filing Form 3BC are now supposed to file Form 3BB.
Form 3BC has been rendered redundant in view of abolition of Forward Market Commission (in 2015). Accordingly, the entities which were earlier covered under the provisions of Rule CDDC of Income-tax Rules, 1SC2 are covered under Rule CDDA itself and are already filing Form 3BC which is apparent from the data of Form filing details.
No other changes have been proposed in the fields being captured in the tables under “Cash Market” and “Derivative Market”.
