Form 33 – Frequently Asked Questions

Particulars to be furnished in respect of units established under SEZ for claiming deduction under section 144 of the Act

Name of form as per I.T. Rules, 1962	Form 56FF	Name of form as per I.T. Rules, 2026	33
Corresponding section of I.T. Act, 1961	10AA	Corresponding section of I.T. Act, 2025	144
Corresponding Rule of I.T. Rules, 1962	16DD	Corresponding Rule of I.T. Rules, 2026	67

1. What is Form 33?

Ans. Form 33 is required to be furnished by an assessee availing deduction under Section 144 of the Income-tax Act, 2025 for new plant/machinery purchased after making withdrawal from the SEZ Reinvestment Allowance Reserve Account maintained by the assessee. The form is to be verified by the proprietor/partner/director.

2. Who should file Form 33?

Ans. An assessee claiming deduction on profits and gains derived by newly established Units in SEZs as per the provisions of Section 144 of the Income-tax Act, 2025 should file this form.

3. What is the Due Date to file Form 33?

Ans. Form 33 is required to be filed along with the Return of Income. Hence, the due date for filing return of income for the said assessee will be the due date to file this form.

4. What is SEZ reinvestment reserve and what is it used for?

Ans. SEZ Reinvestment Reserve account is to be created to claim deduction u/s 144. Upto 50% of export profits should be transferred to this reserve account, and these funds must be utilized for purchasing new plant/machinery within a period of 3 years.

5. Why is Form 33 important?

Ans. The details of new plant/machinery purchased using withdrawn funds from the SEZ Reinvestment Reserve is filed in Form 33. The deduction under Section 144 of the Income-tax Act, 2025 is allowed based on details filed in the Form.

SEZ reinvestment reserve reporting: Form 33 supports deduction claims for new plant and machinery purchases under section 144. Form 33 is the prescribed statement for assessees claiming deduction under section 144 in respect of profits and gains derived by newly established units in SEZs. It is filed where amounts are withdrawn from the SEZ Reinvestment Reserve Account for purchase of new plant or machinery, and it must be verified by the proprietor, partner, or director. The form is to be filed along with the return of income, and the deduction is based on the particulars reported in the form.