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March 26, 2026
Form 35 – Frequently Asked Questions (FAQs)
Show AI Summary
Deduction claims for offshore banking units require Form 35, accountant verification, and filing with the return of income.
Form 35 is the accountant's report to be filed with the return of income by assessees claiming deduction on income from Offshore Banking Units in Special Economic Zones or units of an International Financial Services Centre. It must be verified by a chartered accountant and filed by the return due date. The form captures unit particulars, permissions, income, expenses, net income and previous claims, and requires e-verification with the chartered accountant's digital signature certificate.
March 26, 2026
Guidance Note - Form 34
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Additional employee cost deduction guidance for audited assessees filing Form 34 with Chartered Accountant verification.
Form 34 is the prescribed report to be filed with the return of income by audited assessees claiming deduction for additional employee cost under section 146 of the Income-tax Act, 2025. It is verified by a Chartered Accountant and filed under Rule 68. The deduction is stated to be 30% of the additional employee cost for three tax years, and the form applies to assessees earning business or professional income who are liable to audit under section 44AB and satisfy the payment conditions for employee emoluments through permitted banking or electronic modes.
March 26, 2026
Marine insurance 101: Understanding loss and abandonment claims
Show AI Summary
Marine insurance loss and abandonment claims explained through partial loss, total loss and claim documentation requirements.
Marine insurance distinguishes partial loss from total loss, including particular average loss, general average loss, actual total loss and constructive total loss. Abandonment allows the insured to relinquish rights in damaged or lost cargo or vessel to the insurer and claim the insured value when recovery or repair is not commercially viable. The claim process depends on prompt notice, formal relinquishment, supporting documents, surveyor assessment and verification under the policy terms.
March 26, 2026
Form 34 – Frequently Asked Questions
Show AI Summary
Additional employee cost deduction through Form 34 depends on audit, eligibility conditions, and prescribed payment modes.
Deduction for additional employee cost is claimed through Form 34, which audited assessees must file with the return of income and have verified by a Chartered Accountant. The form applies to business or professional assessees liable to audit and supports a deduction of 30% of additional employee cost for three consecutive tax years. Additional employees are subject to eligibility conditions, and emoluments exclude employer pension or provident fund contributions and terminal lump-sum payments.
March 26, 2026
Guidance Note – Form 33
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SEZ deduction claim documentation requires Form 33, reserve account details and plant acquisition particulars for verification.
Form 33 is the prescribed statement for an assessee claiming deduction in respect of profits and gains derived by newly established units in SEZ under section 144 of the Income-tax Act, 2025. It is to be furnished along with the return of income and verified by the proprietor, partner or director. The form captures particulars of the assessee, the unit, the SEZ Reinvestment Allowance Reserve Account, withdrawals from the reserve, and details of plant or machinery purchased from withdrawn amounts, together with verification and e-verification requirements.
March 26, 2026
Form 33 – Frequently Asked Questions
Show AI Summary
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.
March 26, 2026
Guidance Note – Form 32
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Audit report form requirements govern deduction claims under specified income-tax provisions, with section-wise disclosures and chartered accountant verification.
Form 32 is the prescribed audit-report form for assessees claiming deductions under the specified provisions of the Income-tax Act, 2025, and it must be verified by a Chartered Accountant. The form is filed by the due date applicable to the audit report and requires basic particulars, section-specific disclosure fields, supporting documents such as agreements, SEZ notifications, start-up certification, turnover and profit details, and capital expenditure details where relevant. Filing is completed by entering the applicable deduction particulars and electronic verification through the Chartered Accountant's DSC.
March 26, 2026
Delhi Police EOW books entities of Gurugram-based firm Experion for fraud
Show AI Summary
Insolvency and Bankruptcy Code misuse allegations surface over creditor voting control and resolution process conduct in a fraud FIR.
Fraud allegations arose from an FIR filed on the basis of an Enforcement Directorate complaint linked to a money laundering probe. The complaint stated that Experion entities were examined in relation to the insolvency proceedings of Dignity Buildcon Private Limited and were said to have misused the Insolvency and Bankruptcy Code during the Corporate Insolvency Resolution Process. It further alleged acquisition of debt and debentures to increase voting rights in the Committee of Creditors and pressure on the authorised representative of Alchemist Asset Reconstruction Company to vote for a resolution plan.
March 26, 2026
Form 32 – Frequently Asked Questions
Show AI Summary
Audit report requirements govern deductions for specified business, start-ups, SEZ units, and North-Eastern eligible businesses.
Form 32 is the audit report required for deductions under the specified provisions of the Income-tax Act, 2025, and must be verified by a Chartered Accountant. It applies to claims for specified business capital expenditure, industrial and infrastructure undertakings, SEZ development, eligible start-ups, housing projects, North-Eastern business units, and newly established SEZ units, and must be filed by the audit-report due date. The document also states the conditions for specified business capital expenditure, start-up eligibility and duration, and the qualifying North-Eastern businesses.
March 26, 2026
Guidance Note - Form 31
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Rent deduction declaration requires Form 31, with landlord details, rent evidence, and e-verification alongside the return.
Form 31 is the declaration to be furnished by an assessee claiming deduction under section 134 of the Income-tax Act, 2025 in respect of rent paid for residential accommodation. It applies to a resident individual who pays rent for furnished or unfurnished accommodation, does not receive house rent allowance, and does not own residential property at the place of employment or residence. The form is to be filed along with the return of income and requires rent details, landlord particulars, supporting documents, and e-verification through DSC or Aadhaar.
March 26, 2026
Form 31 – Frequently Asked Questions
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Rent deduction declaration under section 134 requires Form 31 for eligible resident individuals without house rent allowance.
Form 31 is the declaration required for claiming deduction under section 134 for rent paid for residential accommodation. It applies to a resident individual who does not receive house rent allowance and does not own residential property at the place of employment or residence. The form must be filed along with the return of income, and the deduction is available on the basis of details furnished in the form, subject to the annual ceiling of Rs. 60,000.
March 26, 2026
Guidance Note - Form 30
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Deduction for dependant with disability requires Form 30, supported by medical certification, filing details, and electronic verification.
Deduction for maintenance, medical treatment, training and rehabilitation of a dependant with disability is supported by Form 30, which must be filed by a resident individual claiming expenditure for a dependant with disability or payments under an approved scheme. The form is filed with the return of income, supported by the medical authority certificate, and requires completion of assessee details, patient and disability particulars, upload of the signed verification, and e-verification through DSC or Aadhaar.
March 26, 2026
Form 30 – Frequently Asked Questions
Show AI Summary
Disability-related tax deduction requires Form 30, medical certification, and timely filing with the return of income.
Deduction is available for maintenance, including medical treatment, training and rehabilitation, of a dependant who is a person with disability, and for payments made under a qualifying insurance or specified scheme. Form 30 is the prescribed statement for claiming the deduction and must be filed by a resident individual along with the return of income. The medical authority certificate must be uploaded online, and a fresh certificate is required when a temporary disability certificate expires.
March 26, 2026
Guidance Note - Form 29
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Carry forward and set-off of amalgamated losses depends on Form 29 production certification and verified compliance.
Form 29 is the prescribed certificate for an amalgamated company to evidence achievement and maintenance of the prescribed level of production in an undertaking received through amalgamation. It is filed with the return of income to support compliance with the conditions for carry forward and set-off of accumulated loss and unabsorbed depreciation of the amalgamating company. The form must be certified by the principal officer and verified by an accountant, and it requires confirmation that the prescribed production threshold has been achieved and maintained within the specified period.
March 26, 2026
Freight surge, LPG shortage amid West Asia crisis hit exports from east India
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Freight disruption and export relief measures shape India's response to West Asia-linked logistics stress and production shortages.
West Asia-related disruption in shipping and logistics has led to steep increases in freight charges, container shortages, stranded cargo and shipment cancellations affecting exporters in eastern India. Perishable goods, engineering products, textiles and medicines are among the sectors most affected, while the LPG supply crunch has added to production difficulties and air cargo costs have risen because of route changes and cancellations. The text also refers to relief measures, including waiver-based port concessions, the RELIEF scheme for conflict-linked losses and reimbursement support for eligible MSME exporters.
March 26, 2026
Form 29 – Frequently Asked Questions (FAQs)
Show AI Summary
Production compliance certificate governs carry forward and set-off benefits for amalgamated companies under the income tax rules.
Form 29 is the mandatory certificate under Rule 60 for an amalgamated company claiming carry forward and set-off of accumulated losses and unabsorbed depreciation under Section 116(4)(b)(iii). It certifies achievement and maintenance of the prescribed production level in acquired industrial undertakings, requires electronic filing with the return of income, and may cover multiple amalgamating companies. The production condition is 50% of installed capacity within four years of amalgamation and maintenance up to five years, with possible governmental relaxation in suitable cases.
March 26, 2026
Guidance Note - Form 28
Show AI Summary
Slump sale reporting requires accountant certification of net worth and capital gains through online Form 28 filing.
Accountant's report in Form No. 28 (Form No. 3CEA) is required for an assessee undertaking a slump sale to certify the computation of net worth and capital gains under the Income Tax Act, 2025. The form applies where an undertaking or division is transferred as a going concern for a lump-sum consideration without assigning individual values to assets and liabilities. It must be furnished online on the income tax e-filing portal on or before the due date for filing the assessee's income tax return.
March 26, 2026
Form No. 28 Frequently Asked Questions
Show AI Summary
Slump sale reporting under income tax law requires mandatory accountant certification, online filing, and timely submission through Form 28.
Form No. 28 is the accountant's report required under section 77(4) of the Income-tax Act, 2025 for computation of capital gains in a slump sale. It applies where an undertaking or division is transferred as a going concern for lump-sum consideration without assigning separate values to assets and liabilities, and it is mandatory for certifying net worth and capital gains. The form must be filed once in a year on or before the due date for the income-tax return, only online, and cannot be edited after submission. A valid PAN is required.
March 26, 2026
Guidance Note - Form 27
Show AI Summary
Capital gains attribution framework for specified entities filing Form 27 with valuation support and electronic certification.
Form 27 is filed by every specified entity to furnish details of the amount attributed to capital assets remaining with the entity where a specified person receives capital asset or stock-in-trade on dissolution or reconstitution. It supports computation under Rule 50 and must be certified on the basis of a registered valuer's report. The form is filed electronically with the return of income and includes particulars of the amount taxable, its attribution to remaining assets, and the valuer's details.
March 26, 2026
Form No. 27 – Frequently Asked Questions (FAQs)
Show AI Summary
Form No. 27 reporting requirement governs valuation-based attribution of income on dissolution or reconstitution of a specified entity.
Form No. 27 is a mandatory income-tax reporting form prescribed under Rule 50 for a specified entity where income becomes taxable under section 67(10) on dissolution or reconstitution and a specified person receives capital asset, stock-in-trade, or both. It operationalises the attribution of such taxable income to the capital assets remaining with the specified entity and must be furnished for each tax year in which the relevant event occurs. The form requires electronic filing with the return of income and valuation-based attribution supported by a registered valuer's report.

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Income Tax

Form No.67 - Frequently Asked Questions

March 28, 2026

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Frequently Asked Questions

Form for furnishing of details undersection 206(2) of the Income-tax Act, 2025

Name of form as per I.T. Rules, 1962

29C

Name of form as per I.T. Rules, 2026

67

Corresponding section of I.T. Act, 1961

115 JC, 115JD

Corresponding section of I.T. Act, 2025

206(2)

Corresponding Rule of I.T. Rules, 1962

40BA

Corresponding Rule of I.T. Rules, 2026

138

1. What is Form No. 67 ?

Ans: Form 67 is prescribed for furnishing details related to Computation of Adjusted Total Income and Alternate Minimum Tax (AMT) as per provisions of Section 206(2) of Income Tax Act, 2025

2. What is " Adjusted Total Income "?

Ans: It is the taxable income of a non-company taxpayer adjusted (increased or decreased) by specific items mentioned in Section 206(2).

3. What is Alternate Minimum Tax (AMT)

Ans: Alternate Minimum Tax (AMT) is the Tax to be paid on Adjusted Total Income Computed as per Provisions of Section 206 (2) and at the rates mentioned therein.

4. Who should file Form 67?

Ans : It is to be filed by a person, other than a company with the exceptions as per Section 206(2)(d). Also, it is not to be filed by an individual or a Hindu undivided family or an association of persons or a body of individuals, whether incorporated or not, or an artificial juridical person referred to in section 2(77)(g) of the I.T. Act, 2025, if the adjusted total income of such person does not exceed twenty lakh rupees.

5. Is Form 67 mandatory?

Ans: It is mandatory for all taxpayers other than the company with the exception mentioned above and where "normal" tax payable by a person other than company, is lower than the calculated "Alternate Minimum Tax.

6. What are exempted entities from AMT?

Ans: The exemption clauses are defined in Section 206 e.g. If the taxpayer has opted for the New-Tax Regime, it is exempted from AMT. Similarly, Individual / HUF / AoP / BoI / AJP, are exempted from AMT if the adjusted total income does not exceed twenty lakh rupees.

7. What is the time limit for filing Form 67?

Ans : It must be filed along with the return of income

8. Do I have to calculate AMT, even if the net income is loss?

Ans: Yes.

9. If my income tax as per regular provisions is more than the AMT, do I have to pay AMT?

Ans: No, the taxpayer has to pay the higher of the two.

10. Can I file Form 67 myself (DIY)?

Ans: Technically, you can log in and upload it, but the form requires a certificate from a Chartered Accountant (CA). You cannot generate this certificate yourself.

11. Why do I need a CA?

Ans: Section 206 mandates that an "Accountant" (CA) must certify that the computation of Book Profit or Adjusted Total Income is correct.

12. What happens if I file my ITR but forget Form 67?

Ans: Your return will be considered "defective" or the tax officer will process it without giving you the benefit of AMT credits.

13. Is the form filed online or offline?

Ans: It is filed electronically on the Income Tax Portal.

14. Is there a fee for filing Form 67?

Ans: There is no government fee for the form itself, but your CA will charge a professional fee for certification.

15. How is AMT calculated under Section 206?

Ans: The Form 67 has been aligned with the provisions of the Sub-section 2 of the Section 206. Taxpayer needs to fill the respective fields and the AMT will be calculated.

16. Does Section 206 allow for depreciation adjustment?

Ans: Yes, depreciation is one of the main adjustments. The amount of depreciation is adjusted to reach Adjusted Total Income.

17. Does Section 206 consider Ind-AS (Indian Accounting Standards)?

Ans: Yes, Section 206 has specific subsections dealing with "Transition Amounts" for companies following Ind-AS to ensure fair calculation.

18. What happens if the information in Form 67 is wrong?

Ans: You may receive a notice for "Defective Return" or a demand notice under Section 270(1) of the I.T. Act, 2025 (S. 143(1) of the I.T. Act, 1961) asking for higher tax. You will have to revise the form.

19. Can I revise Form 67?

Ans: Yes, if you discover an error, your CA can file a revised form, and you must then file a Revised ITR.

20. What is the penalty for not obtaining the CA report?

Ans: The return will be defective.

21. Does Section 206 apply if I opt for the "New Tax Regime" as per S. 202, S. 203 and S. 204 of the I.T. Act, 2025 (S. 115BAC, S. 115BAD, 115BAE of the I.T. Act, 1961)?

Ans: No, it is exempted.

22. Can I appeal against a Section 206 addition?

Ans: Yes, if the tax officer calculates your Adjusted Total Income incorrectly during scrutiny, you can file an appeal before the Commissioner (Appeals).

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