Form 67 – Report under Section 206(2) of the Income Tax Act, 2025

Purpose of Form 67

Form 67 is a report required to be furnished by a chartered accountant certifying the book profit computed under Section 206(2) of the Income Tax Act, 1961 (Alternate Minimum Tax – AMT). It ensures that the assesse’s computation of Adjusted Total Income and the corresponding AMT liability is in accordance with the provisions of the Act and Rules. This form is prescribed under Rule 138 of the Income Tax Rules, 2026.

The New Form 67 has been proposed in accordance with the newly enacted Section 206 of the Income-tax Act, 2025, replacing the earlier framework under Section 115JC.

Who Should File

Every person other than a company [and subject to exceptions in Section 206(2)(d) in New Income Tax Act] and in whose case Tax Payable on total income as computed under the regular provisions of the Income Tax Act is less than 18.5% of its Adjusted Total Income (except for IFSC Unit deriving its income solely in Convertible Foreign Exchange, for which rate is 9% and co-operative societies where rate is 15%), and thus liable to pay Alternate Minimum Tax (AMT) Section 115JC (under old Income tax Act, 1961) must obtain and furnish Form 67. The form must be certified and digitally signed by a practicing Chartered Accountant (CA).

Under the new Section 206 also, this form continues to apply to non-corporate taxpayers, but the scope and classification have been updated and in the section itself, different tax rates are mentioned for following distinguishable entities:

1. A unit located in IFSC earning exclusively in convertible foreign exchange (non-company)
2. Co-operative societies
3. Any other person (excluding company, co-operative society, IFSC unit)

This structured classification is a major modification, allowing automatic rate selection for AMT computation. 

Frequency & Due Dates

Form 67 must be furnished:

• Annually,
• Along with the return of income as per provisions of section 63 (Old Section 139)
• Electronically signed by a Chartered Accountant or eligible auditor

Documents Required

• PAN and registration details of the Assessee
• Standard CA credentials including UDIN and DSC
• Financial Statements (P&L and Balance Sheet)
• Tax audit report (As Applicable)
• Details of adjustments made to arrive at book profit
• Proof of deductions claimed under relevant sections
• Computation of total income and Adjusted Total Income under Old Section 115JC/New Section 206(2)

Process Flow

1. Preparation of Report: Chartered Accountant computes book profit under Section 67 and prepares Form 67 using prescribed utility on e-filing portal.
2. Digital Signature by CA: The CA verifies and digitally signs Form 67 using registered DSC.
3. Submission by Assessee: The assesse must submit the report in its e-filing account before filing ITR.
4. Linking with ITR: Once accepted, the acknowledgment number of Form 67 is auto-linked with ITR.
5. Processing by CPC: CPC cross-verifies the AMT computation and CA certification during return processing. 

Outcome of New Form 67

For Taxpayer

• Transparent and uniform computation of AMT
• Reduced risk of adjustments during processing
• Better clarity on deduction-wise adjustments
• Validation of computation of Adjusted Total Income and AMT
• Avoids mismatches and ensures smooth ITR processing

For Income Tax Department

• Improved data structuring
• Ease of cross-verification with Chapter VIII-C claims
• Ensures independent certification of Adjusted Total Income and AMT liability.

Brief Note on Broad or Qualitative Changes Proposed:

1. Structure of New Form 67 (Key Modifications)

The report in Form 67 comprises of following parts -

(i) Part A – Personal Information

The New Form 67 introduces a significantly detailed and itemized annexure, consisting of a new Part A – Personal Information block which is standardized across forms. It is a comprehensive block covering:

• Name
• PAN
• Address components
• Contact details including Aadhaar-linked mobile
• Nature of Business
• Tax Year

(ii) Part B – Computation of Alternate Minimum Tax

Key modifications include:

Component	Old Form 29C (Section 115JC)	New Form 67 (Section 206)
Eligible deductions	Total of Chapter VI-A Deductions	Dropdowns for each deduction under Chapter VIII-C (Sl. 5(i) onwards
Depreciation interplay	Not explicitly detailed	A new adjustment: Deduction u/s 46 less depreciation u/s 33 (as if no deduction u/s 46 allowed) (Sl. 4)
ATI formula	Total income + specified deductions	ATI = 3 + 5 + 6 (explicit arithmetic expression)

This is a structuralmodernization ensuring traceable, step-wise computation as also allowing the linkage with relevant field in ITR.

AMT Computation simplified

• Old form had a fixed AMT rate table.
• New form provides rate selection based on Type of Assessee via drop-down.
• Rates now automatically link to the category defined in Section 206(2)(b)(ii).

(iii) Certification Part

• The initial certification paragraph in the Old Report is now appended to the main Report.
• Language is modernized and standardized. Explicit disclosure of Tax Year, not AY/PY (consistent with uniform terminology in New Act)

2. Standardization Improvements

Consistent with common changes across forms such as:

• Standard identifiers (PAN, Aadhaar)
• Uniform “Tax Year” terminology
• Currency standardization to ₹

3. Technology and Utility Enhancements

• Dropdown menus
• Automated arithmetic checks
• Pre-filled Data for Personal Details

Challenges and Solutions

Earlier Challenges (Old Form 29C)	Solutions in New Form 67
Minimal structure caused ambiguity	Detailed item-wise fields reduce interpretational gaps
Lack of deduction-wise granularity	Drop-down in Sl. 5 ensures accuracy
No standardized personal data capture	New Part A auto-captures personal profile
Static AMT rate table	Automated rate selection through category pick list
Manual validation by CPC	Inline system validations now integrated

Common Changes made across Forms (including Form 67):

• Standardization of names, address, and identifiers (PAN, Aadhaar, CIN, FRN)
• Uniform use of “Tax Year” terminology
• Currency standardized to ₹

Alternate Minimum Tax reporting gets a structured Form 67 update with CA certification, itemised computation, and digital filing. Form 67 is a chartered accountant's report for certifying book profit, adjusted total income and Alternate Minimum Tax liability under the updated section 206 framework. It applies to non-corporate taxpayers subject to the AMT regime, is furnished annually with the return of income, and must be digitally signed. The revised form introduces itemised computation fields, category-based AMT rates, and system-enabled validation through the e-filing process.