Just a moment...

Top
Help
×

By creating an account you can:

Logo TaxTMI
Call Us / Help / Feedback

Contact Us At :

E-mail: [email protected]

Call / WhatsApp at: +91 99117 96707

For more information, Check Contact Us

FAQs :

To know Frequently Asked Questions, Check FAQs

Most Asked Video Tutorials :

For more tutorials, Check Video Tutorials

Submit Feedback/Suggestion :

Email :
Please provide your email address so we can follow up on your feedback.
Category :
Description :
Min 15 characters 0/2000
Make Most of Text Search
  1. Checkout this video tutorial: How to search effectively on TaxTMI.
  2. Put words in double quotes for exact word search, eg: "income tax"
  3. Avoid noise words such as : 'and, of, the, a'
  4. Sort by Relevance to get the most relevant document.
  5. Press Enter to add multiple terms/multiple phrases, and then click on Search to Search.
  6. Text Search
  7. The system will try to fetch results that contains ALL your words.
  8. Once you add keywords, you'll see a new 'Search In' filter that makes your results even more precise.
  9. Text Search
Add to...
You have not created any category. Kindly create one to bookmark this item!
Create New Category
Hide
Title :
Description :
❮❮ Hide
Default View
Expand ❯❯
Close ✕
🔎 News - Adv. Search
TEXT SEARCH:

Press 'Enter' to add multiple search terms. Rules for Better Search

Search In:
Main Text + AI Text
  • Main Text
  • Main Text + AI Text
  • AI Text
Category: ?
Categorized by AI
---- All Categories ----
  • ---- All Categories ----
  • Income Tax
  • GST
  • Customs, DGFT & SEZ
  • FEMA & RBI
  • Corp. Laws, SEBI & IBC
  • PMLA, Black Money & ED
  • Budget
  • News and Press Release
  • PTI News
Month:
---- All Months ----
  • ---- All Months ----
  • January
  • February
  • March
  • April
  • May
  • June
  • July
  • August
  • September
  • October
  • November
  • December
Year:
---- All Years ----
  • ---- All Years ----
  • 2026
  • 2025
  • 2024
  • 2023
  • 2022
  • 2021
  • 2020
  • 2019
  • 2018
  • 2017
  • 2016
  • 2015
  • 2014
  • 2013
  • 2012
  • 2011
Sort By: ?
In Sort By 'Default', exact matches for text search are shown at the top, followed by the remaining results in their regular order.
Relevance Default Date
❯❯
Maximize Maximize Maximize
0 / 200
Expand Note
Add to Folder

No Folders have been created

+

Are you sure you want to delete "My most important" ?

NOTE:

News
Showing Results for :
Reset Filters
Results Found:
Show All Summaries Hide All Summaries
March 28, 2026
Show AI Summary
Securitization trust income reporting through Form 72, with online filing, prescribed records, and pass-through taxation compliance.
Form 72 is the statement of income paid or credited by a securitization trust to its investors. It must be furnished to the Income-tax Department online by the person responsible for paying or crediting income on behalf of the trust, by 15 June of the financial year following the tax year in which the income was paid or credited. Filing requires the trust's books, audited financial statements, income details from securitised assets, investor particulars, distribution records, and the applicable registration certificate.
March 28, 2026
Show AI Summary
Audit report compliance for offshore banking unit investment divisions governs exemption and concessional taxation claims under income tax rules.
Form 71 is the mandatory audit report for a registered investment division of an offshore banking unit where a specified fund seeks exemption under section 11 read with Schedule VI or concessional taxation under section 210(3) of the ITA 2025. It certifies fulfilment of the prescribed eligibility conditions, including separate books, audit by an accountant, relevant documentation, and filing by the specified date. The form is filed electronically with supporting records and, when validly furnished, supports the claim to exemption or concessional rates.
March 28, 2026
Show AI Summary
Tax exemption compliance for specified funds depends on timely electronic filing of Form 71 and accountant verification.
Form 71 is the prescribed audit report for verification by an accountant in respect of the computation of exempt income of a specified fund attributable to the investment division of an offshore banking unit. It is linked to the claim of exemption or taxation at concessional rates for eligible income, and its filing is one of the conditions for admissibility of that claim. The form must be filed electronically on the income-tax e-filing portal and verified by the accountant either through digital signature or electronic verification code. It cannot be filed offline, and once validly submitted and acknowledged it cannot be edited.
March 28, 2026
Show AI Summary
Specified fund compliance for Form 70 governs exempt income reporting and concessional taxation claims for offshore banking units.
Form 70 is the prescribed e-form for a specified fund to furnish the annual statement of exempt income attributable to the investment division of an offshore banking unit under section 11 read with Schedule VI, together with income taxable at concessional rates under section 210(3) of the ITA 2025. Filing is mandatory for a specified fund seeking exemption or concessional taxation and must be made electronically on the e-filing portal by the due date, with supporting documents, verification by the Trustee or Principal Officer, and the audit report in Form 71 certifying separate accounts and audit of the eligible investment division.
March 28, 2026
Show AI Summary
Exempt income reporting through Form 70 requires electronic filing, verification, and timely compliance for specified fund benefits.
Form 70 is the annual statement for a specified fund to report exempt income and income taxable at concessional rates in relation to the investment division of an offshore banking unit. It must be verified by the Principal Officer or Managing Trustee and filed electronically on the Income-tax e-filing portal within the prescribed due date. Filing a valid form is a mandatory condition for claiming exemption or concessional taxation, and the form cannot be filed offline or edited after valid submission. A valid PAN of the fund and the verifier is required, along with prescribed supporting documents and mandatory attachments.
March 28, 2026
Show AI Summary
Concessional taxation for specified funds depends on timely filing of Form 69 with income and unit-holder details.
Form 69 is the prescribed annual statement for a specified fund to report income attributable to units held by non-residents, other than a permanent establishment in India, for concessional taxation. The form is a mandatory compliance requirement and must be filed electronically on or before the due date, with trustee or principal officer verification. It includes fund particulars, registration details, and computations of income from securities and capital gains, supported by constituting documents, registration certificate, financial statements, securities statements, and unit-holder residency details.
March 28, 2026
Show AI Summary
Concessional taxation for specified funds requires electronic Form 69 filing, verification, and timely supporting disclosures.
Form 69 is the prescribed electronic statement for a specified fund claiming concessional taxation on income attributable to units held by a non-resident, other than a permanent establishment in India. A valid filing within the prescribed due date is a mandatory condition for the concessional rate benefit. The form must be verified by the Principal Officer or Managing Trustee, supported by the prescribed annexures and documents, and cannot be edited after submission and acknowledgment.
March 28, 2026
Show AI Summary
Exempt income reporting under Form 68 streamlined for specified funds with electronic filing and updated verification requirements.
Form 68 is the annual statement prescribed for specified funds seeking exemption under Section 11 read with Schedule VI of ITA 2025 in respect of income attributable to units held by a non-resident, other than a permanent establishment in India. It is filed electronically by the Principal Officer on or before the return due date, and captures particulars of the fund, income, exempt income, unit-holder details, and the working of income attributable to non-resident holders. The guidance note also describes the supporting documents and the simplified filing updates, including IFSCA registration, mandatory document upload, and verification in place of declaration.
March 28, 2026
Show AI Summary
Exempt income statement filing for specified funds requires verified online submission within the prescribed due date.
Form 68 is the prescribed electronic statement for claiming exemption of income of specified funds under section 11 read with Schedule VI [Table: Sl. Nos. 1 to 4] of the Income-tax Act, 2025, in respect of income attributable to units held by a non-resident other than a permanent establishment of such non-resident in India. The form must be verified by the Principal Officer or Managing Trustee, filed only through the Income-tax e-filing portal, and furnished on or before the applicable due date. Valid filing requires mandatory PAN details, specified annexures, and satisfaction of the statutory eligibility conditions.
March 28, 2026
Show AI Summary
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.
March 28, 2026
Show AI Summary
Alternate Minimum Tax compliance through Form 67 requires CA certification, electronic filing, and timely submission with the return.
Form 67 is prescribed for furnishing details relating to the computation of Adjusted Total Income and Alternate Minimum Tax (AMT) under section 206(2) of the Income-tax Act, 2025. It applies to persons other than companies, subject to stated exceptions, and is not required for certain specified taxpayers where adjusted total income does not exceed twenty lakh rupees. The form is used to determine AMT on adjusted total income, with tax payable at the higher of the regular tax or AMT, and it incorporates adjustments such as depreciation and other specified items.
March 28, 2026
Show AI Summary
Minimum Alternate Tax reporting through Form 66 demands Chartered Accountant certification, digital filing, and return-linked book profit verification.
Companies liable to Minimum Alternate Tax must furnish Form 66, a Chartered Accountant-certified report on book profit and MAT computation, annually with the income tax return. The form is digitally signed, accepted by the company through the e-filing portal, and linked to the return for processing. It contains company particulars, profit adjustments, transition amount, final MAT computation, auditor certification, and supporting financial and tax documents.
March 27, 2026
Show AI Summary
Access to unrelied ED documents denied at pre-cognisance stage in an ongoing money-laundering investigation.
Access to documents seized by the Enforcement Directorate but not relied upon in the chargesheet was refused at the pre-cognisance stage in an ongoing Prevention of Money Laundering Act matter. The court held that the accused had already been supplied with the prosecution complaint and relied-upon documents, and that disclosure of unrelied material was not required before cognisance when the investigation remained pending.
March 27, 2026
Show AI Summary
Trade agreement framework balances market access with farmer safeguards, calibrated tariff concessions, and export opportunities across key sectors.
India and the United States have agreed on a framework for an interim trade agreement intended to expand reciprocal and mutually beneficial trade while protecting domestic sensitivities, particularly in agriculture and dairy. The framework contemplates improved market access, rules of origin, action on non-tariff barriers, and cooperation on standards, digital trade, economic security, technology, supply chain resilience, energy and manufacturing. Limited and calibrated tariff concessions have been offered on select agricultural products through quota-based mechanisms, phased concessions and partial duty reductions, with the quotas kept within existing import levels to avoid adverse impact on domestic farmers.
March 27, 2026
Show AI Summary
Rupee weakness deepens as higher crude prices, dollar strength and foreign selling weigh on currency and reserves.
The rupee weakened sharply to a historic low against the US dollar amid sustained pressure from higher crude oil prices, a stronger greenback, foreign investor selling, and energy-led inflation concerns. India's foreign exchange reserves also declined during the reporting week, driven by a fall in gold reserves. The government indicated plans to mobilise substantial borrowing through dated securities in the April-September period, while noting a reduction in gross market borrowing after G-Sec switches.
March 27, 2026
Show AI Summary
Government borrowing calendar set for dated securities, green bonds, retail bidding and flexible issuance management.
The Centre plans to raise gross market borrowings through dated securities in the first half of FY 2026-27 to finance the fiscal deficit, with borrowing spread across weekly auctions and multiple maturities. The borrowing calendar includes sovereign green bonds, non-competitive bidding for specified retail investors, and flexibility to modify issuance amounts, maturities, instruments and timing in consultation with the Reserve Bank of India, depending on funding needs and market conditions.
March 27, 2026
Show AI Summary
Bilateral trade agreement negotiations advance as India and the US discuss WTO issues, tariffs, and next steps in talks.
India and the United States continued discussions on the next steps in the bilateral trade agreement negotiations, covering the WTO agenda, the India-US BTA, and ways to deepen bilateral economic cooperation and trade ties. A framework for the first phase has been finalised, but the legal text remains unsigned, and the chief negotiators' meeting was postponed because of changes in the US tariff architecture and the need to await the revised global tariff framework before the interim trade agreement is signed.
March 27, 2026
Show AI Summary
Energy supply stability assured as government rules out lockdown, citing adequate fuel stocks and anti-hoarding measures.
The government ruled out any lockdown and said India has adequate stocks of petrol, diesel and LPG, with fuel retail operations continuing normally despite energy supply disruptions linked to the war in West Asia. Officials said rumours have caused panic buying, while alternative sourcing, higher domestic LPG production, excise duty cuts, export levies, export diversion directions and intensified anti-hoarding enforcement are being used to stabilise supplies and protect consumers.
March 27, 2026
Show AI Summary
Excise duty cut on petrol and diesel aims to shield consumers from global fuel price volatility.
The Union Government reduced excise duty on petrol and diesel by Rs 10 per litre to prevent a retail price increase caused by rising global oil prices. The move was described as a people-centric measure intended to shield consumers from fuel price volatility and wider shortages linked to global instability.
March 27, 2026
Show AI Summary
State borrowing costs harden as bond yields rise, forcing partial bids and higher returns in volatile fixed-income markets.
States' borrowing costs hardened in a State Development Loan auction as cut-off yields rose across long-term maturities, with several securities moving above 8 per cent. The increase tracked a broader rise in government bond yields amid global oil price pressures, inflationary concerns and weakness in the rupee, causing some states to accept only partial borrowing amounts or reject bids. The report notes that higher bond yields may keep borrowing costs elevated and increase volatility in fixed-income markets.

News

Back

All News

Showing Results for :
Reset Filters
No Records Found

News

Showing Results for : Reset Filters

Guidance note - Form 67

March 28, 2026

Contents
Forms
Summary
Note

Note

-

Bookmark

Print

Print

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 structural modernization 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 ₹

Topics

Acts Income Tax