The transition to the new Income-tax Act, 2025 continues to reshape India’s tax compliance framework, and one of the latest developments is the introduction of Form 81 under the Income-tax Rules, 2026. The new form replaces the earlier Form 66 prescribed under the Income-tax Rules, 1962 for companies operating under the Tonnage Tax Scheme.
Form 81 serves as an audit and certification report to be furnished by an accountant regarding the maintenance of books of account and computation of income for companies engaged in the business of operating qualifying ships. The form has been aligned with the provisions of the Income-tax Act, 2025, particularly Section 232 dealing with tonnage taxation.
What is Form 81?
As per the FAQs issued regarding the form, Form 81 is an accountant-certified report meant for companies that have opted for taxation under the Tonnage Tax Scheme. The report verifies the correctness of books of account and tonnage income computation for the relevant tax year.
The form corresponds to:
- Section 232 of the Income-tax Act, 2025
- Rule 146 of the Income-tax Rules, 2026
- Earlier Form 66 under the old Income-tax framework
Who Needs to Furnish Form 81?
The requirement applies to companies engaged in the operation of qualifying ships that have opted for the Tonnage Tax Scheme. The report must be prepared, signed, and verified by an accountant as defined under Section 515(3)(b) of the Income-tax Act, 2025.
Key Details Required in Form 81
The form is divided into multiple sections including:
- Part A - Company particulars
- Part B - Books of account and computation details
- Verification by accountant
- Annexures and explanatory notes wherever required
Part A captures basic company information such as PAN, address, contact details, and tax year. Part B focuses on operational and financial disclosures related to tonnage taxation.
Separate Books of Account Mandatory
One of the important compliance requirements highlighted in the FAQs is the mandatory maintenance of separate books of account for the tonnage tax business. The accountant is also required to report the list of books examined and the locations where such books are maintained.
The form additionally seeks confirmation regarding:
- Charter-in limits
- Computation of shipping income
- Tonnage Tax Reserve Account
- Depreciation calculations
- Related party transactions
- Losses from qualifying ship operations
Charter-in Restriction Under Section 232(15)
The FAQs clarify that under Section 232(15), the tonnage of chartered-in ships should not exceed 49% of the total tonnage. The reporting accountant must certify compliance with this statutory threshold.
This disclosure is expected to strengthen monitoring of shipping companies availing tonnage-based taxation benefits.
Reporting of Shipping Income and Tonnage Tax Reserve
Companies are required to separately disclose profits from core shipping activities and indicate whether incidental activity profits exceed 0.25% of turnover from core operations.
The form also requires details relating to the Tonnage Tax Reserve Account, including:
- Book profits
- Minimum reserve required
- Utilisation of reserve in accordance with law
Ship-wise Computation Required
A major reporting feature in Form 81 is the ship-wise computation of tonnage income under Sections 227(1) to 227(6). Companies are required to furnish details such as:
- Net or deemed tonnage
- Ownership or charter status
- Type of charter
- Daily tonnage income
- Number of operational days
- Total tonnage income
However, the FAQs clarify that ship names are not mandatory where income is computed on a deemed tonnage basis.
Mandatory Annexures for Related Party Transactions and Losses
Form 81 mandates separate annexures wherever explanatory notes are required. These include:
- Annexure A-2 for related party transactions
- Annexure A-3 for assets not exclusively used for tonnage business
- Annexure A-4 for losses relating to qualifying ship operations
The FAQs further state that wherever any information is reported negatively or with qualification, the accountant must clearly specify reasons in the report.
Importance of Form 81
According to the official FAQs, Form 81 is aimed at ensuring:
- Independent verification of tonnage tax computation
- Compliance with statutory conditions
- Greater audit reliability and reporting integrity under the Tonnage Tax Scheme
The introduction of Form 81 reflects the government’s broader objective under the Income-tax Act, 2025 to streamline compliance formats while maintaining robust disclosure and verification standards for specialised industries such as shipping.
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