Quick Summary
The Central Board of Direct Taxes (CBDT), under the Ministry of Finance, has issued a notification introducing the Income-tax (Twenty-Third Amendment) Rules, 2025, bringing significant changes to reporting requirements under Section 80LA of the Income-tax Act, 1961. According to Notification No. 135/2025, published in the Official Gazette on August 20, 2025, amendments have been made to Form No. 10CCF (Annexure A) of the Income-tax Rules, 1962. These revisions specifically address the computati
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FAQ :
The CBDT has notified revised Form 10CCF for IFSC insurance businesses, introducing changes to reporting requirements under Section 80LA of the Income-tax Act.
The revised form aims to clarify the computation and reporting of income for IFSC Insurance Offices undertaking insurance business, ensuring clarity and reducing compliance ambiguities.
For IFSC Insurance Offices, 'gross income' will now mean profits and gains calculated under the provisions of Section 44 and the First Schedule of the Income-tax Act.
If IFSC Insurance Offices compute profits under Section 44 and the First Schedule, the field for 'gross eligible income' in Form 10CCF may be submitted as Nil.
The amended rules come into immediate effect from the date of their publication in the Official Gazette, which was August 20, 2025.
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