Quick Summary
The rollout of the Income Tax Act, 2025 has brought a major overhaul to Indias tax compliance ecosystem, replacing the decades-old Income-tax Act, 1961, with a simplified and structured framework. Among the various reporting requirements introduced under the new regime, Form 35 has gained attention for taxpayers claiming deductions related to Offshore Banking Units and International Financial Services Centres (IFSCs). Previously known as Form 10CCF under the Income-tax Rules, 1962, the form has
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FAQ :
Form 35 is a new accountant-certified report required under the Income Tax Act 2025 for taxpayers claiming deductions on income earned through Offshore Banking Units (OBUs) or International Financial Services Centres (IFSCs).
Scheduled banks or foreign banks operating OBUs in Special Economic Zones (SEZs) or units in IFSCs that claim deductions under Section 147 of the Income Tax Act, 2025, are required to file Form 35.
The purpose of Form 35 is to enable tax authorities to verify the accuracy of deductions claimed by OBUs and IFSC units on their eligible income.
The due date for filing Form 35 is the same as the due date for filing the Return of Income (ROI). It must be submitted along with the ROI.
Key details include taxpayer information (Name, PAN, Tax Year), unit details (name, address, regulatory permission), and computation of the eligible deduction, including income and expenses.
Form 35 must be verified and filed by a Chartered Accountant (CA).
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