Income Tax Form 33: SEZ Unit Particulars for Section 144 Deduction

Form No. 33 under the Income-tax Rules, 2026 is a mandatory declaration for assessees claiming deduction under Section 144 of the Income-tax Act, 2025 in respect of SEZ units. It replaces Form 56FF and applies to taxpayers earning profits from newly established SEZ units who transfer up to 50% of export profits to a SEZ Reinvestment Reserve Account. The funds from this reserve must be utilised within three years for acquiring new plant and machinery. Form 33 captures detailed information about the SEZ unit, reserve account transactions, and assets purchased using withdrawn funds. It must be filed along with the income tax return and verified by the authorised person. The deduction is allowed based on the details furnished in the form, making accurate reporting essential. Failure to comply or improper utilisation of reserve funds may impact eligibility for deduction under Section 144.

FAQs on Income Tax Form No. 33: Particulars to be furnished in respect of units established under Special Economic Zone for claiming deduction under section 144 of Income Tax Act, 2025

Particulars to be furnished in respect of units established under SEZ for claiming deduction under section 144 of the Act

Q1. What is Form 33?

Ans. Form 33 is required to be furnished by an assessee availing deduction under Section 144 of the Income-tax Act, 2025 for new plant/machinery purchased after making withdrawal from the SEZ Reinvestment Allowance Reserve Account maintained by the assessee. The form is to be verified by the proprietor/partner/director.

Q2. Who should file Form 33?

Ans. An assessee claiming deduction on profits and gains derived by newly established Units in SEZs as per the provisions of Section 144 of the Income-tax Act, 2025 should file this form.

Q3. What is the Due Date to file Form 33?

Ans. Form 33 is required to be filed along with the Return of Income. Hence, the due date for filing return of income for the said assessee will be the due date to file this form.

Q4. What is SEZ reinvestment reserve and what is it used for?

Ans. SEZ Reinvestment Reserve account is to be created to claim deduction u/s 144. Upto 50% of export profits should be transferred to this reserve account, and these funds must be utilized for purchasing new plant/machinery within a period of 3 years.

Q5. Why is Form 33 important?

Ans. The details of new plant/machinery purchased using withdrawn funds from the SEZ Reinvestment Reserve is filed in Form 33. The deduction under Section 144 of the Income-tax Act, 2025 is allowed based on details filed in the Form.

Guidance Note on Income Tax Form No. 33: Particulars to be furnished in respect of units established under Special Economic Zone for claiming deduction under section 144 of Income Tax Act, 2025

Particulars to be furnished in respect of units established under SEZ for claiming deduction under section 144 of the Act

Purpose:

This form is required to be furnished by an assessee availing deduction under Section 144 of the Income-tax Act, 2025 for new plant/machinery purchased after making withdrawal from the SEZ Reinvestment Allowance Reserve Account maintained by the assessee. The form is to be verified by the proprietor/partner/director.

Who should file:

An assessee claiming deduction on profits and gains derived by newly established Units in SEZs as per the provisions of Section 144 of the Income-tax Act, 2025 should file this form.

Due Date:

Form 33 is required to be filed along with the Return of Income. Hence, the due date for filing return of income for the said assessee will be the due date to file this form.

Structure of the Form:

– Basic details – Name, PAN, Address of assessee, Tax Year,

– Details of the undertaking/Unit – Name, address, Nature of business, Name of SEZ in which Unit is located

– Details of SEZ Reinvestment Reserve Account

• • Amounts of eligible profits debited to the profit and loss account and credited to said reserve account during the tax year and immediately preceding 3 tax years.
  • Amounts withdrawn from the said reserve account during the tax year and immediately preceding 3 tax years and whether used for eligible purposes or not.
  • Net amount outstanding in the said reserve account on last day of current tax year

– Details of new plant/machinery purchased using amount withdrawn – Make/Model no., Name & address of supplier, Date of acquisition, Date on which it was first put to use.

What are the documents/information required to file the Form?

The following documents/information are required to file the form:

1. Details of SEZ Reinvestment Reserve Account

2. Details of plant/machinery purchased with amount withdrawn from reserve.

What is the process flow of filing the Form?

The process flow includes the following steps:

1. Enter basic details of assessee

2. Enter details of undertaking

3. Enter details of SEZ

4. Enter details of amount debited to and withdrawn from Reinvestment Reserve Account.

5. Enter details of plant/machinery purchased using the amount withdrawn from reserve.

6. Enter verification details.

7. E-verify the Form using DSC of the Chartered Accountant

Outcome of processed Form:

The deduction under Section 144 of the Income-tax Act, 2025 is allowed based on details filed in the Form.

Common changes made across forms:

1.  Pre-filling of basic details such as Name, PAN and Tax Year etc. with option for the assessee to edit the same.

2. Assessment / Financial / Previous year or years have been replaced with Tax year or years, wherever appearing in the Form/Annexure.

3. Sections, Clauses and Schedules changed as per the Income-tax Act, 2025.

4. Currency symbol “Rs.” has been replaced with “₹”.