The Central Board of Direct Taxes (CBDT) has issued the Income-tax (Twenty-Third Amendment) Rules, 2025, amending the Income-tax Rules, 1962. This notification, dated August 20, 2025, introduces specific changes to Form 10CCF within Appendix II. The amendment focuses on clarifying how IFSC Insurance Offices should report their income for the purpose of claiming deductions under Section 80LA of the Income-tax Act, 1961. The rule clarifies that for these specific units, the “gross income” should be calculated as per the provisions of Section 44 and the First Schedule of the Income-tax Act. Additionally, it specifies that the “gross eligible income” field in the form can be submitted as ‘Nil’ in cases where the profits and gains are calculated using these specific provisions. These changes came into effect on the date of their publication in the Official Gazette. The amendment provides specific guidance for IFSC Insurance Offices, ensuring consistent and accurate reporting of their income for tax purposes.
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
Notification No. 135/2025-Income Tax |Dated: 20th August, 2025
G.S.R. 564(E).— In exercise of the powers conferred by clause (i) of sub-section (3) of section 80LA, read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely: –
1. (1) These rules may be called the Income-tax (Twenty-Third Amendment) Rules, 2025.
(2) They shall come into force on the date of their publication in the Official Gazette.
2. In the Income-tax Rules, 1962, in APPENDIX II, in FORM No. 10CCF, in ANNEXURE A, –
(a) in serial number no. 6, after the words, brackets, figures and letters “in sub-section (2) of section 80LA (in Rs.)”, the brackets, words, letters and figures, “(In case of the Unit being an IFSC Insurance Office undertaking insurance business, the “gross income” will mean to be the profit and gains calculated as per the provisions of section 44 and the First Schedule of the Income-Tax Act)” shall be inserted;
(b) in serial number no. 9, after the words, brackets and figures “gross eligible income (item 8) (in Rs.)” the brackets, words, letters and figures may be inserted “(In case of the Unit being an IFSC Insurance Office undertaking insurance business, where the profit and gains are calculated as per the provisions of section 44 and the First Schedule of the Income-Tax Act, this field may be submitted as Nil)” shall be inserted.
[Notification No. 135/2025/F. No. 370142/33/2025-TPL]
KRITIKA JAIN, Under Secy., Tax Policy and Legislation
Note: The principal rules were published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii) vide notification number S.O. 969 (E), dated the 26th March, 1962 and were last amended vide notification number G.S.R 555(E), dated the 18th August, 2025.
