Form 70 under the Income-tax Act, 2025 is a mandatory annual statement to be filed by specified funds seeking tax exemption or concessional tax rates on income attributable to the investment division of an offshore banking unit. It requires reporting of both exempt income under section 11 read with Schedule VI and income taxable at concessional rates under section 210(3). The form must be filed electronically before the due date of filing the return of income and verified by the Principal Officer or Managing Trustee. Submission of Form 70 within the prescribed timeline is a precondition for availing tax benefits, failing which such benefits may be denied. The form requires detailed disclosures, including financial statements, SEBI Category-I FPI registration, transaction details, and investor information. Once submitted, it cannot be edited. The form enhances transparency, ensures proper verification, and facilitates accurate computation of eligible tax benefits for offshore investment structures.
Income Tax Department
Ministry of Finance, Government of India
FAQs on Income Tax Form 70: Annual Statement of exempt income and income taxable at concessional rate for an investment division of an offshore banking unit
Form for filing annual Statement of exempt income and income taxable at concessional rate for an investment division of an offshore banking Unit
| Name of form as per I.T. Rules, 1962 | Form 10-IK | Name of form as per I.T. Rules, 2026 | 70 |
| Corresponding section of I.T. Act, 1961 | Section 10(4D) and 115AD(1B) | Corresponding section of I.T. Act, 2025 | Section 11 read with Schedule VI [Table: Sl. Nos. 1 to 4] and section 210(3) |
| Corresponding Rule of I.T. Rules, 1962 | Rule 21AJA and Rule 21AJAA | Corresponding Rule of I.T. Rules, 2026 | 141 and 143 |
1. What is Form 70 ?
Ans: Form 70 is the prescribed form for filing annual statement of exempt income under section 11 read with Schedule VI [Table: Sl. Nos. 1 to 4] of the Income-tax Act’ 2025 (“ITA 2025”) by a specified fund, attributable to investment division of an offshore banking unit which has been certified as a Category-I Foreign Portfolio Investor and fulfills certain other eligibility conditions. Further, a statement of taxable income of such specified fund, which is attributable to the investment division of an offshore banking unit, and eligible for taxation at concessional rates under section 210(3) of the ITA 2025 is also required to be furnished in this Form.
2. Who should file Form 70?
Ans: A specified fund seeking the benefit of tax-exemption, or taxation at concessional rates, in respect of the eligible income of the investment division of an offshore banking unit , is required to file the annual statement of exempt income (as also the income eligible for taxation at concessional rates) in Form 70.
3. Who is required to verify the Form 70?
Ans. The Principal Officer/Managing Trustee of the specified fund, seeking to claim exemption under the aforesaid provisions, is required to verify the correctness of information provided in the Form.
4. Where and how the Form 70 is required to be filed?
Ans: The Form 70 shall be filed electronically on the e-filing portal of Income-tax Department. The form shall be duly verified, either under digital signature or through electronic verification code, by the Principal Officer/Managing Trustee of the specified fund.
5. What is the time limit for filing Form 70?
Ans: The annual statement of income in Form 70 for claiming the benefit of exemption, or taxation at concessional rates, under the aforementioned provisions, is required to be filed electronically on or before such “due date” for filing return of income prescribed under section 263(1)(c) of the ITA’ 2025, as may apply for the specified fund claiming such benefit. This time limit is specified in the relevant rules.
6. What documents are required to file Form 70?
Ans: The following documents may be required while filing Form 70, –
> A copy of Trust deed, or Memorandum of Association, or any other legal instrument evidencing the formation of the fund> Copy of SEBI Category-I FPI registration certificate
> Annual financial statements of the specified fund for the relevant tax year
> Audited financial statements of the eligible investment division of the offshore banking unit for the relevant tax year
> Bank statements, Foreign Inward Remittance Certificate, and settlement advisories
> Statement of securities (held during the year and transactions executed) including income earned on securities held and gain arising on transfer of securities
> Details of Unit Holders with number of units held by them and their classification by residency status i.e. resident or non-resident
7. Is Form 70 mandatory?
Ans: Filing of a valid Form 70 within the specified time limit, is a mandatory condition for making an admissible claim of exemption, or taxation at concessional rates, by a specified fund, in respect of income which is attributable to investment division of an offshore banking unit, under the aforementioned provisions.
8. Can I edit Form 70 after submission?
Ans: No. Once Form 70 is validly submitted, after verification by the Principal Officer/Managing Trustee of the specified fund, and acknowledgment is generated, it cannot be edited. Please ensure that all details are correct before final submission.
9. Do I need to attach any document with the Form 70?
Ans: The following document is mandatory to be attached, as required at Row 8 (Part A) of the Form 70,-
> Copy of certificate of registration of the investment division of the offshore banking unit, as a Category-I Foreign Portfolio Investor, granted by the SEBI
10. While filling Part A and Part B, can I leave any field blank?
Ans:
> PAN of the Specified Fund is mandatory. Name and complete address thereof shall be pre-filled, which can be updated by the user. Status is pre-filled.
> An updated Email address and Mobile number would ensure faster communication and verification; therefore it is recommended to provide it.
> Details of registration as a Category -I FPI are mandatory fields.
> Details of calculation of exempt income in Row 10 of Part B, and details of income eligible for taxation at concessional rates in Row 11 of Part B, may be provided, as applicable.
11. What if the specified fund does not have a PAN?
Ans: Form 70 cannot be submitted without a valid PAN of the specified fund, as also a valid PAN of the Principal Officer/Managing Trustee verifying the Form.
12. Can Form 70 be filed offline?
Ans: No. Form 70 can only be submitted online through the Income Tax e-Filing portal.
13: Why is Form 70 important?
Ans: Filing of a valid annual statement of income in Form 70 within the specified time limit is a mandatory compliance for claiming the benefit of tax-exemption, or taxation at concessional rates, by the specified fund, in respect of the eligible income of the investment division of an offshore banking unit, under section 11 read with Schedule VI [Table: Sl. Nos. 1 to 4] and section 210(3) of the ITA 2025. However, the claim of benefit of exemption (as also taxation at concessional rates) is further subject to fulfillment of various other eligibility conditions, as prescribed in the statute and relevant rules.
Guidance Note on Income Tax Form 70: Annual Statement of exempt income and income taxable at concessional rate for an investment division of an offshore banking unit
Annual Statement of Exempt Income of a specified fund under section 11 read with Schedule VI [Table: Sl. Nos. 1 to 4] and Income taxable at concessional rates under section 210(3) of the ITA 2025
Purpose
Form 70 is the form prescribed under Rule 141 and Rule 143 of the Income Tax Rules. A specified fund is required to furnish an annual statement of exempt income under Section 11 read with Schedule VI [Table: Sl No. 1 to 4] of ITA 2025, which is attributable to the investment division of an offshore banking unit, in this Form. Further, a statement of taxable income, which is attributable to the investment division of offshore banking unit, and eligible for taxation at concessional rates under section 210(3) of the ITA 2025 is also required to be furnished in this Form.
Filing of this Form is a mandatory compliance for a specified fund, so as to claim the applicable tax benefits (exemption or concessional rate of taxation) in respect of the income attributable to the investment division of an offshore banking unit.
This form provides for columns for furnishing information relating to identity particulars of the specified fund, computation of income eligible for exemption, and computation of income eligible for taxation at concessional rates.
Who Should File
A specified fund seeking the benefit of tax-exemption, or taxation at concessional rates, in respect of the eligible income of the investment division of an offshore banking unit under Section 11 read with Schedule VI [Table: Sl No. 1 to 4] of ITA 2025, or section 210(3) of the ITA 2025, respectively, is mandatorily required to furnish the statement of exempt income (as also the income taxable at concessional rates) in Form 70.
When and How to File
> The form is to be filed on the e-filing portal.
> The form shall be furnished electronically either under digital signature or through electronic verification code verified by the Principal Officer of the specified Fund.
> The e-form is required to be furnished by such specified Fund on or before the “due date” for filing the Return of Income under Section 263 of the ITA 2025.
Structure of Form 70
> Identity particulars of the specified fund, viz. Name, address, legal status and PAN of the Fund.
> Relevant Tax Year
> Date of establishment of the Fund
> Date of commencement of operations
> Computation of exempt income of the specified fund
> Computation of income of specified fund which is taxable at concessional rates
> Verification by the declarant
What are the documents required to file the Form 70
Following documents may be required for filing Form 70, –
> A copy of Trust deed, or Memorandum of Association, or any other legal instrument evidencing the formation of the fund
> Copy of SEBI Category-I FPI registration certificate
> Annual financial statements of the fund for the relevant tax year
> Audited accounts of the eligible investment division of the offshore banking unit for the relevant tax year
> Bank statements, Foreign Inward Remittance Certificate, and settlement advisories evidencing income receipt and attribution
> Statements of securities (held during the year and transactions executed) issued by the Broker/Custodian
> Records of all securities transactions, including purchase date, sale date, holding period, and resulting capital gains/loss
> Unit Holders Register (showing classification of unit holders by residency status i.e. resident or non-resident)
What is the process flow of filing Form 70?
The process flow includes following steps:
> Prepare the application: Fill Form 70, ensuring all columns are complete with accurate details.
> Attach mandatory documents.
> Sign/verify: The application and the attached statements must be signed or digitally signed by the Trustee or the Principal officer of the Fund.
> Submit online on the e-filing portal.
Outcome of Processed Form 70:
> Once the Form 70 is validly filed by the specified fund, and is successfully processed, the fund shall be able to claim the benefit of exemption, or taxation at concessional rates, in respect of income attributable to the eligible investment division of the offshore banking unit
> The specified fund, in order to claim the benefit of exemption, must also file the Audit Report in Form 71, verified by an accountant, certifying that separate accounts of the eligible investment division have been maintained, and have been duly audited.
Key updates include the following:
> In Column 10 (which provides step-wise computation of exempt income) and in Column 11 (which provides step-wise computation of income eligible for taxation at concessional rates), only reference to the relevant statutory provisions has been mentioned, instead of reiterating the entire provision.
Improved Applicant Experience, Expedited Process:
> The language of the Form has been simplified. The columns relating to computation of income have been suitably redrafted.
> Challenges in Old Form 70
The existing Form 70 was notified with effect from 1st April 2022. No significant gaps were identified in the existing Form.
> Solutions in New Form 70
The language in the columns relating to computation of exempt income, or income taxable at concessional rates, has been simplified in the proposed Form, as elaborated above.
