CBDT Notifies Changes to Form 10CCF w.r.t. Calculation of IFSC’s Gross Income and Profit & Gains [Read Notification]
These amendments provide greater clarity and reduce ambiguity in tax filings. The revised rules came into effect from the date of their publication in the Official Gazette, i.e., 20th August 2025
The Central Board of Direct Taxes (CBDT) has notified amendments to Form 10CCF under the Income-tax Rules, 1962, specifically on the computation of gross income and profit & gains for International Financial Services Centre ( IFSC ) insurance offices.
The changes, introduced through the Income-tax (Twenty-Third Amendment) Rules, 2025, were published via Notification No. 135/2025 dated 20th August 2025.
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Under the revised provisions, in Annexure A of Form 10CCF, it has been clarified that where the reporting entity is an IFSC insurance office undertaking insurance business, the term gross income will be understood as profit and gains calculated in accordance with Section 44 of the Income-tax Act, 1961, read with the First Schedule.
Further, in respect of disclosures under serial number 9 of the form relating to gross eligible income, such IFSC insurance units may report the field as ‘Nil’ in cases where profits and gains are already computed under Section 44 and the First Schedule.
The notification reads that :
“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.
These amendments provide greater clarity and reduce ambiguity in tax filings. The revised rules came into effect from the date of their publication in the Official Gazette, i.e., 20th August 2025.
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