The Central Board of Direct Taxes (CBDT), under the Ministry of Finance, has notified the Income-tax (Twenty-Third Amendment) Rules, 2025, through Notification No. 135/2025 [G.S.R. 564(E)] dated August 20, 2025, exercising powers under section 80LA(3)(i) read with section 295 of the Income-tax Act, 1961.
The notification introduces changes in Form No. 10CCF (Annexure A) under the Income-tax Rules, 1962, specifically applicable to Units operating as IFSC Insurance Offices undertaking insurance business.
Key amendments:
- Definition of Gross Income for IFSC Insurance Offices
- In Serial No. 6, it is clarified that for IFSC Insurance Offices engaged in insurance business, “gross income” shall be computed as per the provisions of section 44 read with the First Schedule of the Income-tax Act.
- Reporting of Gross Eligible Income
- In Serial No. 9, it is provided that in the case of such IFSC Insurance Units, where profit and gains are calculated as per section 44 and the First Schedule, the field for “gross eligible income” may be reported as Nil.
Effective Date:
The amendment rules come into force from the date of their publication in the Official Gazette.
This move is aimed at aligning compliance requirements for IFSC Insurance Offices with the existing provisions for computation of profits under the Income-tax Act.
The Notification can be accessed at: https://a2ztaxcorp.net/wp-content/uploads/2025/08/CBDT-N.-No.-135_2025.pdf
