Ministry of Finance Department of Revenue Central Board of Direct Taxes

Amendment of Form No.10CCF of the Income tax rules, 1962

Issue Date: 20 August 2025 Published: 20 August 2025

Gazette ID: CG-DL-E-20082025-265559 Download PDF

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Core Purpose

This notification amends the Income-tax Rules, 1962, specifically FORM No. 10CCF in APPENDIX II, to modify the calculation of 'gross income' and 'gross eligible income' for IFSC Insurance Offices undertaking insurance business.

Detailed Summary

The Ministry of Finance, Department of Revenue, through the Central Board of Direct Taxes, issued Notification G.S.R. 564(E) on August 20, 2025, exercising powers under clause (i) of sub-section (3) of section 80LA, read with section 295 of the Income-tax Act, 1961 (43 of 1961). These rules, called the Income-tax (Twenty-Third Amendment) Rules, 2025, come into force on their publication in the Official Gazette. The amendment modifies APPENDIX II, FORM No. 10CCF, ANNEXURE A of the Income-tax Rules, 1962. Specifically, at serial number 6, it clarifies that for an IFSC Insurance Office undertaking insurance business, 'gross income' will mean profit and gains calculated as per section 44 and the First Schedule of the Income-Tax Act. At serial number 9, it specifies that for such an office, where profit and gains are calculated as per section 44 and the First Schedule of the Income-Tax Act, the 'gross eligible income (item 8)' field may be submitted as Nil. The principal rules were published via S.O. 969 (E) dated March 26, 1962, and last amended by G.S.R 555(E) dated August 18, 2025.

Full Text

REGD. No. D. L.-33004/99 The Gazette of India CG-DL-E-20082025-265559 EXTRAORDINARY PART II—Section 3—Sub-section (i) PUBLISHED BY AUTHORITY No. 520] NEW DELHI, WEDNESDAY, AUGUST 20, 2025/SHRAVANA 29, 1947 5548 GI/2025 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 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. Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054. SARVESH KUMAR Digby SARVESH KUM SRIVASTAVA

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