Income-tax (Twenty-Third Amendment) Rules, 2025

Income-tax (Twenty-Third Amendment) Rules, 2025

In exercise of powers under section 80LA(3)(i) and section 295 of the Income-tax Act, 1961, the Central Board of Direct Taxes (CBDT) hereby makes the following amendment to the Income-tax Rules, 1962:

1. Title & Commencement
   • These rules may be called the Income-tax (23rd Amendment) Rules, 2025.
   • They shall take effect from the date of their publication in the Official Gazette.
     
2. Amendment to Form 10CCF (Annexure A)
   In Form No. 10CCF, Annexure A:
   
   (a) At Serial No. 6 (Gross Income)
   After the existing text, insert the following: “For an IFSC Insurance Office carrying on insurance business, ‘gross income’ shall mean profits and gains computed in accordance with section 44 and the First Schedule of the Income-tax Act.”
   (b) At Serial No. 9 (Gross Eligible Income)
   After the existing text, insert the following: “For an IFSC Insurance Office carrying on insurance business, where profits are computed under section 44 and the First Schedule of the Income-tax Act, this field may be reported as Nil.”

✅ In short: This amendment aligns reporting requirements for IFSC insurance companies with the special income-computation rules that already apply to insurers under section 44.

Notification

Also Read:

1. Recommendations of the 55th Meeting of the GST Council
2. Changes in GST and Income Tax during the Financial Year 2024-25
3. TDS and TCS provisions applicable from April 1, 2025
4. Rationalizing TDS: A Deep Dive into Budget 2025’s Proposals

Go To Memorandum

Go To Finance Bill 2025

Read More on Union Budget 2025