Form 67 Income Tax Rules 2026 pdf download and Key points
FORM NO. 67
[See rule 138]
Report for computation of adjusted total income and alternate minimum tax for the purposes of section 206(2) of the Act
Under the Income-tax Rules, 2026, Form No. 67 replaces the erstwhile Form 29C. It is governed by Section 206(2) of the Income-tax Act, 2025 (which replaces the old Alternate Minimum Tax sections like 115JC and 115JD) and is prescribed under Rule 138 of the Income-tax Rules, 2026.
Here are all the comprehensive key points regarding Form No. 67:
1. Purpose of the Form Form 67 is a statutory report that must be obtained from a Chartered Accountant (CA). It certifies the computation of a non-corporate taxpayer’s “Adjusted Total Income” (ATI) and the corresponding Alternate Minimum Tax (AMT) liability, ensuring calculations comply with the Act.
2. Applicability (Who Should File)
- Mandatory Filers: The form applies to every person other than a company whose tax payable on their regular total income is strictly lower than their calculated Alternate Minimum Tax.
- Target Rates: The AMT is calculated at 18.5% of the Adjusted Total Income for regular taxpayers, 15% for co-operative societies, and 9% for IFSC units deriving income solely in convertible foreign exchange.
- Exemptions:
- Taxpayers who have opted for the New Tax Regime (under sections 202, 203, and 204 of the IT Act, 2025) are entirely exempt from AMT and do not need to file this form.
- Individuals, Hindu Undivided Families (HUFs), Associations of Persons (AOPs), Bodies of Individuals (BOIs), and Artificial Juridical Persons whose adjusted total income does not exceed ₹20 lakhs are also exempt.
3. Frequency and Due Date
- Frequency: The form is filed annually.
- Due Date: It must be filed electronically along with or before the due date of furnishing the return of income under Section 63 of the Act.
4. The Role of the Chartered Accountant
- No DIY Filing: Taxpayers cannot completely generate or file this form themselves. Section 206 legally mandates that an “Accountant” (CA) must compute and certify that the Adjusted Total Income and AMT are correct.
- Process Flow: The CA prepares the report using the e-filing portal utility, digitally signs it using their DSC (Digital Signature Certificate), and the assessee must subsequently log in to submit/accept the report before filing their ITR. Once accepted, the acknowledgment number is auto-linked with the ITR.
5. Structure of the Form The form is structurally divided into two main parts:
- Part A (Personal Information): A standardized block capturing the assessee’s Name, Address, PAN, Aadhaar-linked Contact Number, Nature of Business, and the relevant Tax Year.
- Part B (Computation of Alternate Minimum Tax): Captures the core financial calculations, explicitly requesting:
- Total income before giving effect to AMT provisions.
- Income-tax payable on the total income.
- Specific itemized additions/deductions claimed under Chapter VIII-C.
- A specific new adjustment: Deductions claimed under Section 46 as reduced by depreciation allowable under Section 33.
- The final Adjusted Total Income and computed AMT based on the specific type of non-corporate assessee selected.
6. Mandatory Documents Required To successfully file Form 67, the CA and taxpayer must rely on:
- PAN and registration details of the Assessee.
- Standard CA credentials including UDIN and DSC.
- Financial Statements (Profit & Loss account and Balance Sheet).
- Tax audit report (if applicable) and proof of deductions claimed.
7. Consequences of Default If a taxpayer is liable for AMT but files their ITR without the CA-certified Form 67, the return will be considered “defective”. The Central Processing Centre (CPC) will process the return without giving the benefit of AMT credits, leading to a proposed adjustment or a demand notice for higher tax.
8. Key Updates in the 2026 Rules
- Explicit Formulas & Dropdowns: Unlike the old form, the new Form 67 explicitly details the arithmetic expression for calculating the Adjusted Total Income and includes specific dropdown menus for each deduction under Chapter VIII-C.
- Automated Rate Selection: The form incorporates a static AMT rate table that allows for automated rate selection based on the category of the taxpayer (e.g., IFSC unit vs. Co-operative society vs. Others).
- Standardization: It utilizes uniform terminology like “Tax Year” and standardizes currency representations exclusively using the “₹” symbol.