Form 32 Income Tax Rules 2026 pdf download and Key points

Last Updated on: April 22, 2026

Form 32 Income Tax Rules 2026 pdf download and Key points

FORM NO. 32
[See rule 66]
Audit report under section 46, 138, 139, 140(8), 141, 142, 143 and 144 of the Act

Under the Income-tax Rules, 2026, Form No. 32 replaces the erstwhile Form 10CCB (and incorporates newly required forms). It is governed by Sections 46, 138, 139, 140(8), 141, 142, 143, and 144 of the Income-tax Act, 2025, and Rule 66 of the Income-tax Rules, 2026.

Here are all the key points regarding Form No. 32:

1. Purpose of the Form Form 32 is a statutory audit report that must be furnished by taxpayers claiming specific deductions related to capital expenditure, infrastructure, start-ups, SEZs, housing projects, and specific industrial undertakings. Allowing these deductions is strictly based on the details filed in this form.

2. Applicability (Who Should File) The form must be filed by assessees claiming deductions under any of the following specific sections:

Section 46: Capital expenditure incurred in a specified business.
Section 138: Profits and gains from industrial undertakings or enterprises engaged in infrastructure development.
Section 139: Profits and gains by an undertaking or enterprise engaged in the development of Special Economic Zones (SEZs).
Section 140: An eligible start-up earning profits and gains derived from an eligible business.
Section 141: Profits and gains derived by certain industrial undertakings (other than infrastructure development), such as the commercial production of gas, oil refining, etc.
Section 142: Profits and gains from housing projects.
Section 143: Profits and gains derived by an undertaking in North-Eastern states from a specified business (North-Eastern states include Arunachal Pradesh, Assam, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, or Sikkim).
Section 144: Profits and gains derived by newly established Units in SEZs.

3. Verification Requirement The form cannot be submitted on a self-certification basis; it must be formally verified and certified by a Chartered Accountant (an “Accountant” as defined in section 515(3)(b) of the Act).

4. Frequency and Due Date The form is required to be filed before the due date specified in Section 63 of the Income-tax Act, 2025, which aligns with the taxpayer’s due date for furnishing their statutory tax audit report.

5. Specific Constraint for Section 46 (Capital Expenditure) For assessees claiming a deduction under Section 46, a deduction is allowed for the whole of the capital expenditure incurred wholly and exclusively for the purposes of the specified business. However, this strictly excludes any expenditure incurred on acquiring land, goodwill, or financial instruments.

6. Structure and Details Captured in the Form Form 32 captures comprehensive financial and operational metrics, including:

The initial tax year from which the deduction is claimed.
Total sales of the specific Unit and the Business as a whole.
Total profits derived by the Unit and the Business.
The exact amount of the deduction being claimed.

7. Mandatory Documents Required To successfully file Form 32, the following supporting documents/information are required:

A copy of the agreement with the central/state government or local authority.
A copy of the notification of the SEZ (for SEZ-related deductions).
A copy of the certificate from the Inter-Ministerial Board of Certification (for start-ups).
Turnover and profit details of the eligible entity.
Detailed schedules of capital expenditure (specifically for claims under Section 46).

8. Key Updates in the 2026 Rules To streamline compliance, basic details such as the Assessee’s Name, PAN, and Tax Year are now pre-filled with an option to edit. Obsolete terminology such as “Assessment year” or “Previous year” has been replaced throughout with “Tax year”, and all monetary values are standardized using the “₹” symbol.

Form 32 Income Tax Rules 2026 pdf download and Key points

Form 32 Income Tax Rules 2026 pdf download and Key points

Form 32 Income Tax Rules 2026 pdf download

Form No.32– Frequently Asked Questions

Guidance Note on Form 32