Form 66 Income Tax Rules 2026 pdf download and Key points
FORM NO. 66
[See rule 137]
Report for Computation of Book Profit for the purposes of section 206(1) of the Act
Under the Income-tax Rules, 2026, Form No. 66 replaces the erstwhile Form 29B. It is governed by Section 206(1) of the Income-tax Act, 2025 (which replaces the old Minimum Alternate Tax sections like 115JB) and Rule 137 of the Income-tax Rules, 2026.
Here are all the key points regarding Form No. 66:
1. Purpose of the Form Form 66 is a statutory report that must be obtained from a Chartered Accountant (CA). It formally certifies the computation of a company’s “book profit” and its corresponding Minimum Alternate Tax (MAT) liability, ensuring the calculations comply with the provisions of Section 206(1).
2. Applicability (Who Should File)
- Mandatory Filers: The form applies to every company (whether domestic or foreign) whose total income computed under the regular provisions of the Act results in a tax payable that is lower than the calculated minimum tax (i.e., less than 15% of its book profit, or 9% for IFSC Units).
- Exemptions: Section 206 and Form 66 do not apply if the company has opted for the New Tax Regime (under sections 200 and 201 of the IT Act, 2025). Life insurance companies and non-company entities (like Individuals, HUFs, AoPs) whose adjusted total income is ₹20 lakhs or less are also exempt.
3. Frequency and Due Date
- Frequency: The form is required to be filed annually.
- Due Date: It must be filed electronically on or before the due date of filing the Income Tax Return (ITR) under Section 63, which is typically 31st October for companies subject to audit.
4. Structure of the Form Form 66 contains the independent auditor’s certification and is divided into two main sections:
- Part A (Basic Information): Captures the company’s Name, Address, PAN, Email ID, and Contact Details.
- Part B: Captures the relevant Tax year, the total income computed under normal provisions, the income-tax payable, and the specific itemized additions and deductions required to accurately calculate the final book profit.
5. Mandatory Documents Required To successfully file Form 66, the following documents and details are required:
- Audited Financial Statements (Profit & Loss Account and Balance Sheet).
- Computation of total income, book profit, and details of the adjustments made.
- Tax audit report.
- Digital Signatures (DSC) of both the certifying CA and the company.
6. Process Flow of Filing
- Online Only: Form 66 must be filed electronically on the Income Tax Portal.
- Workflow: Because it requires an accountant’s certificate, taxpayers cannot fully generate it themselves. A CA computes the book profit, prepares the form, and digitally signs it using their DSC. The company must then log in and accept the report in its e-filing account before submitting its ITR.
- Auto-Linkage: Once accepted, the acknowledgment number of Form 66 is auto-linked with the company’s ITR for Central Processing Centre (CPC) verification.
7. Consequences of Default If a company files its ITR but forgets to furnish the CA-certified Form 66, the return will be considered “defective”. The tax officer or CPC may process the return without giving the benefit of MAT credits, leading to a proposed adjustment or a demand notice for higher tax.
8. Key Updates in the 2026 Rules
- No Separate Annexures: In the old Form 29B, there were separate annexures and parts. In Form 66, these have been merged directly into the report with proper cross-referencing to the specific clauses and sub-clauses of the new Section 206.
- Automation: The new form features auto-validation and data linkage between Form 66 and the ITR, solving previous issues of data mismatches.
- Standardization: It utilizes uniform terminology like “Tax Year” and standardizes currency representations using the “₹” symbol.