CBDT Amends Form 10CCF For IFSC Insurance Units Under Sec. 80LA

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  • Last Updated on 22 August, 2025

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CBDT Form 10CCF Amendment

Notification No. 135/2025, dated 20-08-2025

1. Amendment to Form 10CCF by CBDT

The Central Board of Direct Taxes (CBDT) has notified an amendment to Form 10CCF, which is required to be furnished by Units located in an International Financial Services Centre (IFSC) for claiming deductions under section 80LA of the Income-tax Act. This amendment aims to bring greater clarity in reporting and compliance for IFSC Units.

2. Applicability to IFSC Insurance Offices

The revised provisions specifically cover IFSC Insurance Offices undertaking insurance business. Such entities, while furnishing Form 10CCF, are now required to compute and report their “gross income” and “gross eligible income” in accordance with prescribed norms. This ensures uniformity and prevents any ambiguity in the calculation of income eligible for deduction.

3. Reference to Section 44 and First Schedule

The amendment stipulates that the computation of income by IFSC Insurance Offices must be carried out in line with section 44 of the Income-tax Act, read with the First Schedule. These provisions lay down specific rules for determining profits and gains of insurance businesses, thereby ensuring that the methodology for arriving at income remains consistent with statutory requirements.

4. Ensuring Accurate Claim of Section 80LA Benefit

By aligning the computation of “gross income” and “gross eligible income” with established provisions, the CBDT seeks to safeguard the integrity of deductions claimed under section 80LA. This move will not only streamline compliance for IFSC Insurance Units but also enhance transparency in the reporting process, ultimately benefiting both taxpayers and the revenue authorities.

Click Here To Read The Full Notification 

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Author: Taxmann

Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.

The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:

  • The statutory material is obtained only from the authorized and reliable sources
  • All the latest developments in the judicial and legislative fields are covered
  • Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
  • Every content published by Taxmann is complete, accurate and lucid
  • All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
  • The golden rules of grammar, style and consistency are thoroughly followed
  • Font and size that's easy to read and remain consistent across all imprint and digital publications are applied