Form 66 of the Income Tax Act: MAT Filing & Applicability

Introduction

Form 66 of the Income Tax Act is the prescribed report for Minimum Alternate Tax (MAT) under Section 206(1) of the Income Tax Act, 2025. It corresponds to the earlier Form 29B prescribed under the Income-tax Rules, 1962, which has been renumbered as Form 66 under the Income-tax Rules, 2026. Companies liable to pay MAT must obtain this report from a Chartered Accountant before filing their Income Tax Return.

If your company is liable to pay MAT, this guide explains who needs to file Form 66, the due date, required documents, and the filing process under the Income Tax Act, 2025.

What is Form 66 of the Income Tax Act, 2025?

Form 29B of the Income Tax Act has been renumbered as Form 66 of the Income Tax Act, 2025. Although the form number has changed, businesses continue to use it for the same purpose. Under Rule 137 of the Income-tax Rules, 2026, Form 66 is used to report Book Profit and MAT under Section 206(1).

Book Profit: It is the profit shown in a company’s profit and loss account, adjusted by specified additions and deductions under Section 206.

Minimum Alternate Tax (MAT): MAT ensures that companies having book profits pay a minimum amount of tax even when deductions significantly reduce their normal tax liability.

Form 29B vs Form 66: What has changed?

Applicability of Form 66 of the Income Tax Act, 2025

Form 66 applies to companies liable to pay MAT under Section 206(1) of the Income Tax Act, 2025. The points below cover who needs to file Form 66, the due date, and the certification requirements.

Who is required to file Form 66?

Companies covered under Section 206(1) must obtain Form 66 from a practicing Chartered Accountant before filing their Income Tax Return. It is a report obtained from a Chartered Accountant certifying that the computation of Book Profit and the corresponding MAT liability is in accordance with the provisions of the Act and Rules.

Due date for furnishing Form 66

Form 66 of the Income Tax Act is to be filed annually, along with the Income Tax Return (ITR) of the company.

Structure of Form 66

Form 66 of the Income Tax Act comprises the following sections:

Report under Section 206(1), which is essentially in the nature of certification by a Practicing Chartered Accountant.
The report comprises mainly five parts, as mentioned below:
Part A – General Information: Name, address, PAN, contact details of the company, tax year, and accounting year followed.
Part B – Book Profit Details: Information about Net Profit as per the Profit & Loss Account, details and effect of changes adopted (if any) in the accounting policies during the year, followed by adjustments to Book Profit as per Section 206(1)(c).
Part C – Transition Amount: Computation of transition amount as per Section 206(1)(t).
Part D – MAT Computation: Final computation of Book Profit and the Minimum Alternate Tax payable as per the type of assessee company.
Part E – Auditor’s Certification: Certification by the Practicing Chartered Accountant regarding the computation of Book Profit as per the statutory provisions.

How to Prepare and File Form 66 Online

A practicing Chartered Accountant prepares Form 66 after computing the company’s Book Profit and MAT liability under Section 206(1). The report certifies the computation of Book Profit and MAT liability and is filed electronically through the Income Tax e-Filing portal. Before submission, the company should ensure that all financial information, statutory adjustments, and supporting documents are complete and consistent with the Income Tax Return.

Details and Documents Required

The following documents and details are required for filing Form 66:

• Audited Financial Statements (Profit & Loss Account and Balance Sheet)
• Computation of total income and Book Profit under Section 206(1)
• Details of adjustments made to arrive at Book Profit
• Tax audit details, wherever applicable.
• Digital Signature Certificate (DSC) of both the Chartered Accountant and the company
• PAN and registration details of the company

Form 66 of the Income Tax Act Filing Process

• Preparation of Report: Chartered Accountant computes Book Profit under Section 206(1) and prepares Form 66 using the prescribed utility on the e-Filing portal.
• Digital Signature by CA: The Chartered Accountant verifies and digitally signs Form 66 using the registered DSC.
• Submission by the Company: The company accepts the report in its e-Filing account before filing the Income Tax Return.
• Linking with ITR: Once accepted, the acknowledgement number of Form 66 is automatically linked with the Income Tax Return.
• Processing by CPC: After submission, the Income Tax Department verifies the details furnished in Form 66 along with the Income Tax Return.

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Conclusion

Form 66 of the Income Tax Act is the prescribed report for companies liable to pay Minimum Alternate Tax (MAT) under Section 206(1) of the Income Tax Act, 2025.Companies liable to pay MAT under Section 206(1) should obtain Form 66 from a Chartered Accountant, verify the computation of Book Profit, and file it within the prescribed due date to ensure smooth Income Tax Return processing and compliance.

Frequently Asked Questions