Form 66: Report for computation of book profit under section 206(1)
Source checked 21 October 2026 · Original author: Finin2min Editorial Desk
Purpose, person and period
Report for computation of book profit under section 206(1).
The accountant reports the company’s book-profit computation in Form 66; the preparer must reconcile statutory additions, reductions and applicable Ind AS adjustments, then use the correct company category.
Period gate: This numbered form belongs to the Income-tax Rules, 2026, effective 1 April 2026. The predecessor 29B is a concordance, not permission to change an earlier-year filing into a new-law form. For earlier periods, use the applicable 1961 Act form and saved procedure.
Controlling rule and source pages
Rule 137; Section 515(3), Section 206(1). Physical PDF pp 496-500; printed Gazette pp 2028-2032.
Rule 137 — connected rule text
137. Form of report for computation of book profit of companies. – The report of an a ccountant as defined under section 515(3)(b), which is required to be furnished by the assessee under section 206(1)(s) shall be made in Form No. 66.
Completed field illustration
Fictional data, not for filing. A hypothetical ordinary company illustrates a simple MAT book-profit reconciliation without Ind AS transition or special-category adjustments.
| Form field / block | Completed fictional entry |
|---|---|
| Part A: company / PAN / address / contact | Example Manufacturing Ltd / synthetic ZZZCE0000Z / 10 Model Road, Pune / tax@example.invalid, +91 0000000000 |
| TY / financial year / Schedule III statement | 2026-27 / 1 April 2026 to 31 March 2027 / Yes, assumed |
| Rows 3-4: normal total income / normal tax | Rs 50,00,000 / Rs 13,00,000, separately supplied assumed computations |
| Row 6: statement profit | Rs 1,00,00,000 |
| Rows 7-12: same year / policies / adjusted profit | Same year Yes; same policies Yes; variations nil; adjusted profit Rs 1,00,00,000 |
| Rows 13-14: additions / reductions | All statutory adjustment categories assumed nil after separate scrutiny |
| Rows 15-17: special / transition adjustments | Not applicable; no Ind AS transition or special items assumed |
| Row 18: book profit / row 19: category | Rs 1,00,00,000 / any other company, not IFSC category |
| Row 20: tax on book profit | Rs 14,00,000 base MAT at the current ordinary-company 14% rate; surcharge/cess and comparison require a separate final working |
| Accountant certification | MODEL ROLE ONLY / NOT SIGNED / no UDIN or opinion issued |
This illustrates the named fields, not every possible schedule. Use the complete official extract for additional applicable fields, annexures and verification. “Not signed” means no professional certification or authority action has occurred.
Reconcile the example
- Book profit = 1,00,00,000 + 0 - 0 = 1,00,00,000.
- Base MAT 14% × 1,00,00,000 = 14,00,000; this is not labelled the final tax demand.
Every statutory adjustment category must actually be tested; nil entries are scenario assumptions, not a default shortcut. A concessional regime or other exclusion can change MAT applicability entirely. Current rate source: Finance Act, 2026 amendment of section 206; official Income Tax Department MAT and AMT guide, https://www.incometaxindia.gov.in/hi/w/mat-and-amt . Do not carry the former 15% MAT rate into TY 2026-27.
Prepare, furnish and retain
- Use the form identity and period above, then determine the person who prepares, issues or verifies it from Rule 137. An authority-issued order is not an applicant filing.
- Collect the records that support the actual fields in the example; keep any mandatory schedules and annexures specified in the complete source form.
- Reconcile dates, amounts, units and identifiers to the underlying records. Preserve the applicable rule version and any later correcting notification.
- Where the rule prescribes electronic furnishing, use the current official utility/schema and authorised verification. A local PDF does not produce a portal acknowledgement.
- Retain the submitted version, supporting schedules and actual acknowledgement or issued certificate/order, as applicable. This fictional model supplies none of those evidential outcomes.
Download the correct documents
Official Form 66 source extract Filled sample — fictional field illustration
The official extract preserves source pages; later amendments are supplied with affected forms. Read the April corrigendum where its printed-page corrections apply. The filled field illustration is an educational model and cannot be filed.
Primary sources
Questions readers ask
Does this sample prove approval, filing or a professional conclusion?
No. It completes the named fields using synthetic facts. It has no real signature, DSC, approval or acknowledgement.
Can I use the legacy form number for a current tax-year obligation?
Establish the governing period first. A predecessor number is a cross-reference; earlier-year procedures and current-year forms must be kept distinct.