Forms › Exempt Income & Funds › Form 70

Form 70 — Annual statement of exempt income for offshore banking unit investment division

Compiled — pending CBDT Appendix III cross-check I · Exempt Income & Funds
Replaces old Form 10-IK. Under the Income-tax Act, 2025, this compliance now uses Form 70.
New form numberForm 70
Old form number10-IK
Act 2025 referenceExempt income
CategoryI · Exempt Income & Funds
Applies fromTax Year 2026-27 (from 1 April 2026)

What is Form 70?

Form 70 is the Income-tax Act, 2025 form titled “Annual statement of exempt income for offshore banking unit investment division”. It replaces the earlier Form 10-IK used under the Income-tax Act, 1961 (and the Income-tax Rules, 1962). The purpose of the form is unchanged — the number and format have been updated under the new law.

It falls under the Exempt Income & Funds category, and applies to Tax Year 2026-27 (AY 2026-27) onwards, i.e. from 1 April 2026.

A fuller plain-language explainer for Form 70, reviewed by our Chartered Accountants, is being added.

Transitional rule — which form applies?

⚠️ Which form applies depends on the tax year the compliance relates to, not the calendar date you file. Proceedings for tax years beginning before 1 April 2026 (assessments, appeals, TDS for transactions up to 31 March 2026, and Section 89 relief for those years) continue on the old forms.

Frequently asked questions

What is the new form for Form 10-IK?

Under the Income-tax Act, 2025, old Form 10-IK is replaced by Form 70 — Annual statement of exempt income for offshore banking unit investment division. It applies to Tax Year 2026-27 onwards.

From when does Form 70 apply?

It applies to Tax Year 2026-27 (AY 2026-27) onwards, i.e. from 1 April 2026. Compliance relating to earlier tax years continues on the old forms.

Related forms in this category

Form 68 (was 10-IG)
Statement of exempt income under Schedule VI
Form 69 (was 10-IH)
Statement of income of specified fund eligible for concessio...
Form 71 (was 10-IL)
Verification by accountant for exempt income of specified fu...
Form 72 (was 64E)
Statement of income paid / credited by a securitization trus...
Not sure which form applies to your case?

Our Chartered Accountants handle the filing end-to-end — TDS certificates, audit reports, trust/NGO compliance and more.

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This directory is compiled from official CBDT / incometax.gov.in sources and reputable references, and is being reconciled against the Gazette-notified Income-tax Rules, 2026 (Appendix III). Forms marked “compiled” are pending that final cross-check. This is general information, not tax advice.