Rule 137: Company book-profit accountant report in Form 66
Rule 137 prescribes Form 66 for the accountant report required by section 206(1)(s). It identifies the report and the statutory accountant definition; the applicable company book-profit computation and reporting obligation must be read in the current Act.
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Bare law
Rule 137 - Form of report for computation of book profit of companies
The report of an accountant 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.
Rule breakdown
Use the report required by the parent provision
Start with current section 206(1)(s) to determine the reporting obligation for the assessee. The rule prescribes Form 66 for that report.
Do not treat the existence of the form as proof that every company falls within the same substantive book-profit treatment.
The accountant must meet the statutory definition
The rule refers to an accountant as defined in section 515(3)(b). Arrange the report with a person who meets that definition and the applicable requirements.
Provide the financial statements, book-profit reconciliation and supporting adjustment records needed for the report.
Keep the report and return computation consistent
Reconcile the figures and adjustments reported in Form 66 with the applicable section 206 computation and return. Check current filing instructions and the parent provision for timing.
This short rule does not state a separate calendar deadline or replace the Act’s substantive rules and exceptions.
Key takeaways
Form 66
The prescribed company book-profit report.
Statutory accountant
Section 515(3)(b) supplies the definition.
Read current section 206
The parent provision supplies the substantive obligation.
Practical checklist
- Confirm the parent reporting obligation.
- Reconcile the report to the computation.
- Retain supporting adjustment evidence.
Avoid
- Do not confuse Form 66 with Form 67 for the other specified category.
FAQs
Which form does Rule 137 prescribe?
Form 66.
Can any preparer provide the statutory report?
The rule requires an accountant as defined in section 515(3)(b).
Does this rule itself prescribe a standalone calendar deadline?
Its text prescribes the report form; read the applicable Act provision and current filing instructions for timing.
Glossary
- Form 66
- The accountant report form prescribed for section 206(1)(s).