Rule 67: Form 33 SEZ reinvestment reserve particulars
Rule 67 prescribes Form No. 33 for the section 144 particulars of the Special Economic Zone Reinvestment Allowance Reserve Account. It covers both the amount credited and its utilisation.
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Bare law
Rule 67 - Form of particulars to be furnished along with return of income for claiming deduction under section 144
The particulars, which are required to be furnished by the assessee along with the return of income regarding the amount credited to a Special Economic Zone Reinvestment Allowance Reserve Account and utilisation of the said amount shall be in Form No. 33.
Rule breakdown
Identify the section 144 reserve claim
Confirm the relevant unit and section 144 treatment before preparing the reserve particulars. The rule concerns the named SEZ Reinvestment Allowance Reserve Account.
A general reserve with a similar accounting description should not be assumed to satisfy the statutory requirement.
Report the amount credited and the utilisation
The particulars cover amounts credited to the reserve account and how those amounts were used. Reconcile the reserve ledger with the relevant accounts and supporting expenditure records.
Maintain a clear movement schedule so that credits, utilisation and remaining balances can be traced without double counting.
Use Form 33 with the return
The prescribed particulars must be in Form No. 33 and furnished along with the return of income as stated in the rule. Confirm the current official filing process and retain the submitted record.
The form is distinct from other audit-report requirements that may apply to the section 144 deduction.
Keep the reserve file linked to eligibility
Retain the reserve ledger, unit accounts, utilisation evidence, computation and form together. Check any time limits or permitted-use conditions under the parent provision separately.
Rule 67 specifies reporting; it does not independently authorise every use of the reserve.
Key takeaways
Form 33
The prescribed reserve particulars form.
Credit and utilisation
Both sides of the reserve movement must be reported.
Parent conditions remain
Reporting does not substitute for section 144 eligibility or use conditions.
Practical checklist
- Reconcile reserve credits, utilisation and balances.
- Use the correct unit and tax-year records.
- Retain Form 33 and supporting evidence.
Avoid
- Do not confuse a general reserve with the named statutory account.
- Do not assume reporting validates an otherwise ineligible use.
FAQs
What does Form 33 report?
The amount credited to the named reserve account and its utilisation for the section 144 particulars.
Is this the same as the Rule 66 audit report?
No. Rule 67 prescribes separate reserve particulars in Form 33.
Does the rule permit any expenditure from the reserve?
No. Check the parent provision’s permitted-use and other conditions.
Glossary
- Form 33
- The prescribed section 144 reserve-particulars form.
- Utilisation
- Use of the amount credited to the named reinvestment reserve, reported with supporting records.