The Central Board of Direct Taxes (CBDT) has officially notified Income Tax Return Form ITR-6, meant exclusively for companies not claiming exemption under Section 11 of the Income Tax Act (i.e., companies other than those engaged in charitable or religious activities).
This update comes as part of the government’s effort to streamline tax compliance and reporting for the financial year 2024-25 (Assessment Year 2025-26). The ITR-6 form enables companies to report income, claim deductions, and compute taxes payable under the applicable provisions.
ITR-6 is applicable to all companies registered under the Companies Act—excluding those claiming tax exemption under Section 11. It is primarily meant for private limited, public limited, and other domestic companies engaged in business or professional activities.
The newly notified ITR-6 form incorporates several updates aligned with recent amendments introduced in the Finance Act, 2024. According to details shared by the Income Tax Department, the key changes include:
Capital Gains Reporting Enhanced
The Schedule-CG (Capital Gains) has been revised to segregate gains before and after July 23, 2024, reflecting the new provisions introduced in the Finance Act.
Buyback Loss Allowance
From October 1, 2024, capital loss incurred on share buyback will be permitted only if the corresponding dividend income is disclosed under ‘Income from Other Sources’.
Section 44BBC Referenced
A reference to Section 44BBC, which deals with income computation for cruise shipping businesses, has now been added.
Change in Schedule BP (Business Profits)
As per Rule 10TIA, profits from the sale of raw diamonds must now be declared at a minimum of 4% of gross receipts.
Deduction under Section 24(b)
Enhancements have been made to accurately capture interest deduction claims on borrowed capital for house property.
TDS Reporting Streamlined
In Schedule-TDS, companies must now mention the TDS section code, allowing for more precise reconciliation.
Prior to ITR-6, the Income Tax Department had already released the following ITR forms for FY 2024-25:
ITR-1 (Sahaj) and ITR-4 (Sugam) – Notified on April 29, 2025
ITR-3 – Released on April 30, 2025
ITR-5 – Issued on May 2, 2025
ITR-2 – Announced on May 3, 2025
July 31, 2025: Due date for non-audit companies
October 31, 2025: Due date for companies requiring audit
Businesses are advised to begin preparations early to avoid last-minute hassles and ensure timely and accurate compliance.
With the notification of ITR-6, the complete set of ITR forms for FY 2024-25 is now available for filing. Companies must pay close attention to the new disclosures, especially regarding capital gains, buyback losses, and raw diamond sales, to avoid compliance risks.
For professional support in company taxation or filing ITR-6, consult an experienced tax advisor or chartered accountant.
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