ITR: The revised ITR-Form 6 aims to enhance transparency and facilitate better compliance and monitoring by making it in line with existing regulatory and reporting standards.
The Central Board of Direct Taxes (CBDT), Union Finance Ministry, on Wednesday, May 7, released the revised ITR-Form-6. According to the notification published in the Gazette of India, the revised form of Form-6 has been implemented from April 1, 2025. Releasing the new form, the Income Tax Department said that the CBDT has issued a gazette notification of revised ITR-Form 6 applicable to companies for the assessment year 2025-26.
This will be applicable to companies other than companies claiming exemption under section 11 of the Income Tax Act, 1961. These amendments have been introduced through the Income Tax (16th Amendment) Rules, 2025, exercising powers under section 295 read with section 139 of the Income Tax Act.
Purpose of amendment in ITR-Form 6
The aim of the revised ITR-Form 6 is to enhance transparency and facilitate better compliance and monitoring by making it in line with existing regulatory and reporting standards.
Six major changes
1. The first change has been made regarding the division of notified capital gains tax. Under this, capital gains before and after 23.07.2024 have been separated. For this, the format of ITR-Form 6 given in Schedule-II of Income Tax Rules, 1962 has been completely changed.
2. The major changes also include allowing capital loss due to share buyback. Under this, if the dividend income tied to a share is shown as income from other sources, then the capital loss due to share buyback can be included in the ITR. However, this loss should be after October 1, 2024.
3. In the new form, companies have been asked to make several disclosures, including information like PAN, CIN and date of corporation.
4. While filing income tax returns, companies will now have to clarify the nature of the company, whether the company is domestic or foreign. Apart from this, whether the company has changed its name earlier or not.
5. Companies will have to tell the date of starting the business. Along with this, details of the registered office address, contact details and email ID will also have to be given.
6. Business has been clarified in section 44BBC. Along with this, its reference has been added. At the same time, changes have been made in Rule 10TIA, which will have to be reported in case the profit from the sale of raw diamonds is 4% or more of the gross receipts. Apart from this, changes have been made to include deductions claimed under section 24 (B). At the same time, changes have also been made regarding the reporting of TDS.
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