Key Changes in ITR 6 applicable to companies for AY 2024-25
CBDT has notified Income-tax Return Form 6 for the Assessment Year 2024-25, vide Notification No. 16/2024, dated 24-01-2024 Changes made have been explained below:
- Details of Legal Entity Identifier (LEI): The company is required to furnish the LEI details if it is seeking a refund of Rs. 50 crores or more.
- New Schedule 115TD: Any fund or institution approved under Section 10(23C) or registered under Section 12AB is liable to pay additional income tax on the accreted income, arising on conversion into a non-charitable form.
- CGAS: Schedule-Schedule CG has been modified to gather more information pertaining to sums deposited in the Capital Gains Accounts scheme (CGAS).
- Disclosure of donation to political parties (Sec 80GGC): Disclosure of additional information has to be made, beyond just the amount eligible for deduction U/S 80GGC, such as contribution amount, transaction number, IFSC code, etc.
- Disclosure for eligible start ups: New Schedule seeks details with respect to the deductions claimed by companies under Section 80-IAC such as date of incorporation, nature of business, certificate number from Inter Ministerial board of certification, first year of deduction, amount of deduction in CY.
- Offshore banking unit or IFSC: Additional disclosures have to be made in respect of the same.
- MSME disallowance: A new column is inserted under Part A-OI (Other Information) to disclose the sum payable to Micro or small enterprises beyond the specified time limit per the MSMED Act.
- Online games: Schedule OS has been amended to disclose income by way of winning from online games chargeable under Section 115BBJ.
- Due date of filing ITR: The taxpayer is required to select the applicable due date for filing the return from the provided dropdown options.
- UDIN: Companies are now required to furnish the acknowledgement number of the audit report and the UDIN.
- MSME registration number: The company is required to provide the registration number allotted as per the Micro, Small and Medium Enterprises Development Act, 2006.
- Reason for tax audit under Section 44AB: New ITR-6 seeks reasons for tax audit under Section 44AB
