The Central Board of Direct Taxes (CBDT) has unveiled a caller ITR-6 shape for nan 2025-26 Assessment Year, marking a important displacement successful nan measurement companies record their taxation returns. The changes were elaborate successful a notification issued connected May 6, 2025, nether CBDT Notification No. 44/2025.
Several cardinal adjustments person been made to really companies study their income and deductions successful this updated form. This improvement is portion of an ongoing effort to modernise India's taxation system, facilitating easier compliance for businesses.
ITR shape 6
> The updated shape is mandatory for each companies operating successful India, some home and foreign, that do not declare exemptions nether Section 11 of nan Income Tax Act. Companies registered successful India and liable for firm taxation must adhere to this caller requirement, which takes effect connected April 1, 2025.
> A important revision successful nan superior gains taxation authorities has been implemented, dividing gains into pre and post-July 23, 2024, periods arsenic per amendments successful nan Finance Act, 2024. This accommodation compels companies to update their taxation computations successful alignment pinch nan caller regulations introduced midway done nan year.
> Another notable alteration permits companies to offset superior losses from stock buybacks against dividend income categorized nether "income from different sources" station October 1, 2024. This modification intends to bring clarity to firms progressive successful buyback transactions, a measurement expected to beforehand transparent financial reporting practices according to taxation experts.
> The CBDT has precocious introduced a presumptive taxation line for non-resident cruise vessel operators nether Section 44BBC. This norm stipulates that 20% of rider carriage receipts should beryllium considered arsenic taxable profits for these operators.
> The revised ITR-6 shape will switch its predecessor and will request much broad specifications from companies. It requires basal institution accusation specified arsenic nan Permanent Account Number (PAN), Corporate Identification Number (CIN), day of incorporation, and immoderate changes to nan institution name.
> Moreover, overseas companies vending uncut diamonds wrong specified typical zones will henceforth beryllium taxable to nan safe harbor proviso (Rule 10TIA), necessitating a minimum profit separator of 4% connected full revenues. This initiative, retroactively effective arsenic of April 1, 2024, is designed to streamline transportation pricing wrong nan gem manufacture while ensuring adherence to regulations.
> Furthermore, an accrued level of transparency is expected pinch nan preamble of caller reporting requirements, which see nan obligatory divulgence of TDS conception codes successful Schedule-TDS and deductions claimed nether Section 24(b) pertaining to location loans. This aligns pinch nan government's accent connected elaborate income monitoring.
> Also, business specifications for illustration nan nonstop day of commencement of operations, registered agency address, and updated interaction accusation must beryllium provided. Companies request to disclose their filing status, specifying nether which conception nan return is filed, including immoderate specifications of erstwhile filings aliases taxation notices received.
> The system format of nan caller shape is intended to streamline nan process for taxation officials, reducing nan likelihood of errors that could lead to notices aliases penalties. This broad attack helps successful monitoring compliance much effectively, thereby aiding nan taxation authorities successful verifying calculations and disclosures.
Kind attraction Taxpayers!
CBDT notifies ITR-Form 6 for AY 2025-26 vide Notification No. 44/2025 dated 06.05.2025.
Key updates:
🖋️ Schedule-Capital Gain divided for gains before/ aft 23.07.2024 (post changes successful Finance Act, 2024)
🖋️Capital nonaccomplishment connected stock buyback allowed… pic.twitter.com/xbu0O5VYT7
These changes are not simply procedural but bespeak a broader extremity of enhancing transparency and ratio successful taxation administration. By collecting much circumstantial data, nan taxation authorities purpose to amended their knowing of business operations and compliance verification.
To hole for these changes, companies are advised to reappraisal their soul information systems to guarantee nan capacity to cod each nan required information. Updating record-keeping processes to seizure nan further specifications and training accounting teams connected nan caller requirements are basal steps. Engaging pinch taxation professionals who specialise successful firm taxation filing whitethorn besides beryllium beneficial to navigate nan modulation smoothly. This inaugural is portion of a larger authorities strategy to make taxation management much businesslike and user-friendly, minimising nan administrative load connected businesses.
The Income Tax (I-T) Department has notified Income Tax Return (ITR) forms 1, 2, 3, 4, and 5. ITR Form-1 (sahaj) and ITR Form-4 (sugam) were released connected April 29, 2025, followed by ITR Form 3 connected April 30, 2025. Subsequently, ITR Form 5 was released connected May 2, 2025, and Form 2 connected May 3, 2025. These forms are intended for filing Income Tax Returns for nan financial twelvemonth 2024-25.
The deadline for submitting an income taxation return for nan financial twelvemonth 2024-25 is July 31, 2025, for non-audit cases, and October 31 for audit cases.