CBDT Notifies Income Tax Return Form ITR-6 for AY 2024-25


CBDT Notifies Income Tax Return Form ITR-6 for AY 2024-25

The Central Board of Direct Taxes (CBDT) has recently issued a crucial notification, marked as Notification No. 16/2024 on January 24, 2024. This notification unveils the updated Income Tax Return (ITR) Form ITR-6 designed specifically for companies (excluding those claiming exemption under section 11) for the Assessment Year (A.Y.) 2024-25. The changes in the form are set to come into effect from April 01, 2024.

Notification Details: CBDT, through Notification No. 16/2024, has officially released the modified ITR-6 form for the upcoming Assessment Year.

Applicability: The revised ITR-6 form is applicable for companies that are not eligible for exemption under section 11 of the Income Tax Act. It’s important for businesses falling under this category to take note of the changes and ensure compliance with the updated form.

Assessment Year 2024-25: The new ITR-6 form is tailored for the Assessment Year 2024-25, meaning that companies will need to use this form for filing their income tax returns for the financial year ending March 31, 2024.

Effective Date: The changes introduced in the ITR-6 form will be in effect from April 01, 2024. Companies are advised to familiarize themselves with the modifications and adapt their filing procedures accordingly.

Key Revisions in ITR-6: The notification may specify the key amendments or additions made to the ITR-6 form. This could include changes in reporting requirements, additional disclosures, or alterations in the format of certain sections.

Compliance Requirements: Companies falling under the purview of ITR-6 are urged to review the updated form meticulously to ensure accurate and compliant reporting. It is essential for businesses to understand any new requirements and align their financial data accordingly.

Implications for Businesses: The changes in the ITR-6 form may have implications for companies in terms of the time and resources required for preparation and filing. Businesses are advised to plan and allocate resources effectively to meet the new compliance standards.

Communication from CBDT: Companies should stay abreast of any further communications or clarifications from the CBDT regarding the updated ITR-6 form. Any additional guidance provided by the tax authorities should be promptly incorporated into the filing process.

The notification by CBDT regarding the updated ITR-6 form for the Assessment Year 2024-25 signifies a significant development in tax compliance for companies. Businesses should proactively engage with the changes, ensuring that their financial reporting aligns with the modified requirements. Staying informed and adapting to these regulatory updates is crucial to maintaining smooth and compliant operations in the realm of income tax filing.

The copy of the order is as under: