On January 24, 2024, the Central Board of Direct Taxes (CBDT) issued Notification No. 16/2024, introducing the Income Tax Return (ITR) Form ITR-6 for the Assessment Year (A.Y.) 2024-25. This form is applicable to companies other than those claiming exemption under section 11, and it will be in effect from April 01, 2024.
Who needs to file ITR-6?
The ITR-6 form is for companies that are not exempt from income tax under section 11. In simpler terms, companies whose income doesn't come from property held for charitable or religious purposes must use this form to file their returns.
When does it apply?
The new ITR-6 form comes into effect on April 1, 2024. This means companies will use it for the financial year 2023-24, assessed in the assessment year (AY) 2024-25.
How is ITR-6 different from other forms?
The Income Tax Department has different forms for different types of taxpayers, depending on their income sources, amounts, and categories. Here's a quick comparison of ITR-6 with other ITR forms:
Key points:
Review the revised form carefully: The latest ITR-6 form has been updated, so it's crucial for companies to go through it thoroughly to ensure accurate and compliant reporting. Pay close attention to any new sections, fields, or reporting requirements.
Prepare your financials accordingly: Understand any new data requirements or reporting formats introduced in the updated form. Make sure your financial records are aligned with these changes to avoid delays or errors during filing.
For complete form download from above given PDF option.
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