Vide Notification No.16 -2024 dated 24-Jan-2024, for the upcoming Assessment Year 2024-25, ITR-6 undergoes the following changes to enhance transparency and compliance. The ITR-6 form is applicable to all the companies other than those claiming exemption under section 11.There are the following Key Changes in ITR-6 :
Legal Entity Identifier (LEI)
- Insert a New column for LEI.
- Entities seeking a refund of Rs. 50 crores or more must furnish LEI details.
Micro, Small, or Medium Enterprise Recognition
- Mandatory disclosure of identification status as a Micro, Small, or Medium Enterprise.
- There is an inclusion of registration number as per the MSME Act, 2006.
Company's Due Date for Filing Return
- ITR-6 requires companies to provide a due date for filing returns.
Reason for Tax Audit under Section 44AB
- The new details sought regarding circumstances necessitating tax audit under Section 44AB.
- It includes reasons such as exceeding turnover limits and specific sections not following a presumptive basis.
Acknowledgement Number and UDIN for Audit Reports
- Required to furnish the audit report's acknowledgement number and UDIN.
- To authenticity of audit-related information.
Disclosure of MSME Payments Beyond Time Limit
- There is an addition of a column under Part A-OI to disclose sums payable to MSMEs beyond specified time limits as 43B(h)
Winnings from Online Games (Section 115BBJ)
- Introduction of Section 115BBJ to tax winnings from online games.
- Amendment of Schedule OS to disclose income from winning online games Section 115BBJ.
Reporting Dividend Income from the International Financial Service Centre [ IFSC ]
- Amendment to Section 115A for the reduced tax rate on dividend income from IFSC.
- Schedule OS updated to reflect the change in tax treatment.
Schedule-CG Disclosure of Capital Gains Accounts Scheme [CGAS]
- Modification of Schedule CG to capture detailed information on sums deposited in CGAS including date of deposit, account number, and IFS code.
Schedule 115TD [ Accreted Income ]
- New schedule for reporting tax payable on accreted income.
- Relevant for entities converting into a non-charitable form or facing specified situations.
Schedule 80GGC [ Political Contributions ]
- A new schedule requiring details of contributions made to political parties, along with detailed information which includes the date of contribution, contribution modes, and transaction references etc.
Schedule 80-IAC [ Start-ups ]
- New schedule seeking additional details for deductions claimed under Section 80-IAC which include information of the date of incorporation, nature of business, and deduction-related details, etc.
Schedule 80LA [ Offshore Banking Units ]
- Insertion of a new schedule seeking details for deductions under Section 80LA where information includes the type of entity, authority granting registration, and deduction-related details.
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