Law Legends


New Changes in Incorporate in ITR -6 for A.Y. 2024-25

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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