CBDT has notified Income-tax Return Form 6 for the Assessment Year 2024-25, vide Notification No. 16/2024, dated 24-01-2024 Changes made have been explained below:
1. Details of Legal Entity Identifier (LEI): The
company is required to furnish the LEI details if it is seeking a refund of Rs.
50 crores or more.
2. New Schedule 115TD: Any fund or institution
approved under Section 10(23C) or registered under Section 12AB is liable to
pay additional income tax on the accreted income, arising on conversion into a
non-charitable form.
3. CGAS: Schedule-Schedule CG has been modified to
gather more information pertaining to sums deposited in the Capital Gains
Accounts scheme (CGAS).
4. Disclosure of donation to political parties
(Sec 80GGC): Disclosure of additional information has to be made, beyond just
the amount eligible for deduction U/S 80GGC, such as contribution amount,
transaction number, IFSC code, etc.
5. Disclosure for eligible start ups: New Schedule
seeks details with respect to the deductions claimed by companies under Section
80-IAC such as date of incorporation, nature of business, certificate number
from Inter Ministerial board of certification, first year of deduction, amount
of deduction in CY.
6. Offshore banking unit or IFSC: Additional
disclosures have to be made in respect of the same.
7. MSME disallowance: A new column is inserted
under Part A-OI (Other Information) to disclose the sum payable to Micro or
small enterprises beyond the specified time limit per the MSMED Act.
8. Online games: Schedule OS has been amended to
disclose income by way of winning from online games chargeable under Section
115BBJ.
9. Due date of filing ITR: The taxpayer is
required to select the applicable due date for filing the return from the
provided dropdown options.
10. UDIN: Companies are now required to furnish
the acknowledgement number of the audit report and the UDIN.
11. MSME registration number: The company is
required to provide the registration number allotted as per the Micro, Small
and Medium Enterprises Development Act, 2006.
12. Reason for tax audit under Section 44AB: New
ITR-6 seeks reasons for tax audit under Section 44AB.
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