The Union Board of Direct Taxes (CBDT) of the Finance Ministry has released the revised ITR-Form-6 on Wednesday, May 7. According to the notification published in the Gazette of India, this change in Form-6 has come into effect from April 1, 2025. Releasing the new form, the Income Tax Department said that CBDT has issued a gazette notification of revised ITR-Form 6 applicable to companies for the assessment year 2025-26. So, if your company also files income tax returns, then this news is very important for you. Know what major changes have been made in this new form.

Which companies will apply to the new ITR-6 form

This new form will apply to companies that are not claiming exemption under section 11 of the Income Tax Act, 1961. These amendments have been introduced through the Income Tax (16th Amendment) Rules, 2025, exercising the powers conferred under section 295 read with section 139 of the Income Tax Act. So, if your company does not take exemption under Section 11, you will have to use this new form.

What is the purpose of the amendment in ITR-Form-6

The main objective of the revised ITR-Form-6 is to increase transparency and facilitate better compliance and monitoring by making it in line with existing regulatory and reporting standards. The government wants companies to give correct and clear details of their income and expenditure, which will prevent tax evasion and bring more accountability in the financial system.

Must keep in mind while filing an income tax return

The first major change has been made regarding the split of Notified Capital Gains Tax. Under this, capital gains before and after 23.07.2024 will be shown separately. For this, the format of ITR-Form-6 given in Schedule-II of Income Tax Rules, 1962 has been completely changed.

The major changes also include allowing capital losses due to share buybacks. Under this, if the dividend income related to a share is shown as income from other sources, then the capital loss caused by the share buyback can be included in the ITR. However, this loss should be after October 1, 2024.

In the new form, companies have been asked to make several disclosures, including information such as PAN, CIN, and the date of incorporation. Now, companies will also have to provide important information related to their identity and establishment.

While filing income tax returns, companies will now have to declare whether the company is domestic or foreign. Apart from this, it will also have to be told whether the company has changed its name earlier or not.

Companies will have to state the date of commencement of business. Along with this, the registered office address, contact details, and email ID will also have to be given. This will help the government to have complete and correct information about the companies.

Section 44BBC mentions business. Along with this, its reference has been added! At the same time, changes have been made in Rule 10TIA, which has to be reported if the profit from the sale of raw diamonds is 4% or more of the gross receipts. Apart from this, changes have been made to include the deduction claimed under Section 24 (B). At the same time, changes have also been made regarding the reporting of TDS.