ITR Update: CBDT Notifies Income Tax Return Form; ITR-6 [Read Notification]

The Central Board of Direct Taxes (CBDT) has notified Income Tax Return Form ITR-6 via issuing a Notification.

This notification announces the amended Income Tax Return (ITR) Form ITR-6, which is specifically designed for companies (except those seeking exemption under Section 11) for the Assessment Year (A.Y.) 2024-25. The revisions to the form are expected to take effect on April 1, 2024.

The revised ITR-6 form applies to companies that are ineligible for an exemption under Section 11 of the Income Tax Act. It is important for firms in this category to take note of the changes and guarantee compliance with the new form.

The revisions to the ITR-6 form will take effect on April 1, 2024. Companies are recommended to familiarise themselves with the changes and adjust their filing procedures accordingly. The notification may list the key changes or additions made to the ITR-6 form. This could include changes in reporting requirements, new disclosures, or modifications to the format of specific parts.

Companies subject to ITR-6 should carefully review the new form to ensure accurate and compliant reporting. Businesses must comprehend any new standards and properly match their financial data. These revisions to the ITR-6 form may have an impact on enterprises in terms of the time and resources needed for preparation and filing. Businesses should plan and deploy resources effectively to meet the increased compliance criteria.

The Notification Read as follows:

In exercise of the powers conferred by section 139 read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962.

These rules may be called the Income-tax (First Amendment) Rules, 2024. They shall come into force with effect from the 1st day of April, 2024.

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