Income Tax Notifications & Order IT

Changes in ITR 6 applicable to companies – Notification No 16/2016 dated 24.01.2024

CA Adityavikram Banka

Changes in ITR 6 applicable to companies – Notification No 16/2016 dated 24.01.2024

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.

CA Adityavikram Banka
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