Income tax

CBDT Issues Notification for Income Tax Return Form ITR-6 for Assessment Year 2024-25

The Central Board of Direct Taxes released Notification No. 16/2024 on January 24, 2024, regarding Income Tax Return (ITR) Form ITR-6 for the Assessment Year 2024-25.

CBDT Issues Notification for Income Tax Return Form ITR-6 for Assessment Year 2024-25

The Central Board of Direct Taxes released Notification No. 16/2024 on January 24, 2024, regarding Income Tax Return (ITR) Form ITR-6 for the Assessment Year 2024-25. This form is for companies not claiming exemption under section 11 and will be applicable starting April 1, 2024.

Key Highlights

Applicability: The revised ITR-6 form is meant for companies not eligible for exemption under section 11 of the Income Tax Act. Such businesses must understand the changes and ensure compliance with the updated form.

Assessment Year 2024-25: The new ITR-6 form is designed for the Assessment Year 2024-25. This means that companies must use this form for filing their income tax returns for the financial year ending March 31, 2024.

Effective Date: The changes in the ITR-6 form will come into effect from April 1, 2024. Companies should familiarize themselves with the modifications and adjust their filing procedures accordingly.

Key Revisions in ITR-6: The notification may outline the major amendments or additions made to the ITR-6 form. This could include changes in reporting requirements, additional disclosures, or modifications to certain sections.

Compliance Requirements: Companies covered by ITR-6 are advised to carefully review the updated form to ensure accurate and compliant reporting. Understanding any new requirements is essential for aligning financial data correctly.

Implications for Businesses: Changes in the ITR-6 form may impact companies in terms of time and resources needed for preparation and filing. Businesses should plan and allocate resources effectively to meet the new compliance standards.

Communication from CBDT: Companies should stay informed about any further communications or clarifications from the CBDT regarding the updated ITR-6 form. Incorporating any additional guidance provided by tax authorities into the filing process promptly is recommended.

Also Read: The Significance of Providing Investment Proof for Income Tax: Consequences and Solutions

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Krishna Gopal Varshney

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Krishna Gopal Varshney, Founder & CEO of Myitronline Global Services Private Limited at Delhi. A dedicated and tireless Expert Service Provider for the clients seeking tax filing assistance and all other essential requirements associated with Business/Professional establishment. Connect to us and let us give the Best Support to make you a Success. Visit our website for latest Business News and IT Updates.

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