CBDT Unveils New ITR-6 Form for FY 2024-25: Key Changes & Details

The Central Board of Direct Taxes (CBDT) has notified a revised ITR-6 form for the Assessment Year 2025–26. Issued under CBDT Notification No. 44/2025, dated May 6, the new form introduces substantial changes in reporting requirements, aimed at enhancing transparency and simplifying compliance for companies.

The updated ITR-6 is mandatory for all domestic and foreign companies operating in India, except those claiming exemptions under Section 11 of the Income Tax Act. Effective April 1, 2025, it replaces the previous version and demands more granular disclosures. One of the most critical updates is the split in capital gains taxation. Following amendments under the Finance Act, 2024, gains are now to be reported separately for periods before and after July 23, 2024. This mid-year change requires companies to revise their tax computation frameworks.

Share Buyback Losses

From October 1, 2024, companies can offset capital losses from share buybacks against dividend income categorized as "income from other sources." Experts see this as a move towards more transparent financial reporting and improved clarity for corporate taxpayers.

 

Cruise Operators Taxed

CBDT has also introduced a presumptive taxation model under Section 44BBC for non-resident cruise ship operators. These entities must now treat 20% of passenger receipts as taxable profit.

More Detailed Company

The new form mandates submission of critical company data, including PAN, CIN, incorporation date, registered office address, updated contact details, and operational commencement date. It also asks for previous filing status and any tax notices received. Foreign entities selling uncut diamonds in designated zones will now be subject to a 4% profit margin under Rule 10TIA, retroactive from April 1, 2024. This aligns with the government's efforts to regulate transfer pricing in the diamond trade.

Stricter Reporting

New requirements include disclosure of TDS section codes in Schedule-TDS and deduction claims under Section 24(b) for home loans. This move supports the tax department's push for comprehensive income monitoring.

Streamlining

The structured layout of ITR-6 is designed to reduce errors and improve compliance checks. Tax officials are expected to benefit from easier verification and reduced processing delays.
Companies are urged to update internal systems, enhance record-keeping processes, and train finance teams for the new form. Consulting with tax professionals is also recommended to ensure smooth compliance.
The I-T Department has also released updated ITR Forms 1 to 5 for FY 2024–25 in a staggered rollout between April 29 and May 3, 2025. The deadline for filing is July 31, 2025 (non-audit cases) and October 31, 2025 (audit cases).

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