If your company files income tax returns in India, there's an important update you should know about. The Income Tax Department has just released the new ITR-6 form for the Assessment Year 2025–26, via Notification No. 44/2025 dated May 6, 2025. This is the return form that most companies use—except those running charitable or religious activities. And yes, there are quite a few updates you'll want to be aware of before sitting down to file.
Let's break it down.
1. Capital Gains Reporting Just Got a Bit More Specific
Remember the tax changes from last year's Budget? They kicked in on July 23, 2024. The new ITR-6 now asks companies to separately report capital gains made before and after this date. It's a way for the tax department to apply the right rules to the right time period—and helps avoid mix-ups.
2. Share Buyback Losses Are Now Claimable (With A Condition)
Good news if your company lost money in a share buyback: you can now claim that as a capital loss—but only if you also reported the related dividend income as "Income from Other Sources." This change is effective from October 1, 2024. It's a helpful move, but you'll need to have your paperwork in order.
3. A New Section Just For Cruise Operators
Running a cruise business? There's now a specific tax section—Section 44BBC—for that. The form has been updated to include this, which means cruise operators can now opt for presumptive taxation. It's niche but essential for those in the industry.
4. Diamond Traders: New Profit Threshold To Know
If your company deals in rough diamonds, there's a new rule: your declared profit must be at least 4 per cent of your gross receipts. This ties in with changes under Rule 10TIA, and it's meant to simplify things while keeping businesses above a minimum threshold.
5. Housing Loan Interest Claims Are Better Tracked
Claiming a home loan interest deduction under Section 24(b)? The form now includes more detailed fields to show what you've claimed. It's a small but helpful change to keep things transparent.
6. TDS Reporting Is Now More Detailed
Finally, if you're reporting Tax Deducted at Source (TDS), you now need to mention the exact section code under which it was deducted. This ensures that what you're claiming matches what your deductors have filed.
