🔔 Notification No. 44/2025 dated 06.05.2025
The Central Board of Direct Taxes (CBDT) has notified the updated Income Tax Return Form 6 (ITR-6) for the Assessment Year 2025-26, applicable to companies other than those claiming exemption under Section 11 (charitable/religious trusts). The notification introduces several key changes in line with amendments introduced through the Finance Act, 2024 and recent judicial and policy developments.
🔗 Official Notification Link: e-Gazette Notification No. 44/2025
🆕 Key Updates in ITR-6 for AY 2025-26
🖋️ 1. Schedule – Capital Gains (CG): Pre/Post 23rd July 2024 Split
Following changes made in the Finance Act, 2024, Schedule CG now separates capital gains arising before and after 23.07.2024. This is intended to address transitional provisions and different tax treatments that apply to gains depending on the date of transfer.
⏩ Action Point: Taxpayers must maintain transaction-level records to accurately bifurcate gains based on the transfer date.
🖋️ 2. Capital Loss on Share Buyback – New Allowance
With effect from 01.10.2024, capital losses on share buyback transactions are allowed provided the corresponding dividend income (on which DDT is not applicable) has been declared under “Income from Other Sources.”
⏩ Significance: Addresses tax arbitrage and ensures losses are not disallowed merely because the income element is taxed differently.
🖋️ 3. New Section 44BBC Referenced – Cruise Business Taxation
The ITR now includes a reference to Section 44BBC, introduced in Budget 2024, which relates to presumptive taxation of cruise business operators. This section offers simplified tax computation for eligible businesses.
⏩ Action Point: Cruise companies should evaluate if they are eligible to opt under 44BBC and ensure correct reporting.
🖋️ 4. Schedule BP (Business & Profession) – Raw Diamonds Clause
As per Rule 10TIA, now reflected in Schedule BP:
Profits from sale of raw diamonds shall be 4% or more of gross receipts to be considered acceptable for presumptive purposes.
⏩ Compliance Note: Taxpayers dealing in raw diamonds need to ensure declared profits meet this minimum threshold.
🖋️ 5. Section 24(b) – Enhanced Deduction Reporting
Schedule VI-A and income schedules now include additional fields to capture detailed deductions claimed under Section 24(b) (interest on housing loan for self-occupied and let-out properties).
⏩ Tip: Ensure supporting documents such as loan certificates and interest break-ups are available and reconciled with the amounts claimed.
🖋️ 6. Schedule-TDS – TDS Section Code Reporting
A new field has been added to report the TDS section code (such as 194J, 194C, etc.) in Schedule-TDS. This aligns TDS reporting with the TDS return filings (Form 26Q, 27Q) and ensures cross-verification by the department.
⏩ Action Point: Companies should match TDS details with Form 26AS/TRACES and update records to avoid mismatches.
📝 Conclusion
The new ITR-6 format reflects CBDT’s increasing focus on granular compliance, data validation, and sector-specific taxation. Taxpayers, especially companies, must thoroughly review these changes, and adjust their internal accounting/taxation systems accordingly.
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