ITR Form-6 notified for AY 2025-26: The notification amend the Income Tax Rules. Form ITR-6 (For Companies other than companies claiming exemption under section 11) has been replaced with new form in Appendix-II of the existing rules. Section 11 relates to exemptions from tax for income derived from property under charitable trusts and institutions.
— The Schedule for Capital Gains has been split to separately report gains earned before and after 23rd July 2024. Provisions have also been added to allow capital losses on share buybacks under specific conditions for income arising post 1st October 2024. A reference to Section 44BBC concerning the cruise business has been included. The Schedule BP (Business Profits) has been updated aligning it with Rule 10TIA, requiring profits from the sale of raw diamonds to be reported as 4% or more of gross receipts. Changes have been made to accurately capture deductions under Section 24(b) for interest on housing loans. The form now mandates reporting the specific TDS section code in the relevant schedule. (Income Tax Notification 44/2025 Dated 06/05/2025)