“New Tax Rules Unveiled: Simplifying Income Tax Returns for Companies”
The Central Board of Direct Taxes (CBDT) has recently notified the Income Tax Return (ITR) Form ITR-6 for the Assessment Year (A.Y.) 2024-25, which will come into effect from April 01, 2024. This notification also includes the Income-tax (First Amendment) Rules, 2024, which further amend the Income-tax Rules, 1962. Under these new rules, companies registered under the Companies Act 2013 or the previous Companies Act 1956 are required to file the ITR 6 Form. However, companies whose source of income is derived from property used for charitable or religious purposes are exempt from filing the ITR 6 form. It’s important to note that companies not claiming exemption under section 11 of the Income Tax Act must file their income tax return using the ITR-6 Form. Section 11 allows for exemptions for companies that hold income from property for religious or charitable purposes. In summary, companies registered under the Companies Act 2013 or the previous Companies Act 1956 must file the ITR 6 Form for the Assessment Year 2024-25, unless they are claiming exemptions under section 11 for income derived from property used for charitable or religious purposes. The Central Board of Direct Taxes (CBDT) has recently notified the Income Tax Return (ITR) Form ITR-6 for the Assessment Year (A.Y.) 2024-25, which will come into effect from April 01, 2024. This notification also includes the Income-tax (First Amendment) Rules, 2024, which further amend the Income-tax Rules, 1962. Under these new rules, companies registered under the Companies Act 2013 or the previous Companies Act 1956 are required to file the ITR 6 Form. However, companies whose source of income is derived from property used for charitable or religious purposes are exempt from filing the ITR 6 form. It’s important to note that companies not claiming exemption under section 11 of the Income Tax Act must file their income tax return using the ITR-6 Form. Section 11 allows for exemptions for companies that hold income from property for religious or charitable purposes. In summary, companies registered under the Companies Act 2013 or the previous Companies Act 1956 must file the ITR 6 Form for the Assessment Year 2024-25, unless they are claiming exemptions under section 11 for income derived from property used for charitable or religious purposes
