The Central Board of Direct Taxes (CBDT) has released the ITR-6 form for Assessment Year (AY) 2025-26. According to the notification issued, some changes have been made in it, which are aimed at making tax reporting easier for companies by incorporating the recent legislative changes.

1. A major change divides capital gains into two periods, including the period before July 23, 2024 and then after it. This is as per the amendment made in the Finance Act 2024. With the help of this change, companies will be able to adjust their tax calculations based on the revised capital gains tax regime applicable in the middle of the year.

2. Now companies will also be able to claim capital losses on share buyback. The only condition is that the related dividend income should be reported under ‘Income from other sources’ after October 1, 2024. The purpose of this provision is to provide a clear picture for the forms involved in the buyback transaction. Tax experts say that this move will encourage more transparent reporting.

3. The CBDT has also introduced a presumptive taxation rule for non-resident cruise ship operators under section 44BBC, under which 20% of passenger carriage receipts will be treated as taxable profit.

4. Foreign companies selling rough diamonds in designated special areas will now operate under the safe harbour rule (Rule 10TIA), which requires a profit margin of at least 4% on gross receipts. The measure, which comes into effect from April 1, 2024, is aimed at simplifying transfer pricing for the diamond sector.

5. Reporting now also includes mandatory disclosure of TDS section code in Schedule-TDS and deduction claimed under section 24(b) for home loans, reflecting the government’s effort towards income tracking.

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