Simplified Guide on Changes in ITR-6 for AY 2024-25
1. Details of Legal Entity Identifier (LEI)
- What is LEI?: A unique 20-character code identifying parties in financial transactions.
- New Requirement: Companies involved in single payment transactions of Rs. 50 crores or more must provide their LEI number, especially if seeking a refund of this amount or more.
- Preparation Steps: Obtain an LEI if necessary and maintain records of eligible transactions with LEI details.
| Aspect | Details | Action Required |
|---|
| LEI Code | 20-character identifier for large financial transactions | Obtain LEI; record LEI details for transactions over Rs. 50 crores |
2. New ‘Schedule 115TD’ for Tax on Accreted Income
- Applicability: Affects funds or institutions changing from a charitable to a non-charitable form, or failing to renew registrations under Section 10(23C) or Section 12AB.
- What to Report: Tax payable on accreted income (assets minus liabilities) at the maximum marginal rate.
- Preparation Steps: Monitor charitable status; maintain asset and liability records; document tax payments.
| Aspect | Details | Action Required |
|---|
| Accreted Income | Tax on income from assets during status changes | Track assets, liabilities; calculate and report accreted income tax |
3. Capital Gains Accounts Scheme (CGAS) Details in Schedule-CG
- New Requirements: Include date of deposit, account number, and IFS code for CGAS deposits.
- Preparation Steps: Document all CGAS transactions with these additional details.
| Aspect | Details | Action Required |
|---|
| CGAS | Details for capital gains deposits | Record date, account number, IFS code for each CGAS deposit |
4. Schedule 80GGC for Contributions to Political Parties
- What to Report: Contributions made to political parties or electoral trusts, including date, amount, contribution method, and transaction reference number.
- Preparation Steps: Keep detailed records of all political contributions.
| Aspect | Details | Action Required |
|---|
| Political Contributions | Details of contributions to political parties | Document date, amount, method, and transaction details |
Summary for Easy Compliance
- LEI Details: Obtain an LEI if necessary and record LEI details for large transactions.
- Accreted Income Tax: For entities changing their charitable status, maintain detailed financial records and report tax on accreted income.
- CGAS Details: Document additional details (date, account number, IFS code) for every CGAS deposit.
- Political Contributions: Maintain thorough records of all contributions to political entities, including transaction details.
By preparing for these changes in advance and maintaining detailed records, companies can ensure a smooth and compliant income tax return filing process for the Assessment Year 2024-25.
