Income Tax Returns: CBDT notifies ITR Form 6 for AY 2025-26, Know Complete Changes Here

The Central Board of Direct Taxes (CBDT) has notified the new ITR-6 form for Assessment Year 2025-26, introducing several significant changes for companies. The revised form includes additional disclosure requirements for cryptocurrency transactions, detailed reporting of CSR expenditures, and enhanced reporting of foreign transactions. The new format also mandates additional information about related party transactions and requires more granular disclosure of income and expenses. These changes aim to improve transparency and provide the tax department with more comprehensive information for risk assessment and scrutiny selection. The modifications reflect the evolving nature of business transactions and the need to capture contemporary economic activities like digital asset transactions. Companies will need to upgrade their accounting systems and processes to comply with these enhanced reporting requirements, which may increase compliance costs but are expected to reduce scrutiny and litigation in the long run.