Income Tax Department Releases ITR-6 Excel Utility for FY 2024-25: Who Needs to File and What's New?

The Income Tax Department has officially released the Excel utility for ITR-6 Form for the financial year 2024-25 (assessment year 2025-26). This tool is specifically designed for companies that do not claim exemptions under Section 11 of the Income Tax Act. With this launch, the department has now made available Excel utilities for ITR-1 to ITR-6, helping taxpayers complete and file their returns seamlessly.

The announcement was made via the department’s official handle on platform X (formerly Twitter), stating, “Taxpayers, please note! ITR-6 Excel utility is now live and ready for filing.” The release is expected to make the filing process more streamlined for corporate taxpayers on the e-filing portal.

Who is Required to File ITR-6?

According to the Income Tax Act, ITR-6 is mandatory for certain entities, including:

• Domestic Companies: Businesses registered in India that operate within the country fall under this category. These companies are required to file ITR-6 as part of their compliance with income tax regulations.

• Foreign Companies: Companies incorporated outside India but generating income from Indian sources must also file ITR-6.

• Partnership Firms (including LLPs): Partnerships and Limited Liability Partnerships that are not claiming exemption under Section 11 also need to file ITR-6.

This makes the form crucial for corporate entities that are actively involved in business operations but are not availing exemptions for charitable or religious purposes under Section 11.

Key Changes in ITR-6 for AY 2025-26

As per ClearTax, several important updates have been introduced in the ITR-6 form for this year’s assessment cycle:

Capital Gains Reporting: Taxpayers must now separately disclose capital gains that occurred before and after July 23, 2024.

Share Buyback Losses: Any losses arising from share buybacks can now be reported as capital losses.

Cruise Operators Taxation: Under Section 44BBC, presumptive taxation will be applicable for cruise operators.

Diamond Traders’ Profit Reporting: Diamond businesses are required to declare 4% of their gross turnover as profit.

Precise TDS Codes: Taxpayers need to mention exact section codes while reporting TDS deductions.

Housing Loan Interest: More detailed disclosures are required when claiming deductions on housing loan interest.

These changes are intended to improve accuracy, transparency, and compliance in tax reporting.

Choosing the Correct ITR Form

Selecting the right ITR form is crucial for accurate filing. Here’s a quick overview of who should file which form:

• ITR-1: Individuals with income up to ₹50 lakh from salary, pension, one house property, or other sources.

• ITR-2: Individuals with income above ₹50 lakh, capital gains, multiple properties, foreign assets, or shareholding in companies.

• ITR-3: Taxpayers with income from business/profession, cryptocurrency, stock trading, or partnership firms.

• ITR-4: Resident individuals or HUFs with income up to ₹50 lakh under presumptive taxation schemes (Sections 44AD, 44ADA, 44AE).

• ITR-5: Firms, LLPs, AOPs, and BOIs.

• ITR-6: Companies not claiming exemptions under Section 11.

• ITR-7: Entities filing under specific provisions such as Sections 139(4A), 139(4B), 139(4C), and 139(4D).

Why This Matters

The introduction of the updated ITR-6 Excel utility is significant for companies and partnership firms that fall under its scope. With the changes made this year, businesses must be extra careful while reporting capital gains, losses, and deductions. Proper filing not only ensures compliance but also minimizes the risk of scrutiny from tax authorities.

As the deadline for filing returns approaches, corporate taxpayers are advised to carefully review the new provisions, gather the necessary documentation, and file their returns on time to avoid penalties.

✅ Bottom Line: The ITR-6 Excel utility for FY 2024-25 is now live, offering a simplified filing process for companies and partnerships not claiming Section 11 exemptions. With new rules for capital gains, share buybacks, TDS codes, and sector-specific taxation, accurate reporting has become more critical than ever.