CBDT Notifies ITR-6: Corporate Tax Return with Mandatory Financial & Ownership Disclosure

The Central Board ofDirect Taxes (CBDT) has issued a notification introducing a revised Income Tax Return Form 6 (ITR-6) for companies, applicable from the Assessment Year 2026–27.

The updated form requires companies—other than those claiming exemptions under Section 11 (charitable and religious trusts)—to furnish detailed disclosures on their financials, ownership, compliance, and management structures.

CBDT Notifies Revised ITR-7 for AY 2026–27

This form is like a comprehensive annual report to the tax department. It asks companies to:

• Identify themselves (who they are, where they operate).
• Show their finances (assets, liabilities, income, expenses).
• Confirm compliance (audits, legal registrations).
• Disclose ownership and management details.
• State under which law or section they are filing the return.

The form dealing with :

Basic Company Information

• Name, Permanent Account Number (PAN), Corporate Identification Number (CIN).
• Date of incorporation and business commencement.
• Addresses, contact numbers, and email IDs.

Type of Company

• Domestic or foreign.
• Public or private.
• Special categories like banks, insurance companies, NBFCs, etc.

Return Filing Details

• Whether filed on time (Section 139(1)), belated (139(4)), revised (139(5)), or in response to notices (like 142(1), 148).
• Residential status (resident/non-resident).
• Options chosen under special tax regimes (like Section 115BAA, 115BAB).

Financial Information

• Balance sheet details: share capital, reserves, borrowings, liabilities.
• Assets: fixed assets, investments, inventories, receivables, cash, loans.
• Profit & loss account details.

Audit & Compliance

• Whether accounts are audited under Section 44AB.
• Details of auditors, audit reports, and compliance with accounting standards.

Ownership & Management

• Information about directors and key managerial personnel.
• Shareholding details (especially if >10%).
• For foreign companies: details of parent/holding companies.

Special Disclosures

• If recognized as a startup by DPIIT.
• MSME registration details.
• Significant economic presence in India (for non-residents).
• Related party transactions and transfer pricing compliance.

The revised ITR‑6 thus represents not just a procedural update but a broader policy push toward corporate transparency and compliance in India’s tax regime.

Support our journalism by subscribing to Taxscan premium. Follow us on Telegram for quick updates