Recent Changes in ITR-6 for Assessment Year 2014-15

CA Pradeep Kumar

Income-tax Department has made certain changes in the Income-tax Return Form of Companies for Assessment Year 2014-15 by requiring further information in certain areas as mentioned below:-

General:-

1. Corporate Identity Number (CIN).
2. Director Identification Number (DIN).

Now Corporate Identity Number & Director Identification Number is mandatory to be mentioned in the Income Tax Return.

Profit & Loss Account Items:-

3. Break-up of bad debts written off in the following categories is to be disclosed seperately:-

a)   Party-wise list of bad debts written off along with PAN of the party in such cases where the bad debt amount is Rs. 1.00 lac or more.

b)   Party-wise list of bad debts written off, in such cases where PAN of the party is not available and the bad debt amount is Rs. 1.00 lac or more.

c) Party-wise list of bad debts written off less than Rs. 1.00 lac in each case.

4. Party-wise detail showing amount paid towards professional/consultancy fee/fee for technical services to the following persons needs to be disclosed:-

a)     To parties outside India and to non-resident parties in India.

b)     To parties resident in India.

5. Party-wise detail showing amount paid towards Commission to the following persons needs to be disclosed:-

a)     To parties outside India and to non-resident parties in India

b)     To parties resident in India.

6. Party-wise detail showing amount paid towards Royalty to the following persons needs to be disclosed:-

a)     To parties outside India, to non-resident parties in India

b)     To parties resident in India.

7. Party-wise detail showing amount paid towards Interest to the following persons needs to be disclosed:-

a)     To parties outside India, to non-resident parties in India

b)     To parties resident in India.

Depreciation Schedule:-

8. Expenditure incurred in connection with transfer of assets.

9. Capital gains/loss under section 50.

Other Information- Section 44AB:-

10. Total number of employees employed by the company(mandatory in case the company has recognized Provident Fund)

(i)   Deployed in India

(ii)     Deployed outside India

TDS/TCS:-

11. Now TDS/TCS deducted during the year can be claimed only to the extent the corresponding income is being offered to tax during the year. The unclaimed TDS/TCS can be brought forward and claimed accordingly.

Capital Gains:-

12.Short term/Long term capital gains/losses from the following sources needs to be shown separately:-

(i)        From sale of land or building or both

(ii)       From Slump Sale

(iii)     From sale of equity share or unit of equity oriented Mutual Fund on which STT is paid.

(iv)    For Non-residents for sale of securities – not being FII.

(v)     For Non-residents for sale of securities – being FII.

(vi)    From sale of other assets.

(The author, Pardeep Kumar, is a Chartered Accountant from Rohtak, Haryana. He can be reached at pardeep.kumar2@escorts.co.in)

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