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ITR 6 Form Filing
ITR 6 Form is to be furnished by the Companies to e-file the income tax returns if they are not claiming exemption under Section 11 of the Income Tax Act 1961. Under the Income-tax Rules, the Companies that can claim an exemption under section 11 are those that have income from the property that is held for the charitable or religious person.
Hence, ITR 6 is to be filed by the companies that do not claim an exemption under section 11.
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Efiling audit reports
If in case the assessee is liable for the audit u/s 44AB and the accountant has audited the accounts, then the details of the audit report, the auditor along with the date of furnishing is to be sent to the department electronically.
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Who is eligible to file ITR 6 Form?
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Who is not eligible to file ITR 6 Form?
The companies who have sources of income from religious or charitable organizations can seek exemption under Section 11. In simpler words, an entity that is seeking exemption under Section 11 should not file ITR 6 Form.
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Income tax return filing for a taxpayer with taxable income of less than Rs.10 lakhs.
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Income tax return filing for a taxpayer with taxable income of more than Rs.10 lakhs.
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Income tax return filing for a taxpayer with taxable income of more than Rs.25 lakhs.
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How to file ITR 6 Form?
The Income-tax department advises to fill the Income-tax returns in the following sequence:
This income tax return has to be filed online and is to be furnished electronically by affixing the DSC of the assessee. While filing the ITR 6 Form no document is required to be attached with return. ITR 6 Form is an annexure-less form.
The taxpayer is required to tally the data with the tax credit statement Form 26 AS regarding the tax deduction, collection, and payment.
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Structure of ITR 6 Form
ITR 6 is divided into Part A and Part B ( along with the sub-sections) with multiple schedules that include information relevant to the income and tax of the taxpayer. Let us have a detailed look at this.
Part A ( and its subsections)
This Sub-section should be filed with the basic details of the entity such as the Name, PAN number, address, CIN, Incorporation date, etc.
This sub-section requires the details that are relevant to the income and the expenditure of the company.
This subsection should consist of the details of the balance sheet of the company such as the liabilities, current liabilities, share capital, and more.
This Sub-section required the figures of manufacturing the accounts relating to the inventory such as opening stock, closing stock, and cost of the goods that are produced.
This subsection should be filed with the details of the company’s profit or the loss that is incurred during the relevant financial year.
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Part B (and its subsections)
Computation of Total Income
Computation of Tax liability of the Total Income.
| Schedules | Purpose |
|---|---|
| Bank account details | |
| Schedule –HP | For computing incomes under the head Income from House Property |
| Schedule –BP | For computing incomes under the head “profit and gains from business and profession |
| Schedule –DPM | For calculating depreciation on plant & machinery |
| Schedule –DOA | For a summary of depreciation on all assets |
| Schedule –DCG | For calculating the deemed capital gain on sale of depreciable assets |
| Schedule –ESR | Deductions u/s 35, i.e. expenditure on scientific research |
| Schedule –CG | For calculating income under the head “Capital gains” |
| Schedule –OS | For calculating income from other sources |
| Schedule –CYLA | Calculating the income after setting off the current year’s loss |
| Schedule –BFLA | Calculation of income after setting off the unabsorbed loss of the previous year |
| Schedule –CFL | Statement of loss for carrying forward to a further year |
| Schedule –UD | Statements of unabsorbed depreciation and allowance |
| Schedule –ICDS | Income computation disclosure standards on profit |
| Schedule –10AA | Deductions u/s 10AA |
| Schedule –80G | Details of deduction u/s 80G relating to donations |
| Schedule –80 GGA | Statement of donations for scientific research and rural development |
| Schedule –VIA | Statement of deductions from total income under chapter VI-A |
| Schedules | Purpose |
|---|---|
| Schedule –SI | Details of income chargeable at special tax rates |
| Schedule –PTI | Details relating to passing through income from business trust or investment fund |
| Schedule –EI | Statement of exempted incomes |
| Schedule –MAT | Details of tax payable u/s 115JB (Minimum Alternate Tax) |
| Schedule –DDT | statement of tax paid on dividend, i.e. “dividend distribution tax” |
| Schedule –BBS | Details of tax distributed income on buyback of shares |
| Schedule –ESI | Statement of foreign incomes and tax relief thereto |
| Schedule –IT | Details on advance-tax paid and self-assessment tax |
| Schedule –TDS | Details of TDS on incomes other than salaries |
| Schedule –TCS | Statement of TCS (Tax collected at source) |
| Schedule –FSI | Statement of income accruing outside India |
| Schedule –TR | Details of tax relief claimed for foreign tax paid |
| Schedule –FA | Complete details of foreign assets and foreign income |
| Schedule –SH1 | Details of shareholding of an unlisted company |
| Schedule –SH2 | Details of shareholding of start-ups |
| Schedule –AL1 | Statement of assets and liabilities at the end of the year |
| Schedule –GST | Statement of turnover reported for GST |
| Schedule –FD | Details of payment/receipt made in foreign currency |
[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_custom_heading text=”Frequently Asked Questions” font_container=”tag:h2|text_align:center” use_theme_fonts=”yes”][/vc_column][/vc_row][vc_row row_space=”remove_padding_top”][vc_column][vc_tta_accordion][vc_tta_section title=”Q.1 What is ITR 6 Form?” tab_id=”1631962818888-f2d58f48-62d7″][vc_column_text]Companies other than companies that claim an exemption under Section 11 should furnish their income tax return in ITR 6 Form.[/vc_column_text][/vc_tta_section][vc_tta_section title=”Q.2 Which companies claim an exemption under Section 11?” tab_id=”1631962818890-d3706755-c985″][vc_column_text]Companies having income from property that is held for charitable or religious purposes than companies claiming exemption under Section 11.
[/vc_column_text][/vc_tta_section][vc_tta_section title=”Q.3 What is the sequence for filing ITR 6 Form?” tab_id=”1631963238585-591cb886-5728″][vc_column_text]ITR 6 should be filed in the following sequence:
- Part A
- Schedules
- Part B
- Verification
[/vc_column_text][/vc_tta_section][vc_tta_section title=”Q.4 How to file ITR 6 Form?” tab_id=”1634375208465-1b41807f-303f”][vc_column_text]This ITR 6 form is to be compulsorily furnished electronically using the Digital Signatures with the Income Tax Department.
[/vc_column_text][/vc_tta_section][vc_tta_section title=”Q.4 Are any documents to be attached with ITR 6?” tab_id=”1634385597472-215ec832-cd6a”][vc_column_text]No documents, not even the TDS certificate should be attached while filing ITR 6 returns. The taxpayers are advised to match the deducted taxes on behalf of them.
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