ITR-6 Return

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.

    • ITR 6 Form is to be filed by every company irrespective of its structure registered under the Companies Act 2013 or the earlier Companies Act 1956. However, the companies whose source of income comes from the property that is held for religious or charitable purposes are not required to file ITR 6 Form.
    • If the sales, turnover, or gross receipts are more than Rs.1 crore in the preceding financial year the entity must get the accounts audited from a certified Chartered Accountant.

    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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    Basic
    9899 /

    Income tax return filing for a taxpayer with taxable income of less than Rs.10 lakhs.

    Standard
    12899 /

    Income tax return filing for a taxpayer with taxable income of more than Rs.10 lakhs.

    Premium
    15899 /

    Income tax return filing for a taxpayer with taxable income of more than Rs.25 lakhs.

    The Income-tax department advises to fill the Income-tax returns in the following sequence:

    • Part A ( and its subsection) – All the Schedules
    • Part B ( its subsection) – Verification

    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.

    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)

    General information:

    This Sub-section should be filed with the basic details of the entity such as the Name, PAN number, address, CIN, Incorporation date, etc.

    Trading Account

    This sub-section requires the details that are relevant to the income and the expenditure of the company.

    Balance sheet

    This subsection should consist of the details of the balance sheet of the company such as the liabilities, current liabilities, share capital, and more.

    Manufacturing account

    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.

    Profit and Loss Account

    This subsection should be filed with the details of the company’s profit or the loss that is incurred during the relevant financial year.

    Part B (and its subsections)

     

    Part B-TI

    Computation of Total Income

    Part B-TTI

    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

    Frequently Asked Questions

    Companies other than companies that claim an exemption under Section 11 should furnish their income tax return in ITR 6 Form.

    Companies having income from property that is held for charitable or religious purposes than companies claiming exemption under Section 11.

    ITR 6 should be filed in the following sequence:

    • Part A
    • Schedules
    • Part B
    • Verification

    This ITR 6 form is to be compulsorily furnished electronically using the Digital Signatures with the Income Tax Department.

    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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