ITR Form 6 is an income return form that is to be furnished by companies to e-file income tax returns if they do not claim an exemption under Section 11 of the Income Tax Act 1961.
Under existing Income tax rules, Companies that can claim the exemption u/s 11 are those that have income from property that is held for charitable or religious purposes.
Hence, companies other than companies claiming exemption under section 11 are required to furnish their income tax return in the ITR 6 Form.
In case the assessee is liable for audit u/s 44AB and the accountant has audited the accounts, the details of the audit report, auditor along the date of furnishing is to be sent to the department electronically.
ITR-6 Form should 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 is from charitable or religious organizations are not required to file Form ITR-6 (exempt under Section 11).
Audit report under Section 44AB the taxpayer is liable to file Form ITR-6. According to Section 44AB an entity whose sales, turnover, or gross receipts are more than Rs.1 crore in the preceding financial year must compulsorily get the accounts audited from a Chartered Accountant.
Also, the companies who have sources of income from religious or charitable organizations can seek exemption under Section-11.
Thus, in simpler words, an entity not seeking exemption under Section 11 shall file ITR-6.
The Income-tax department advises following the sequence mentioned while filing the Income-tax returns.
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 the return.
The taxpayers should tally the data with their tax credit statement Form 26AS regarding tax deduction, collection, and payment.
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Income tax return filing for a taxpayer with taxable income of less than Rs.10 lakhs.
all inclusive fees
Income tax return filing for a taxpayer with taxable income of more than Rs.10 lakhs.
all inclusive fees
Income tax return filing for a taxpayer with taxable income of more than Rs.25 lakhs.
ITR-6 is divided into two parts Part A and Part B (along with their sub-sections) with multiple schedules that include information relevant to the income and tax of the assessee. Let's take a detailed look through it
This sub-section should be filed with basic details of the entity such as Name, PAN number, address, CIN, incorporation date, etc.
This sub-section requires details relevant to the income and expenditure of the company.
This sub-section should consist of details regarding the balance sheet of the company such as liabilities, current liabilities, share capital, and more.
This sub-section requires the figures of manufacturing accounts relating to inventory such as opening stock, closing stock, and cost of goods produced.
This sub-section should be filed with details of the company's profit or loss incurred during the relevant financial year.
Computation of Total Income
Computation of tax-liability of total Income
|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|
|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|
The amendments are summarized below:
ITR-6 is a completely online form and can be downloaded online through the official website of Income Tax. The income tax department has not yet provided any offline tools for filing ITR-6.
General due date for filing income tax return by the assessee requiring tax audit is 30th September of the relevant financial year. However due to COVID-19, the date for filling ITR-6 for the financial year 2019-20 has been extended to 31st October 2020.
ITR-6 must be filed by companies that are not claiming exemption under section 11 (Income from property held for charitable or religious purposes)
ITR-6 cannot be filed by Taxpayers who fall under the below category :
ITR-6 form is to be used when the tax payer is registered as a Company under Indian Companies Act of 1956 or any other law, and if the company is not claiming exemption under section 11 (Income from property held for charitable or religious purposes).
Due date for filing the income tax return is 30th September.
Last updated: June 07, 2021