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Income Tax Return - Filing Form ITR-6

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.

E-filing audit reports

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.

Applicability to file ITR-6

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.

Who is not eligible for filing Form ITR-6?

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.

Procedure to fill out ITR-6

The Income-tax department advises following the sequence mentioned while filing the Income-tax returns.

  • Part A (and its sub-sections) - All the Schedules
  • Part B (its sub-section) - 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 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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Basic

9899

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

Premium

15899

all inclusive fees

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

Structure of Form ITR-6

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

Part A (and its sub-sections)

General Information

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

Trading Account

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

Balance Sheet

This sub-section should consist of details regarding the balance sheet of the company such as liabilities, current liabilities, share capital, and more.

Manufacturing Account

This sub-section requires the figures of manufacturing accounts relating to inventory such as opening stock, closing stock, and cost of goods produced.

Profit and Loss Account

This sub-section should be filed with details of the company's profit or loss incurred during the relevant financial year.

Part B (and sub-sections)

Part B-TI

Computation of Total Income

Part B-TTI

Computation of tax-liability of 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

Key amendments made in ITR-6 Form in AY 2020-21

The amendments are summarized below:

  • A separate 112 A schedule for the calculation of the long-term capital gains on the sale of equity shares or units of a business trust liable to STT.
  • The secondary adjustment details to transfer price under the section 92 CE (2A)
  • The details of tax deduction claims for investments or payments or expenditures incurred between 1 April 2020 and 30 June 2020.

Frequently Asked Questions

How to download form ITR-6?

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.

What is the due date of 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.

Who can use ITR-6 Form ?

ITR-6 must be filed by companies that are not claiming exemption under section 11 (Income from property held for charitable or religious purposes)

Who should not file ITR-6 Form ?

ITR-6 cannot be filed by Taxpayers who fall under the below category :

  1. Individuals, Hindu Undivided Family (HUF), Firm, Association of Person (AOP), Body of Individuals (BOI), Local Authority and Artificial Judiciary Person
  2. Individuals, Hindu Undivided Family (HUF), Firm, Association of Person (AOP), Body of Individuals (BOI), Local Authority and Artificial Judiciary Person

When should ITR-6 be filed ?

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).

What is the due date for filing ITR-6 Form ?

Due date for filing the income tax return is 30th September.

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Last updated: June 07, 2021

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