ITR-6 for AY 2020-2021

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ITR-6 for AY 2020-2021

The Central Board of Direct Taxes (CBDT) issued the Guidelines for filling ITR-6 to help the taxpayers for filing the particulars in Income-tax Return Form-6 for the Assessment Year 2020-2021 relating to the Financial Year 2019-2020. The ITR-6 Form is for companies that are not claiming exemption under section 11 of the Income Tax Act. Companies claiming exemption under section 11 are those whose income from the property is held for charitable or religious purposes. The current article briefs the Guidelines for filling ITR-6 for AY 2020-2021.

Know more about Form ITR-6

Assessment Year for which this Return Form is applicable

The ITR-6 is applicable for the assessment year 2020-2021 only, that is, it relates to income earned during the Financial Year 2019-2020.

Eligibility Criteria to file ITR-6

The ITR-6 form for AY 2020-2021 is to be filed by the following persons

  • A company as per section 2(17) of the Income Tax Act
  • This form is filed by a company other than a company which is required to file a return in Form ITR-7

Note on section 2(17) of the Income Tax Act

According to section 2(17) of the Income Tax Act, the companies eligible to file Form ITR-6 is as follows:

  • Indian Company (Domestic Company)
  • Body corporate incorporated by or under the laws of a country outside India
  • Any institution, association, or body, whether incorporated or not and whether Indian or Non-Indian which is declared by general or special order of the board to be a company, etc

Procedure for filling and verification of ITR-6

The applicant can file the ITR-6 form electronically on the e-filing web portal of the Income-tax Department and verify by way of digital signature only.

The applicant is required to furnish the following details in the income tax return Form-6 (ITR-6):

  • General Information of the company
  • Audit Information
  • Filing and Holding Status
  • Details of Business Organization
  • Shareholders information and Ownership Information
  • Nature of Company
  • Nature of Business
  • Details of the Balance Sheet
  • Manufacturing Account Details
  • Trading Account Details
  • Details of the profit and loss account
  • Details of income from the business of plying, hiring, or leasing of goods carriages on a presumptive basis as per section 44AE.
  • Details of income comprise solely of profits and gains from a business referred to in sections 44B, 44BB, 44BBA or 44BB
  • Quantitative details of trading and manufacturing account
  • Details of allowances & disallowances under Income Tax Act
  • Quantitative details of trading and manufacturing account
  • Details of Income from House Property
  • Computation of income from business or profession
  • Computation of depreciation admissible under the Income-tax Act
  • Computation of depreciation admissible under the Income-tax Act
  • Summary of depreciation admissible under the Income-tax Act
  • Summary of deemed short-term capital gains on the sale of depreciable assets
  • Details of expenditure on scientific research etc. referred to in section 35, expenditure on agricultural extension projects referred to in section 35CCC of Income Tax Act and expenditure on skilled development project referred to in section 35CCD of Income Tax Act
  • Capital gains arising from sale/transfer of different types of capital assets
  • The scrip wise/unit wise detail of the sale of equity shares of a company, an equity-oriented fund, or a unit of a business trust on which STT is paid under section 112A of Income Tax Act
  • Details of Income from other sources
  • Details of Income after set-off of current year losses
  • Details of Income after Set off of Brought Forward Losses of earlier years
  • Details of Losses to be carried forward to a future year
  • Unabsorbed depreciation and allowance under section 35(4) of Income-tax Act
  • Effect of Income Computation Disclosure Standards on profit
  • Deduction in respect of units located in Special Economic Zone
  • Details of donations entitled for deduction under section 80G of Income-tax Act
  • Details of donations for scientific research or rural development
  • Details of donations to research associations etc. [deduction under sections 35(1)(ii) or 35(1)(iia) or 35(1)(iii) or 35(2AA)]
  • Details of deduction under the sections 80-IA/ 80-IB/ 80-IC and 80-IE of Income-tax Act
  • Deductions under section 80P of Income-tax Act
  • Details of deduction claimed under various provisions of Chapter VI-A during the year
  • Income chargeable to tax at special rates
  • Information regarding partnership firms in which the applicant is a partner
  • Details of Exempt Income (Income not to be included in Total Income or not chargeable to tax)
  • Details of Income from outside India and tax relief
  • Pass-Through Income/loss details from business trust or investment fund as per section 115UA, 115UB
  • Computation of Minimum Alternate Tax payable under section 115JB
  • Computation of tax credit under section 115JAA
  • Details of tax on distributed profits of domestic companies and its payment
  • Details of tax on distributed income of a domestic company on buy-back of shares
  • Details of Shareholding of Start-ups (which has filed a declaration in Form-2 with DPIIT)
  • Assets and liabilities as at the end of the year (for an unlisted company other than the start-up
  • Information regarding turnover/gross receipt reported for GST
  • The break-up of payments/receipts in foreign currency
  • Computation of total income
  • Computation of tax liability on total income
  • Assets and liabilities as at the end of the year (for a start-up which has filed a declaration in Form-2 with DPIIT only)
  • Details of payments of Advance Tax and Self-Assessment Tax
  • Details of Tax Deducted at Source of income
  • Details of Tax Collected at Source (TCS
  • Quantitative details of trading and manufacturing account
ITR-6_Notified_Form

Key changes in the ITR-6 Form

The key changes in the Form ITR-6 in AY 2019-20 are summarized below:

  • Details of recognition as a start-up by DPIIT
  • Details of the declaration filed in Form-2
  • Information on turnover/gross receipt reported for GST
  • Bifurcation of donations into cash and non-cash mode of payment

Please click on the official link Guidelines for filling ITR-6 for AY 2020-2021 for reference

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