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Income Tax Return 6 (ITR-6) Filing

 

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    Income Tax Return 6 Filing (ITR-6 Form Filing)

    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 under Section 11 are those that have income from property that is held for charitable or religious purposes.

    So, companies other than those claiming exemption under Section 11 need to furnish their income tax return in the ITR-6 Form.

    Applicability of the ITR-6 Form

    ITR-6 Form should be filed by every company registered under the Companies Act 2013 or the earlier Companies Act,1956, irrespective of its structure. However, the companies whose source of income is from charitable or religious organizations are not required to file Form ITR-6 (exemption under Section 11).

    In 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 ₹1 crore in the preceding financial year must compulsorily get the accounts audited from a Chartered Accountant.

    Structure of the ITR-6 Form

    The Form has been divided into two parts and several schedules:

     

        • Part A: General information
        • Part A-BS: Balance Sheet as on 31st March 2019
        • Part A-BS-Ind AS: Balance Sheet as on 31st March 2020 or as on the date of the business combination
        • Part A-Manufacturing Account for the financial year 2019-20
        • Part A-Trading Account for the financial year 2019-20
        • Part A-P&L: Profit and Loss Account for the financial year 2019-20
        • Part A-Manufacturing Account-Ind AS: Manufacturing Account for the financial year 2019-20
        • Part A-Trading Account Ind-AS: Trading Account for the financial year 2019-20
        • Part A-P&L Ind-AS: Profit and Loss Account for the financial year 2019-20
        • Part A-OI: Other information
        • Part A-QD: Quantitative details
        • Part A-OL: Receipt and payment account of company under liquidation
        • Schedules as mentioned below
        • Part B-TI: Computation of total income
        • Part B-TTI: Computation of tax liability on total income
        • Tax payments:

      1.Details of payments of Advance Tax and Self-Assessment Tax

     

      • 2.Details of Tax Deducted at Source (TDS) on Income (As per Form 16A/16B/16C)

     

      • 3.Details of Tax Collected at Source (TCS)

     

    The 42 schedules are:

    • Schedule-HP: Computation of income under the head Income from House Property
    • Schedule-BP: Computation of income under the head “profit and gains from business or profession”
    • Schedule-DPM: Computation of depreciation on plant and machinery under the Income-tax Act
    • Schedule DOA: Computation of depreciation on other assets under the Income-tax Act
    • Schedule DEP: Summary of depreciation on all the assets under the Income-tax Act
    • Schedule DCG: Computation of deemed capital gains on sale of depreciable assets
    • Schedule ESR: Deduction under section 35 (expenditure on scientific research)
    • Schedule-CG: Computation of income under the head Capital gains.
    • Schedule-OS: Computation of income under the head Income from other sources.
    • Schedule-CYLA: Statement of income after set off of current year’s losses
    • Schedule-BFLA: Statement of income after set off of unabsorbed loss brought forward from earlier years.
    • Schedule- CFL: Statement of losses to be carried forward to future years.
    • Schedule –UD: Details of unabsorbed depreciation and allowance under section 35(4)
    • Schedule ICDS: Effect of Income Computation Disclosure Standards on profit
    • Schedule- 10AA: Computation of deduction under section 10AA
    • Schedule- 80G: Details of donation entitled for deduction under section 80G
    • Schedule 80GGA: Details of donations for scientific research or rural development
    • Schedule RA: Details of donations to research associations etc.
    • Schedule- 80IA: Computation of deduction under section 80IA
    • Schedule- 80IB: Computation of deduction under section 80IB
    • Schedule- 80IC or 80IE: Computation of deduction under section 80IC or 80 IE
    • Schedule-VIA: Statement of deductions (from total income) under Chapter VIA.
    • Schedule-SI: Statement of income which is chargeable to tax at special rates
    • Schedule PTI: Pass through income details from business trust or investment fund
    • Schedule-EI: Statement of Income not included in total income (exempt incomes)
    • Schedule-MAT: Computation of Minimum Alternate Tax payable under section 115JB
    • Schedule-MATC: Computation of tax credit under section 115JAA
    • Schedule-DDT: Details of payment of Dividend Distribution Tax
    • Schedule BBS: Details of tax on distributed income of domestic company on buy back of shares, not listed on stock exchange
    • Schedule TPSA: Secondary adjustment to transfer price as per section 92CE(2A)
    • Schedule FSI: Details of income from outside India and tax relief
    • Schedule TR:Summary of tax relief claimed for taxes paid outside India
    • Schedule FA: Details of Foreign Assets and income from any source outside India
    • Schedule SH-1: Shareholding of unlisted company
    • Schedule SH-2: Shareholding of Start-ups
    • Schedule AL-1: Assets and liabilities as at the end of the year
    • Schedule AL-2: Assets and liabilities as at the end of the year (applicable for start-ups only)
    • Schedule DI: Schedule of tax-saving investments or deposits or payments to claim deduction or exemption in the extended period from 1 April 2020 until 30 June 2020
    • Schedule GST: Information regarding turnover/gross receipt reported for GST
    • Schedule FD: Break-up of payments/receipts in Foreign currency

    The Income Tax Department advises assesses to follow the sequence mentioned below while filling out the income tax return.

    • Part A
    • Schedules
    • Part B
    • Verification

    Pricing

    (All inclusive)

    Frequently Asked Questions

    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 :

    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

    In normal circumstances, the due date for filing the income tax return is 30th September.

    ITR-6 is a completely online form and you can download it online through the official website of Income Tax. The income tax department has not yet provided any offline tools for filing ITR-6.

    ITR Form 6 filing simplified!

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