ITR-6 Form Filing

 

Every Indian Resident with any source of income is required to pay tax to the government in the form of Income Tax. The government imposes tax on every entity such as individuals, HUFs, Companies, LLPs, Association of Person, Body of Individuals, and any artificial judicial person. Income Tax Return is the form filed to furnish the information to the government about Income incurred along with tax liability. The form filed would vary depending upon the type of entity filing the return.

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    Applicability to file ITR-6

    Every Company irrespective of its structure registered under the Companies Act 2013 or earlier under the Companies Act, 1956, shall file Income Tax Return through form ITR-6. However, those companies whose income is from the charitable or religious organization are not required to file Form ITR-6 (exempt under Section 11).

    The taxpayer liable to file Form ITR-6 must obtain an audit report under Section 44-AB. As per section 44-AB, an entity whose sales, turnover, or gross receipt exceed INR 1 Crore in the preceding financial year must compulsorily get its accounts audited from a Chartered Accountant.

    Procedure to fill out ITR-6

    The following is a convenient sequence for filing Form ITR-6:

    This income tax return is a complete online form and has to be furnished electronically by affixing the DSC of the assessee. While filling ITR-6, no document is required to be attached with return. It is advisable for the taxpayers to tally the data with their Tax Credit Statement Form 26 AS about tax deducted, collected, and paid by them.

    SchedulesPurpose
     Bank account details
    Schedule –HPFor computing incomes under the head Income from House Property
    Schedule –BPFor computing incomes under the head “profit and gains from business and profession
    Schedule –DPMFor calculating depreciation on plant & machinery
    Schedule –DOAFor a summary of depreciation on all assets
    Schedule –DCGFor calculating the deemed capital gain on sale of depreciable assets
    Schedule –ESRDeductions u/s 35, i.e. expenditure on scientific research
    Schedule –CGFor calculating income under the head “Capital gains”
    Schedule –OSFor calculating income from other sources
    Schedule –CYLACalculating the income after setting off the current year’s loss
    Schedule –BFLACalculation of income after setting off the unabsorbed loss of the previous year
    Schedule –CFLStatement of loss for carrying forward to a further year
    Schedule –UDStatements of unabsorbed depreciation and allowance
    Schedule –ICDSIncome computation disclosure standards on profit
    Schedule –10AADeductions u/s 10AA
    Schedule –80GDetails of deduction u/s 80G relating to donations
    Schedule –80 GGAStatement of donations for scientific research and rural development
    Schedule –VIAStatement of deductions from total income under chapter VI-A
    SchedulesPurpose
    Schedule –SIDetails of income chargeable at special tax rates
    Schedule –PTIDetails relating to passing through income from business trust or investment fund
    Schedule –EIStatement of exempted incomes
    Schedule –MATDetails of tax payable u/s 115JB (Minimum Alternate Tax)
    Schedule –DDTstatement of tax paid on dividend, i.e. “dividend distribution tax”
    Schedule –BBSDetails of tax distributed income on buyback of shares
    Schedule –ESIStatement of foreign incomes and tax relief thereto
    Schedule –ITDetails on advance-tax paid and self-assessment tax
    Schedule –TDSDetails of TDS on incomes other than salaries
    Schedule –TCSStatement of TCS (Tax collected at source)
    Schedule –FSIStatement of income accruing outside India
    Schedule –TRDetails of tax relief claimed for foreign tax paid
    Schedule –FAComplete details of foreign assets and foreign income
    Schedule –SH1Details of shareholding of an unlisted company
    Schedule –SH2Details of shareholding of start-ups
    Schedule –AL1Statement of assets and liabilities at the end of the year
    Schedule –GSTStatement of turnover reported for GST
    Schedule –FDDetails of payment/receipt made in foreign currency

    Frequently Asked Questions​

    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 :

    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

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