ITR 6 Filing Form
ITR 6 Form is to be furnished by the Companies to e-file the income tax returns if they are not claiming exemption under Section 11 of the Income Tax Act 1961. Under the Income-tax Rules, the Companies that can claim an exemption under section 11 are those that have income from the property that is held for the charitable or religious person.
Hence, ITR 6 is to be filed by the companies that do not claim an exemption under section 11.
Efiling audit reports
If in case the assessee is liable for the audit u/s 44AB and the accountant has audited the accounts, then the details of the audit report, the auditor along with the date of furnishing is to be sent to the department electronically.
Who is eligible to file ITR 6 Form?
- ITR 6 Form is to 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 comes from the property that is held for religious or charitable purposes are not required to file ITR 6 Form.
- If the sales, turnover, or gross receipts are more than Rs.1 crore in the preceding financial year the entity must get the accounts audited from a certified Chartered Accountant.
Who is not eligible to file ITR 6 Form?
The companies who have sources of income from religious or charitable organizations can seek exemption under Section 11. In simpler words, an entity that is seeking exemption under Section 11 should not file ITR 6 Form.
Structure of ITR 6 Form
ITR 6 is divided into Part A and Part B ( along with the sub-sections) with multiple schedules that include information relevant to the income and tax of the taxpayer. Let us have a detailed look at this.
Part A (and its subsections)
General information: This Sub-section should be filed with the basic details of the entity such as the Name, PAN number, address, CIN, Incorporation date, etc.
Trading Account: This sub-section requires the details that are relevant to the income and the expenditure of the company.
Balance sheet: This subsection should consist of the details of the balance sheet of the company such as the liabilities, current liabilities, share capital, and more.
Manufacturing account: This Sub-section required the figures of manufacturing the accounts relating to the inventory such as opening stock, closing stock, and cost of the goods that are produced.
Profit and Loss Account: This subsection should be filed with the details of the company’s profit or the loss that is incurred during the relevant financial year.
Part B (and its subsections)
Part B-TI: Computation of Total Income
Part B-TTI: Computation of Tax liability of the Total Income.
Bank account details
For computing incomes under the head Income from House Property
For computing incomes under the head “profit and gains from business and profession
For calculating depreciation on plant & machinery
For a summary of depreciation on all assets
For calculating the deemed capital gain on sale of depreciable assets
Deductions u/s 35, i.e. expenditure on scientific research
For calculating income under the head “Capital gains”
For calculating income from other sources
Calculating the income after setting off the current year’s loss
Calculation of income after setting off the unabsorbed loss of the previous year
Statement of loss for carrying forward to a further year
Statements of unabsorbed depreciation and allowance
Income computation disclosure standards on profit
Deductions u/s 10AA
Details of deduction u/s 80G relating to donations
Schedule –80 GGA
Statement of donations for scientific research and rural development
Statement of deductions from total income under chapter VI-A
Details of income chargeable at special tax rates
Details relating to passing through income from business trust or investment fund
Statement of exempted incomes
Details of tax payable u/s 115JB (Minimum Alternate Tax)
statement of tax paid on dividend, i.e. “dividend distribution tax”
Details of tax distributed income on buyback of shares
Statement of foreign incomes and tax relief thereto
Details on advance-tax paid and self-assessment tax
Details of TDS on incomes other than salaries
Statement of TCS (Tax collected at source)
Statement of income accruing outside India
Details of tax relief claimed for foreign tax paid
Complete details of foreign assets and foreign income
Details of shareholding of an unlisted company
Details of shareholding of start-ups
Statement of assets and liabilities at the end of the year
Statement of turnover reported for GST
Details of payment/receipt made in foreign currency
How to file ITR 6 Form?
The Income-tax department advises to fill the Income-tax returns in the following sequence:
- Part A ( and its subsection)All the Schedules
- Part B ( its subsection)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 return. ITR 6 Form is an annexure-less form.
The taxpayer is required to tally the data with the tax credit statement Form 26 AS regarding the tax deduction, collection, and payment.
Documents Required For ITR-6 Return Filing
Monthly Purchase Bill
Monthly Sales Bill
Sales Return Details
Purchase Return Details
Tax Paid Challans for GST
Day to day Administration expenses and General expenses details
Rental Agreement (if applicable)
Fixed Assets Invoice Copy (if Applicable)
Investment details made by Cash
Investment details made through Bank
Proof of Source of Cash In-flow and Cash Out-flow
Loan details from Bank or Third Party
ITR-6 Return Filing FAQ’s
1. What is ITR 6 Form?
Companies other than companies that claim an exemption under Section 11 should furnish their income tax return in ITR 6 Form.
2. Which companies claim an exemption under Section 11?
Companies having income from property that is held for charitable or religious purposes than companies claiming exemption under Section 11.
3. What is the sequence for filing ITR 6 Form?
ITR 6 should be filed in the following sequence: Part A Schedules Part B Verification
4. How to file ITR 6 Form?
This ITR 6 form is to be compulsorily furnished electronically using the Digital Signatures with the Income Tax Department.
5. Are any documents to be attached with ITR 6?
No documents, not even the TDS certificate should be attached while filing ITR 6 returns. The taxpayers are advised to match the deducted taxes on behalf of.