ITR-6 Return Filing

ITR-6

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.

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:

Part A (and its sub-sections) – All the Schedules
Part B (its sub-section) – Verification

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.

WHO CANNOT FILE FORM ITR-6?

This form is not filed by the following taxpayers:

Firms
Individual
HUFs
Association of Person
Body of Individual
Local authority
Companies that claim exemption u/s 11

Those companies who have any component of income from the religious or charitable organization can seek exemption under section-11. Thus, in simpler words, an entity not seeking exemption under section-11 shall file ITR-6.

STRUCTURE

Form ITR-6 is a detailed form divided into two parts, i.e. Part-A and Part-B (along with their sub-sections) with multiple schedules that consist of information relating to income and tax of the assessee. Let us go through these in tabular format for understanding in detail:

Part A (and its sub-sections)

General Information

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

General Information

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

Balance Sheet

This sub-section shall consist of details relating to 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 & Loss Account

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

Part B (and its sub-sections)

Part B-TI

Computation of Total Income

Part B-TTI

Computation of Tax Liability on 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

Ø 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.

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

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

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

Ø 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).

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