Who Can File ITR-6 Form?
ITR-6 is suitable for companies that do not seek exemption under section 11 (Income from property held for charitable or religious purposes).
Who Are Not Eligible to File ITR-6 Form?
Taxpayers who are not required to file the ITR-6 Form include:
- Individuals
- Hindu Undivided Family (HUF)
- Firms
- Associations of Persons (AOP)
- Bodies of Individuals (BOI)
- Local Authorities
- Artificial Judicial Persons
- Companies that seek exemption under section 11 of Income Tax Act.
What Are the Eligibility Criteria for Filing ITR-6 Form?
Companies registered under the Companies Act or any other applicable law can file the ITR-6 Form, even if they do not claim exemption under section 11.
E-filing audit reports
When the taxpayer is subject to an audit under section 44AB, and a qualified accountant has audited their accounts, it is mandatory to furnish electronic details of the audit report, including information about the auditor and the date on which it was submitted to the tax department.
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.
| 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 |
| 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 |
ITR-6 Deadline
- When accounts are subject to audit under the Income-Tax Act: October 31st of the assessment year.
- When reporting in Form No. 3CEB is required: November 30th of the assessment year.
- In all other cases (where accounts do not require auditing): July 31st of the assessment year.
How to file ITR 6 Form?
When filling out the ITR-6 Form, it is recommended to follow the sequence provided by the Income Tax Department for a systematic and error-free filing process:
- Part A
- Schedules
- Part B
- Verification
Following this sequence ensures that you provide the information organizationally, making it easier to complete your income tax return accurately and efficiently.
Documents Required For ITR-6 Return Filing
- Monthly Purchase Bill
- Monthly Sales Bill
- Sales Return Details
- Purchase Return Details
- Tax Paid Challans for GST
- From 26AS
- 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
- Outstanding receivables and payables
- Company’s Pan and two DSCs
- Details of Bank used for business transactions (Acct No, IFSC Code)
- Statement from Bank used for business transactions
- Break-up of statement from Bank used for business transactions