ITR-6

ITR-6 FORM FILING

DESCRIPTION

Companies other than companies (claiming exemption under section 11) have to file and submit their income tax returns using ITR-6 Form.

COMPANIES ELIGIBLE TO FILE UNDER FORM ITR-6

Every Company irrespective of its structure which is registered under the Companies Act 2013 or the earlier Companies Act, 1956, has to file Income Tax Return through Form ITR-6. The only exceptions to this, are such companies whose income is derived from religious or charitable organizations. Such companies do not need to file Form ITR-6, as they are exempt under Section 11.

The taxpayer who is liable to file Form ITR-6, must get an audit report under Section 44-AB.

As per this section 44-AB, an entity/organization/company whose sales, turnover, or gross receipt exceeds INR 1 Crore in the preceding financial year, has to compulsorily get its accounts audited from a Chartered Accountant.

TAXPAYERS/ENTITIES NOT ELIGIBLE TO FILE UNDER FORM ITR-6
The list of taxpayers who are not eligible to file income tax returns under Form ITR-6 are as follows:

  • Firms or Companies
  • Individuals
  • Hindu Undivided Families (HUFs)
  • Association of Person (AOP)
  • Body of Individual (BOI)
  • Local authority
  • Companies that are claiming exemption u/s 11, wherein the source of income is generated from religious and charitable organizations.

STRUCTURE OF FORM ITR-6

The Form ITR-6 has been divided into two parts Part A and Part B(along with their sub sections) and multiple schedules that contain information in regards to income and tax of the assessee.

PART A SUB-SECTIONS:

GENERAL INFORMATION

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

BALANCE SHEET
This sub-section consists of information related to the balance sheet of the company such as liabilities, current liabilities, share capital, and more.


TRADING ACCOUNT
This sub-section carries details in relation to the income and expenditure of the company.


MANUFACTURING ACCOUNT
This sub-section has to be filled with the figures of manufacturing accounts related to inventory such as opening stock, closing stock, and the cost of goods produced.


PROFIT & LOSS ACCOUNT
This sub-section is to be filed with details of the company’s profit or loss that incurred during the said financial year.

PART B SECTIONS

Part B (TI) is the computation of total income
Part B (TTI)  is the computation of tax liability on total income

PART B SUB SECTIONS:

MONETARY RECORD
This sub-section consists of subtleties that identify the asset report of the organization, liabilities, current liabilities, share capital, and more etc.

EXCHANGING ACCOUNT
This sub-segment needs subtleties that identify the pay and use of the organization/company/entity.

ASSEMBLING ACCOUNT
This sub-segment needs the figures of assembling accounts identify with opening stock, shutting stock, and cost of products delivered.

THE 42 SCHEDULES ARE AS FOLLOWS:

  • Schedule HP is the computation of income under the heading “Income from House Property”
  • Schedule BP is the computation of income under the heading “Profit and gains from business or profession”
  • Schedule DPM is the computation of depreciation on plant and machinery under the Income Tax Act 1961
  • Schedule DOA is the computation of depreciation on other assets under the Income-tax Act 1961
  • Schedule DEP contains the summary of depreciation on all the assets under the Income-tax Act 1961
  • Schedule DCG is the computation of deemed capital gains on sale of depreciable assets
  • Schedule ESR is the deduction under section 35 which stands for expenditure on scientific research
  • Schedule CG is the computation of income under the head Capital gains.
  • Schedule OS is the computation of income under the head Income from other sources.
  • Schedule CYLA contains the statement of income after set off of the current year’s losses
  • Schedule BFLA contains the  statement of income after set off of unabsorbed loss which was  brought forward from the earlier years
  • Schedule CFL is the statement of losses which will be carried forward to the coming years.
  • Schedule UD contains details of unabsorbed depreciation and allowance under section 35(4)
  • Schedule ICDS is the effect of income computation disclosure standards on profit
  • Schedule 10AA is the computation of deduction under section 10AA
  • Schedule- 80G contains details of donation  which are entitled for deduction under section 80G
  • Schedule 80GGA contains details of donations for scientific research or rural development
  • Schedule RA contains details of donations to research associations etc.
  • Schedule- 80IA contains computation of deduction under section 80IA
  • Schedule- 80IB contains Computation of deduction under section 80IB
  • Schedule- 80IC or 80IE contains computation of deduction under section 80IC or 80 IE
  • Schedule-VIA is the statement of deductions (from the total income) under Chapter VIA
  • Schedule-SI is the statement of income which is chargeable to tax at special rates
  • Schedule PTI  are the details related to passing through income from business trust or investment fund
  • Schedule EI is the statement of Income which is not included in the total income (exempt incomes)
  • Schedule MAT contains the computation of minimum alternate tax payable under section 115JB
  • Schedule MATC contains computation of tax credit under section 115JAA
  • Schedule-DDT contains details of payment of dividend distribution tax
  • Schedule BBS contains information of tax on distributed income of domestic company on buy back of shares, not listed on the stock exchange
  • Schedule TPSA is the secondary adjustment to transfer price as per section 92CE(2A)
  • Schedule FSI contains details of income from outside India and tax relief
  • Schedule TR contains the details of tax relief claimed for taxes which have been paid outside India
  • Schedule FA contains the details of foreign Assets and income from any source outside India
  • Schedule SH-1  is the shareholding of an unlisted company
  • Schedule SH-2 is the shareholding of  a start-up company
  • Schedule AL-1 contains the assets and liabilities as at the end of the year
  • Schedule AL-2 contains the assets and liabilities as at the end of the year (this is applicable only for start-up companies)
  • Schedule DI is the schedule of tax-saving investments or deposits or payments to claim deduction or exemption in the extended period from 1 April of the said financial year until 30 June of the said financial year
  • Schedule GST contains information in regards to turnover and gross receipt reported for GST
  • Schedule FD is the break-up of payments and receipts in foreign currency

EXAMPLE OF FORM ITR-6

THE PROCESS TO FILE FORM ITR-6

The process to file form ITR-6 is a convenient sequence for filing Form ITR-6: where in one had to fill up Part A (and its sub-sections), All the Schedules and then Part B (its sub-sections) which is the  verification. This income tax return Form ITR-6 is a complete online form and has to be furnished electronically by affixing the digital signature certificate of the assessee. When an assessee files the Form ITR-6, no document is required to be attached with return during filing.. It is advisable for the taxpayers to always tally their data from their Tax Credit Statement  which is Form 26AS which contains all the details about tax paid and collected by them.

DUE DATE TO FILE THE ITR-5 FORM

The due date to file the ITR-5 Form is 30th September of said financial year.

The three different packages that Ace Alliance offers for Taxpayers are as follows.

  • Basic Package: Income tax return filing for a taxpayer with taxable income of less than Rs.10 lakhs.
  • Standard Package: Income tax return filing for a taxpayer with taxable income of more than Rs.10 lakhs.
  • Premium Package: Income tax return filing for a taxpayer with taxable income of more than Rs.25 lakhs.