Documents Required
Monthly Purchase Bill
Monthly Sales Bill
Sales Return Details
ITR-6 Return Filing
ITR 6 Filing
ITR-6 filing is a crucial annual compliance requirement for corporate entities in India. The Income Tax Return form is specifically designed for companies other than those claiming exemption under section 11 (Income from property held for charitable or religious purposes).
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?
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
Instructions for Completing the ITR-2 Form
Verification
Following this sequence ensures that you provide the information organizationally, making it easier to complete your income tax return accurately and efficiently.
No Documents Required
No annexure or documents, including TDS certificates, must be attached to the ITR-6 return form during filing. Taxpayers are advised to reconcile the taxes deducted, collected, or paid on their behalf by comparing them with their Tax Credit Statement Form 26AS.
How Leagel Edge Advice Care Can in Filing ITR-6?
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Expert Guidance: Leagel Edge Advice Care provides expert guidance and support throughout the ITR-6 filing process, ensuring you accurately report your financial information and claim all eligible deductions.
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Compliance Assurance: Leagel Edge Advice Care ensures that your ITR-6 is filed in compliance with the latest tax regulations, minimizing the risk of errors and penalties.
Timely Filing: Timely filing of ITR-6 is essential to avoid penalties. Leagel Edge Advice Care helps you meet deadlines and file your returns on time, ensuring you stay on the right side of the law.
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