1. What is the ITR-6 Form?
Companies other than companies seeking exemption under section 11 must submit their tax returns on the ITR-6 Form.
What are the companies claiming exemptions under section 11?
Companies seeking exemption under section 11 are those whose income is used for charitable or religious purposes.
Click here to view the latest ITR-6 form from the Department of Taxation.
2. E-filing audit reports
If the auditor is responsible for auditing s 44AB and the accounts are audited, the details of the audit report, the auditor, and the electronic date of delivery must be provided.
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4. What is the structure of the ITR-6 Form?
The Form has been divided into two parts and several schedules:
- Part A: General information
- Part A-BS: Balance Sheet as on 31st March 2021
- Part A-BS-Ind AS: Balance Sheet as on 31st March 2021 or as on the date of the business combination
- Part A-Manufacturing Account for the financial year 2020-21
- Part A-Trading Account for the financial year 2020-21
- Part A-P&L: Profit and Loss Account for the financial year 2020-21
- Part A-Manufacturing Account-Ind AS: Manufacturing Account for the financial year 2020-21
- Part A-Trading Account Ind-AS: Trading Account for the financial year 2020-21
- Part A-P&L Ind-AS: Profit and Loss Account for the financial year 2020-21
- Part A-OI: Other information
- Part A-QD: Quantitative details
- Part A-OL: Receipt and payment account of company under liquidation
- Schedules as mentioned below
- Part B-TI: Computation of total income
- Part B-TTI: Computation of tax liability on total income
- Tax payments:
The 42 schedules are:
- Program-HP: Head Income Calculation Income from House Buildings
- Schedule-BP: Calculation of income under the heading “profit and acquisition from a business or profession”
- Schedule-DPM: Calculation of depreciation on machinery and equipment under the Income Tax Act
- Schedule DOA: Calculation of depreciation of certain assets under the Income Tax Act
- Schedule DEP: Summary of depreciation of all assets under the Income Tax Act
- Schedule DCG: Calculation of revenue recognized as the sale of a declining asset
- Schedule ESR: Drawing under section 35 (costs in scientific research)
- Program-CG: Calculation of income under Capital capital gains.
- OS-OS: Head Income Calculation Revenue from other sources.
- Program-CYLA: Statement of income after the current set of losses
- Program-BFLA: Statement of income after the setting of unauthorized losses submitted in previous years.
- Program - CFL: Statement of losses to be continued for years to come.
- Schedule -UD: Details of non-discounted subsidies and allowances under section 35 (4)
- Schedule ICDS: Effect of Disclosure Standards on Profitability in Profit
- Schedule- 10AA: Calculation of deductions under section 10AA
- Program- 80G: Details of donations entitled to deductions under section 80G
- Schedule 80GGA: Details of contributions to scientific research or rural development
- Schedule RA: Details of donations to research organizations etc.
- Schedule- 80IA: Calculation of deductions under section 80IA
- Schedule- 80IB: Calculation of deductions under section 80IB
- Schedule-80IC or 80IE: Withholding of deductions under section 80IC or 80 IE
- Schedule-VIA: Statement of deduction (from gross salary) under Chapter VIA.
- Schedule-SI: Statement of taxable income at special rates
- Set PTI: Transfer income information from a business fund or investment fund
- Schedule-EI: Income Statement not included in total income (exempt)
- Schedule-MAT: Calculation of the Minimum Tax payable under section 115JB
- Program-MATC: Calculation of tax debt under section 115JAA
- BBS system: Tax details on a local company's remunerated income in return on shares, not in stock list
- Schedule TPSA: Second Amendment Adjustment in terms of section 92CE (2A)
- FSI program: Details of income from outside India and tax assistance
- Schedule TR: Summary of taxable income tax paid outside India
- FA Program: Export Details and Revenue from any source outside India
- SH-1 scheme: Allocation of shares of an unlisted company
- Schedule SH-2: Start-up Sharing
- AL-1 Program: Assets and Liabilities by the end of the year
- AL-2 Program: Assets and Liabilities by year end (effective start-up)
- Edit GST: Details of total profit / receipt reported for GST
- FD System: Separation of payments / receipts in foreign currency
5. Key changes in the ITR-6 Form
The key changes in the ITR-6 Form in AY 2020-21 are summarised below:
- A separate 112A schedule for the calculation of long-term capital gains in the sale of equity shares or business trust units to be paid to STT.
- Details of the tax on the second amendment to the transfer of price under section 92CE (2A).
- Details of investment tax deduction applications or payments or expenses incurred between 1 April 2020 and 30 June 2020.
6. Key changes in the ITR-6 Form
The key changes in the ITR-6 Form in AY 2019-20 are summarised below:
- Details of acceptance as a starting point for DPIIT
- Details of the announcement included in Form 2
- The division of donations into cash and non-cash
- Details of total profit / receipt reported to GST
7. How do I fill out the ITR-6 Form?
Sequence for filling out parts and schedules
The Department of Revenue advises checking to follow the order outlined below when completing the income tax return.
- Part A
- Part B
8. How do I file my ITR-6 Form?
This income tax must be paid electronically under the digital signature of the Department of Revenue.
9. No annexures required
No text (including TDS certificate) should be attached to this return form when ITR-6 is filed. Taxpayers are advised to match the tax deducted/collected/paid on their behalf or on their behalf with your Tax 26AS Credit Statement Form.
10. How to fill out the verification document?
Fill in the required details in the confirmation document. Hit anything that doesn't work.
Please ensure that the verification has been signed before furnishing the return.
Select the position/capacity of the person signing the form. Note that any person who makes a false statement in this schedule or in the accompanying schedules will be subject to prosecution under section 277 of the Income-tax Act, 1961, and on conviction may be punished under this section with severe imprisonment and a fine.
Frequently Asked Questions
Is filing ITR Form is mandatory?
Yes, to submit income tax returns a person must complete an ITR form stating the detailed details of the taxpayer and his or her tax and tax liability.
What is ITR Form 6?
ITR Form 6 is a form submitted as a refund of income tax by companies mentioned in the 1961 tax law. Companies seeking exemption under section 11 cannot file a Form 6.
Who needs to furnish ITR Form 6?
Companies other than those companies seeking exemption under section 11 are required to file a tax return and ITR Form 6.
Who can not filI TR Form 6?
The ITR-6 form is not filed by a company claiming compensation under section 11 which is income from property reserved for charitable or religious purposes.