Establishing a business comes with its own set of challenges, and navigating the complexities of filing returns is a vital aspect of successful operations. ITR-6 filing is a key annual compliance requirement for companies in India. Accurately filing ITR-6 on time is crucial for ensuring compliance with the Income Tax Act 1961, helping businesses avoid penalties and potential legal complications.
Ready to complete your company's ITR 6? Consultingera experts are here to guide you through every step—let's begin your ITR-6 filing today!
ITR 6 applies to all companies except those claiming an exemption under Section 11 of the Income Tax Act. Section 11 applies to income derived from property held under a trust or legal obligation for charitable or religious purposes. Therefore, companies with income used for charitable or religious purposes are not eligible to file ITR 6.
Companies registered under the Companies Act of 2013 or the Companies Act of 1956 are required to file the ITR 6 Form. This includes:
The following entities are not eligible to file the ITR 6 Form:
Every company is required to file its Income Tax Return under Section 139 of the Income Tax Act by October 31st of the assessment year. If transfer pricing is involved, such a company is required to file its Income Tax Return by November 30th of the assessment year.
Filing ITR 6 on or before the due date not only ensures compliance with tax laws but also offers several financial and operational advantages for your business.
Get started today with IndiaFilings to complete your ITR 6 filing seamlessly and ensure your business remains compliant with tax regulations!
ITR 6 is divided into Part A and Part B ( along with the subsections) with multiple schedules that include information relevant to the income and tax of the taxpayer. Let us have a detailed look at this.
Schedules | Purpose |
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 the 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 to it |
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 |
After logging into the Income Tax Portal, navigate to the "e-Filing" section, select "Income Tax Returns," and choose ITR Form 6 for filing. To ensure a smooth and accurate filing of ITR Form 6, the Income Tax Department recommends that taxpayers follow these steps in the correct sequence:
When filing the ITR-6 return form, no annexures or documents, including TDS certificates, need to be attached. Taxpayers are advised to reconcile the taxes that have been deducted, collected, or paid on their behalf by comparing these amounts with their Tax Credit Statement (Form 26AS).
IndiaFilings offers comprehensive support for ITR 6 filing, ensuring a smooth and hassle-free experience for companies. With expert guidance from our team of professionals, we assist in understanding the specific requirements and deadlines associated with ITR 6. Our services include accurate preparation and filing of the return, ensuring compliance with the Income Tax Act. We also provide support in reconciling tax deductions with Form 26AS, helping companies avoid discrepancies. By choosing, businesses can streamline their ITR 6 filing process and focus on their core operations while we handle the complexities of tax compliance.