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ITR-6 Return

Income tax return filing for Companies whose annual turnover is upto Rs.10 lakhs


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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). Filing ITR6 accurately and on time is essential to ensure compliance with the Income Tax Act 1961 and avoid penalties and legal complications. To simplify the ITR6 filing process and assist businesses in meeting their tax obligations efficiently, FintechFilings provides a wide range of services tailored to suit the specific requirements of corporate entities.

ITR-6 is suitable for companies that do not seek exemption under section 11 (Income from property held for charitable or religious purposes).

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.

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.

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.

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
  • 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.

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 Form 6 income tax 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.

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.

FintechFilings is a reputable online platform known for its tax and compliance services expertise. When it comes to ITR6 filing, FintechFilings offers a range of services to assist corporate entities:

  • Expert Guidance: FintechFilings provides expert guidance and support throughout the ITR6 filing process, ensuring you accurately report your financial information and claim all eligible deductions.
  • Easy Online Filing: We offer a user-friendly online portal that simplifies the ITR-6 filing process. You can securely upload your financial data and documents, making the process convenient and paperless.
  • Compliance Assurance: FintechFilings 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 Form 6 income tax filing is essential to avoid penalties. FintechFilings helps you meet deadlines and file your returns on time, ensuring you stay on the right side of the law.
  • Personalized Support: FintechFilings provides personalized support from tax experts who can address your queries and concerns, making the Form 6 income tax filing filing process smoother.

Contact our experts now and experience the convenience of seamless tax compliance.

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