ITR- 6 Return
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ITR-6 filing is a mandatory annual task for most Indian companies. It ensures compliance with the Income Tax Act, 1961, and avoids potential penalties or legal issues. However, navigating the intricacies of ITR-6 forms and tax regulations can be time-consuming and complex, especially for busy businesses.
At ReturnFile.in, a team of experienced Chartered Accountants (CAs), we understand the challenges companies face when filing ITR-6 returns. We offer comprehensive ITR-6 filing services to ensure your return is filed accurately, efficiently, and on time.
Who Needs to File ITR-6?
ITR-6 is the designated Income Tax Return form for most Indian companies. However, there’s an exception: companies claiming exemption under Section 11 of the Income Tax Act, which applies to income derived from property held for charitable or religious purposes. These companies do not need to file ITR-6.
Who Doesn't Need to File ITR-6?)
ITR-6 is specifically designed for companies registered under the Companies Act, 2013 (or the earlier Companies Act, 1956). Here’s a breakdown of entities that do not need to file ITR-6:
- Individuals and Hindu Undivided Families (HUFs): These entities have separate ITR forms (like ITR-2 or ITR-3) for filing their income tax returns.
- Business Entities Other Than Companies: Firms, Associations of Persons (AOPs), Bodies of Individuals (BOIs), and Local Authorities typically use different ITR forms based on their nature of business.
- Companies Claiming Exemption Under Section 11: This section covers companies with income derived from property held for charitable or religious purposes. They don’t need to file ITR-6.
Who is Eligible to File ITR-6?
In essence, ITR-6 is the designated income tax return form for most companies operating in India. Here’s a breakdown of eligible entities:
- Companies Registered Under the Companies Act: This includes companies incorporated under the Companies Act, 2013, or the previous Companies Act, 1956.
- Foreign Companies with Indian Operations: Even companies registered under the laws of another country, but with a presence and income generation in India, need to file ITR-6.
- Other Statutory Corporations: Certain institutions, associations, or bodies (whether incorporated or not, domestic or foreign) might be declared companies under a specific government order. These entities would also use ITR-6.
Businesses that submit an ITR-6 are unable to get income tax exemption under Section 11 (revenue from property kept for charity or religious purposes).
Mandatory E-filing of Audit Reports
If your company undergoes an audit mandated by Section 44AB of the Income Tax Act, 1961, you’ll need to electronically submit the audit report along with your ITR-6 filing. This report, prepared by a qualified chartered accountant, verifies your company’s financial statements.
Here’s what you’ll need to provide electronically:
- Details of the audit report itself (format may vary depending on the specific audit type).
- Information about the qualified accountant who conducted the audit.
- The date the audit report was submitted to the tax department.
ReturnFile.in can assist you with the entire ITR-6 filing process, including ensuring the proper e-filing of your mandatory audit report.
Understanding The ITR-6 Form Structure
ITR-6 is a comprehensive form designed to capture various aspects of your company’s financial health. It’s divided into two main parts: Part A and Part B, along with several detailed schedules.
Part A: General Information and Financial Statements
- General Information: This section covers basic details about your company, including its name, PAN number, address, CIN, and incorporation date.
- Trading and Manufacturing Accounts (if applicable): These sections capture details related to your company’s income and expenses from trading activities and, if applicable, manufacturing processes.
- Balance Sheet: This section provides a snapshot of your company’s financial position at the end of the relevant financial year. It details your assets, liabilities, and shareholder equity.
- Profit and Loss Account: This section summarises your company’s profitability or loss for the financial year, reflecting your income and expenses during that period.
Part B: Tax Computation and Supporting Schedules
- Computation of Total Income: This section calculates your company’s total taxable income by considering various income sources.
- Tax Liability Calculation: This section determines the overall tax liability based on the calculated total income.
Detailed Schedules For Specific Information
ITR-6 includes numerous schedules that capture specific details to support your tax calculations. Here are some key examples:
- Income Schedules: These schedules (like Schedule HP, BP, and CG) delve deeper into income from various sources like house property, business/profession, and capital gains.
- Deduction Schedules: These schedules (like 80G and VIA) detail deductions you’re eligible to claim under different sections of the Income Tax Act.
- Tax Payment Schedules: These schedules (like TDS and TCS) provide information about taxes deducted at source (TDS) and collected at source (TCS) on your income.
- Other Supporting Schedules: Additional schedules cover aspects like depreciation calculations, foreign income details, and unabsorbed losses or depreciation carried forward.
Don't Miss the ITR-6 Filing Deadline!
The due date for filing your ITR-6 depends on your company’s specific situation:
- Companies Required to Undergo Audits: If your company’s accounts are subject to audit under the Income Tax Act, the ITR-6 filing deadline is October 31st of the assessment year.
- Companies Reporting in Form No. 3CEB: If your company is required to file Form No. 3CEB (a report on international transactions or specified domestic transactions), the ITR-6 filing deadline is extended to November 30th of the assessment year.
- All Other Companies: For most companies that don’t require mandatory audits or Form No. 3CEB filing, the standard ITR-6 filing deadline is July 31st of the assessment year.
Streamlining Your ITR-6 Filing Process
Filing ITR-6 accurately and efficiently requires a systematic approach. The suggested steps are broken down as follows:
- Gather Necessary Information: Before you start, ensure you have all the documents and financial records readily available. This includes your company’s PAN card, profit and loss account, balance sheet, bank statements, details of any investments or income sources, and tax deduction certificates (TDS/TCS).
- Start with Part A: Part A focuses on your company’s basic details, financial statements, and income/expenditure information from trading or manufacturing activities (if applicable). Compile all the required information for this section before proceeding.
- Complete the Relevant Schedules: ITR-6 includes numerous schedules that capture specific details about your income, deductions, taxes paid, and other relevant information. Identify the schedules applicable to your company and meticulously fill them in based on your financial records.
- Calculate Tax Liability in Part B: Once Part A and the schedules are completed, you can proceed to Part B. Here, you’ll calculate your company’s total taxable income and determine the corresponding tax liability based on the applicable tax rates.
- Thorough Review and Verification: After completing all sections and schedules, carefully review your ITR-6 form for any errors or inconsistencies. Once you’re confident about the accuracy of the information, proceed with the verification process as mandated by the Income Tax Department.
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Frequently Asked Questions
Late filing can attract penalties. It's best to file as soon as possible or consult with ReturnFile.in to understand your options.
You'll need documents like your company's PAN card, financial statements (balance sheet, profit and loss account), bank statements, details of investments or income sources, and tax deduction certificates (TDS/TCS).
If your company is subject to an audit under Section 44AB of the Income Tax Act, you'll need to electronically submit the audit report along with your ITR-6 filing.
Tax payment deadlines are separate from filing deadlines. It's advisable to consult with ReturnFile.in to determine the specific due dates for your company's tax liabilities.
Yes, you can file a revised ITR-6 within a specific timeframe to rectify any errors or omissions in the original filing. ReturnFile.in can advise you on the process for revised ITR-6 filing.
