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An essential yearly compliance obligation for corporate entities in India is the filing of ITR-6. Except for businesses seeking exemption under section 11 (income from property held for charity or religious purposes), the Income Tax Return form is specifically made for other types of businesses. In order to guarantee conformity with the Income Tax Act of 1961 and prevent fines and legal issues, timely and precise ITR6 filing is crucial. A wide range of services designed to address the unique needs of corporate entities are offered by Taxhint Advisors in an effort to streamline the ITR6 filing process and help firms meet their tax responsibilities effectively.
Companies who do not want to claim exemption under section 11 (Income from property kept for charitable or religious purposes) should use ITR-6.
The following taxpayers are exempt from filing the ITR 6 Form:
Even if they do not assert section 11 exemption, companies registered under the Companies Act or any other applicable statute may nevertheless submit the ITR-6 Form.
It is required to provide electronic copies of the audit report, along with information on the auditor and the date of submission to the tax department, if the taxpayer is the subject of an audit under section 44AB and a qualified accountant has audited their accounts.
ITR 6 is broken down into Parts A and B (as well as the subsections) and has several schedules that provide pertinent data about the taxpayer's income and taxes. Let's examine this in more detail.
| 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 –DOA | For a summary of depreciation on all assets |
| 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 |
It is advised to complete the ITR-6 Form in the order listed below by the Income Tax Department to ensure a methodical and error-free submission of Form 6 income tax:
By going over the material in this order, you can make sure that everything is organised and make it easier to file your income tax return quickly and accurately.
TDS certifications and other annexures are not required to be filed with the ITR-6 return form. It is recommended that taxpayers compare the taxes deducted, collected, or paid on their behalf with their Tax Credit Statement Form 26AS in order to reconcile the amounts.
Reputable online resource Taxhint Advisors is well-known for its proficiency in tax and compliance services. Taxhint Advisors provides corporate organisations with a number of services to help with ITR6 filing:
Contact our experts now and experience the convenience of seamless tax compliance.