The Income Tax Department has introduced various forms for different taxpayers. An assessee should choose the appropriate form as per the source of income. One such Income Tax Return (ITR) is ITR 6 form for companies. This article covers all about ITR 6.
Budget 2021 update :Taxpayers need to pay advance tax on dividend income only after the declaration or payment of dividend.
What is the ITR-6 Form?
Companies other than companies claiming exemption under section 11 must furnish their income tax return in ITR-6 Form.
What are the companies claiming exemptions under section 11?
Companies claiming exemption under section 11 are those whose income from property is held for charitable or religious purposes.
Click here to view the latest ITR-6 form from the Income Tax Department.
Who should file ITR 6?
All companies registered under the Companies Act 2013 or the earlier Companies Act 1956 should file ITR 6 Form. However, if the company's source of income comes from the property held for religious or charitable purposes are not required to file ITR 6 Form.
E-filing audit reports
If the assessee is liable for Audit u/s 44AB and the accounts have been audited by an accountant, the details of such audit report,auditor along with the date of furnishing it to the department electronically has to be provided.
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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 2023
- Part A-BS-Ind AS: Balance Sheet as on 31st March 2023 or as on the date of the business combination
- Part A-Manufacturing Account for the financial year 2022-23
- Part A-Trading Account for the financial year 2022-23
- Part A-P&L: Profit and Loss Account for the financial year 2022-22
- Part A-Manufacturing Account-Ind AS: Manufacturing Account for the financial year 2022-23
- Part A-Trading Account Ind-AS: Trading Account for the financial year 2022-23
- Part A-P&L Ind-AS: Profit and Loss Account for the financial year 2022-23
- Part A-OI: Other information
- Part A-QD: Quantitative details
- Part A-OL: Receipt and payment account of company under liquidation
- Part B
The 42 schedules are:
- Schedule-HP: Computation of income under the head Income from House Property
- Schedule-BP: Computation of income under the head “profit and gains from business or profession”
- Schedule-DPM: Computation of depreciation on plant and machinery under the Income-tax Act
- Schedule DOA: Computation of depreciation on other assets under the Income-tax Act
- Schedule DEP: Summary of depreciation on all the assets under the Income-tax Act
- Schedule DCG: Computation of deemed capital gains on sale of depreciable assets
- Schedule ESR: Deduction under section 35 (expenditure on scientific research)
- Schedule-CG: Computation of income under the head Capital gains.
- Schedule 112A: Sale of equity share in a company or unit of equity oriented fund or unit of a business trust on which STT is paid under section 112A
- Schedule 115AD(1)(b)(iiii) - Proviso: Sale of equity share in a company or unit of equity oriented fund or unit of a business trust on which STT is paid under section 112A
- Schedule VDA: Income from transfer of Virtual Digital Assets (VDA)
- Schedule-OS: Computation of income under the head Income from other sources.
- Schedule-CYLA: Statement of income after set off of current year’s losses
- Schedule-BFLA: Statement of income after set off of unabsorbed loss brought forward from earlier years.
- Schedule- CFL: Statement of losses to be carried forward to future years.
- Schedule –UD: Details of unabsorbed depreciation and allowance under section 35(4)
- Schedule ICDS: Effect of Income Computation Disclosure Standards on profit
- Schedule- 10AA: Computation of deduction under section 10AA
- Schedule- 80G: Details of donation entitled for deduction under section 80G
- Schedule 80GGA: Details of donations for scientific research or rural development
- Schedule RA: Details of donations to research associations etc.
- Schedule- 80IA: Computation of deduction under section 80IA
- Schedule- 80IB: Computation of deduction under section 80IB
- Schedule- 80IC or 80IE: Computation of deduction under section 80IC or 80 IE
- Schedule-VIA: Statement of deductions (from total income) under Chapter VIA.
- Schedule-SI: Statement of income which is chargeable to tax at special rates
- Schedule IF: Information regarding investment in unincorporated entities
- Schedule-EI: Statement of Income not included in total income (exempt incomes)
- Schedule PTI: Pass through income details from business trust or investment fund
- Schedule-MAT: Computation of Minimum Alternate Tax payable under section 115JB
- Schedule-MATC: Computation of tax credit under section 115JAA
- Schedule BBS: Details of tax on distributed income of domestic company on buy back of shares, not listed on stock exchange
- Schedule TPSA: Secondary adjustment to transfer price as per section 92CE(2A)
- Schedule FSI: Details of income from outside India and tax relief
- Schedule TR:Summary of tax relief claimed for taxes paid outside India
- Schedule FA: Details of Foreign Assets and income from any source outside India
- Schedule SH-1: Shareholding of unlisted company
- Schedule SH-2: Shareholding of Start-ups
- Schedule AL-1: Assets and liabilities as at the end of the year
- Schedule AL-2: Assets and liabilities as at the end of the year (applicable for start-ups only)
- Schedule GST: Information regarding turnover/gross receipt reported for GST
- Schedule FD: Break-up of payments/receipts in Foreign currency
- Part B-TI: Computation of total income
- Part B-TTI: Computation of tax liability on total income
- Tax payments:
- Details of payments of Advance Tax and Self-Assessment Tax
- Details of Tax Deducted at Source (TDS) on Income
- Details of Tax Collected at Source (TCS)
Key changes in the ITR-6 Form in AY 2020-21
The key changes in the ITR-6 Form in AY 2020-21 are summarised below:
- A separate schedule 112A for the calculation of the long-term capital gains on the sale of equity shares or units of a business trust which are liable to STT.
- The details of tax on secondary adjustments to transfer price under section 92CE(2A).
- The details of tax deduction claims for investments or payments or expenditure made between 1 April 2020 until 30 June 2020.
Key changes in the ITR-6 Form in AY 2019-20
The key changes in the ITR-6 Form in AY 2019-20 are summarised below:
- Details of recognition as a start-up by DPIIT
- Details of declaration filed in Form-2
- Bifurcation of donations into cash and non-cash mode of payment
- Information on turnover/gross receipt reported for GST
How do I fill out the ITR-6 Form?
Sequence for filling out parts and schedules
The Income Tax Department advises assesses to follow the sequence mentioned below while filling out the income tax return.
- Part A
- Part B
How do I file my ITR-6 Form?
This income tax return has to be compulsorily furnished electronically under digital signature to the Income Tax Department.
No annexures required
No document (including TDS certificate) should be attached with this return form while filing ITR-6.Taxpayers are advised to match the taxes deducted/collected/paid by or on behalf of them with their Tax Credit Statement Form 26AS.
Due date for filing ITR-6 Form
- When accounts are to be audited under the Income-Tax Act - 31 October of the assessment year
- When report in Form No. 3CEB is to be furnished - 30 November of the assessment year
- In other case (where accounts need not be audited) - 31 July of the assessment year
How to fill out the verification document?
Fill up the required information in the Verification document. Strike out whatever is not applicable.
Please ensure that the verification has been signed before furnishing the return.
Choose the designation/capacity of the person signing the return. Note that any person making a false statement in the return or the accompanying schedules shall be liable to be prosecuted under section 277 of the Income-tax Act, 1961 and on conviction be punishable under that section with rigorous imprisonment and with fine.
Also read about:
1. Which ITR Should I File
2. How to file ITR Online
3. How to file ITR-1 (SAHAJ) Online
3. What is ITR 2 Form & How to File ITR-2
4. What is ITR 3 Form & How to File ITR-3
5. Who and How to File ITR 4
6. What is ITR-5 Form, Structure And How to File ITR-5
7. How to File and Download ITR-7 Form
8. ITR 3 vs ITR 4
9. ITR 1 vs ITR 4
10. How to File ITR-2 for Income from Capital Gains FY 2022-23
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