ITR-6
ITR 6: A Complete Guide for Companies
In this post, We will discuss the ITR-6 form, which is used by businesses (apart from those claiming exemptions under Section 11) to file their income tax returns. We will cover who must file it, its structure, essential schedules, filing methods, and important dates.
Let’s look at each section in detail:
What is the ITR-6 Form?
Companies, except those claiming exemptions under Section 11, must file their income tax return using the ITR-6 form. Section 11 applies to organizations that earn income from property held for religious or charitable purposes.
Who Should File ITR-6?
Every company registered under the Company Act of 2013 or the previous Companies Act of 1956 is required to file the ITR 6 Form. Suppose the company’s income is earned from property held for religious or charitable purposes. In that case, it is not required to file the ITR 6 Form.
Structure of the ITR-6 Form?
The Form has been divided into two parts, Part A and Part B, and several schedules:
Part A includes:
- General Information: Fill in the basic details of the entity, including name, PAN, address, CIN, and incorporation date.
- Trading Account: Enter details of the company’s income and expenses.
- Balance Sheet: List company details like liabilities, current liabilities, share capital, etc.
- Manufacturing Account: Provide figures related to inventory, including opening stock, closing stock, and production costs.
- Profit & Loss Account: Record the company’s profit or loss for the financial year.
Part B,
Here are the 46 schedules:
- Schedule-HP: Calculation of income under the heading “Household Property Income”
- Schedule-BP: Income is calculated under “profit and gains from business or profession.”
- Schedule-DPM: Calculation of plant and machinery depreciation under the Income-tax Act
- Schedule DOA: Calculation of other assets’ depreciation under the Income-tax Act
- Schedule DEP: Summary of depreciation on all the assets under the Income-tax Act
- Schedule DCG: Calculation of considered capital gains when depreciable assets are sold
- Schedule ESR: Deduction under section 35 (expense on scientific research)
- Schedule-CG: Income is computed under the heading Capital gains.
- Schedule 112A: Sale of equity share in a company, unit of equity-oriented fund, or unit of a business trust on which STT is paid under section 112A.
- Schedule 115AD(1)(b)(ii) – Provision: Sale of equity shares in a company, unit of an equity-oriented fund, or unit of a business trust on which STT is paid under Section 112A
- Schedule VDA: Income from the transfer of virtual digital assets (VDA)
- Schedule-OS: Computation of revenue under the heading revenue from other sources.
- Schedule-CYLA: Statement of income after setting off current year’s losses
- Schedule-BFLA: Statement of income after deducting previously incurred unabsorbed losses.
- Schedule- CFL: Statement of losses to be carried over into future years.
- Schedule –UD: Details about unabsorbed depreciation and allowance under section 35(4)
- Schedule ICDS: Impact of Income Computation Disclosure Standards on Profit
- Schedule- 10AA: Calculation of deduction under section 10AA
- Schedule- 80G: Details of donation eligible for deduction under section 80G.
- Schedule 80GGA: Details about donations for scientific research or rural development
- Schedule 80GGC: Details about contributions made to political parties
- Schedule 80IAC: Deduction for qualifying startups
- Schedule 80LA: Deduction in with regard to offshore banking unit or IFSC
- Schedule RA: Details about donations to research organizations etc.
- Schedule- 80IA: Calculation of deduction under section 80IA
- Schedule- 80IB: Computation of deduction under section 80IB
- Schedule- 80IC or 80IE: Computation of deductions under sections 80IC or 80IE
- Schedule-VIA: Deduction statement (from total income) for Chapter VIA.
- Schedule-SI: Statement of income chargeable to tax at special rates.
- Schedule-IF: Information on investment in unincorporated entities
- Schedule-EI: Statement of Income not included in the total income (exempt incomes)
- Schedule PTI: Pass on income details from business trusts or investment funds.
- Schedule-MAT: Computation of the Minimum Alternate Tax Payable under Section 115JB
- Schedule-MATC: Computation of the tax credit under Section 115JAA
- Schedule BBS: Details of tax on distributed profits of domestic company on buyback of shares that are not listed on the stock exchange
- Schedule TPSA: Secondary adjustment to transfer price under section 92CE(2A)
- Schedule 115TD: Accreted income under section 115TD
- Schedule FSI: Details about income from outside India and tax relief
- Schedule TR: Summary of tax relief claims for taxes paid outside of 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 at the year-end
- Schedule AL-2: Assets and liabilities at the end of the year (applies to start-ups only).
- Schedule GST: Information on turnover/gross receipts reported for GST
- Schedule FD: Break-up of payments/receipts in Foreign currency
- strong>Part B-TI: Calculation of Total Income
- Part B-TTI: Calculation 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)
E-filing Audit Reports
Suppose an assessee is audited under Section 44AB. In that case, they must notify the department of the audit report, the auditor, and the date it was submitted online. Similarly, suppose a firm is audited under the Companies Act. In that case, the accountant must supply the audit report (FORM 3CA & FORM 3CD), the auditor’s name, and the filing date.
How to File ITR-6 Form?
You must submit this Income Tax Return (ITR-6) online with a digital signature.
There is no need to send any documents, including the TDS Certificate. Before filing, check that the taxes deducted, collected, or paid match to those on Form 26AS (Tax Credit Statement).
Due Date for Filing ITR-6 Form
| Condition | Due Date |
| Audit required under the Income Tax Act | 31st October of the assessment year |
| Form 3CEB (transfer pricing report) needed | 30th November of the assessment year |
| No audit required | 31st July of the assessment year |
Documents Required for Filing ITR-6
When filing the ITR-6 form, you must not attach documents or annexures, including TDS certificates. Ensure that the taxes deducted, collected, or paid on your behalf correspond to your Tax Credit Statement (Form 26AS).
What are the Companies Claiming Exemptions under Section 11
- Religious Institutions – Temples, mosques, churches, gurudwaras, and other places of worship engage in religious and community welfare activities.
- Charitable Trusts – Trusts dedicated to public benefit, including education, healthcare, poverty support, and other charitable purposes.
- Political Parties – They are registered under the Representation of the People Act of 1951 and are exempt from some income taxes.
- Societies – Non-profit organizations involved in education, healthcare, cultural promotion, and sports that are registered under the Societies Registration Act.
- Section 8 Companies – Companies formed under Section 8 of the Companies Act of 2013 (previously Section 25 of the Companies Act of 1956) to promote charity, social welfare, and non-profit enterprises.
Key Changes in the ITR-6 Form in AY 2024-25
- A new ‘Schedule 115TD’ has been created to report taxes payable on accrued income.
- LEI (Legal Entity Identifier) Details must be reported.
- Information about the Capital Gains Accounts Scheme has been disclosed.
- Reporting dividend income coming from a unit located in the IFSC.
- Providing the acknowledgement number of the Audit Report and UDIN.
- New Schedule 80LA requests details relating to the offshore banking unit, or IFSC.
- New Schedule 80GGC requires details of donations to political parties.
- The company must provide the due date of return filing.
- New Schedule 80-IAC requires details in relation to eligible start-ups.
- Disclosure of amounts payable to MSME after the prescribed time limit.
- Disclosure of wins from online games payable under Section 115BBJ.
- The company classified as a micro or small enterprise.
- Providing justification for tax audit under Section 44AB.
And with that, we conclude this post. Please leave any questions or comments in the space provided below; we are happy to answer them.
FAQs
1. What is the deadline for filing ITR 6?
Ans: The deadline date for filing ITR 6 is October 31st of each assessment year. If transfer pricing is involved, the deadline is November 30th.
2. What are the repercussions of submitting ITR 6 late?
Ans: Late filing involves a fine under Section 234F and may result in interest charges on outstanding tax liabilities under Sections 234A, 234B, and 234C.
3. Can a firm recover its losses by submitting ITR 6 on time?
Ans: Yes, timely filing enables businesses to carry forward business losses for up to eight further assessment years.
4. Who is ineligible to file ITR 6?
Ans: Individuals, Hindu Undivided Families (HUF), firms, associations of persons (AOP), bodies of individuals (BOI), municipal governments, and businesses claiming exemption under Section 11 are ineligible to submit ITR 6.
