What is ITR 6?
Simply put, ITR 6 is a type of ITR form used to file income tax returns. ITR 6 is meant for registered companies in India who are not seeking tax exemptions under Section 11 of the Income Tax Act of 1961. ¹ Companies registered under the Companies Act 2013 are required to file ITR 6. ¹
Those who are eligible for tax exemptions under Section 11 of the Income Tax Act of 1961 need not file the ITR 6. These are the companies that hold religious or charitable work on their property and, hence, are exempt from tax.
Who should file ITR 6?
As mentioned above, ITR 6 has to be filed by the registered companies in India. Section 2(17) of the Income Tax Act of 1961 specifies the type of companies that need to file this Return form. ²
Here are the particulars that define an assessee for the ITR 6:
- Domestic Indian companies
- Corporates that are registered under the law of any country outside of India
- Institution, association, or body (incorporated/not incorporated and Indian/non-Indian) that is declared to be a company.
Things you should know before filing ITR 6 online?
Check for your eligibility and tax filing requirements. When filing ITR 6, it is mandatory to provide a digital signature on the form. If you are required to file ITR 6, here are the steps that you need to follow to file ITR 6 online: ³
Step 1
Visit the e-filing portal.
Step 2
Login using credentials and choose the ITR 6 form from the drop-down menu.
Step 3
Check for the registration of your company on the e-filing portal with an active PAN.
Step 4
Ensure that the login profile is updated. Key persons (authorised signatories) must be added for the correct representation of the company.
Step 5
You must update your digital signature on the e-filing profile. This is because ITR 6 is filed using a DSC (Digital Signature Certificate).
Step 6
To receive any refund, it is crucial to update the company's bank account on the e-filing portal.
Step 7
A valid mobile number linked with the e-filing portal/Aadhaar/bank must be added.
Step 8
Before you file and submit the form, make sure that all the necessary supporting documents and forms are filed and updated.
Note: Make sure to download and keep the acknowledgement after submitting the Return form.
Structure of ITR 6 form
There are two parts and around 46 schedules in the ITR 6 form. So, understanding these is crucial to avoid unnecessary mistakes in the form and e-filing. Here are the two parts, A and B, of the form. 1
Part A
Part A contains gender information of the taxpayer like name, address, PAN, balance sheet up to 31 March, profit and loss account, trading account, receipts and payment details, etc. ¹
Part B
Part B has details of total income. The taxpayer needs to calculate and enter income details like profit and gain, long-term capital gains, income from other sources, losses, etc. ⁴
Other than these two sections, there are around 46 schedules as well. Some of these are mentioned in the table below:
| Schedules | Details to be filled |
|---|
Schedule MAT
| Minimum alternate tax payable (u/s 115JB of the Income Tax Act of 1961)
|
Schedule 112A
| - Details of equity shares sold in a company
- Equity-oriented fund’s unit
- Business trust’s unit
|
Schedule OS
| Income from other sources
|
Schedule BP
| Income from business or professions
|
Schedule DEP
| Depreciation on assets
|
Schedule UD
| Details of unabsorbed depreciation
|
Schedule FD
| Details of the break-up of payments
|
Schedule VI-A
| Deductions applicable as per Chapter VI-A
|
Schedule CYLA
| Information regarding total income after setting off losses of the current year
|
Schedule DPM
| Depreciation on plant and machinery
|
Schedule DCG
| Deemed capital gains (Depreciating assets)
|
Schedule DOA
| Depreciation on other assets
|
Schedule ESR
| Expenditure on scientific research, etc.
|
Schedule VDA
| Gain from transferring virtual digital assets
|
Schedule CG
| Capital gains
|
Schedule HP
| Income from house property
|
Conclusion
Income tax returns must be filed within the deadline to avoid any legal hassle. If you are a company registered under the Companies Act 2013/1956, you will be required to file ITR 6. In case you are claiming exemptions under Section 11 of the Income Tax Act of 1961, you need to file ITR 6.
The process of filing ITR 6 is slightly different from other forms as it is submitted under the digital signature certificate of the assessee. So, make sure to go through the details of ITR 6 filing beforehand to file it on time and without unnecessary back and forth.
FAQs
Who should file ITR 6?
ITR 6 has to be filed by the registered companies that are not eligible for claims under Section 11 of the Income Tax Act of 1961.¹
Do I have to file form 10IB/10IC/10ID to claim the benefit of the New Tax Regime under section 115BA/ 115BAA/ 115BAB, respectively?
Yes, to be eligible for the benefits of the new tax regime under Section 115BA/115BAA/115BAB, it is mandatory to file forms 101B/101C/101D
References
- https://cleartax.in/s/itr6
- https://www.google.com/url?sa=t&source=web&rct=j&opi=89978449&url=https://www.incometax.gov.in/iec/foportal/sites/default/files/2021-05/Instructions_ITR6_AY2021_22.pdf&ved=2ahUKEwi15Ju8osyLAxV0TGwGHbzNAVoQFnoECBUQBg&usg=AOvVaw2Qmrjvyho9ygbX87CTuv3P
- https://www.incometax.gov.in/iec/foportal/sites/default/files/2023-10/Webinar%20PPT.pdf
- https://incometaxindia.gov.in/forms/income-tax%20rules/2023/itr6_english.pdf
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