ITR FOR COMPANY
BASIC PLAN
ELIGIBILITY FOR ITR-6 FORM
Every Company registered under the Companies Act, 2013 or the Companies Act, 1956, has to file ITR through form ITR 6 if it does not claim any tax exemption under Section 11 of the Income Tax Act.
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FILE ITR-6 FORM FOR:
» Preparation of:
- Balance sheet.
- Profit and Loss statement.
» Income Tax Return Filing.
Rs 7,499/-
ITR FOR COMPANY
STANDARD PLAN
FILE ITR-6 FORM FOR:
» Preparation of:
- Balance sheet.
- Profit and Loss statement.
» Income Tax Return Filing.
Rs 9,999/-
ITR FOR COMPANY
PREMIUM PLAN
FILE ITR-6 FORM FOR:
» Preparation of:
- Balance sheet.
- Profit and Loss statement.
» Income Tax Return Filing.
Rs 12,499/-
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File ITR-6 Form Online
ELIGIBILITY FOR ITR-6 FORM
- The ITR 6 form is an income tax form that is to be used by companies other than those companies that claim exemptions under Section-11.
- Companies that can claim exemptions under Section-11 are the ones who hold their income from property for religious or charitable purposes.
- If the sales, turnover, or gross receipts are more than Rs.1 crore in the preceding financial year the entity must get the accounts audited from a certified Chartered Accountant.
WHO IS NOT ELIGIBLE TO FILE ITR-6 ?
» The companies who have sources of income from religious or charitable organizations can seek exemption under Section 11. In simpler words, an entity that is seeking exemption under Section 11 should not file ITR 6 Form.
STRUCTURE OF ITR-6 FORM
» ITR-6 is divided into Part A and Part B ( along with the sub-sections) with multiple schedules that include information relevant to the income and tax of the taxpayer.
PART A (and its sub-sections)
General Information:
» This sub-section should be filed with the basic details of the entity such as the Name, PAN number, address, CIN, Incorporation date, etc.
Trading Account:
» This sub-section requires the details that are relevant to the income and the expenditure of the company.
Balance sheet:
» This sub-section should consist of the details of the balance sheet of the company such as the liabilities, current liabilities, share capital, and more.
Manufacturing Account:
» This sub-section required the figures of manufacturing the accounts relating to the inventory such as opening stock, closing stock.
Profit and Loss Account:
» This sub-section should be filed with the details of the company’s profit or the loss that is incurred during the relevant financial year.
PART B (and its sub-sections)
Part B-TI
Computation of Total Income.
Part B-TTI
Computation of Tax liability of the Total Income.
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-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 PTI: Pass through income details from business trust or investment fund
- Schedule-EI: Statement of Income not included in total income (exempt incomes)
- 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
HOW TO FILE ITR-6 FORM ONLINE
The Income-tax department advises to fill the Income-tax returns in the following sequence:
» This income tax return has to be filed online and is to be furnished electronically by affixing the DSC of the assessee.
» While filing the ITR-6 Form no document is required to be attached with return.
» ITR-6 Form is an annexure-less form.
» The taxpayer is required to tally the data with the tax credit statement Form 26 AS regarding the tax deduction, collection, and payment.
FREQUENTLY ASKED QUESTION - FAQ.
What is ITR-6 Form?
Companies other than companies that claim an exemption under Section 11 should furnish their income tax return in ITR 6 Form.
Which Companies claim an exemption under section 11?
Companies having income from property that is held for charitable or religious purposes. Those companies can claim an exemption under Section 11.
What is the sequence for filing ITR-6 Form?
- ITR 6 should be filed in the following sequence:
- Part A Schedules and Part B Verification.
How to file ITR-6 Form?
ITR-6 form is to be compulsorily furnished electronically using the Digital Signatures with the Income Tax Department.
Are any documents to be attached with ITR-6?
- No documents are to be attached with ITR-6.
- Not even the TDS certificate should be attached while filing ITR-6 returns.
- The taxpayers are advised to match the deducted taxes on behalf of it.
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