Income Tax Return-6
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ITR Form 6 or ITR 6 is an income tax return form that is used by companies to e-file income tax return if they do not claim exemption under Section 11 of the Income Tax Act, 1961. Under existing Income Tax rules, companies that can claim exemption u/s 11 are those who have income from property that is held for charitable or religious purposes.
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. Let us have a detailed look at this.
This Sub-section should be filed with the basic details of the entity such as the Name, PAN number, address, CIN, Incorporation date, etc.
This sub-section requires the details that are relevant to the income and the expenditure of the company.
This subsection should consist of the details of the balance sheet of the company such as the current liabilities, share capital, and more.
This Sub-section required the figures of manufacturing the accounts relating to the inventory such as opening stock, closing stock, and cost of the goods that are produced.
Profit and Loss Account
This subsection should be filed with the details of the company’s profit or the loss that is incurred during the relevant financial year.
Computation of Total Income
Computation of Tax liability of the Total Income.
|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 –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.|
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Income tax return filing for a taxpayer with taxable income of less than Rs.5 lakhs.
Income tax return filing for a taxpayer with taxable income of less than Rs.10 lakhs.
Income tax return filing for a taxpayer with taxable income of Rs10-15 lakhs
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