Income Tax Return-6

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.

STRUCTURE

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.

PART A

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 subsection should consist of the details of the balance sheet of the company such as the 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, 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.

PART B

Part B-TI

Computation of Total Income

Part B-TTI

Computation of Tax liability of the Total Income.

SCHEDULES	PURPOSE
	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

SCHEDULES	PURPOSE
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