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Income Tax Return-6

Income Tax Return-6

Income Tax Return - 6

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 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, 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.

SCHEDULESPURPOSE
 Bank account details
Schedule –HPFor computing incomes under the head Income from House Property
Schedule –BPFor computing incomes under the head “profit and gains from business and profession
Schedule –DPMFor calculating depreciation on plant & machinery
Schedule –DOAFor a summary of depreciation on all assets
Schedule –DCGFor calculating the deemed capital gain on sale of depreciable assets
Schedule –ESRDeductions u/s 35, i.e. expenditure on scientific research
Schedule –CGFor calculating income under the head “Capital gains”
Schedule –OSFor calculating income from other sources
Schedule –CYLACalculating the income after setting off the current year’s loss
Schedule –BFLACalculation of income after setting off the unabsorbed loss of the previous year
Schedule –CFLStatement of loss for carrying forward to a further year
Schedule –UDStatements of unabsorbed depreciation and allowance
Schedule –ICDSIncome computation disclosure standards on profit
Schedule –10AADeductions u/s 10AA
Schedule –80GDetails of deduction u/s 80G relating to donations
Schedule –80 GGAStatement of donations for scientific research and rural development
Schedule –VIAStatement of deductions from total income under chapter VI-A
SCHEDULESPURPOSE
Schedule –SIDetails of income chargeable at special tax rates
Schedule –PTIDetails relating to passing through income from business trust or investment fund
Schedule –EIStatement of exempted incomes
Schedule –MATDetails of tax payable u/s 115JB (Minimum Alternate Tax)
Schedule –DDTstatement of tax paid on dividend, i.e. “dividend distribution tax”
Schedule –BBSDetails of tax distributed income on buyback of shares
Schedule –ESIStatement of foreign incomes and tax relief thereto
Schedule –ITDetails on advance-tax paid and self-assessment tax
Schedule –TDSDetails of TDS on incomes other than salaries
Schedule –TCSStatement of TCS (Tax collected at source)
Schedule –FSIStatement of income accruing outside India
Schedule –TRDetails of tax relief claimed for foreign tax paid
Schedule –FAComplete details of foreign assets and foreign income
Schedule –SH1Details of shareholding of an unlisted company
Schedule –SH2Details of shareholding of start-ups
Schedule –AL1Statement of assets and liabilities at the end of the year
Schedule –GSTStatement of turnover reported for GST
Schedule –FDDetails 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.10 lakhs.

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Income tax return filing for a taxpayer with taxable income of more than Rs.10 lakhs.

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