Income Tax Return - Form ITR-6
Mandatory Filing Form for Companies (Excluding those claiming Exemption under Section 11)
ITR-6 Applicability: The Company Form
ITR-6 is the specific Income Tax Return form mandated for all Companies registered under the Companies Act.
Exception: This form is not to be filed by companies claiming exemption under Section 11 (Income from property held for charitable or religious purposes), as they must file ITR-7.
Structure of ITR-6: Parts A and B
Part A: Accounts and Financials
- General information: Basic entity details like Name, PAN, CIN, Incorporation date, etc.
- Trading Account: Relevant details for income and expenditure.
- Balance Sheet: Includes liabilities, share capital, and other balance sheet details.
- Profit & Loss Account: Summary of profit or loss for the financial year.
- Manufacturing Account: Inventory details including opening stock, closing stock, and production cost.
Part B: Computation
- Part B-TI: Computation of Total Income.
- Part B-TTI: Computation of Tax Liability on the Total Income.
Electronic filing is mandatory for all companies filing ITR-6.
Key Schedules for ITR-6
| SCHEDULES | PURPOSE |
|---|---|
| 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 – 80GGA | 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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FAQ's on Income Tax Return - ITR 6
Your Questions Answered
Who is eligible to file ITR-6?
ITR-6 is mandatory for all companies registered under the Companies Act, 2013 or the previous Companies Act, 1956. This includes both public and private limited companies, whether domestic or foreign.
Who is NOT eligible to file ITR-6?
Companies claiming exemption under Section 11 (income from property held for charitable or religious purposes) are not eligible to file ITR-6; they must file ITR-7. All other companies must file ITR-6.
Is it mandatory to file ITR-6 electronically?
Yes. All companies are compulsorily required to file ITR-6 electronically (e-filing) using a digital signature certificate (DSC) on the Income Tax Department's portal.
What are the key financial reports required for ITR-6?
ITR-6 requires the detailed submission of the Balance Sheet (BS), the Profit & Loss (P&L) Account, and a separate schedule reconciling the P&L with the provisions of the Income Tax Act.
Is a Tax Audit mandatory for all companies filing ITR-6?
While most companies are required to have their accounts audited under the Companies Act, a Tax Audit under Section 44AB is not typically mandatory for companies, as their P&L and BS are subject to statutory audits which are incorporated into the ITR-6 form.
What is the Minimum Alternate Tax (MAT) and where is it reported?
MAT is a provision requiring companies to pay a minimum amount of tax, even if their computed tax liability is zero or low. Schedule MAT in ITR-6 is used to compute and report MAT liability.
What is the due date for filing ITR-6?
The due date for filing ITR-6 for the assessment year is generally October 31st of the subsequent financial year. This is because companies are typically subject to mandatory audit requirements.
How is foreign income and foreign tax credit (FTC) reported in ITR-6?
Companies must report foreign income in the relevant P&L schedules. FTC is claimed under Schedule FSI (Foreign Source Income) and Schedule TR (Tax Relief), requiring details of the foreign tax paid and the relevant country.
