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ITR-6 Return Filing
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Income tax return filing for Companies whose annual turnover is upto Rs.10 lakhs.
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ITR 6 Filing Form
ITR 6 Form is required to be filed by companies when they are not eligible for claiming an exemption under Section 11 of the Income Tax Act, 1961. Companies that have income from property held for charitable or religious purposes can claim an exemption under Section 11.
Therefore, ITR 6 is specifically for companies that do not qualify for this exemption under Section 11.
Efiling audit reports
In case the assessee is required to undergo an audit under section 44AB, and the accounts have been audited by an accountant, the details of the audit report, including the name of the auditor and the date of its submission, must be furnished electronically to the income tax department. This ensures compliance with the audit requirements under section 44AB of the Income Tax Act.
Who is eligible to file ITR 6 Form?
- ITR 6 Form is to be filed by every company irrespective of its structure registered under the Companies Act 2013 or the earlier Companies Act 1956. However, the companies whose source of income comes from the property that is held for religious or charitable purposes are not required to file ITR 6 Form.
- 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 Form?
Companies that derive their income primarily from religious or charitable organizations can claim an exemption under Section 11 of the Income Tax Act. In such cases, these companies are not required to file the 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. Let us have a detailed look at this.
Part A (and its subsections)
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 (and its subsections)
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 |
| 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 |
ITR 7 u/s 139 (4D)
Schools, colleges, and institutions are not covered under any section of the Income Tax Act and are required to file the ITR 7 under this regulation.
ITR 7 u/s 139 (4E)
Filing the returns of the income done by a business trust.
ITR 7 u/s 139 (4F)
This form is to be filed by any investment fund referred to in Section 115UB. There is no requirement to furnish the returns of income or loss under any other provision in this section.
What is the structure of the ITR 7 Form?
The ITR 7 Form has been divided into two parts and nineteen schedules.
- Part A General information
- Part B Outline of the total income and tax computation concerning income chargeable to tax.
| Schedule-I | Details of amounts accumulated/ set apart within the meaning of section 11(2) in last year’s viz., previous years relevant to the current assessment year. |
| Schedule-J | Statement showing the investment of all funds of the Trust or Institution as on the last day of the previous year. |
| Schedule-K | Statement of particulars regarding the Author(s)/ Founder(s)/ Trustee(s)/ Manager(s), etc., of the Trust or Institution. |
| Schedule-LA | Details in case of a political party. |
| Schedule-ET | Details in case of an Electoral Trust |
| Schedule-HP | Computation of income under the head Income from House Property. |
| Schedule-CG | Computation of income under the head ITR. |
| Schedule-OS | Computation of income under the head Income from other sources. |
| Schedule-VC | Details of Voluntary Contributions received |
| Schedule-OA | General information about business and profession |
| Schedule-BP | Computation of income under the head “profit and gains from business or profession |
| Schedule-CYLA | Statement of income after set off of current year’s losses |
| Schedule-MAT | Computation of Minimum Alternate Tax payable under section 115JB (n) |
| Schedule-MATC | Computation of tax credit under section 115JAA |
| Schedule AMT | Computation of Alternate Minimum Tax payable under section 115JC (p) |
| Schedule AMTC | Computation of tax credit under section 115JD |
| Schedule-SI | Statement of income which is chargeable to tax at special rates |
| Schedule-IT | Statement of payment of advance-tax and tax on self-assessment. |
| Schedule-TDS | Statement of tax deducted at source on income other than salary. |
| Schedule-TCS | Statement of tax collected at source |
| Schedule FSI | Details of income accruing or arising outside India |
| Schedule TR | Details of Taxes paid outside India |
| Schedule FA | Details of Foreign Assets |
How to file ITR 6 Form?
The Income-tax department advises to fill the Income-tax returns in the following sequence:
- Part A ( and its subsection) All the Schedules
- Part B ( its subsection) Verification
Filing the ITR 6 Form is an online process, and it should be submitted electronically by affixing the Digital Signature Certificate (DSC) of the assessee. No physical documents need to be attached when filing the ITR 6 Form, as it is an annexure-less form. It is essential for the taxpayer to reconcile the information in the form with their tax credit statement in Form 26AS, which contains details of tax deductions, collections, and payments.
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