How to File ITR-6?

ITR-6 is a specialized income tax return form designed for companies, except those claiming exemption under Section 11 (charitable or religious trusts), to report their income and fulfill their tax obligations. Eligible entities include private limited companies, public limited companies while companies exempt under Section 11 or claiming exemptions for charitable activities cannot file ITR-6. Filing requires specific documents such as audited financial statements  and GST information. The form is structured into different schedules capturing income details, deductions, and tax computation, ensuring comprehensive reporting. Filing ITR-6 online through the Income Tax Portal involves logging in, selecting the appropriate form, filling in details and verifying the return electronically, making it a streamlined and transparent process for corporate taxpayers.

What is ITR-6?

ITR-6 is an income tax return form prescribed under the Income Tax Act, 1961, specifically designed for companies to report their income, deductions, and tax liability for a financial year. It is applicable to all companies except those claiming exemptions under Section 11 of the Act, which pertains to income derived from charitable or religious purposes. The form captures various details, including business income, capital gains, income from other sources, and tax payments. Filing ITR-6 is mandatory for companies and must be done electronically through the Income Tax Portal using digital signatures.

Who is Eligible to File ITR-6?

ITR-6 can be filed by the following entities:

  1. Private Limited Companies: Businesses registered as private limited entities under the Companies Act, 2013.
  2. Public Limited Companies: Companies listed on stock exchanges or unlisted public companies which are registered under the Companies Act,2013.

Who Cannot File ITR-6?

The following entities are not eligible to file ITR-6:

  1. Companies Claiming Exemption Under Section 11: Section 8 companies whose income is derived solely from charitable or religious activities are exempt from filing ITR-6.
  2. Partnership Firms, Sole Proprietorships, and Individual Taxpayers: These taxpayers must file other applicable ITR forms, such as ITR-3 or ITR-4 or ITR-5.
  3. Cooperative Societies and Trusts: These entities have separate ITR forms, like ITR-7, designed for their specific income sources and exemptions.
  4. Political Parties and NGOs with Exempt Incomes: These organizations often qualify for Section 11 or Section 13A benefits and are required to use ITR-7.

What are the Documents Needed to File ITR-6?

When filing ITR-6, companies must ensure they have the following documents and information to complete the return accurately:

  1. Audited Financial Statements:
    This includes the Balance Sheet, Profit & Loss Account, and Cash Flow Statement, audited under Companies Act, 2013 by a qualified Chartered Accountant. 

  2. Income Details:
    Companies must gather income details from various sources, including business income, capital gains, other income, and profits from any investments. These details must be reflected accurately in the return.

  3. Tax Audit Report:
    If applicable, the tax audit report under Section 44AB of the Income Tax Act is required. This audit report confirms compliance with income tax laws.

  4. GST Returns:
    Copies of GST returns filed for the relevant financial year should be ready. This helps in reconciling tax payments and ensuring that the company’s GST liabilities are reported correctly.

  5. Details of Shareholders and Directors:
    Information related to the shareholders and directors, such as their names, addresses, and Permanent Account Numbers (PAN), must be provided. This helps in verifying the company’s corporate structure.

  6. TDS (Tax Deducted at Source) Details:
    If the company has made or received payments subject to TDS, details of TDS certificates (Form 16A, Form 16B, etc.) must be submitted.

  7. Tax Payments and Challans:
    Documents related to advance tax payments, self-assessment tax payments, and any other tax liabilities should be included.

  8. Details of Loans and Borrowings:
    If applicable, the company must provide information about loans and borrowings, such as loan agreements and repayment schedules.

What is the Structure of the ITR-6 Form?

The ITR-6 form is structured into multiple sections, designed to collect comprehensive details about the company’s financial activities and taxes. The key components of the ITR-6 form are as follows:

  1. General Information:

    • Name, PAN, and Address: Basic details of the company.
    • Nature of Business: Information about the business operations, such as manufacturing, trading, or services.
    • Filing Status: Whether the company is filing for the first time, or it is a revised or belated return.
  2. Income Details:

  3. Deductions and Exemptions:

    • The form provides sections for claiming deductions under various sections. Companies can also report any exemptions they are claiming under different provisions of the Income Tax Act.
  4. Tax Computation:

    • Total Income: This is the company’s gross income after considering various deductions and exemptions.
    • Tax Calculation: The tax payable by the company, including the application of tax rates, rebates, and any tax credits (such as MAT or AMT).
    • Self-Assessment Tax: Companies need to report any self-assessment tax paid, along with the tax calculation.
  5. Tax Payments and TDS:

  6. Balance Sheet and Profit & Loss Account:

    • A detailed section where the company reports its audited financial statements, including its liabilities, assets, income, and expenses.
  7. Schedules:

    • Schedule SH: Shareholding pattern of the company.
    • Schedule BFLA (Business Losses Brought Forward): Details of business losses carried forward from previous years.
  8. Verification and Declaration:

    • The final section of the form requires the company to verify that all the information provided is correct and complete. 

How to File ITR-6 Online on Income Tax Portal?

Filing ITR-6 online is a straightforward process when following the step-by-step procedure outlined by the Income Tax Department. Here’s how to file your company’s income tax return online:

Step 1: Register/Log in to the Income Tax Portal

  • Visit the official Income Tax Portal 
  • If you already have an account, click on “Login Here” and enter your User ID (PAN) and Password.
  • If you don’t have an account, create one by clicking on “Register Yourself” and entering the required details.

Step 2: Select the Correct ITR Form

  • Once logged in, go to the “e-File” tab and click on “Income Tax Return” under the “File Income Tax Return” option.
  • Choose ITR-6 from the list of available forms for filing. Ensure that you select the correct assessment year for which you are filing the return.

Step 3: Choose the Filing Type

  • You will be prompted to choose the “Filing Type” (Original, Revised, or Belated) based on your circumstances.
  • Select “Original” for first-time filings, “Revised” if you are amending a previously filed return, or “Belated” if you missed the deadline and are filing late.

Step 4: Fill in the Required Information

  • The portal will direct you to a page where you must fill in details like the business income, tax deductions, and exemptions.
  • Fill in each section carefully. This includes:
    • Income Details (business income, capital gains, other income).
    • Deduction Details 
    • Tax Computation (the total tax payable after deductions and exemptions).

Step 5: Verify the Details

  • Double-check all the entered information for accuracy. Ensure that all the financial data matches your audited statements, and there are no discrepancies.
  • If necessary, make corrections before proceeding further.

Step 6: Calculate Tax and Pay (if applicable)

  • The portal will automatically calculate the total tax payable based on the information you’ve provided. You can review the computation and ensure that all tax credits (like TDS and advance tax) are correctly applied.
  • If there’s any tax payable, make the payment using one of the available payment modes (e.g., net banking, debit card, or challan). After payment, you will receive a challan for your records.

Step 8: Verify the Return

  • After completing the form and making any necessary payments, you must verify the return.
  • You can verify your ITR-6 through a Digital Signature Certificate (DSC).

Step 9: Submit the Return

  • Once the verification is complete, submit the ITR-6 return. The Income Tax Portal will display a confirmation message along with an acknowledgment number.
  • Save the acknowledgment number for future reference. You can also download a copy of the filed return and acknowledgment.

Step 10: Track the Status

  • You can track the status of your ITR-6 filing by logging into your account and navigating to “View Filed Returns”. This will show whether your return has been successfully processed, and if any further action is required.

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