ITR-6 Return Filing
Streamline your tax filing process and ensure compliance with tax regulations with Gubera Consultancy’s efficient ITR-6 return filing services. Our expert team is dedicated to providing accurate and timely filing of Income Tax Return-6 (ITR-6), specifically tailored for companies other than those claiming exemption under Section 11.
Don’t worry we can customize the Package based on your Requirements as well . Let’s Start your Business Journey Now.
A Comprehensive Guide to Filing ITR-6 for Corporate Entities in India
Filing ITR-6 is an essential requirement for corporate entities in India to ensure compliance with the Income Tax Act of 1961. This comprehensive guide provides a breakdown of key points related to ITR-6 filing, including who can file the form, eligibility criteria, and the importance of accurate and timely filing.
Who Can File ITR-6 Form?
ITR-6 is specifically designed for corporate entities registered under the Companies Act or any other applicable law. It is suitable for companies that do not seek exemption under Section 11, which pertains to income from property held for charitable or religious purposes.
Who Are Not Eligible to File ITR-6 Form?
Individuals, Hindu Undivided Family (HUF), firms, associations of persons (AOP), bodies of individuals (BOI), local authorities, and artificial judicial persons are not required to file the ITR-6 form. Additionally, companies that seek exemption under Section 11 of the Income Tax Act are also ineligible to file ITR-6
Eligibility Criteria for Filing ITR-6 Form
Companies registered under the Companies Act or any other applicable law can file the ITR-6 form, even if they do not claim exemption under Section 11. It is important for these entities to accurately report their income and expenses to fulfill their tax obligations.
E-Filing Audit Reports
If a taxpayer is subject to an audit under Section 44AB and a qualified accountant has audited their accounts, it is mandatory to furnish electronic details of the audit report. This includes information about the auditor and the date on which it was submitted to the tax department. E-filing audit reports helps ensure transparency and accountability in the tax filing process.
Structure and Details of ITR 6 Form
The ITR 6 form is divided into two parts: Part A and Part B, each with its own subsections. These sections and schedules contain information relevant to the income and tax of the taxpayer. Let’s take a detailed look at each of these sections.
Part A – General Information: This sub-section of the ITR 6 form should be filled with the basic details of the entity. It includes information such as the name, PAN number, address, CIN (Corporate Identification Number), incorporation date, and more.
Part A – Trading Account: In this sub-section, you need to provide details relevant to the income and expenditure of the company. This includes information about sales, purchases, opening and closing stock, and other trading-related transactions.
Part A – Balance Sheet: The Balance Sheet subsection requires you to provide details of the company’s financial position. This includes information about liabilities, current liabilities, share capital, reserves, and other financial data.
Part A – Manufacturing Account: In this sub-section, you will need to provide figures related to manufacturing accounts. This includes details about opening stock, closing stock, and the cost of goods produced by the company.
Part A – Profit and Loss Account: This subsection should be filled with details of the company’s profit or loss incurred during the relevant financial year. You will need to provide information about revenue, expenses, and other financial data.
Part B – Computation of Total Income: Part B of the ITR 6 form focuses on the computation of the total income. This section requires you to provide details about income from various sources, deductions, exemptions, and other relevant information.
Part B – Computation of Tax Liability: In this sub-section, you will need to calculate the tax liability of the total income. This includes information about tax rates, deductions, and exemptions applicable to the taxpayer.
Schedules: The ITR 6 form also includes various schedules that serve specific purposes. Some of the important schedules are:
Schedule – HP: This schedule is used for computing incomes under the head “Income from House Property.” You will need to provide details about the property, rental income, deductions, and other relevant information.
Schedule – BP: This schedule is used for computing incomes under the head “Profit and Gains from Business and Profession.” You will need to provide details about business income, expenses, deductions, and other relevant information.
Schedule – DPM: This schedule is used for calculating depreciation on plant and machinery. You will need to provide details about the assets, their cost, and the applicable depreciation rates.
These are just a few examples of the schedules included in the ITR 6 form. Each schedule serves a specific purpose and requires relevant information to be provided by the taxpayer.
It is important to carefully fill out each section and schedule of the ITR 6 form to ensure accurate reporting of income and tax liability. Failure to provide correct information or omitting any required details may result in penalties or legal consequences. If you have any doubts or need assistance, it is advisable to consult a tax professional or seek guidance from the relevant tax authorities.
Filing TR 6 Forms: Due Dates and Process
TR 6 Due Date: Under the Income-tax Act, the due date for filing TR 6 forms varies depending on certain factors. Let’s take a look at the different scenarios:
Accounts Subject to Audit: If your accounts are subject to audit, the due date for filing TR 6 forms is October 31st of the assessment year. This means that if you fall under this category, you need to ensure that your form is submitted on or before October 31st.
Reporting in Form No. 3CEB: In cases where reporting in Form No. 3CEB is required, the due date for filing TR 6 forms is November 30th of the assessment year. It is important to note that this deadline is specifically for those who need to report in Form No. 3CEB.
Accounts Not Requiring Auditing: For all other cases where accounts do not require auditing, the due date for filing TR 6 forms is July 31st of the assessment year. If your accounts fall under this category, make sure to submit your form on or before July 31st.
How to File ITR 6 Form
Now that you are aware of the due dates for filing TR 6 forms, let’s discuss how to file the ITR 6 form. It is recommended to follow the sequence provided by the Income Tax Department for a systematic and error-free filing process.
The recommended sequence is as follows:
Part A Schedules: Start by filling out the Part A schedules of the ITR 6 form. This section requires you to provide various details such as your personal information, income details, deductions, and tax calculations. Make sure to carefully fill out each section and double-check for any errors.
Part B Verification: After completing the Part A schedules, move on to the Part B verification section. This section requires you to sign and verify the information provided in the form. Take your time to review all the details before signing, as any incorrect or false information can lead to penalties or legal consequences.
Following this sequence ensures that you provide the information in an organized manner, making it easier to complete your income tax return accurately and efficiently.
No Documents Required
When filing the ITR 6 form, it is important to note that no documents or annexures, including TDS certificates, need to be attached to the form. Instead, taxpayers are advised to reconcile the taxes deducted, collected, or paid on their behalf by comparing them with their tax credit statement Form 26AS.
By ensuring that your tax credit statement aligns with the information provided in the ITR 6 form, you can avoid any discrepancies or issues during the filing process.
Remember, it is crucial to file your TR 6 form within the specified due dates to avoid any penalties or consequences. If you have any further questions or need assistance, it is always recommended to consult a tax professional or refer to the official guidelines provided by the Income Tax Department.