ITR-6 Return Filing

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.

When the 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, including information about the auditor and the date on which it was submitted to the tax department.

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 filled 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 relevant to the income and expenditure of the company.

• Balance Sheet: This sub-section should consist of the details of the balance sheet of the company such as liabilities, current liabilities, share capital, and more.

• Manufacturing Account: This sub-section requires figures of the manufacturing accounts relating to inventory such as opening stock, closing stock, and cost of goods produced.

• Profit and Loss Account: This sub-section should be filed with details of the company's profit or loss 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

• When accounts are subject to audit under the Income-Tax Act: October 31st of the assessment year.

• When reporting in Form No. 3CEB is required: November 30th of the assessment year.

• In all other cases (where accounts do not require auditing): July 31st of the assessment year.

When filing out the ITR-6 Form, it is recommended to follow the sequence provided by the Income Tax Department for a systematic and error-free Form 6 income tax filing process:

• Part A

• Schedules

• Part B

• Verification

Following this sequence ensures that you provide the information organizationally, making it easier to complete your income tax return accurately and efficiently.

No annexure or documents, including TDS certificates, must be attached to the ITR-6 return form during filing. Taxpayers are advised to reconcile the taxes deducted, collected, or paid on their behalf by comparing them with their Tax Credit Statement Form 26AS.

PKRIDS is a reputable online platform known for its tax and compliance services expertise. When it comes to ITR6 filing, PKRIDS offers a range of services to assist corporate entities:

• Expert Guidance: PKRIDS provides expert guidance and support throughout the ITR-6 filing process, ensuring you accurately report your financial information and claim all eligible deductions.

• Easy Online Filing: We offer a user-friendly online portal that simplifies the ITR-6 filing process. You can securely upload your financial data and documents, making the process convenient and paperless.

• Compliance Assurance: PKRIDS ensures that your ITR-6 is filed in compliance with the latest tax regulations, minimizing the risk of errors and penalties.

• Timely Filing: Timely filing of Form 6 income tax filing is essential to avoid penalties. PKRIDS helps you meet deadlines and file your returns on time, ensuring you stay on the right side of the law.

• Personalized Support: PKRIDS provides personalized support from tax experts who can address your queries and concerns, making the Form 6 income tax filing process smoother.

Contact our experts now and experience the convenience of seamless tax compliance.

ITR-6 is an Income Tax Return form specifically designed for companies that are not claiming exemption under section 11 of the Income Tax Act.

Companies, including foreign companies with operations in India, that do not qualify for exemption under section 11 must file ITR-6.

The ITR 6 due date varies depending on certain factors:

• If the company's accounts are audited under the Income-Tax Act, the due date is October 31st.

• If the company is required to furnish a report in Form No. 3CEB, the due date is November 30th.

• In all other cases where accounts do not require auditing, the due date is July 31st.

Yes, it is mandatory to file ITR-6 electronically. Paper filing is not allowed for companies.

Late filing can lead to penalties and interest charges on the outstanding tax liability.

Yes, you can file a revised ITR-6 within the specified time limit to correct any errors or omissions.

To file ITR-6, you need documents such as financial statements, balance sheet, profit and loss statement, and Tax Credit Statement (Form 26AS).

Tax is calculated based on the applicable tax rates and the company's taxable income, as per the provisions of the Income Tax Act.

Yes, foreign companies conducting business activities in India can file ITR-6 if they do not qualify for exemption under section 11.

Companies that claim exemption under section 11 (Income derived from property held for charitable or religious purposes) are not eligible to file ITR-6.