ITR for Companies
Filing of ITR -5/ITR-6
Preparation of Computation
Tax Planning
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Introduction:
Filing your ITR 1 Sahaj form online is now more accessible and convenient. Follow the step-by-step process outlined in this guide to ensure accurate and efficient filing. Trust InstaFiling's tax experts to assist you throughout the process, providing expert guidance and resolving all your queries. Stay updated with the recent amendments to make the most of your ITR 1 filing for AY 2021-2022. Begin your filing process with InstaFiling today!
The ITR-6 form is specifically designed for companies, excluding those claiming exemptions under section 11 of the Income Tax Act. Companies falling under section 11 are entities whose income from property is held for charitable or religious purposes. By filing the ITR-6 form, companies can accurately report their income and ensure compliance with tax regulations.
List of Documents Required
Bank Account No and IFSC Code
Financials with Balance Sheet and P&L
Income Tax Login Credentials
Details of Directors/Shareholders/Partners
Digital Signature Certificate
GSTIN Details (if any)
How Does It Works?
Form Submission
Document Checking
Final Quote And Payment
Process Tack Off
Back & Forth Communication
Result Delivered
Who Should File ITR-6?
All companies registered under the Companies Act 2013 or the earlier Companies Act 1956 are required to file the ITR-6 form. However, companies whose income arises from property held for charitable or religious purposes are exempted from filing this form.
E-Filing Audit Reports:
If your company is liable for an audit under section 44AB of the Income Tax Act and its accounts have been audited by an accountant, you need to provide details of the audit report, including the auditor’s information and the date of electronically furnishing it to the department.
Structure of the ITR-6 Form:
The ITR-6 form is divided into two parts and consists of several schedules to capture specific financial information. Here’s an overview of its structure:
Part A: General information
Part A-BS: Balance Sheet as on 31st March 2023
Part A-BS-Ind AS: Balance Sheet as on 31st March 2023 or as on the date of the business combination
Part A-Manufacturing Account for the financial year 2022-23
Part A-Trading Account for the financial year 2022-23
Part A-P&L: Profit and Loss Account for the financial year 2022-22
Part A-Manufacturing Account-Ind AS: Manufacturing Account for the financial year 2022-23
Part A-Trading Account Ind-AS: Trading Account for the financial year 2022-23
Part A-P&L Ind-AS: Profit and Loss Account for the financial year 2022-23
Part A-OI: Other information
Part A-QD: Quantitative details
Part A-OL: Receipt and payment account of company under liquidation
Part B: Computation of income and tax liability
Key Changes in the ITR-6 Form:
Schedule 112A: A dedicated schedule to calculate long-term capital gains on the sale of equity shares or units of a business trust liable to Securities Transaction Tax (STT).
Secondary Adjustments to Transfer Price: Inclusion of details regarding tax on secondary adjustments to transfer price under section 92CE(2A).
Tax Deduction Claims: Provision to report tax deduction claims for investments, payments, or expenditures made between 1st April 2020 and 30th June 2020.
Instructions for Filling Out the ITR-6 Form:
To ensure a smooth filing process, follow the sequence provided by the Income Tax Department:
Begin with Part A, which includes general information about the company.
Proceed with the schedules relevant to your company’s financial activities.
Complete Part B, which involves the computation of income and tax liability.
Finally, fill out the verification document, ensuring all applicable information is provided and signed.
E-Filing the ITR-6 Form:
The ITR-6 form must be filed electronically with a digital signature to the Income Tax Department. No annexures or supporting documents, including TDS certificates, should be attached. It is advisable to cross-verify the taxes deducted, collected, or paid by comparing them with the Tax Credit Statement Form 26AS.
Due Date for Filing ITR-6 Form:
The due date for filing the ITR-6 form depends on the audit and reporting requirements:
Type of Situation | Due Date |
When accounts are audited under the Income Tax Act | 31st October of the assessment year |
When reporting in Form No. 3CEB is required | 30th November of the assessment year |
For other cases where accounts don’t require an audit | 30th September of the assessment year |
Conclusion:
By understanding the intricacies of the ITR-6 form and adhering to the guidelines provided, companies can streamline their income tax return filing process. If you still haven’t filed your ITR 6 Form, Contact InstaFiling experts today!
FAQs
The ITR-6 form should be filed by companies registered under the Companies Act, 2013 or the earlier Companies Act, 1956, except for companies claiming exemptions under section 11.
Companies claiming exemption under section 11 are those whose income from property is held for charitable or religious purposes.
Yes, the ITR-6 form must be compulsorily furnished electronically under digital signature to the Income Tax Department.
The due date for filing the ITR-6 form depends on the audit and reporting requirements:
- When accounts are audited under the Income Tax Act: 31st October of the assessment year.
- When reporting in Form No. 3CEB is required: 30th November of the assessment year.
- For other cases where accounts don’t require an audit: 31st July of the assessment year.
The key changes in the ITR-6 form for Assessment Year 2020-21 include:
Introduction of a separate schedule 112A for the calculation of long-term capital gains on the sale of equity shares or units of a business trust liable to Securities Transaction Tax (STT).
Inclusion of details regarding tax on secondary adjustments to transfer price under section 92CE(2A).
Provision to report tax deduction claims for investments, payments, or expenditures made between 1st April 2020 and 30th June 2020.
Fill up the required information in the verification document and ensure that it is signed before furnishing the return. Choose the designation/capacity of the person signing the return. It’s important to note that making a false statement in the return can lead to prosecution under section 277 of the Income-tax Act, 1961.
Yes, there can be penalties for late filing or non-filing of the ITR-6 form. It’s advisable to file the return within the prescribed due dates to avoid penalties and stay compliant with tax regulations.
Yes, seeking professional assistance from chartered accountants or tax experts can be beneficial, especially if you have complex income sources or require guidance on maximizing tax benefits. Professionals can ensure accurate filing and help you navigate through the process smoothly.
Remember to consult with a tax professional or refer to the official guidelines from the Income Tax Department for specific queries or any recent updates.
