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The Form 6 for filing an income tax return is exclusively for companies who have not filed a return of income under section 11. So, what are the companies claiming exemptions under section 11? Companies whose income from property is held for charitable or religious purposes are eligible to claim an exemption under section 11 of the Income Tax Act.
While it is essential to file ITR 6 Form, here is a breakdown of basics you want to know before filing a return of income using form ITR 6.
Structure of ITR-6 Form:
Part A – General Information
- Part A-BS: Balance sheet as on March 31 of the Financial Year
- Part A-BS-Ind AS: Balance sheet on March 31, or as defined on the date of the business combination
- Part A – Manufacturing account for the Financial year
- Part A – Trading account for the Fiscal Year
- Part A-P&L: Profit and loss account for Financial Year
- Part A-Manufacturing Account-Ind AS: Manufacturing account for the FY
- Part A-Trading Account Ind-AS: Trading account for the FY
- Part A-P &L Ind-AS: Profit and loss account for the FY
- Part A-OI: Other information related to the taxpayer
- Part A-QD: Quantitative details for the respective FY
- Part A-OL: Company’s receipt and payment account under liquidation
Part B
- Part B-TI: Computation of total Income
- Part B-TTI: Computation details of tax liability on the Total Income
Schedules of ITR 6 Form:
Out of the total 42 schedules under the ITR 6 form, some of the most essential schedules include:
- Schedule-HP: Computation details of Income under the head ‘Income from House Property.’
- Schedule-BP: Computation of Income that comes under the head ‘Profits and gains from business or profession’
- Schedule-DOA: Details of computation of depreciation of ‘other assets’
- Schedule-DEP: Summary of depreciation of all the assets
- Schedule-DPM: Computation of depreciation on plant and machinery as covered under the Income Tax Act
- Schedule-DCG: Computation details of deemed capital gains when the depreciable assets are sold
- Schedule-CG: Computation details of Income that falls under the heads long-term and short-term ‘Capital gains, which now requires separate reporting for capital gains from transactions conducted before and after July 23, 2024.
- Schedule-OS: Computation of Income that comes under the head of ‘Income from other sources’
- Schedule-ESR: Deductions under Section 35, which includes the expenditure on scientific research related to the business
- Schedule-ICDS: Effect of income computation disclosure standards on the profits
- Schedule-10AA: Computation of deductions availed under Section 10AA of the Income Tax Act
- Schedule-80G: Deductions of donations given to relief funds and charitable institutions as covered under Section 80G.
Eligibility to File Return using ITR-6:
ITR 6 form can be used by all companies other than those who fall under Form ITR-7. The below mentioned taxpayers are not liable to file ITR-6 Form:
- Individuals, Hindu Undivided Family (HUF), Body of Individuals (BOI), Association of Person (AOP), Firm, Local Authority and Artificial Judiciary Person
- Companies that claim an exemption under section 11 (Income from property held for charitable or religious purposes)
- A Company required filing a return of income in ITR-7.
How to file ITR-6 Form?
ITR 6 has to be compulsorily furnished under digital signature through the electronic mode on the Income Tax Department’s tax filing portal.
1) Register yourself using details like PAN, date of birth, etc., and choose a password. Your PAN will be your user ID.
2) Choose How You Want to e-file - You can either download this form, save it to your desktop, fill it and upload it to the site; or you can fill in details in an online form.
3) Select the Form Type “ITR 6 Form” from all the options.
4) Keep the documents including PAN, Form 16, TDS certificates, details of investment, interest statements, life insurance, and home loans ready. If your income for the FY is more than ₹1 crore, you will have to fill an additional form of ‘Assets and Liabilities’. In Schedule-TDS, taxpayers are now required to mention the specific section of the Income Tax Act under which TDS was deducted (e.g., 194A, 194C). This enhancement promotes better traceability and transparency in tax credit claims.
5) Verify using one of the 2 options to verify your form submission – In case you submit your from with a digital signature, your form will be verified through OTP and an acknowledged number will be generated. Otherwise, in case you submit the form without a digital signature, an ITR-V is sent to your registered email ID, which needs to be verified to complete the forming process, by sending it to the Bangalore processing centre within 120 days of filing the return.
No annexure required: No document (including TDS certificate) should be attached with this return form while filing ITR-6.
Also, taxpayers are advised to match the taxes deducted/collected/paid by them with their Tax Credit Statement Form 26AS.
Major Changes made in ITR-6 for AY 2024-25:
1) Introduction of a separate schedule 112A to calculate the long-term capital gains on the sale of units of a business trust or equity shares liable to STT.
2) Tax computation details for secondary adjustments under section 92CE(2A) while filing ITR 6 form.
3) Details of tax deduction claims for investments made during April 1, 2024, to June 30, 2024.
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Disclaimer - This article is issued in the general public interest and meant for general information purposes only. The views expressed in this blog are solely those of the writer and do not necessarily reflect the official policy or position of Canara HSBC Life Insurance Company Limited or any affiliated entity. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the blog or the information, products, services, or related graphics contained in the blog for any purpose. Any reliance you place on such information is therefore strictly at your own risk. You should consult with a qualified professional regarding your specific circumstances before taking any action based on the content provided herein.
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