itr-6 form filing

ITR-6 is an income tax return form that is used by companies that do not claim an exemption under Section 11 of the Income Tax Act, 1961. It is a comprehensive form that requires taxpayers to provide detailed information about their income, deductions, and taxes payable.

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ITR-6 is an income tax return form that is used by companies that do not claim an exemption under Section 11 of the Income Tax Act, 1961. It is a comprehensive form that requires taxpayers to provide detailed information about their income, deductions, and taxes payable.

Here are some key features of the ITR-6 form:

  1. Applicability: The ITR-6 form is applicable for companies that do not claim an exemption under Section 11 of the Income Tax Act, 1961.
  2. Sections Covered: The ITR-6 form includes various sections such as Part-A, Part B, Part-C, Part D, Part-E, Part F, Part-G, and Schedules. Each part requires the taxpayer to provide different types of information such as personal details, income details, deductions, tax payable, etc.
  3. Mode of Filing: The ITR-6 form can be filed either online or offline. However, for companies that are required to get their accounts audited under section 44AB, the return must be filed online.
  4. Documents Required: The taxpayer is required to keep certain documents handy while filing the ITR-6 form such as the balance sheet, profit and loss account, audit report, and other supporting documents.
  5. Due Date: The due date for filing the ITR-6 form is generally November 30th of the assessment year. However, for FY 2021-22, the due date has been extended to January 31st, 2023.
  6. Penalties: Failure to file the ITR-6 form on time can result in penalties and interest charges. The penalty for late filing is Rs. 5,000 if the return is filed after the due date but before December 31st of the assessment year. If the return is filed after December 31st, the penalty can go up to Rs. 10,000.

ITR-6 is an income tax return form that is used by companies that do not claim exemption under Section 11 of the Income Tax Act, of 1961. The form includes various sections that require the taxpayer to provide different types of information related to income, deductions, tax payable, etc. It can be filed either online or offline, and penalties are levied for late filing.

Structure of ITR 6 Form

ITR-6 is an income tax return form that is used by companies to file their income tax returns with the Income Tax Department of India. The form consists of 30 different sections, each of which requires specific information to be filled in. Here is a brief overview of the structure of the ITR-6 form:

Part A: General Information

This section contains general information about the company, including its name, address, PAN, email ID, and contact details.

Part B: Gross Total Income

This section contains details of the company’s gross total income, including income from salaries, house property, business/profession, capital gains, and other sources.

Part C: Deductions and Total Taxable Income

This section contains details of deductions claimed by the company, including deductions under Chapter VI-A, and total taxable income.

Part D: Tax Computation and Payment

This section contains details of the tax computation and payment, including details of tax deducted at source, advance tax, self-assessment tax, and any other taxes paid.

Part E: Details of Partner/Members

This section is applicable only if the company is a partnership firm or a limited liability partnership. It contains details of the partners/members of the firm.

Part F: Audit Information

This section contains details of the tax audit conducted by a Chartered Accountant (CA) and the details of the CA.

Part G: Additional Information

This section contains any additional information that the company may want to provide.

Part H: Verification

This section contains a declaration by the person filing the return.

Annexure

The ITR-6 form also includes several annexures, including:

Annexure – TDS

This annexure contains details of tax deducted at source.

Annexure – TCS

This annexure contains details of tax collected at the source.

Annexure – MAT

This annexure contains details of the Minimum Alternate Tax (MAT) paid by the company.

Annexure – IT

This annexure contains details of the income tax paid by the company.

Annexure – DDT

This annexure contains details of the Dividend Distribution Tax (DDT) paid by the company.

Annexure – PT

This annexure contains details of the Professional Tax paid by the company.

Annexure – FSI

This annexure contains details of the Foreign Income and Assets of the company.

These are the different sections and annexures that make up the ITR-6 form. Companies need to fill in all the relevant information accurately and submit the form by the due date to avoid any penalties or fines.

How to file ITR 6 Form?

To file the ITR-6 form, you can follow these steps:

  • Step 1: Collect all the necessary information and documents

Before filing the ITR-6 form, you need to collect all the necessary information and documents, such as your company’s financial statements, bank statements, TDS certificates, and other relevant documents.

  • Step 2: Generate XML File

You can either fill out the ITR-6 form online or offline. If you are filling it out online, you can generate an XML file of your completed form.

  • Step 3: Upload the XML file

You can upload the XML file to the Income Tax Department’s e-filing portal. If you do not have an account on the e-filing portal, you need to register first.

  • Step 4: Verify the Return

After uploading the XML file, you need to verify your tax return. There are two ways to verify your tax return:

  1. Electronic Verification Code (EVC): You can generate an EVC through net banking, Aadhaar OTP, or by using a pre-generated EVC.
  2. Digital Signature Certificate (DSC): You can sign the tax return using a DSC.
  • Step 5: Submit the Return

Once the tax return is verified, you can submit it online.

  • Step 6: Acknowledgement

You will receive an acknowledgment of the submission of your tax return. You should keep this safe as it is proof of the filing of your tax return.

Note: If you have any tax payable, you need to pay it before filing your tax return. You can pay it online through the Income Tax Department’s e-filing portal.

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Documents Required

  • Monthly Purchase Bill
  • Monthly Sales Bill
  • Sales Return Details
  • Purchase Return Details
  • Tax Paid Challans for GST
  • From 26AS
  • Day to day Administration expenses and General expenses details
  • Rental Agreement (if applicable)
  • Fixed Assets Invoice
  • Copy (if Applicable)
    Investment details made by Cash
  • Investment details made through Bank
  • Proof of Source of Cash In-flow and Cash Out-flow
  • Loan details from Bank or Third Party
  • Outstanding receivables and payables
  • Company’s Pan and two DSCs
  • Details of Bank used for business transactions (Acct No, IFSC Code)
  • Statement from Bank used for business transactions
  • Break-up of the statement from Bank used for business transactions