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ITR-6 RETURN
Income Tax Return i.e. ITR is simply a form which has to be filed with the Income Tax Department. Some employees at the company term it an income tax return filing or an income tax filing. The main moto of online ITR filing is to make a report of income and the taxes that are paid to the government.
Who can file the ITR-6 Form ?
Companies that are not claiming exemption under section(U/S) 11 should file their income tax return under ITR-6.
Which companies claim the exemption under section 11?
What is the Sequence for filling parts and schedules in ITR-6?
While filling out your income tax return, the Income Tax Department recommends assesses to follow the following sequence:
1) Part A
2) Schedules
3) Part B
4) Verification
How can I file my ITR-6 Form?
A taxpayer has to file ITR-6 online mandatorily. There is no offline process for ITR-6.
The ITR-6 can be filed Online/Electronically by:
Furnishing the return electronically under digital signature
You would have to transmit data electronically and then submit the verification of the return in the form of ITR-V.
After this, the assessee should print two copies of the ITR-V Form. A copy should be duly signed and then it has to be sent by ordinary post to the Electronic City Office in Bengaluru. The other copy may be kept by the assessee for his own record.
What is the structure of the ITR-6 Form for AY 2020-21?
ITR-6 Form has been divided into two categories i.e. parts and several schedules:
| Part A | General information |
| Part A-BS | Balance Sheet as on 31st March 2019 |
| Part A-BS-Ind AS | Balance Sheet as of 31st March 2020 or as on the date of the business combination |
| Part A | Manufacturing Account for the financial year 2019-20 |
| Part A | Trading Account for the financial year 2019-20 |
| Part A-P&L | Profit and Loss Account for the financial year 2019-20 |
| Part A-Manufacturing Account-Ind AS | Manufacturing Account for the financial year 2019-20 |
| Part A-Trading Account Ind-AS | Trading Account for the financial year 2019-20 |
| Part A-P&L Ind-AS | Profit and Loss Account for the financial year 2019-20 |
| Part A-OI | Other information |
| Part A-QD | Quantitative details |
| Part A-OL | Receipt and payment account of company under liquidation |
| Part B-TI | Computation of total income |
| Part B-TTI | Computation of tax liability on total income |
| Schedule-HP | Computation of income under the head Income from House Property |
| Schedule-BP | Computation of income under the head “profit and gains from business or profession” |
| Schedule-DPM | Computation of depreciation of plant and machinery under the Income-tax Act |
| Schedule DOA | Computation of depreciation on other assets under the Income-tax Act |
| Schedule DEP | Summary of depreciation on all the assets under the Income-tax Act |
| Schedule DCG | Computation of deemed capital gains on sale of depreciable assets |
| Schedule ESR | Deduction under section 35 (expenditure on scientific research) |
| Schedule-CG | Computation of income under the head Capital gains. |
| Schedule-OS | Computation of income under the head Income from other sources. |
| Schedule-CYLA | Statement of income after setting off of current year’s losses |
| Schedule-BFLA | Statement of income after setting off of unabsorbed loss brought forward from earlier years. |
| Schedule- CFL | Statement of losses to be carried forward to future years. |
| Schedule –UD | Details of unabsorbed depreciation and allowance under section 35(4) |
| Schedule ICDS | Effect of Income Computation Disclosure Standards on profit |
| Schedule- 10AA | Computation of deductions under section 10AA |
| Schedule- 80G | Details of donation entitled for deduction under section 80G |
| Schedule 80GGA | Details of donations for scientific research or rural development |
| Schedule RA | Details of donations to research associations, etc. |
| Schedule- 80IA | Computation of deductions under section 80IA |
| Schedule- 80IB | Computation of deductions under section 80IB |
| Schedule- 80IC or 80IE | Computation of deductions under section 80IC or 80 IE |
| Schedule-VIA | Statement of deductions (from total income) under Chapter VIA. |
| Schedule-SI | Statement of income which is chargeable for tax at special rates |
| Schedule PTI | Pass through income details from a business trust or investment fund |
| Schedule-EI | Statement of Income not included in total income (exempt income) |
| Schedule-MAT | Computation of Minimum Alternate Tax payable under section 115JB |
| Schedule-MATC | Computation of tax credit under section 115JAA |
| Schedule-DDT | Details of payment of Dividend Distribution Tax |
| Schedule BBS | Details of tax on distributed income of domestic company on buy back of shares, not listed on stock exchange |
| Schedule TPSA | Secondary adjustment to transfer price as per section 92CE(2A) |
| Schedule FSI | Details of income from outside India and tax relief |
| Schedule TR | Summary of tax relief claims for taxes paid outside India |
| Schedule FA | Details of Foreign Assets and income from any source outside India |
| Schedule SH-1 | Shareholding of unlisted companies |
| Schedule SH-2 | Shareholding of Start-ups |
| Schedule AL-1 | Assets and liabilities as of the end of the year |
| Schedule AL-2 | Assets and liabilities as of the end of the year (applicable for start-ups only) |
| Schedule DI | Schedule of tax-saving investments or deposits or payments to claim deduction or exemption in the extended period from 1 April 2020 to 30 June 2020 |
| Schedule GST | Information regarding turnover/gross receipt reported for GST |
| Schedule FD | Break-up of payments/receipts in Foreign currency |
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Advantages
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The numbers and the capital base defined by the income tax return is helpful for the loan processing. Higher the financial worth, easier the loan processing. The same applies to high-risk cover insurance. The ITR is a considerable document for making decisions in this regard.
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Salaried personnel receive their income after deduction of applicable TDS. It may happen that after the eligible deductions, the tax liability is lower than the amount of TDS deducted. In such cases, the excessive payment can be claimed in the form of refund only if ITR is filed by the person.
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Most businesses in their initial years face losses from the business. The business loss or capital losses can be carried forward up to 8 years if the ITR is filed. This loss can also be adjusted against future income that lowers taxable income in the future. If ITR is not filed, the taxpayer is deprived of this benefit.
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The ITR filed with the Government defines the financial worth of the taxpayer. The track of ITR shows the financial capacity and also increases the capital base of a person. Hence, the track value of income and financial worth is decided by the previously filed ITR. Investors and institutions look forward to returns filed to understand the capacity of the business.
Disadvantages
Now, the taxpayer gets some time to amend the mistake. The return must be filed within 15 days from the date of receipt of the intimation, as per Section 139(9). This time limit may be extended by the assessing officer (AO) on an application by the assessee. If the defect is not corrected within the stipulated time, then it will be treated as an invalid return. It's the same as not filing a return at all.
If it is found that the actual income exceeds the income declared by the person. Or when no return has been filed despite income exceeding the basic exemption limit. Penalty at 50% of tax payable on such under-reported income shall be payable. 200% of the tax if under-reporting results from misreporting of income.
As per Section 234F of the Income Tax Act, if you file after 31st July (it was extended to 31st August for AY 2019-2020) but before December, a penalty of Rs. 5000 will be levied. For returns filed after December, the penalty will be Rs. 10,000. However, to provide relief to small taxpayers, the IT department has stated a maximum penalty of only Rs. 1,000 will get levied. The condition is that your total income is less than Rs 5 lakh.
FAQs Section
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Company whose income from the property is held for religious or charitable purposes.
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The General due date for filing ITR which requires a tax audit is 30th September of the relevant financial year.
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ITR-6 can be filed by companies that do not claim an exemption under section 11.
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ITR-6 is to be filed by companies that are not claiming any exemption under Section11.
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Yes, PAN of the firm is mandatory for filing ITR.
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