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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.

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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 AManufacturing Account for the financial year 2019-20
Part ATrading Account for the financial year 2019-20
Part A-P&LProfit 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-ASTrading 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-CYLAStatement 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 80GGADetails 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 TRSummary 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-1Assets 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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    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.
    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.
    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.
    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.


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

    Company whose income from the property is held for religious or charitable purposes.
    The General due date for filing ITR which requires a tax audit is 30th September of the relevant financial year.
    ITR-6 can be filed by companies that do not claim an exemption under section 11.
    ITR-6 is to be filed by companies that are not claiming any exemption under Section11.
    Yes, PAN of the firm is mandatory for filing ITR.
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