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There is no denying the fact that when it is the time to file an income tax return, panic seeps in. The rush of collecting required documents and finding a professional CA can even make you go berserk on the filing procedure.
However, as far as the ITR 6 is concerned, this form is completely annexure-less, which means that you would not have to attach any documents with the form. That is a sigh of relief, isn’t it? So, scroll down and find out more basic but essential information about ITR 6 form.
The ITR 6 form is specifically for companies, registered under the Companies Act 2013 (or former act) that need to file their Income Tax Returns. However, even the eligibility comes with an exception. Hence, the companies that have to claim an exemption under section 11 of the Income Tax Return have been barred from using this form.
The companies generating Income from such properties that have been held for religious or charitable purposes can claim an exemption under section 11 of Income Tax Return.
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Basically, ITR 6 income tax form has been divided into two significant parts and a handful of schedules. Thus, the sequences must be followed conscientiously by taxpayers while filing up this form.
Balance Sheet according to the 31st March or as on the amalgamation date
Details of Manufacturing account for the financial year
Details of the Trading Account for that specific financial year
Details of profits and losses for that particular financial year
Schedule-OS: Details of income under the head income from other sources
Schedule-CYLA: statement of income after setting the current year’s losses
Schedule-BFLA: Statement of income after setting unabsorbed loss brought forward from previous years
Schedule- CFL: Details of losses that need to be carried forward
Schedule –UD: Computation of unabsorbed depreciation as well as allowance
Schedule ICDS: Impact of Income details on profit
Schedule- 10AA: Information regarding deductions under section 10AA of the Income Tax
Schedule- 80G: Details of donation for deduction under Section 80G
Schedule 80GGA: Computation of donations for rural development or scientific research
Schedule RA: Details of donations done for research associations and more.
Schedule- 80IA: Information regarding deductions under section 80IA of the Income Tax
Schedule- 80IB: Information regarding deductions under section 80IB of the Income Tax
Schedule- 80IC or 80IE: Details of deduction under section 80IC or 80 IE
Schedule-VIA: Statement of deductions under Chapter VIA
Schedule-SI: Details of income charged to tax at special rates
Schedule PTI: Income details from business trust or investment fund
Schedule-EI: Details of income not disclosed in total income
Schedule-MAT: Details of Minimum Alternate Tax payable under section 115JB
Schedule-MATC: Details of tax credit under section 115JAA
Schedule-DDT: Dividend distribution tax payment details
Schedule BBS: Details of tax on distributed income of domestic company on buyback of shares, not listed on the stock exchange
Schedule ESI: Income from abroad and tax relief details
Schedule-IT: Payment statement of tax on self-assessment and advance-tax
Schedule-TDS: Details of TDS on income (except salary)
Schedule-TCS: TDS details
Schedule FSI: Income details accruing abroad
Schedule TR: Details of claimed tax relief for Taxes paid outside India
Schedule FA: Foreign income and assets information
Schedule SH-1: Shareholding of an unlisted company
Schedule SH-2: Shareholding of Start-ups
Schedule AL-1: Details of assets and liabilities as per the end of the year
Schedule AL-2: Details of assets and liabilities as per the end of the year (applicable for start-ups)
Schedule GST: Calculation of turnover or gross receipts for GST
Schedule FD: Payments or receipts breakup in a different currency
Part B-TI: Details of total income
Part B-TTI: Details of Tax Liability on total income
Since filing ITR 6 offline is not an option, online filing becomes the only way to do so. To do so, follow these simple steps:
And you are done.
Filing ITR 6 is surely not a tough task, given that you are familiar with the procedure of filing Income Tax online. However, if you are a novice in this stream, it is recommended to take professional help so as to stay clear of unnecessary mistakes.
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