ITR-6 Return
Easily setup a sole proprietorship with registrations, LEDGERS and business bank account.
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- Fewer legal formalities than LLP.
- Associated with the GST and income tax departments.
- Full control over the business for the sole proprietor.
- No separate business tax filings.
- Easy to disassemble.
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Step-by-Step Guide to Filing the ITR 6 Form
The ITR 6 Form is for companies that do not claim an exemption under Section 11 of the Income Tax Act. It means companies earning income from business or other sources, but not from property held for charitable or religious purposes, must file ITR-6. The form requires detailed financial information, including income, expenses, deductions and tax calculations. The due dates for filling out the ITR 6 Form depend on the additional requirements.
What Is ITR 6 Filing Process?
You will find the ITR-6 form under the ‘Income Tax Returns’ section in the ‘e-filing’ menu after you log into the Income Tax Department portal. Select the right assessment year and be ready with the documents.
Step 1:
Understand the structure of the Income Tax Return Form 6. The form contains 4 parts: Part A, Part B, 46 schedules and verification.
Step 2:
Fill in your personal information as an assessee in your tax profile under Part A. This part also requires you to fill in your business and company details, balance sheet details and details of the profit and loss account.
Step 3:
Fill computations of your total income and tax liability in Part B.
Step 4:
Fill in the schedules you are eligible for.
Step 5:
Generate an Excel or Java utility after verifying your details and clicking the ‘save’ button.
Step 6:
Upload the functionality i.e. an XML or the Java utility and submit your ITR-6 form.
Documents to File ITR 6 Income Tax
Documents or annexures are not required to submit the ITR 6 Form. Also, you do not have to add the TDS certificate. You just have to use those documents at your side to ensure you enter the correct details while filling out the form. Similarly, do not forget to match the tax details with Form 26AS, a statement regarding the amount deducted in the name of TCS or TDS. After tallying your details, proceed to the ITR 6 Form filling.
ITR 6 Is for Whom
A company must file for ITR-6 if:
- Registered under the Companies Act 1956
- Registered under the Companies Act 2013
Who Cannot File for ITR 6 Income Tax?
The following cannot file for ITR 6 income tax:
- Those who seek exemption under Section 11. It means the company generates income from property reserved for religious or charitable purposes.
- Individuals and HUFs.
- Firms.
- Local authorities.
- Bodies of Individuals (BOI).
- Association of Individuals (AOI).
- Artificial Judicial Persons.
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Final Words
ITR-6 is exclusively for companies and requires comprehensive financial details including balance sheets, profit and loss accounts and more. Moreover, the companies that have audited their accounts under Section 44AB should furnish electronic details regarding the same. Reaching out to a trustworthy tax consultant is recommended due to the complex nature of the ITR 6 Form.
FAQs
What Is the Due Date for Submitting the ITR 6 Form?
Companies that do not require an account audit should submit the form before 31st July. Those required to conduct an audit should submit it before 31st October. If compliance with Form No. 3CEB is required, the ITR-6 form should be submitted before 30 November. Remember that these extended due dates are for the same assessment year.
Should I Maintain Books of Accounts for Filling the ITR-6 Form?
Yes, maintain the Books of Accounts for filling the ITR-6 Form because it is mandated according to the Income Tax Act.
What Documents Should I Keep Ready at My Side for Filing for ITR-6?
Be ready with the monthly purchase and sales bill, Form 26AS, loan details, rental agreement (if needed), company’s PAN, investment details and more documents.
Can I File for a Revised Return for ITR 6 Income Tax?
Yes, you may file for a revised return for ITR 6 income tax if you have filed the 10IB/10IC/10ID forms within the deadline.
How Do I Report Foreign Income in ITR-6?
Use Schedule FA to report foreign income and related details.
