ITR-6

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  • ITR-6 is an income tax return form specifically meant for companies in India. It is used by companies (excluding those claiming tax exemption for religious or charitable purposes) to report their income and claim deductions for the financial year1. Here are the key details about ITR-6:

    1. Eligibility:

      • Companies registered under the Companies Act 2013 or the earlier Companies Act 1956 should file ITR-6.
      • Companies whose income comes from property held for religious or charitable purposes are not required to file ITR-6.

    2. Structure of ITR-6 Form:

      • The form is divided into two parts and several schedules:
        • Part A: General information
        • Part B: Various schedules related to computation of income, balance sheet, profit and loss account, and other details.
      • The 42 schedules cover aspects such as income from house property, depreciation on plant and machinery, and more.

    3. Audit Reports:

      • If the company is liable for audit under section 44AB of the Income Tax Act or any other law, the audit reports must be submitted electronically.
      • Companies typically get their accounts audited under the Companies Act, and the audit report is submitted in FORM 3CA and 3CD.

  1. Companies Registered Under the Companies Act:

    • All companies registered under the Companies Act 2013 or the earlier Companies Act 1956 should file ITR-6 Form.
    • However, companies whose income comes from property held for religious or charitable purposes are not required to file ITR-6.

  2. Audit Reports:

    • If the company is liable for audit under section 44AB of the Income Tax Act or any other law, the audit reports must be submitted electronically.
    • Companies typically get their accounts audited under the Companies Act, and the audit report is submitted in FORM 3CA and 3CD.

If the assessee is liable for Audit u/s 44AB of the Income Tax Act or it is required to get the audit done under any other law then the accounts have been audited by an accountant, the details of such audit report, auditor along with the date of furnishing it to the department electronically has to be provided. 

  • Taxpayers who are not required to file the ITR 6 Form include:

    • Individuals
    • Hindu Undivided Family (HUF)
    • Firms
    • Associations of Persons (AOP)
    • Bodies of Individuals (BOI)
    • Local Authorities
    • Artificial Judicial Persons
    • Companies that seek exemption under section 11 of Income Tax Act.
  1. Tax Deducted at Source (TDS) Certificate: Collect TDS certificates related to tax deductions made on payments received.
  2. Tax Audit Report: Ensure you have the tax audit report prepared by a chartered accountant.
  3. Financial Statement: Include your company’s profit and loss statement and balance sheet.
  4. Challans: Keep records of any tax payments made through challans.
  5. Form 26 and Form 26AS: These forms provide details of TDS and other tax-related information.
  6. Bank Statement: Gather your company’s bank statements.
  7. Capital Gains: If applicable, document any capital gains earned during the financial year.