Know your Income tax form- ITR-6

WHAT IS ITR-6

Form ITR – 6 can be used by a company, other than a company claiming exemption under section 11 (exemption under section 11 can be claimed by a charitable/religious trust).

ITR 6 APPLICABLE FOR:

ITR-6 form is to be used when the assessee is one of the following:

  • Companies

WHO IS NOT ELIGIBLE TO FILE ITR 6 FORM:

  • Individual,
  • HUF,
  • Firm, Association of Person (AOP),
  • Body of Individuals (BOI),
  • Local Authority and Artificial Judiciary Person
  • Companies that claim exemption under section 11(Income from property held for charitable or religious purposes)

DUE DATE FOR FILING ITR 6 FORM

Due date of filing income tax return for FY 2017-18:

  • 30th September, 2018

CHANGES W.E.F. 1ST APRIL, 2018 (ITR 6  FY 2017-18 or AY 2018-2019)

  • New columns have been introduced in the ITR forms to report the details of GST paid and refunded
  • Schedule PL has been modified for the taxpayers to provide GST related details.
  • A new field has been added to report disallowance of expenses in case of TDS default.
  • Companies are now required to provide the details of apportionments made for CSR activities from the net profit.
  • Mention the registration number of the firm of the Chartered Accountant in the ITR form, who has done an audit.
  • In the case of sale of shares of unlisted companies, the requirement to disclose the Actual Sales consideration and Fair Market value of the shares.
  • Late filing fee (Section 234F) for the delay in the filing of ITR.

WHAT ARE THE DIFFERENT MODE OF FILING ITR 6

  • Online: Through xml file upload and Digital signature is compulsory.

DETAILS REQUIRED IN ITR 6 FORM

Schedules for filing Income Tax Return Description
Click on applicable links to navigate to the respective sheet / schedule.
Personal Information, Filing Status & Audit Information Details of Personal Information, Filing Status & Audit Information
Holding Status, Key Persons, Business Organization, Shareholders Information, Nature of Company & its Business Details of Holding Status, Key Persons, Business Organization, Shareholders Information, Nature of Company & its Business
Subsidiary Detail Information Subsidiary Detail Information, If  nature of company is Holding or Both
Nature of Business or Profession Nature of business or profession, if more than one trade names please specify up to 3 trade names
Part A-BS Balance Sheet as on 31st day of March, 2018
Part A-BS -Ind AS Balance Sheet as on 31st day of March, 2018
Part A-P & L Profit and Loss Account information for Financial Year 2017-18
Part A-P&L – Ind AS Profit and Loss Account for the financial year 2017-18
Part A-OI Other Information
Part A-QD Quantitative details
Part A – OL Receipt and payment account of company under liquidation
PartB-TI, PartB-TTI & Verification Computation of Total Income & Tax Liability on total income
15A Details of payments of Advance Tax and Self-Assessment Tax
15B, 15C Details of Tax Deducted at Source & Tax Collected at Source
Schedule HP Details of Income from House Property
Schedule BP Computation of income from business or profession
Schedule DPM, Schedule DOA Depreciation on Plant and Machinery & on other assets
Schedule DEP, Schedule DCG Summary of depreciation on assets & Deemed Capital Gains on sale of depreciable assets
Schedule ESR Deduction under section 35 or 35CCC or 35CCD
Schedule CG Details of Income from Capital Gains
Schedule OS Details of Income from Other Sources
Schedule CYLA, Schedule BFLA Details of Income after Set off of Current years losses &Brought Forward Losses of earlier years
Schedule CFL Details of Losses to be carried forward to future Years
Schedule 10, Schedule 10AA Deduction under section 10A & 10AA
Schedule UD Unabsorbed depreciation and allowance under section 35(4)
Schedule ICDS Effect of Income Computation Disclosure Standards on profit
Schedule 80-IA, 80-IB, 80-IC or 80-IE Deductions under section 80-IA, 80-IB, 80-IC or 80-IE
Schedule VIA Deductions under  Chapter VI-A
Schedule 80G Details of donations entitled for deduction under section 80G
Schedule SI Income chargeable to Income tax at special rates IB
Schedule EI Details of Exempt Income
Schedule PTI Pass Through Income details from business trust or investment fund as per section 115UA, 115UB
Schedule MAT Computation of Minimum Alternate Tax payable under section 115JB
Schedule MATC Computation of tax credit under section 115JAA
Schedule DDT Dividend Distribution Tax Payment
Schedule BBS Details of tax on distributed income of a domestic company on buy back of shares, not listed on stock exchange
Schedule FSI Details of Income from outside India and tax relief
Schedule TR, Schedule FA Summary of tax relief claimed for taxes paid outside India & Schedule FA Details of foreign assets
Schedule GST Break-up of total expenditure with entities registered or not registered under the GST
Schedule FD Break-up of payments/receipts in Foreign currency

PENALTY ON LATE FILING OF ITR 

Starting from April 1, if you file your ITR post the deadline (unless the tax department extends it), you will be liable to pay a maximum penalty of Rs.10K.

W.e.f. assessment year 2018-19, if assessee failed to furnish return of income within due date as prescribed under section 139(1) then as per section 234F, he will be required to penalty of:

  • Rs. 5000 if return is furnished on or before 31 December of assessment year.
  • Rs. 10,000 in any other case.
  • Total income of the person does not exceeds Rs. 5 lakh then Rs. 1000.
  • If Income is not taxable then NIL (Not required to pay penalty as per income tax provisions)

For filing your ITR Return, please send us one liner/ your requirement, our team will get back to you within 24 hrs.

Mail us: rocguru.com@gmail.com

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