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ITR6 – Return Filing, Format, Eligibility & Rule

What is ITR-6?

ITR 6 is an income tax return form to file income tax return when  the organization do not claim exemption under Section 11 of the Income Tax Act,1961Its an E-filing Form

 Whom does it Apply to?

Organizations that does not claim exemption for income gained from property they hold for charitable and religious purposes, is eligible to file Form 6

How To use ITR-6 form

One can download form from the official Income Tax website and fill out the form

Structure and Content of ITR-6

The ITR-6 form has following structure :

  • Part A
  • Schedules
  • Part B
  • Verification

PART-A has following Structure:

General-The Basic and General Information about the filee

Balance Sheet-The information about the balance sheet of the financial year

Manufacturing Account-Manufacturing account for the financial year

Trading Account-Trading account for the financia year

Profit and Loss Account-Profit and Loss Account from trading made in the Last Financial Year

Other information

QD: Quantitative details

OL: Receipt and payment account of company under liquidation

 

Schedules:

Schedule-HP: Income from House Property

Schedule-BP: profit from business or profession”

Schedule-DPM: Depreciation on plant and machinery Schedule DOA: depreciation on other assets

Schedule DEP depreciation on all the assets

Schedule DCG: Deemed capital gains

Schedule ESR: Expenditure on scientific research

Schedule-CG: Head Capital gains

Schedule-OS:Other sources

Schedule-CYLA: Statement of income after set off of current year’s    losses

Schedule-BFLA: Statement of income after set off of unabsorbed loss    brought forward from earlier years

Schedule- CFL: Statement of losses to be carried forward to future years

Schedule –UD: Unabsorbed depreciation and allowance under section 35(4)

Schedule ICDS: Income Computation Disclosure Standards on profit

Schedule- 10AA: deduction under section 10AA

Schedule- 80G: Details of donation entitled for deduction under section    80G

Schedule 80GGA: donations for scientific research or rural development

Schedule RA: donations to research associations etc

Schedule- 80IA :deduction under section 80IA

Schedule- 80IB: deduction under section 80IB

Schedule- 80IC or 80IE: deduction under section 80IC or 80 IE

Schedule-VIA: Deductions (from total income) under Chapter VIA

Schedule-SI: Statement of income which is chargeable to tax at special rates

Schedule PTI: Pass through income details from business trust or investment fund

Schedule-EI: Statement of Income not included in total income (exempt incomes)

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 TR:Summary of tax relief claimed for taxes paid outside India

Schedule FA: Details of Foreign Assets and income from any source outside India

Schedule SH-1: Shareholding of unlisted company

Schedule SH-2: Shareholding of Start-ups

Schedule AL-1: Assets and liabilities as at the end of the year

Schedule AL-2: Assets and liabilities as at 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 until 30 June 2020

Schedule GST: Information regarding turnover/gross receipt reported for GST

Schedule FD: Break-up of payments/receipts in Foreign currency

 

PART-B:

The ITR-6 Form of Part-B majorly consists of details related to Tax filing

Bank Details

Interest and Fees Payabale

Paid Taxes

Bank Details

 

Verification:

Furnish the information required in the Verification document. The Non –Applicable Content to be cancelled or stroked out. It is Mandatory that verification has been signed before submitting the return. The designation/capacity of the person signing the return should be mentioned.

Furnishing fake schedules/Information shall be liable to be prosecuted under section 277 of the Income-tax Act, 1961 and on conviction be punishable under that section with rigorous imprisonment and with fine.

Find Your ITR6 Form here:ITR-6