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
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