What is the ITR-6 Form?
Companies aside from companies claiming exemption under section 11 must furnish their tax return in ITR-6 Form.
What are the businesses claiming exemptions under section 11?
Companies claiming exemption under section 11 are those whose income from property is held for charitable or religious purposes.
E-filing audit reports
If the assessee is responsible for Audit u/s 44AB and therefore the accounts are audited by an accountant, the small print of such audit report,auditor alongside the date of furnishing it to the department electronically has got to be provided.
What is the structure of the ITR-6 Form?
The Form has been divided into two parts and a number of other schedules:
• Part A: General information
• Part A-BS: record as on 31st March 2019
• Part A-BS-Ind AS: record as on 31st March 2020 or as on the date of the business combination
• Part A: Manufacturing Account for the fiscal year 2019-20
• Part A: Trading Account for the fiscal year 2019-20
• Part A-P&L: Profit and Loss Account for the fiscal year 2019-20
• Part A-Manufacturing Account-Ind AS: Manufacturing Account for the fiscal year 2019-20
• Part A-Trading Account Ind-AS: Trading Account for the fiscal year 2019-20
• Part A-P&L Ind-AS: Profit and Loss Account for the fiscal year 2019-20
• Part A-OI: Other information
• Part A-QD: Quantitative details
• Part A-OL: Receipt and payment account of company under liquidation
• Schedules as mentioned below
• Part B-TI: Computation of total income
• Part B-TTI: Computation of liabilities on total income
• Tax payments:
1.Details of payments of Advance Tax and Self-Assessment Tax
2.Details of Tax Deducted at Source (TDS) on Income (As per Form 16A/16B/16C)
3.Details of Tax Collected at Source (TCS)
The 42 schedules are:
• Schedule-HP: Computation of income under the top Income from House Property
• Schedule-BP: Computation of income under the top “profit and gains from business or profession”
• Schedule-DPM: Computation of depreciation on plant and machinery under the Income-tax Act
• Schedule DOA: Computation of depreciation on other assets under the Income-tax Act
• Schedule DEP: Summary of depreciation on all the assets under the Income-tax Act
• Schedule DCG: Computation of deemed capital gains on sale of depreciable assets
• Schedule ESR: Deduction under section 35 (expenditure on scientific research)
• Schedule-CG: Computation of income under the top Capital gains.
• Schedule-OS: Computation of income under the top Income from other sources.
• Schedule-CYLA: Statement of income after depart of current year’s losses
• Schedule-BFLA: Statement of income after depart of unabsorbed loss brought forward from earlier years.
• Schedule- CFL: Statement of losses to be carried forward to future years.
• Schedule –UD: Details of unabsorbed depreciation and allowance under section 35(4)
• Schedule ICDS: Effect of Income Computation Disclosure Standards on profit
• Schedule- 10AA: Computation of deduction under section 10AA
• Schedule- 80G: Details of donation entitled for deduction under section 80G
• Schedule 80GGA: Details of donations for research project or rural development
• Schedule RA: Details of donations to research associations etc.
• Schedule- 80IA: Computation of deduction under section 80IA
• Schedule- 80IB: Computation of deduction under section 80IB
• Schedule- 80IC or 80IE: Computation of deduction under section 80IC or 80 IE
• Schedule-VIA: Statement of deductions (from total income) under Chapter VIA.
• Schedule-SI: Statement of income which is chargeable to tax at special rates
• Schedule PTI: undergo 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 decrease under section 115JAA
• Schedule-DDT: Details of payment of Dividend Distribution Tax
• Schedule BBS: Details of tax on distributed income of domestic company on repurchase of shares, ex-directory on stock market
• 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 top of the year
• Schedule AL-2: Assets and liabilities as at the top of the year (applicable for start-ups only)
• Schedule DI: Schedule of tax-saving investments or deposits or payments to say deduction or exemption within 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
Key changes within the ITR-6 Form
The key changes within the ITR-6 Form in AY 2020-21 are summarised below:
• A separate schedule 112A for the calculation of the long-term capital gains on the sale of equity shares or units of a business trust which are susceptible to STT.
• The details of tax on secondary adjustments to transfer price under section 92CE(2A).
• The details of tax write-off claims for investments or payments or expenditure made between 1 April 2020 until 30 June 2020.
Key changes within the ITR-6 Form
The key changes within the ITR-6 Form in AY 2019-20 are summarised below:
• Details of recognition as a start-up by DPIIT
• Details of declaration filed in Form-2
• Bifurcation of donations into cash and non-cash mode of payment
• Information on turnover/gross receipt reported for GST
How do I fill out the ITR-6 Form?
Sequence for filling out parts and schedules
The tax Department advises assesses to follow the sequence mentioned below while filling out the tax return.
• Part A
• Part B
How do I file my ITR-6 Form?
This tax return has got to be compulsorily furnished electronically under digital signature to the tax Department.
No annexures required
No document (including TDS certificate) should be attached with this return form while filing ITR-6.Taxpayers are advised to match the taxes deducted/collected/paid by or on behalf of them with their decrease Statement Form 26AS.