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ITR-6

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  1. Computation of Income Tax
  2. Preparation and Filing of ITR
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ITR-6 is an income tax return form prescribed by the Income Tax Department of India for companies other than those claiming exemption under Section 11 (income from property held for charitable or religious purposes). It is suitable for companies that are not eligible to file their tax returns using other ITR forms such as ITR-1 to ITR-5. Here’s an overview of ITR-6:

Eligibility:

  • ITR-6 is applicable to all companies except those claiming exemption under Section 11 of the Income Tax Act (income from property held for charitable or religious purposes).

Key Features:

  1. Company Details: Taxpayers need to provide details such as name, address, PAN, and type of company (public, private, etc.).
  2. Income Details: Companies need to provide details of income earned, including income from business or profession, capital gains, house property, other sources, etc.
  3. Shareholder Details: Details of shareholders, including their PAN, shareholding pattern, and dividends distributed, need to be provided.
  4. Deductions: Companies can claim deductions under various sections of the Income Tax Act, such as Section 80C (investment in specified instruments), Section 80D (health insurance premium), Section 80G (donations), etc.
  5. Bank Account Details: Companies need to provide details of their bank accounts, including the IFSC code and bank account number, for receiving any refund due.
  6. Verification: After filling out the form, the authorized signatory of the company needs to verify it either electronically (using Digital Signature Certificate) or by sending a signed physical copy to the Income Tax Department.

Due Date: The due date for filing ITR-6 for companies is usually October 31st of the assessment year. However, it’s advisable to check the latest due date as announced by the Income Tax Department for each financial year.

Filing income tax returns accurately and timely is essential to avoid penalties and comply with tax regulations. Companies should ensure that all relevant income details, deductions, and other information are correctly reported in the ITR-6 form before submission. Additionally, keeping records of supporting documents and maintaining tax compliance throughout the year can facilitate a smooth filing process.