The month of September has started and yet another due date is fast approaching. This date is 30th September for Companies registered in India. All Companies registered in India except companies claiming exemption under section 11(those companies whose property are held for charitable or religious purpose) are required to file their income tax returns in ITR-6.
In this content we will discuss about some basic requirements to file ITR-6 and the contents of ITR form.
Basic Requirements: – ITR 6 is valid only for companies it includes both Domestic and foreign company. It is to be noted that ITR 6 has to be compulsorily filed electronically using Digital signature of signing authority of the company.
Contents of ITR-6– The ITR form is basically divided into four parts:
Part A– Part A includes:
1. General Information (1) – This tab includes Basic details of the company such as Name, address, Mobile no email id along with return filing status i.e. whether the return is Original or revised . It also includes Audit details, whether the company is liable to audit or Liable to maintain the books of accounts. It audit is applicable then name of the auditor along with membership no and date of audit report is also required to be furnished.
2. General Information (2) – Shareholding pattern along with the nature of company and its business is required to mention over here.
3. Balance Sheet– It includes the details of Assets and Liabilities of the company.
4. Other Information (OI) – This is optional in case assesse is not liable for audit under section 44AB.
5. Quantitative details (QD) – This is also optional in case assessee is not liable for audit under section 44AB. It includes the details of opening stock, purchases, Sales and closing stock in case of a manufacturing or a trading concern.
Part B– Part B includes:
1. Total Income (TI) – The income chargeable under different heads such as House property, Business Profession, Capital Gains, Other Sources along with all the deductions are mentioned under this tab.
2.Tax liability on Total Income (TTI)– This tab includes the tax to be paid on total income along with Interest u/s 234A, 234b, 234C if any.
Taxes Paid– This category is divided into three parts:
1. IT– It includes the details of advance tax and self-assessment tax paid by the assesse.
2. TDS– The details of tax deducted at source is mentioned in this tab.
3. TCS– Details of tax collected at source are mentioned over here.
Schedules– Schedules in ITR form has details of income breakdown clearly stated along with income details, deduction details, depreciation on plant and machinery, depreciation other assets, details of set off and brought forward of losses , details of income earned and taxes paid outside India are also mentioned. There are many other schedules in the ITR form. The list of schedules in ITR 6 is as follows.
1.Schedule HP– Details of Income from House Property whether let out/self-occupied/deemed to be out and details of property address, name of the tenant, Municipal taxes paid etc. is mentioned in this schedule.
2.Schedule BP– Details of income earned from Business or profession
3.Schedule CG– Details of Long Term or Short term capital Gains along with deductions claimed.
4.Schedule OS– Details of Income earned from other Sources.
5.Schedule DPM– Depreciation on Plant and Machinery.
6.Schedule DOA– Depreciation on other asset.
7.Schedule DEP– Summary of Depreciation on assets.
8.Schedule DCG– Deemed Capital Gains on sale of depreciable assets.
9.Schedule ESR– Details of deduction under section 35 or 35CCC, or 35CCD.
10.Schedule CYLA– Details of Income after Set off of current year losses.
11.Schedule BFLA– Details of Income after Set off of Brought Forward Losses of earlier years
12.Schedule CFL– Details of Losses to be carried forward to future Years.
13.Schedule UD– Unabsorbed depreciation and allowance under section 35(4)
14.Schedule ICDS– Effect of Income Computation Disclosure Standards on profit.
15.Schedule 10A– Deduction in respect of units located in Special Economic Zone
16.Schedule 10AA– Deduction u/s 10AA.
17.Schedule 80G– Details of donation entitled to deductions with or without qualifying limit.
18.Schedule 80– Details of deduction u/s 80 such as 80-IA, 80-IB, 80-IC.
19.Schedule VI-A– details of total deductions under chapter VI-A.
20.Schedule SI– Details of income chargeable at special rate.
21.Schedule EI– Details of Exempt Income (non-taxable Income).
22.Schedule PTI– Pass through Income details from business trust or investment fund as per section 115UA, 115UB.
23.Schedule MAT–Computation of Minimum Alternate tax Payable under section 115JB.
24.Schedule MATC– Computation of tax credit under section 115JAA.
25.Schedule DDT– Details of tax on distributed profits of domestic companies and its payment.
26.Schedule BBS– Details of tax on distributed income of a domestic company on buy back of shares, not listed on stock exchange.
27.Schedule FSI– Details of income from Outside and taxes paid on that income.
28.Schedule TR– Details of Tax Relief claimed under Section 90 or Section 90A or Section 91.
29.Schedule FA– A detailed information of foreign asset held outside India and income from any source outside India is mentioned in the schedule.
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