Personal & Corporate Tax

  What is Form ITR-6? The ITR 6 form is an income tax form that is to be used by companies other than those companies that claim exemptions under Section-11. Companies that can claim exemptions under Section-11 are the ones who hold their income from property for religious or charitable purposes. Eligibility for FORM ITR -6: The companies which are registered under Indian Companies Act of 1956 or any other law are eligible to file ITR-6 Form even if they are not claiming exemption u/s 11 (Income from property held for charitable or religious purposes) IN-Eligibility for Form ITR-6: Taxpayers who are not liable to file for ITR-6 Form are mentioned below. • Individuals, Hindu Undivided Family (HUF), Firm, Association of Person (AOP), Body of Individuals (BOI), Local Authority and Artificial Judiciary Person • Companies that claim an exemption under section 11 (Income from property held for charitable or religious purposes) • This ITR Form should not be used by a Company required to file return of income in ITR-7.  Note: The followings are important to note while filing ITR-6: 1. ITR-6 can be filed by any company - Domestic or a foreign company. 2. The Charitable Company incorporated under section 25 of Companies Act, 1956 or under section 8 of Companies Act, 2013 shall use ITR 7. PENALTY PROVISION AS PER INCOME TAX ACT1961: As per section 234F of the Income Tax Act where a person is required to mandatorily furnish a return of income under section 139, fails to do so by the due date, attracts levy of late fee under this section to the amount of Rs 5,000/-, if the return is furnished on or before the 31st day of December of the assessment year; Rs 10,000/-, in any other case: In case the total income of the taxpayer does not exceed Rs 5,00,000/- then, the late fee payable shall not exceed Rs 1,000/- in any circumstances. Section 234F was made applicable in respect of Income Tax Return filed on or after the 1st April, 2018. Annexure-less ITR Form: No document (including TDS certificate) should be attached to this ITR Form. Due Date of ITR 6 Form Filing: • FY 2019-20 (AY 2020-21): 15th Feb 2021 • FY 2020-21 (AY 2021-22) – 30th November 2021 (Revised) MODE TO FILE INCOME TAX RETURN: This ITR Form can be filed with the Income-tax Department electronically on the e-filing web portal of Income-tax Department (www.incometaxindiaefiling.gov.in) and verified by using a digital signature only. In case the Company is required to furnish a report of audit under Sections 10AA, 44AB, 44DA, 50B, 80-IA, 80-IB, 80-IC, 80-ID, 80JJAA, 80LA, 92E, 115JB or 115JC of the Income Tax Act, the Company shall file such report electronically at least one month before the due date of filing the return of income. E-filing audit reports: If the assessee is liable for Audit u/s 44AB and the accounts have been audited by an accountant, the details of such audit report,auditor along with the date of furnishing it to the department electronically has to be provided. Changes In ITR 6 For Assessment Year AY 2020-21: Sl. Changes in ITR-6 [Field Name] Remarks 1 Option for section 115BAA/115BAB A new option is added in the ‘Filing Status’ section with regard to exercising of option under section 115BAA/115BAB introduced by Option needs to be exercised in Form 10-IC/10-ID. 4 Schedule 112A inserted to report individual scrip wise details ‘Schedule 112A: From sale of equity share in a company or unit of equity oriented fund or unit of a business trust on which STT is paid under section 112A’ is inserted and notified in this year’s ITR to report individual scrip wise details on long term shares which was earlier exempt from tax and eligible for grandfathering. Earlier, this was introduced in the later version e-filing utility for AY 2019-20, but made optional. 5 115AD(1)(b)(iii) proviso inserted to report individual scrip wise details for Non-resident New Schedule ‘115AD(1)(b)(iii) proviso: For NON-RESIDENTS - From sale of equity share in a company or unit of equity oriented fund or unit of a business trust on which STT is paid under section 112A’ is inserted. 6 Schedule VI-A Deductions under Chapter VI-A: Investment/ deposit/ payments between 01.04.2020 to 30.06.2020 If the taxpayer has made any investment/ deposit/ payments between 01.04.2020 to 30.06.2020, then he has to fill Schedule DI. 7 Multiple bank accounts can be selected for refund credit In preceding AY 2019-20, only one bank account was allowed to be selected for refund credit. In AY 2020-21, multiple bank accounts are allowed to be selected for getting the refund credit. In case multiple accounts are selected for refund credit, then refund will be credited to one of the account decided by CPC after processing the return. 8 Schedule DI - Details of Investment A new ‘Schedule DI - Details of Investment’ is added to report investment/expenditure made between 01.04.2020 to 30.06.2020. This commensurates with the time extension granted by Taxation and Other Laws (Relaxation of certain provisions) Ordinance, 2020 for the purpose of claiming deduction for AY 2020-21 for investments, etc made under chapter VI-A till 30.06.2020. This schedule is divided into three parts- A) Investment/ Deposit/ Payments for the purpose of claiming deduction under Chapter VI-A B) Eligible Amount of deduction u/s. 10AA C)Payment/Acquisition/Purchase/Construction for the purpose of claiming deduction u/s 54 to 54GB Structure of Form ITR 6: The Form has been divided into two parts and several schedules: • Part A: General information • Part A-BS: Balance Sheet as on 31st March 2019 • Part A-BS-Ind AS: Balance Sheet as on 31st March 2020 or as on the date of the business combination • Part A-Manufacturing Account for the financial year 2019-20 • Part A-Trading Account for the financial year 2019-20 • Part A-P&L: Profit and Loss Account for the financial year 2019-20 • Part A-Manufacturing Account-Ind AS: Manufacturing Account for the financial year 2019-20 • Part A-Trading Account Ind-AS: Trading Account for the financial year 2019-20 • Part A-P&L Ind-AS: Profit and Loss Account for the financial 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 tax liability 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 head Income from House Property • Schedule-BP: Computation of income under the head “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 head Capital gains. • Schedule-OS: Computation of income under the head Income from 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: 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 scientific research 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: 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. DOCUMENT REQUIRED FOR FILING ITR-6: • Permanent Account Number (PAN) • Aadhaar Number • GSTIN No. and turnover as per GST returns • Match book turnover with GST returns • Form 16A & 16C (if any issued by deductor) and TDS certificate • Form 16 from employer. An employee who has change the job in Financial Year can have 2 or more form 16. • TDS certificate from employer • Match tax details with 26 AS • Statement of interest paid on house loans • Interest statements showing interest earned on savings bank account and fixed deposits • Proof of tax saving investments/expenses (80C to 80U) • Bifurcation of details of investment made during the period from April 1, 2020 to June 30, 2020. • Other investment documents, such as statement of interest paid on education loan etc. • Bank account details with IFSC code • Balance Sheet • Manufacturing Account • Trading Account • Profit & Loss. • Advance Tax SERVICE PROVIDED & PROCESS: • Collection of necessary documents such as Form 16 (TDS Certificate issued by the employer in case tax is deducted from salary), Form 16A ( issued by the bank for TDS deducted on the interest payment on the fixed deposit) in the TRACES format & capital gain statement. TDS certificate should be digitally signed by the taxpayer. • Download Form 26AS & cross check with TDS certificate to ensure that tax deducted from taxpayer salary or from taxpayer interest income is deposited with the government. • In case of any error, rectify Form 26AS. If the error is not rectified, taxpayer won’t be able to claim credit on deducted tax. • Next step is to calculate total income chargeable to tax. • After this, taxpayer needs to calculate tax liability. • Once all the taxes are paid, taxpayer can proceed for Income Tax Return filing. taxpayer can only claim for refund if taxpayer file income tax return. • Verification of Income Tax Return • Receive e-verification acknowledgement • Department will process taxpayer return and will communicate through mail. CHOOSE REQUIRED PLAN: • Basic: ITR-6 FILING for taxable income upto 10 lakhs Service Fees- 9999/- Including Taxes • Standard: ITR-6 FILING for taxable income less than 25 lakhs Service Fees- 14999/- Including Taxes • Ace: ITR-6 FILING for taxable income more than 25 lakhs. Service Fees- 19999/- Including Taxes Working Process :

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Frequently Asked Question (FAQ’S)- Q-What is ITR Form 6? Ans. ITR Form 6 is a form filed as income tax return by companies stated in income tax act 1961. The companies who claim exemption under section 11 can not filITR Form 6. Q- Who needs to furnish ITR Form 6? Ans. The companies other than those companies who claim exemption under section 11 needs to file an income tax return with ITR Form 6. Q- Who can not filI TR Form 6? Ans. ITR- 6 Form is not filed by a company who claims for exemption under section 11 that is income from property held for charitable or religious purposes. Q-what is the due date of filing ITR-6 A- General due date for filing income tax return by the assessee requiring tax audit is 30th September of the relevant financial year. However due to COVID-19, the date for filling ITR-6 for the financial year 2019-20 has been extended to 31st October 2020. ***