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ITR 6 – Income Tax Return Form for Companies

Last Update Date : May 04, 2019
Estimated Read Time: 8 min

Central Board of Direct Taxes has notified new ITR Forms for FY 2017-18 / AY 2018-19 along with providing the instructions to make the form filling and filing process easy. These new forms include the amendments made by the Finance Act, 2017. In this guide we will be discussing about the different parts and schedules as well as the process of filing ITR 6.

What is ITR 6?

The Income Tax Department of India issues ITR-6 form for companies to file their income tax returns. The companies should be other than companies that claim exemptions under Section 11. As a taxpayer, you are advised to match the taxes that are collected or deducted or paid by you or on your behalf with your Tax Credit Statement (Form 26AS).

Who is Required to File Form ITR 6?

  • Companies (other than a company claiming exemption under section 11) can use ITR-6 for tax filing.
  • Companies claiming exemption u/s 11 are the ones that hold their income arising from any property for religious or charitable purposes.

How to e-File ITR 6 with Income Tax Site?

You are required to furnish ITR Form 6 electronically under the digital signature, compulsorily, to the Income Tax Department.

How to File ITR 6 with H&R Block?

Filing your ITR-6 with H&R Block is simple where you have follow the 3 steps given below.

  • Provide your basic details and our tax expert will get in touch with you within 24 hours
  • Upload or email your documents related for taxation to the tax expert and complete the payment process
  • Be assured that your return is prepared and filed with maximum tax deductions and savings

Business Tax Return Filing

How to Fill ITR 6?

  • All items must be filled in the manner indicated therein; otherwise, the return may be liable to be held defective or even invalid.
  • If any item is inapplicable, write ‘NA’ against that item.
  • Write ‘Nil’ to denote nil figures.
  • Except, as provided in the form, for a negative figure/figure of loss, write ‘-’ before such figure.
  • All figures should be rounded off to the nearest one rupee. However, the figures for total income/loss and tax payable be finally rounded off to the nearest multiple of ten rupees.

Sequence for Filling Parts and Schedules

As per Income Tax Department, an assessee should follow the below-mentioned sequence while filing ITR:

  • Part A
  • Schedules
  • Part B
  • Verification

Manner of Filling the Verification Document

  • You are supposed to fill up the required information in the verification.
  • You can strike out whatever is not applicable.
  • Ensure that the verification has been signed prior to furnishing the return. Also, write the designation of the person signing the return.
  • You must note that any person making a false statement in the return or the accompanying schedules 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.

Structure of the ITR 6 Form

This return form has the following components:

itr 6 for whom

Click the above Image to Download ITR 6

  • Part A-GEN mainly seeks general information requiring indemnificatory and other data;
  • Part A-BS seeks the balance sheet as on 31 March 2017;
  • Part A-P&L seeks information regarding the Profit and loss account for the financial year 2016-17;
  • Part A-OI seeks other information. It is optional in a case not liable for audit under section 44AB
  • Part A-QD seeks information regarding quantitative details of the principal item of goods traded. It is optional in a case not liable for audit under section 44AB.
  • Part A-OL is to be filled in case the company is under liquidation.

It is regarding an outline of the total income and tax computation in respect of income chargeable to tax.

Schedule-HPComputation of income under the head Income from House Property
Schedule-BPComputation of income under the head “profit and gains from business or profession”
Schedule-DPMComputation of depreciation on plant and machinery under the Income-tax Act
Schedule DOAComputation of depreciation on other assets under the Income-tax Act
Schedule DEPSummary of depreciation on all the assets under the Income-tax Act
Schedule DCGComputation of deemed capital gains on sale of depreciable assets
Schedule ESRDeduction under section 35 (expenditure on scientific research)
Schedule-CGComputation of income under the head Capital gains
Schedule-OSComputation of income under the head Income from other sources
Schedule-CYLAStatement of income after setting off of current year’s losses
Schedule-BFLAStatement of income after setting off of unabsorbed loss brought forward from earlier years
Schedule- CFLStatement of losses to be carried forward to future years
Schedule –UDDetails of unabsorbed depreciation
Schedule- ICDSStatement of effect of income computation disclosure standards on profit
Schedule- 10AAComputation of deduction under section 10AA
Schedule- 80GDetails of donation entitled for deduction under section 80G
Schedule- 80IAComputation of deduction under section 80IA
Schedule- 80IBComputation of deduction under section 80IB Instructions to Form ITR-6 (A.Y. 2018-19)
Schedule- 80IC or 80IEComputation of deduction under section 80IC or 80 IE
Schedule-VIAStatement of deductions (from total income) under Chapter VIA
Schedule-SIStatement of income which is chargeable to tax at special rates
Schedule-EIStatement of Income not included in total income (exempt incomes)
Schedule-PTIStatement of income from Business Trust or Investment Fund as per section 115UA, 115UB
Schedule-MATComputation of Minimum Alternate Tax payable under section 115JB
Schedule-MATCComputation of tax credit under section 115JAA
Schedule-DDTDetails of payment of Dividend Distribution Tax
Schedule BBSDetails of tax on distributed income of domestic company on buy back of shares, not listed on stock exchange
Schedule FSIDetails of income accruing or arising outside India
Schedule TRDetails of Taxes paid outside India
Schedule FADetails of Foreign Assets and Income
Schedule GSTDetails of total expenditure incurred with entities registered or not registered under the GST on or after 01.07.2017.
Schedule FDDetails of receipts and payments made during the year in foreign currency.

Latest Changes made in ITR 6 for AY 2018-19

Changes in ITR 6Details
Penalty for late filing of ITRA new field has been added where the late filers need to provide the details of late filing fees paid.
Capital gains as a result of transfer of unquoted sharesA new filed has been added for the taxpayers to provide information on unquoted shares in accordance with the amendment in the section 50CA of the Finance Act, 2017.
Reporting giftsA field has been added to report the amount taxable as gift
Revised depreciation scheduleDepreciation schedule has been revised as per which, the highest rate of depreciation for any block cannot exceed 40%.
Claiming proportionate depreciationA new field has been added to report the claim of proportionate depreciation in the event of business reorganisation, i.e. demerger, amalgamation, etc.
Reporting business transactionsA field has been added for business taxpayers to provide the details of business transactions done with the registered and unregistered suppliers under GST.
Changes in Schedule PLSchedule PL has been modified for the taxpayers to provide GST related details.
Credit of refund to foreign bank accountA field has been added where an NRI taxpayer can provide the details of a foreign bank account in which he wants the credit of the tax refund he wants to claim.
Reporting disallowance of expensesA new field has been added to report disallowance of expenses in case of TDS default.
Claiming credit of TDS deducted in the name of another personA new field has been added to facilitate the claim for TDS credit where the TDS was deducted in the name of another person or from a common pool or other similar situations.
Breakup of payments or receipts in foreign currencyIn Schedule FD, the taxpayers (not liable for audit u/s 44AB) are required to provide the details of payment made and sum received in foreign currency towards capital and revenue account.
Claiming relief under DTAAThe form now asks the taxpayer claiming relief as per DTAA to report more details like rate as per treaty, rate as per I-T Act and applicable rate etc.
Claiming exemption on capital gainsThe taxpayers now need to provide more details in the form if they are claiming capital gains exemption.
Reporting remission or cessation of trading liabilityNew forms require separate reporting of remission or cessation of trading liability in case of income from other sources.
Reporting GST payments and refundsNew columns have been introduced in the ITR forms to report the details of GST paid and refunded.
Reporting apportionments made to CSRCompanies are now required to provide the details of apportionments made for CSR activities from the net profit.

All these changes have been made by the tax department in the ITR form are aimed at making the assessment procedure online. Therefore, we can see that the department is seeking more and more information from the taxpayers to facilitate e-assessment.

Changes Made in the ITR 6 Form for AY 2017-18

  • Registration Number of CA Firm – You are supposed to mention the registration number of the firm of the Chartered Accountant in the ITR form, who has done an audit.
  • Disclosure of ‘unexplained income’ and ‘dividend income’ in excess of Rs 10 lakh – Under ‘schedule OS,’ you are required to declare unexplained credit or investment and dividend received from domestic companies exceeding Rs 10 lakh.

People Also Ask

You are not supposed to attach any document (including TDS Certificate) to this return form. Such documents enclosed with the return form will be detached and returned to you. Taxpayers are advised to match the taxes deducted/collected/paid by or on behalf of them with their Tax Credit Statement (Form 26AS).

Under the head ‘Audit Information,’ if the assessee is liable for audit u/s 44AB and the accounts have been audited by an accountant, then the details of such audit report along with the date of furnishing it (if filed before the return) to the department has to be filled. Further, if the assessee is liable to furnish other audit report the section under which such audit is required and the date of furnishing it to the department (if audit has been carried out under that section) has to be filled. It is compulsory to furnish audit reports (if the audit has been carried out) electronically on or before the date of filing the return of income.

How H&R Block can help you?

Saving taxes and filing income tax return accurately becomes very easy when you have professional help. This is where we come into the picture. We have a team of in-house tax experts who can file your business tax return accurately while giving you maximum tax benefits.

Not sure how to file your Business Tax Return? Let H&R Block help you file your taxes.
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CA Ankita Mathur
Ankita, a Big 4 alumna, is a tax expert at H&R Block (India) with vast experience in managing GST-related business services. An avid traveller, Ankita is a regular contributor to the CAclubindia and loves helping people understand about GST and helping companies be GST compliant.

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