ITR - 6 | Karr Tax
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ITR 6 FILINGS A.YR. 2024-25

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ITR - 6 for companies

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ITR-6 Return Filing

  • The Income Tax Department of India has introduced different types of ITR forms for various taxpayer categories. Among them, one such form is ITR-6. Here, we will explain this in detail!

What Is an ITR-6 Form?

ITR-6 is the specific income tax return form designed for companies, including Section 8 companies or Non-Profit Organizations (NPOs) that do not claim exemption under Section 11 of the Income Tax Act. This form caters to companies other than those that claim exemption under Section 11, such as charitable or religious trusts. Section 8 companies, which are formed for promoting various social causes or charitable objectives, fall under the purview of ITR-6 for reporting their income. Understanding how to file ITR-6 is crucial for these entities to comply with income tax regulations and fulfill their tax obligations, ensuring accurate disclosure of their financial particulars.

According to Section 11 of the Income Tax Act 1961, companies not claiming an exemption are required to file their IT return in the ITR-6 Form.

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Which companies are eligible for exemptions under section 11?

  • Organizations whose property income is held for religious or charitable purposes.

  • Political parties recorded under the Representation of the People Act, 1951.

  • NGOs formed under the Societies Registration Act participate in activities like education, healthcare, promotion of culture, etc.

  • Companies under Section 8 of the Companies Act of 2013 doing charity endeavors and social welfare.

Who is Eligible For ITR-6 Filing?

  • The ITR-6 return form is furnished by all the companies under the Companies Act 2013 or the earlier Companies Act 1956. However, if an organization’s income source comes from a religious or charitable property, they are not required to file this return form.

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E-filing Audit Reports

If the assessee is required for Audit u/s 44AB and a certified accountant has audited the accounts, then the below details should be submitted to the department, which includes

  • Audit report details,

  • Auditor, and

  • The date of furnishing

How To File ITR 6

Filing ITR-6 involves the use of the Income Tax Department's e-filing portal, where companies, including Section 8 companies, can fill, download, and submit the form electronically. This online filing process simplifies tax compliance for these entities, providing a streamlined approach to report their income and maintain accurate financial records. ITR-6 form download is available on the official income tax e-filing portal, allowing companies, including Section 8 companies, to access the necessary form for reporting their income and ensuring compliance with tax regulations. Understanding the taxation norms applicable to Section 8 companies and the relevance of ITR-6 aids these entities in fulfilling their tax responsibilities while contributing to their respective charitable or social causes.

Structure of the ITR-6 Form

ITR-6 form is divided into two parts: Part A and Part B. Each part has its subsections with multiple schedules. Here, we will explain both of these parts in detail!

 

  • Part A: General information: This subsection includes basic details such as

  • Taxpayer's name and address

  • PAN (Permanent Account Number) of the company

  • Challan Identification Number

  • Date of filing the return

  • Status of the taxpayer (e.g., company)

  • Details of the audit, if applicable

 

  • Part A-BS: Balance Sheet: Here, details of the company’s balance sheet, such as the liabilities, current liabilities, share capital, and more, are included.

 

  • Part A-BS-Ind AS: Here, details of the company’s balance sheet according to the financial year or as on the date of the business combination are included.

 

  • Part A-Manufacturing Account: This subsection encompasses manufacturing account details related to inventory, such as

  • Opening stock,

  • Closing stock, and

  • Cost of the produced goods.

 

  • Part A-Trading Account: It requires details related to the company's income and expenditure.

 

  • Part A-P&L: Profit and Loss Account: Detailed financial statements of the company's profit or the loss incurred during the respective financial year.

 

  • Part A-OI: Other information: Details about the business activity, partners, shareholding pattern, etc.

 

  • Part A-QD: Quantitative details

 

  • Part A-OL: Payment and Receipt account of company under liquidation.

 

  • Part A-Manufacturing Account-Ind AS

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  • Part-B- 42 schedules are there in this section. Here’s a detailed explanation.

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  • Tax Payments

Due Dates For Filing ITR-6 Form

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How To File The ITR-6 Form

ITR-6 return filing involves several steps, as specified below the sequence for filling out parts and schedules.

 

  • Part A ( and its subsection)

All the Schedules

  • Part B ( its subsection)

Verification

 

After all the required information is furnished, the IT return is filed online by affixing the assessee's DSC (Digital Signature). Also, if you need assistance regarding ITR-6 return filing, contact us at https://www.karrtax.in/.

No Annexures Required

You are not required to include any documents, such as TDS certificates, with your ITR-6 return. Instead, it is recommended that taxpayers compare the taxes deducted, collected, or paid on their behalf with the information in their Tax Credit Statement, also known as Form 26AS. This practice ensures that the details in your return align with the data in Form 26AS and promotes accurate tax filing and compliance.

How Karr Tax Can Help You With ITR-6 Return Filing?

  • Assessment & Data Compilation: We are here to assist you in determining if ITR-6 is the appropriate income tax return form for your organization. Our experts will determine the eligibility and provide insights into any exemptions or deductions you may be entitled to.

 

  • Years of Experience: Karr Tax has a team of tax professionals who are well-versed in Indian tax laws and regulations. They will provide expert guidance and ensure your ITR-6 is accurately filed in compliance with the latest tax rules.

 

  • Tax Optimization: We will help you identify tax-saving opportunities, deductions, and incentives that may apply to your company.

 

 

  • Compliance and Accuracy: Karr Tax will review your financial statements, schedules, and other documentation to ensure compliance and accuracy in ITR-6 filing. This reduces the risk of errors or dissimilarities that could lead to tax issues.

Frequently Asked Questions (FAQs)

1.Who is required to file an ITR-6 return?

Companies not eligible for exemption under Section 11 of the Income Tax Act, 1961, such as business companies and charitable trusts, are required to file an ITR-6 form.

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2.Who is not eligible for ITR-6 return filing?

The below entities are not required to file an ITR-6 return, but they can file the other form according to their eligibility.

  • Individual taxpayers, including salaried employees and professionals.

  • Firms and Limited Liability Partnerships (LLPs)

  • Special Economic Zone (SEZ) Units

  • Entities seeking exemption under Section 11 of the Income Tax Act.

 

3.Where can I get help with filing ITR-6?

You can seek assistance from KarrTax, and we will advise you on various aspects of taxation, including deductions, exemptions, and compliance.

 

4.What are the penalties for not filing ITR-6 on time?

If you fail to file ITR-6 by the due date, you may be liable to penalties and interest on the outstanding tax liability. The penalty amount may vary depending on the delay and the total income.

 

5.What is the due date for ITR-6 return filing?

  • October 31st, if the company's accounts are audited under the IT Act.

  • November 30th, if the company is required to furnish a report in Form No. 3CEB.

  • July 31st, if the company’s accounts do not require auditing.

 

6.What documents and information are needed for filing ITR-6?

Here is the list of documents required for filing ITR-6.

  • Financial statements,

  • Audited accounts,

  • Profit and loss statements,

  • Balance sheets, and

  • Details of income,

  • Deductions, and

  • Taxes paid

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