Know your Income tax form ITR-6

CS Karan B. Khattri , Last updated: 06 July 2018
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WHAT IS ITR-6

Form ITR - 6 can be used by a company, other than a company claiming exemption under section 11 (exemption under section 11 can be claimed by a charitable/religious trust).

ITR 6 APPLICABLE FOR:

ITR-6 form is to be used when the assessee is one of the following:
- Companies

WHO IS NOT ELIGIBLE TO FILE ITR 6 FORM:

Individual,
HUF,
Firm, Association of Person (AOP),
Body of Individuals (BOI),
Local Authority and Artificial Judiciary Person
Companies that claim exemption under section 11(Income from property held for charitable or religious purposes)

DUE DATE FOR FILING ITR 6 FORM

ITR 6

Due date of filing income tax return for FY 2017-18:

30th September, 2018

CHANGES W.E.F. 1ST APRIL, 2018 (ITR 6 FY 2017-18 or AY 2018-2019)

New columns have been introduced in the ITR forms to report the details of GST paid and refunded
Schedule PL has been modified for the taxpayers to provide GST related details.
A new field has been added to report disallowance of expenses in case of TDS default.
Companies are now required to provide the details of apportionments made for CSR activities from the net profit.
Mention the registration number of the firm of the Chartered Accountant in the ITR form, who has done an audit.
In the case of sale of shares of unlisted companies, the requirement to disclose the Actual Sales consideration and Fair Market value of the shares.
Late filing fee (Section 234F) for the delay in the filing of ITR.

WHAT ARE THE DIFFERENT MODE OF FILING ITR 6

Online: Through xml file upload and Digital signature is compulsory.

DETAILS REQUIRED IN ITR 6 FORM

Schedules for filing Income Tax Return	Description Click on applicable links to navigate to the respective sheet / schedule.
Personal Information, Filing Status & Audit Information	Details of Personal Information, Filing Status & Audit Information
Holding Status, Key Persons, Business Organization, Shareholders Information, Nature of Company & its Business	Details of Holding Status, Key Persons, Business Organization, Shareholders Information, Nature of Company & its Business
Subsidiary Detail Information	Subsidiary Detail Information, If nature of company is Holding or Both
Nature of Business or Profession	Nature of business or profession, if more than one trade names please specify up to 3 trade names
Part A-BS	Balance Sheet as on 31st day of March, 2018
Part A-BS-Ind AS	Balance Sheet as on 31st day of March, 2018
Part A-P & L	Profit and Loss Account information for Financial Year 2017-18
Part A-P&L-Ind AS	Profit and Loss Account for the financial year 2017-18
Part A-OI	Other Information
Part A-QD	Quantitative details
Part A - OL	Receipt and payment account of company under liquidation
Par tB-TI, Part B-TTI & Verification	Computation of Total Income & Tax Liability on total income
15A	Details of payments of Advance Tax and Self-Assessment Tax
15B, 15C	Details of Tax Deducted at Source & Tax Collected at Source
Schedule HP	Details of Income from House Property
Schedule BP	Computation of income from business or profession
Schedule DPM, Schedule DOA	Depreciation on Plant and Machinery & on other assets
Schedule DEP, Schedule DCG	Summary of depreciation on assets & Deemed Capital Gains on sale of depreciable assets
Schedule ESR	Deduction under section 35 or 35CCC or 35CCD
Schedule CG	Details of Income from Capital Gains
Schedule OS	Details of Income from Other Sources
Schedule CYLA, Schedule BFLA	Details of Income after Set off of Current years losses &Brought Forward Losses of earlier years
Schedule CFL	Details of Losses to be carried forward to future Years
Schedule 10, Schedule 10AA	Deduction under section 10A & 10AA
Schedule UD	Unabsorbed depreciation and allowance under section 35(4)
Schedule ICDS	Effect of Income Computation Disclosure Standards on profit
Schedule 80-IA, 80-IB, 80-IC or 80-IE	Deductions under section 80-IA, 80-IB, 80-IC or 80-IE
Schedule VIA	Deductions under Chapter VI-A
Schedule 80G	Details of donations entitled for deduction under section 80G
Schedule SI	Income chargeable to Income tax at special rates IB
Schedule EI	Details of Exempt Income
Schedule PTI	Pass Through Income details from business trust or investment fund as per section 115UA, 115UB
Schedule MAT	Computation of Minimum Alternate Tax payable under section 115JB
Schedule MATC	Computation of tax credit under section 115JAA
Schedule DDT	Dividend Distribution Tax Payment
Schedule BBS	Details of tax on distributed income of a domestic company on buy back of shares, not listed on stock exchange
Schedule FSI	Details of Income from outside India and tax relief
Schedule TR, Schedule FA	Summary of tax relief claimed for taxes paid outside India & Schedule FA Details of foreign assets
Schedule GST	Break-up of total expenditure with entities registered or not registered under the GST
Schedule FD	Break-up of payments/receipts in Foreign currency

PENALTY ON LATE FILING OF ITR

Starting from April 1, if you file your ITR post the deadline of July 31, 2018 (unless the tax department extends it), you will be liable to pay a maximum penalty of Rs.10K.

W.e.f. assessment year 2018-19, if assessee failed to furnish return of income within due date as prescribed under section 139(1) then as per section 234F, he will be required to penalty of:

Rs. 5000 if return is furnished on or before 31 December of assessment year.
Rs. 10,000 in any other case.
Total income of the person does not exceeds Rs. 5 lakh then Rs. 1000.
If Income is not taxable then NIL (Not required to pay penalty as per income tax provisions)

For filing your ITR Return, please send us one liner/ your requirement, our team will get back to you within 24 hrs.

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