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Know your Income tax form ITR-6

CS Karan B Khattri 
on 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.

The author can also be reached at rocguru.com@gmail.com


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