Documents Required For ITR-6 Return Filing
Monthly Purchase Bill
Monthly Sales Bill
Sales Return Details
Purchase Return Details
Tax Paid Challans for GST
From 26AS
Day to day Administration expenses and General expenses details
Rental Agreement (if applicable)
Fixed Assets Invoice Copy (if Applicable)
Investment details made by Cash
Investment details made through Bank
Proof of Source of Cash In-flow and Cash Out-flow
Loan details from Bank or Third Party
Outstanding receivables and payables
Company’s Pan and two DSCs
Details of Bank used for business transactions (Acct No, IFSC Code)
Statement from Bank used for business transactions
Break-up of statement from Bank used for business transactions
ITR 6 – Company Income Tax Filing: A Comprehensive Guide
Establishing a business brings with it a set of challenges, and one of the key tasks for any company is ensuring timely and accurate tax filing. ITR-6 is an essential annual compliance requirement for businesses in India. Filing it correctly and on time is crucial to remain compliant with the Income Tax Act of 1961 and avoid penalties and legal issues.
Ready to file your company’s ITR 6? Shaah Solutions experts are here to guide you through the entire process. Let’s get started with your ITR-6 filing today!
Who Should File ITR 6?
ITR 6 is applicable to all companies, except those claiming exemption under Section 11 of the Income Tax Act. Section 11 pertains to income derived from property held under a trust or legal obligation for charitable or religious purposes, so companies with income used for these purposes are not required to file ITR 6.
Entities Required to File ITR 6:
- Private Limited Company
- One Person Company
- Public Limited Company
Who is Not Eligible to File ITR 6?
The following entities are not eligible to file the ITR 6 form:
- Individuals
- Hindu Undivided Family (HUF)
- Firms
- Associations of Persons (AOP)
- Bodies of Individuals (BOI)
- Local Authorities
- Artificial Judicial Persons
- Companies seeking exemption under Section 11 of the Income Tax Act.
ITR 6 Filing Deadline:
Companies must file their Income Tax Return under Section 139 of the Income Tax Act by October 31st of the assessment year. If the company is involved in transfer pricing, the filing deadline extends to November 30th.
Why Timely ITR Filing is Essential for Companies:
- Carry Forward of Losses: Filing on time allows companies to carry forward business losses for set-off against future profits. If filed late, this right is lost.
- Avoid Penalties and Interest: Late filing incurs a penalty under Section 234F and may also attract interest under Sections 234A, 234B, and 234C.
- Reduced Risk of Scrutiny: Timely filing minimizes the likelihood of scrutiny by tax authorities.
- Faster Refund Processing: On-time filing facilitates quicker tax refund processing.
- Better Credit Opportunities: Timely tax filings improve a company’s chances of securing loans or credit facilities.
- Smoother Winding-Up Process: Companies opting to close operations benefit from timely ITR filing, ensuring a smoother closure process.
Structure of ITR 6 Form
ITR 6 is divided into Part A and Part B, along with several schedules that detail income and tax information.
Part A includes the following:
- General Information: Basic details of the entity like name, PAN, address, CIN, and incorporation date.
- Trading Account: Information related to company income and expenses.
- Balance Sheet: Company’s financial details such as liabilities, share capital, and more.
- Manufacturing Account: Figures for inventory management, including opening/closing stock and the cost of goods produced.
- Profit and Loss Account: Details on the profit or loss of the company for the relevant financial year.
Part B includes:
- Part B-TI: Computation of total income.
- Part B-TTI: Computation of tax liability on total income.
Schedules:
There are multiple schedules for different types of income, deductions, and adjustments, including income from house property, business, capital gains, and more. Some key schedules include:
- Schedule HP: Income from House Property
- Schedule BP: Income from Business/Profession
- Schedule DPM: Depreciation on Plant & Machinery
- Schedule CG: Capital Gains
- Schedule SI: Special Income Tax Rates
- Schedule MAT: Minimum Alternate Tax
ITR 6 Filing Process
To file ITR Form 6, follow these steps on the Income Tax Portal:
- Log In to the Income Tax Portal.
- Navigate to the e-Filing section and select ITR Form 6.
- Fill in Part A with basic details and income sources.
- Complete the relevant schedules for your company’s income, deductions, and tax details.
- Fill Part B with the total income and tax computation.
- Review the form for accuracy and complete the verification.
- Submit the form electronically.
- Download the Acknowledgment Receipt (ITR-V) for your records.
Required Documents for Filing ITR-6
While filing ITR-6, no annexures or documents need to be attached. However, companies should reconcile tax deductions, collections, or payments with their Tax Credit Statement (Form 26AS) to avoid discrepancies.
Streamline Your ITR 6 Filing with Shaah Solutions
Shaah Solutions offers expert assistance with ITR-6 filing, ensuring accurate preparation and timely submission. With our expert guidance, we handle the complexities of tax compliance, so you can focus on growing your business. Contact Shaah Solutions today to get started with a smooth, hassle-free ITR-6 filing process!