Income Tax Return-6 (ITR-6)
The Income Tax Return-6 (ITR-6) is a form that is used by companies other than those claiming exemption under section 11. This form is applicable for companies that do not have an exempt income, and also companies that are not required to furnish a return of income under section 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4F).
ITR-6 is an important document that companies need to file with the Income Tax Department in India. It contains details related to the company's income, expenses, assets, liabilities, and various other financial information. The form is also used to calculate the tax liability of the company and to claim any deductions or exemptions that the company may be eligible for.
Filing the ITR-6 form is mandatory for all companies, and it must be submitted by the specified due date, which is usually July 31st of the assessment year. Failure to file the form on time can result in penalties and consequences for the company.
The form requires companies to provide detailed information about their income, such as details of income from business or profession, income from house property, capital gains, and income from other sources. Companies are also required to provide details of their expenses, such as depreciation, interest payments, and other allowable deductions.
Additionally, the form requires companies to disclose details of their assets and liabilities, such as bank account details, investments, loans, and other financial information. Companies must also provide details of any tax deducted at source (TDS) and any advance tax paid during the year.
Once the form is filled out completely, it must be verified by the company's authorized signatory and submitted to the Income Tax Department. The department will then process the form and assess the company's tax liability based on the information provided.
Some of the key sections in the ITR-5 form include:
Applicability: ITR-6 is applicable to all companies except those claiming exemption under section 11, which pertains to income from property held for charitable or religious purposes.
Mode of Submission: The ITR-6 form can be filed online on the Income Tax Department's e-Filing portal or manually by submitting a physical copy to the jurisdictional Income Tax office.
Information Required: The form requires detailed information about the company's income from various sources such as business, capital gains, and other income. It also requires details of expenditures, assets, and liabilities.
Audited Financial Statements: Companies filing ITR-6 are required to get their financial statements audited by a Chartered Accountant. The audit report must be submitted along with the ITR-6 form.
Revised Return: If any errors or omissions are discovered after filing the original ITR-6, companies can file a revised return within the prescribed time limit.
Due Date: The due date for filing ITR-6 is generally October 31 of the assessment year. However, the due date may be extended by the Income Tax Department in certain cases.
Penalties: Failure to file ITR-6 within the prescribed due date may attract penalties under the Income Tax Act. Companies are liable to pay interest on any taxes due if the return is filed after the due date.
Verification: The ITR-6 form must be verified by the person authorized to sign the return on behalf of the company. Verification can be done electronically using a digital signature or by sending a physical copy of the signed form to the Income Tax Department.
↠In conclusion, the ITR-6 form is an important document that companies need to file with the Income Tax Department to report their income, expenses, and tax liability. By accurately completing and submitting this form on time, companies can ensure compliance with tax laws and avoid penalties and consequences.
