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Filing income tax return using ITR-6

May 29, 2024
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What does ITR- 6 Form stand for?

ITR 6 is the Income Tax Return filing form designed exclusively for companies who do not claim exemption under Section 11 and must file their income tax returns in ITR-6 Form.

What companies are claiming exemptions under Section 11?
Companies that claim an exemption under section 11 are those whose income from property is used for charitable or religious purposes.
The current ITR-6 form from the Income Tax Department can be viewed by clicking here.

The Eligibility Criteria for file ITR 6 for AY 2024-25:

All firms registered under the firms Act of 2013 or the previous Companies Act of 1956 are required to file the ITR 6 Form. However, if the company’s income originates from property held for religious or charitable purposes, it is not necessary to file the ITR 6 Form.

E-filing audit reports

If you’re required to get an audit under Section 44AB of the Income Tax Act or any other law, you need to provide details of the audit report, the auditor, and the date it was submitted electronically. For companies required to have their accounts audited under the Companies Act, the accountant must submit the audit report using FORM 3CA and 3CD. Click here to learn more.

Who is not Eligible for filing ITR-6?

Individuals and entities not eligible for filing ITR Form 6 include:

  1. **Individuals and Sole Proprietors**: Only companies can use ITR Form 6.
  2. **Partnership Firms and LLPs**: These entities have different designated ITR forms.
  3. **Companies Claiming Exemption under Section 11**: These are typically charitable or religious organizations whose income is exempt from tax.

Essentially, ITR Form 6 is exclusively for companies that do not claim exemptions under Section 11.

The ITR-6 modifications for AY 2024–2025 filing are listed below.

√Details of Legal Entity Identifier (LEI).

The Legal Entity Identifier (LEI) is a 20-character alpha-numeric identifier that is used to uniquely identify parties in financial transactions around the world. It was adopted to increase the quality and accuracy of financial data reporting systems, resulting in better risk management.

According to RBI regulations, all single payment transactions of INR 50 crores or more done by entities (non-individuals) must contain remitter and beneficiary LEI information. This applies to transactions completed using the NEFT and RTGS payment systems.

To comply with RBI regulations, the latest ITR forms now include a column for taxpayers to provide their Legal Entity Identifier (LEI) number. This requirement applies to taxpayers seeking a refund of INR 50 crores or more. This ensures alignment with banking regulations and enhances transparency in financial transactions.

√Providing the reason for tax audit under Section 44AB.

The new ITR-6 form requires extra details from those needing an audit under Section 44AB. This includes why the audit is necessary, such as:

– Sales, turnover, or gross receipts exceeding the Section 44AB limits.

– Assessees under Sections 44AD, 44ADA, 44AE, or 44BB not using the presumptive income method.

– Other specific circumstances requiring an audit.

√Provide the acknowledgement number of the Audit Report and UDIN.

Companies must include the acknowledgment number of the audit report as well as the UDIN when submitting information about audits conducted under Section 44AB, including those undertaken under Section 92E.

√Disclosure of the amount payable to MSME beyond the prescribed time limit.

Section 43B focuses on certain deductions that are only allowed when payment is made. So, even if you use the mercantile method of accounting, you can only deduct specific expenses once they’ve been paid.

Part A-OI (Other Information) of the tax form requires you to provide details of any amounts disallowed under Section 43B in previous years that are now allowable because payment has been made.

The Finance Act 2023 added a new clause (h) to Section 43B. This clause states that any payment to a micro or small enterprise made beyond the deadline specified in Section 15 of the MSME Act 2006 cannot be deducted. Therefore, Part A-OI now includes a new column to report payments to micro or small enterprises that were delayed beyond the MSME Act’s specified time limit.

√Disclosure of information regarding the Capital Gains Account Scheme.

The Schedule-CG section of the ITR forms is where you report any capital gains you’ve earned. Here, you’ll need to provide details about the asset you sold, information about the buyer, and the amounts you spent if you’re claiming any exemptions.

In the updated ITR-2 form, the Schedule-CG section has been changed to collect more details about the amounts deposited in the Capital Gains Accounts Scheme (CGAS). Now, you’ll need to include:

– The date of the deposit

– The account number

– The IFSC code

Previously, you only had to provide the total amount deposited in CGAS.

√Disclosure of Winnings from Online Games Chargeable Under Section 115BBJ.

Starting from the assessment year 2024-25, the Finance Act 2023 introduces a new Section 115BBJ to tax winnings from online games. Additionally, a corresponding Section 194BA is inserted, effective from April 1, 2023, to deduct tax from the net winnings from online games. This means that any winnings from online games on or after April 1, 2023, will be taxable under Section 115BBJ and subject to TDS under Section 194BA.

Schedule OS has been updated to include revenue from winning online games chargeable under Section 115BBJ in the ITR form.

√New Schedule 80GGC seeks information on contributions made to political parties.

In the updated ITR forms, there’s a new Schedule 80GGC to detail contributions to a political party or electoral trust. Here’s what’s needed:

– Date of Contribution

– Contribution Amount (split into cash and other modes)

– Eligible Contribution Amount

– Transaction Reference Number for UPI transfer or Cheque Number/IMPS/NEFT/RTGS

– IFS Code of the Bank

Unlike before, the new forms require disclosing more than just the deductible amount under Section 80GGC.

√Reporting dividend income from a unit located in the IFSC.

The Finance Act, 2023 has amended the provisions of Section 115A by inserting a proviso to Section 115A(1)(a)(A) to provide that the dividend income received from a unit in an IFSC, as referred to in Section 80LA(1A) shall be taxed at a reduced tax rate of 10% instead of 20%.

‘Schedule OS’ has been amended in new ITR forms to incorporate such change.

√New Schedule 80-IAC wants details regarding qualifying startups.

Section 80-IAC offers a deduction to eligible startups for three consecutive assessment years out of a total of ten years, at their discretion. However, these deductions are granted based on meeting specific conditions.

In the updated ITR-5 form, there’s a new Schedule dedicated to gathering details about deductions claimed by companies under Section 80-IAC. Here’s what’s required:

– Date of incorporation of the startup

– Nature of business

– Certificate number obtained from the Inter-Ministerial Board of Certification

– First assessment year in which deduction was claimed

– Amount of deduction claimed for the current assessment year

Previously, only information about the eligible deduction amount under Section 80-IAC was requested.

√New Schedule 80LA seeks details towards offshore banking unit or IFSC.

Under Section 80LA, certain incomes of Offshore Banking Units and the International Financial Services Centre (IFSC) are eligible for deductions. Banks, foreign banks, or units of IFSC can claim these deductions. For banks, 100% of the income is deductible for 10 consecutive assessment years. For IFSC units, 100% of the income is deductible for 10 out of 15 consecutive assessment years.

The new Schedule 80LA in ITR-5 asks for the following details:

– Type of entity

– Type of income of the unit

– Authority granting registration

– Date of registration

– Registration number

– First assessment year during which deduction is claimed

– Amount of deduction claimed for the current assessment year.

√New ‘Schedule 115TD’ added for reporting tax payable on accreted income.

If a fund or institution approved under Section 10(23C) or registered under Section 12AB undergoes conversion into a non-charitable form or fails to renew its registration, it becomes liable to pay additional income tax on the accreted income. In such cases, if the entity, like a Section 8 company, no longer qualifies for registration under Section 12AB or approval under Section 10(23C), it cannot file its income tax return using ITR-7. Instead, it must pay tax according to standard provisions and report its income in the ITR accordingly. Additionally, it will be subject to tax on its accreted income at the maximum marginal tax rate. This additional tax is separate from the income tax payable by the trust or institution.

To address the tax payable on accreted income, a new Schedule 115TD is now part of the ITR form. This schedule necessitates several details including the computation of accreted income, which involves determining the fair market value of total assets minus total liabilities. Additionally, it requires reporting the tax payable on this accreted income and providing details of the challans used to deposit the tax on accreted income.

√Assessee recognized as MSME.

The updated ITR-5 now requires taxpayers to provide details regarding their recognition status as a Micro, Small, and Medium Enterprise (MSME). Additionally, they need to furnish the registration number allotted under the Micro, Small, and Medium Enterprises Development Act, 2006.

the structure of the ITR-6 Form?

The form has been revamped, split into two parts and multiple schedules:

  • Part A: General information
  • Part A-BS: Balance Sheet as on 31st March
  • Part A-BS-Ind AS: Balance Sheet as on 31st March or as on the date of the business combination
  • Part A-Manufacturing Account for the financial year
  • Part A-Trading Account for the financial year
  • Part A-P&L: Profit and Loss Account for the financial year
  • Part A-Manufacturing Account-Ind AS: Manufacturing Account for the financial year
  • Part A-Trading Account Ind-AS: Trading Account for the financial year
  • Part A-P&L Ind-AS: Profit and Loss Account for the financial year
  • Part A-OI: Other information
  • Part A-QD: Quantitative details
  • Part A-OL: Receipt and payment account of company under liquidation
  • Part B The 42 schedules are:
  • Schedule-HP: Computation of income under the head Income from House Property
  • Schedule-BP: Computation of income under the head “profit and gains from business or profession”
  • Schedule-DPM: Computation of depreciation on plant and machinery under the Income-tax Act
  • Schedule DOA: Computation of depreciation on other assets under the Income-tax Act
  • Schedule DEP: Summary of depreciation on all the assets under the Income-tax Act
  • Schedule DCG: Computation of deemed capital gains on sale of depreciable assets
  • Schedule ESR: Deduction under section 35 (expenditure on scientific research)
  • Schedule-CG: Computation of income under the head Capital gains.
  • Schedule 112A: Sale of equity share in a company or unit of equity oriented fund or unit of a business trust on which STT is paid under section 112A
  • Schedule 115AD(1)(b)(iiii) – Proviso: Sale of equity share in a company or unit of equity oriented fund or unit of a business trust on which STT is paid under section 112A
  • Schedule VDA: Income from transfer of Virtual Digital Assets (VDA)
  • Schedule-OS: Computation of income under the head Income from other sources.
  • Schedule-CYLA: Statement of income after set off of current year’s losses
  • Schedule-BFLA: Statement of income after set off of unabsorbed loss brought forward from earlier years.
  • Schedule- CFL: Statement of losses to be carried forward to future years.
  • Schedule –UD: Details of unabsorbed depreciation and allowance under section 35(4)
  • Schedule ICDS: Effect of Income Computation Disclosure Standards on profit
  • Schedule- 10AA: Computation of deduction under section 10AA
  • Schedule- 80G: Details of donation entitled for deduction under section 80G
  • Schedule 80GGA: Details of donations for scientific
  • Details of contributions made to political parties
  • Schedule 80IAC: Deduction in respect of eligible start-up
  • Schedule 80LA: Deduction in respect of offshore banking unit or IFSC
  • Schedule RA: Details of donations to research associations etc.
  • Schedule- 80IA: Computation of deduction under section 80IA
  • Schedule- 80IB: Computation of deduction under section 80IB
  • Schedule- 80IC or 80IE: Computation of deduction under section 80IC or 80 IE
  • Schedule-VIA: Statement of deductions (from total income) under Chapter VIA.
  • Schedule-SI: Statement of income which is chargeable to tax at special rates
  • Schedule IF: Information regarding investment in unincorporated entities
  • Schedule-EI: Statement of Income not included in total income (exempt incomes)
  • Schedule PTI: Pass through income details from business trust or investment fund
  • Schedule-MAT: Computation of Minimum Alternate Tax payable under section 115JB
  • Schedule-MATC: Computation of tax credit under section 115JAA
  • Schedule BBS: Details of tax on distributed income of domestic company on buy back of shares, not listed on stock exchange
  • Schedule TPSA: Secondary adjustment to transfer price as per section 92CE(2A)
  • Accreted income under section 115TD
  • Schedule FSI: Details of income from outside India and tax relief
  • Schedule TR:Summary of tax relief claimed for taxes paid outside India
  • Schedule FA: Details of Foreign Assets and income from any source outside India
  • Schedule SH-1: Shareholding of unlisted company
  • Schedule SH-2: Shareholding of Start-ups
  • Schedule AL-1: Assets and liabilities as at the end of the year
  • Schedule AL-2: Assets and liabilities as at the end of the year (applicable for start-ups only)
  • Schedule GST: Information regarding turnover/gross receipt reported for GST
  • Schedule FD: Break-up of payments/receipts in Foreign currency
  • Part B-TI: Computation of total income
  • Part B-TTI: Computation of tax liability on total income
  • Tax payments:
  • Details of payments of Advance Tax and Self-Assessment Tax
  • Details of Tax Deducted at Source (TDS) on Income
  • Details of Tax Collected at Source (TCS).

How do I fill out the verification form?

 Please complete the required information in the Verification document. Cross out any sections that are not applicable. Remember that the verification must be signed before submitting the return.

Select the designation or capacity of the person signing the return. Please note that providing false information in the return or its accompanying schedules could lead to prosecution under Section 277 of the Income-tax Act, 1961, which carries penalties including rigorous imprisonment and fines.

What is the Due date for filing ITR-6 Form?

The due date for filing ITR-6 varies depending on the taxpayer’s category and any extensions provided by the tax authorities. For most taxpayers, the due date is typically:

  • July 31st of the assessment year for individuals and other non-audit cases.
  • September 30th of the assessment year for cases requiring audit or transfer pricing report.

However, it’s always advisable to check with the latest notifications or consult with a tax professional for accurate information regarding due dates, as they may be subject to change or extension by the tax authorities.

FAQs ( Frequently Asked Questions).

 1] What documents are required for filing ITR-6?

  – Documents like balance sheets, profit and loss statements, audit reports (if               applicable), and details of income and expenses are generally required.

 2] Can I file ITR-6 electronically?

 – Yes, ITR-6 can be filed electronically on the Income Tax Department’s e-filing portal.

 3] What happens if I don’t file ITR-6 on time?

 – Failure to file ITR-6 on time may attract penalties and interest as per the Income Tax Act.

 4] Do I need to attach any documents while filing ITR-6 online?

 – Generally, no documents need to be attached while filing ITR-6 online. However, it’s advisable to keep all relevant documents for reference and verification.

 5] Can I revise my ITR-6 after filing?

 – Yes, you can revise your ITR-6 within a specified time frame if you discover any errors or omissions in the original filing.

 6] Is it mandatory to get my ITR-6 audited?

 – Companies meeting certain criteria, as specified under the Income Tax Act, are required to get their accounts audited before filing ITR-6.


DISCLAIMER: The information provided in this ITR-6 form is intended for general informational purposes only and is based on the latest guidelines and regulations. While we strive to ensure the accuracy and completeness of the information, it may not reflect the most current legal or regulatory changes. Taxpayers are advised to consult with a qualified tax professional or you may contact to our tax advisor team through call +91-9871990777 or info@semantictaxgen.in. the appropriate government authority to verify the accuracy of the information and to obtain advice on their specific tax situations.

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