A Brief Guide About ITR 6 Form

If companies do not claim any tax exemption under the Indian Income Tax Act Section 11, they must file their tax returns with Income Tax Return (ITR) 6. The companies that do file for exemption under Section 11 are eligible to file ITR-7 instead.

You can download ITR 6 from the e-filing website - https://www.incometaxindiaefiling.gov.in/ . The form is divided into two parts and comprises of two parts and 42 schedules.

• Capital gains
• Profits and gains from business
• Deductions from tax authorities

• Tax payable
• Tax relief
• Tax paid
• Interest payable
• Bank details, etc.

• Schedule House Property
• Schedule Capital Gains
• Schedule Other Sources

1. Part A-GEN comprises of general information related the assessee such as name, date of incorporation, PAN, Corporate Identity Number (CIN), address, etc.
2. For Part A-Manufacturing Account, the firm needs to fill details related to the inventory, the cost of goods sold, and give details of the manufacturing.
3. Part A-Trading Account will include the applicable credits and debits in the trading account in the fiscal year.
4. Part A-P&L Account will need details of the transactions in the P&L Account.
5. Part A-BS refers to the balance sheet of the firm. All the details mentioned in the balance sheet have to be filled in this part of the form. The balance sheet should align with the financial year ending, i.e. as on 31st March. Key areas include current assets and current liabilities, non-current liabilities, shareholder’s fund, etc.
6. ITR 6 Part B-TI comprises of computation of total income; it requires the assessee to provide details about income from other sources applicable during the financial year. The assessee needs to provide details related to
7. Part B-TTI needs details of the tax liability of the firm in the fiscal year. These include:
8. Some important Schedules in ITR Form 6 are:

The Indian Income Tax Department gives clear instructions on how to fill ITR 6. The form is comprehensive, and the sections are self-explanatory. However, keep in mind the following while filing ITR 6.

1. Put ‘NA’ against any section that is not applicable to you
2. Write ‘Nil’ before a zero figure
3. Insert a hyphen (-) to indicate a negative value
4. Round of the figures to the closest one rupee

The ITR 6 income tax form can only be filled online as there is no offline provision yet. While filing, the ITR6 form one does not require documents attached with the TDS Certificates. If any incorrect statement is made while filing the return, the person can be prosecuted under Section 277 of the Income Tax Act. Ready to make the most of your money? Start your tax planning journey now!

The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.