ITR Form 6 or ITR 6 is an income tax return form that is used by companies to e-file income tax return if they do not claim exemption under Section 11 of the Income Tax Act, 1961. Under existing Income Tax rules, companies that can claim exemption u/s 11 are those who have income from property that is held for charitable or religious purposes.
How to download ITR Form 6?
The ITR Form 6 can be downloaded for free from the Official Income Tax website, but as of yet no offline tools are provided by the IT Department for filing ITR 6.
ITR Form 6 Structure
The Income Tax Return Form 6 consists of two parts Part A and Part B along with multiple schedules that capture various income and tax aspects of the business using ITR 6 to file income tax returns. The following are some of the key sub-sections of ITR Form 6 Part A.
Key Subsections of ITR Form 6 Part A
Some of the key sub-sections of Part A of ITR 6 are as follows:
ITR 6 Part A – General
The General Section of ITR Form 6 Part A will have to be filled out with basic details of the income tax assessee such as Name, PAN, Complete Address, Corporate Identity Number (CIN), Date of Incorporation, etc.
Some additional company details that may have to provided, if applicable include Holding Status, Key Holders, Business Organisation, Shareholder Formation, etc.
ITR 6 Part A – Balance Sheet
Part A – Balance Sheet or Part A – BS is to be filled out with details of the balance sheet of the company as on 31st March of the applicable financial year or amalgamation of the company. Some of the key details of be provided in this section include shareholder’s fund, share application money pending allotment, non-current liabilities, current liabilities, assets and more.
ITR 6 Part A – Manufacturing Account
This sub- section of ITR-6 Part A has to be filled out with details related to opening inventory, closing stock and cost of goods produced, which together comprise the manufacturing account information of the company.
ITR 6 Part A – Trading Account
The ITR Form 6 Part A – Trading Account subsection needs to be filled out with details of debits and credits occurring in the company’s trading account during the applicable financial year.
ITR 6 Part A – Profit and Loss Account
The ITR 6 Part A – P&L has to be filled out with details featured in the company’s Profit and Loss Account as of end the applicable financial year. This section will contain various details of the company’s Profit and Loss account including details of credits and debits to the P&L Account as well as details of provisioning made by the company.
ITR Form 6 Schedules
The ITR Form 6 contains various schedules which feature specific details related to the income or tax information of the company filing the ITR 6 form. The following are some of the key ITR Form 6 schedules that the income tax assessee needs to fill out:
Schedule HP of ITR 6
This schedule contains details of the income from house property that the tax assessee is required to fill out. Key details included in this section include:
- Rent Received
- Unrealised rental amount
- Tax paid to local authorities for property, etc.
This schedule also mentions details of the co-owners of the property along with their respective PAN in case assessee co-owns the property whose details are provided in this schedule
Schedule CG of ITR 6
ITR form 6 Schedule CG contains fields that feature details of Capital Gains applicable to the financial year. The details in this section will include short term capital gains and long term capital gains from key sources such as sale of land/building, stamp sale, equity mutual funds, shares, etc.
Schedule OS of ITR 6
This schedule quantifies details of income obtained from sources other than house property, capital gains, business income, etc. Some key information disclosed in Schedule OS of ITR 6 include details of the following income-
- Interest from bank/post office deposits, savings account, income tax refund, etc.
- Rental income from machinery, plant, etc.
- Cash credits
- Pass-through income, etc.
ITR Form 6 Part B
This is a comparatively shorter section of the ITR Form 6 that is featured towards the end of the tax return form. Key components of ITR 6 Part B are as follows:
ITR 6 Part B – Computation of Total Income
ITR Form 6 Part B – TI subsection requires the tax assessee to provide details of income from various sources during the applicable fiscal. Key details to be provided to tax authorities in ITR-6 include the following
- Income from house property
- Profits/gains from business or profession
- Capital Gains
- Income from other sources
- Various deductions, etc.
ITR 6 Part B – TTI
The ITR Form 6 Part B – TTI sub-section features requires the tax filer to calculate and provide details of the tax liability of the company for the applicable financial year. Such details would include the following:
- Tax payable on total income u/s 115 JB
- Tax Relief under various sections of the IT Act, 1961
- Interest and fee payable
- Taxes Paid (TDS, TCS, self-assessment tax, etc.)
- Amount Payable (if applicable)
- Refund amount (if applicable)
- Bank details (domestic/international), etc.