ITR 6 Filing

ITR-6 is a tax return form prescribed by the Income Tax Department of India for companies other than those claiming exemption under section 11 of the Income Tax Act (which applies to income from property held for charitable or religious purposes). Corporate entities must file this form annually to report their income and pay taxes as per the provisions of the Income Tax Act, 1961. Accurate and timely filing is crucial to ensure compliance and avoid penalties or legal complications.
Accountants Factory LLP offers expert assistance for ITR-6 filing, helping businesses navigate the complexities of tax compliance. Their services include pre-filing consultations, accurate preparation of financial statements, and e-verification, ensuring timely and error-free submission. With post-filing support for any tax queries, Accountants Factory ensures businesses remain compliant and avoid penalties, providing a seamless tax filing experience.

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Who Should File ITR-6?

Eligible Entities:

• Companies (other than those claiming exemption under Section 11): Any company registered under the Companies Act, 1956 or 2013, or under any other applicable law in India can file ITR-6, provided they are not claiming exemption under Section 11.
• Resident Companies: Companies incorporated and operating in India can file ITR-6.

Ineligible Entities:

• Individuals
• Hindu Undivided Families (HUFs)
• Firms
• Associations of Persons (AOPs)
• Bodies of Individuals (BOIs)
• Local Authorities
• Artificial Juridical Persons (other than companies)
• Companies claiming exemption under Section 11 (Income from property held for charitable or religious purposes).

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Schedule	Purpose
Bank Account Details	Details of the bank accounts used by the company.
Schedule-HP	Income from House Property.
Schedule-BP	Income from business and profession.
Schedule-DPM	Depreciation on plant and machinery.
Schedule-DOA	Summary of depreciation on all assets.
Schedule-DCG	Capital gains on the sale of depreciable assets.
Schedule-ESR	Expenditure on scientific research (Section 35).
Schedule-CG	Income from capital gains.
Schedule-OS	Income from other sources.
Schedule-CYLA	Current year's losses set off.
Schedule-BFLA	Set off of unabsorbed losses from previous years.
Schedule-CFL	Carry forward of losses to future years.
Schedule-UD	Unabsorbed depreciation and allowances.
Schedule-ICDS	Income Computation and Disclosure Standards (ICDS).
Schedule-10AA	Deductions under Section 10AA.
Schedule-80G	Donations eligible for deduction under Section 80G.
Schedule-VIA	Deductions under Chapter VI-A (Section 80).
Schedule-SI	Special income taxed at special rates.
Schedule-PTI	Pass-through income from business trust/investment funds.
Schedule-EI	Exempted incomes not chargeable to tax.
Schedule-MAT	Minimum Alternate Tax (MAT) details under Section 115JB.
Schedule-DDT	Dividend Distribution Tax (DDT) details.
Schedule-BBS	Tax on buyback of shares.
Schedule-ESI	Statement of foreign income and tax relief.
Schedule-IT	Details of advance tax paid and self-assessment tax.
Schedule-TDS	Details of Tax Deducted at Source (TDS) on incomes.
Schedule-TCS	Tax Collected at Source (TCS) details.
Schedule-FSI	Foreign Source Income (FSI) statement.
Schedule-TR	Foreign tax relief details.
Schedule-FA	Foreign assets and income details.
Schedule-SH1	Shareholding details of unlisted companies.
Schedule-SH2	Shareholding details of start-ups.
Schedule-AL1	Statement of assets and liabilities at the end of the year.
Schedule-GST	GST turnover details.
Schedule-FD	Details of payments/receipts made in foreign currency.

ITR 6: Eligibility and Filing Guidelines

ITR-6 Filing Deadline

The filing deadlines for ITR-6 are as follows:

For companies whose accounts are audited under Section 44AB of the Income Tax Act: October 31st of the assessment year.
For companies required to report under Form 3CEB: November 30th of the assessment year.
For companies whose accounts are not audited: July 31st of the assessment year.

Penalties for Late Filing of ITR-6

Late Filing Penalty Under Section 234F: If the return is filed after the due date but before 31st December, the penalty is ₹5,000. For taxpayers with an income less than ₹5 lakh, the penalty is reduced to ₹1,000.
Interest Under Section 234A: Interest will be charged at 1% per month or part of the month on the outstanding tax amount if the tax is not paid by the due date. The interest continues to accumulate until the actual payment is made.
Penalty for Failure to File Return Under Section 271F: A penalty of ₹5,000 may be levied if the ITR is not filed within the prescribed due date, even after any extensions.

How to File ITR-6?

Steps to file ITR-6:

Prepare Financial Statements: Gather all necessary documents such as profit and loss statements, balance sheets, and other required financial details.
Log in to the Income Tax e-Filing Portal: Use your company’s PAN to log into the Income Tax portal.
Fill in the ITR-6 Form: Complete the form by providing the required details in the different sections and schedules.
Verify and Validate: Ensure that all the details are accurate and complete. Use the validation tool available on the portal to check for any errors.
Submit the Form: Once the form is filled out and validated, submit it online.
E-Verify: After submission, e-verify the return using one of the available methods such as Aadhar OTP, net banking, or by sending a signed physical copy of the ITR-V to CPC Bangalore.

Conclusion

ITR-6 filing is an essential compliance process for corporate entities. Companies must ensure that all details are accurately reported, and all tax obligations are fulfilled within the prescribed timelines to avoid penalties and legal issues. E-filing makes the process more convenient, but companies must ensure they have all the necessary information before filing.

Accountants Factory Assistance for ITR-6 Filing

Accountants Factory LLP is a leading financial services provider specializing in assisting corporate entities with their tax compliance needs, including the accurate and timely filing of ITR-6 forms. The firm's expert team offers comprehensive support to businesses, from pre-filing assessments and consultation to the preparation and filing of ITR-6, ensuring all financial statements, profit and loss accounts, and necessary schedules are correctly filled. With extensive knowledge of the Income Tax Act, Accountants Factory also helps with e-verification and responds to any post-filing notices or queries from the Income Tax Department. Their end-to-end services ensure businesses remain fully compliant, avoiding penalties while simplifying the tax filing process. By choosing Accountants Factory LLP, Factory LLP, companies gain a trusted partner to navigate the complexities of ITR-6 filing and maintain ongoing tax compliance with ease.

ITR 6 Filing

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Who Should File ITR-6?

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Structure of ITR-6 Form

Schedules and Their Purposes