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Pay 10,000/month for 10 years, Get 1,65,805/Year* for next 15 years.
ARN. No. KLI/23-24/E-BB/1201
Features
Ref. No. KLI/22-23/E-BB/999
ITR-6 is a specific income tax return form in India designed for companies not claiming exemption under Section 11. It is comprehensive, requiring detailed financial information, and is filed electronically to fulfill income tax obligations.
In India’s complex terrain of income tax compliance, the ITR 6 form plays a pivotal role, particularly for companies not claiming exemption under Section 11 of the Income Tax Act. Understanding the nuances of ITR 6 is crucial for corporations, ensuring accurate reporting and adherence to taxation norms.
The Income Tax Department has introduced various forms for different taxpayers. An assessee should choose the appropriate form as per the source of income. One such Income Tax Return (ITR) is the ITR 6 form for companies.
The ITR-6 form is a comprehensive document that companies use to report their income, financial position, and other relevant details for the purpose of fulfilling their income tax obligations under the Indian tax system. It is filled by the companies that are not claiming exemptions under section 11. The ITR-6 form helps facilitate the assessment of the company’s tax liability and ensures compliance with the provisions of the Income Tax Act.
The form will be filed electronically and includes various parts and schedules requiring detailed information about the company’s income, expenses, assets, and liabilities. Companies may also need to attach an audit report prepared by a Chartered Accountant in certain cases.
All corporations incorporated under the Companies Act 2013 or the preceding Companies Act 1956 must submit Form ITR-6. Nevertheless, if a company derives its income from property held for religious or charitable purposes, it is exempt from the requirement to file Form ITR-6.
In the event that the taxpayer is subject to an audit under section 44AB and their accounts have been audited by an accountant, they must furnish details of the audit report, including the auditor’s information and the electronic submission date to the department.
Understanding the intricacies of various Income Tax Return (ITR) forms is paramount. ITR-6 serves as the designated form for filing tax returns for companies and entities other than individuals. The Form has been divided into two parts and several schedules:
The 42 schedules comprise:
Section 11 of the Income Tax Act in India pertains to exemptions granted to entities, specifically charitable or religious trusts. Legal companies are not directly eligible for benefits under Section 11; instead, it primarily applies to trusts and institutions engaged in charitable or religious activities.
Under Section 11, the income of such trusts and institutions can be exempt from taxation if applied for charitable or religious purposes. These purposes may include relief to the poor, education, medical relief, and advancing any other object of general public utility.
On the other hand, companies may claim exemptions under different sections of the Income Tax Act based on their activities, such as Section 10 for specific types of income or deductions under various sections for eligible expenses.
To obtain the most accurate and current information on companies claiming exemptions under Section 11 or any other relevant sections, it is recommended to refer to the latest amendments in the Income Tax Act and official notifications from the Income Tax Department or consult with a tax professional.
Filing the ITR 6 form is a crucial responsibility for companies under its purview. It ensures compliance with tax regulations and provides a comprehensive overview of the company’s financial activities. Companies are advised to seek professional guidance to navigate the complexities of ITR 6, ensuring accurate and timely submissions. Understanding the nuances of this form is pivotal for maintaining financial transparency and adhering to the regulatory framework governing corporate taxation in India.
Pay 10,000/month for 10 years, Get 1,65,805/Year* for next 15 years.
ARN. No. KLI/23-24/E-BB/1201
Features
Ref. No. KLI/22-23/E-BB/999
The information herein is meant only for general reading purposes and the views being expressed only constitute opinions and therefore cannot be considered as guidelines, recommendations or as a professional guide for the readers. The content has been prepared on the basis of publicly available information, internally developed data and other sources believed to be reliable. Recipients of this information are advised to rely on their own analysis, interpretations & investigations. Readers are also advised to seek independent professional advice in order to arrive at an informed investment decision. Further customer is the advised to go through the sales brochure before conducting any sale. Above illustrations are only for understanding, it is not directly or indirectly related to the performance of any product or plans of Kotak Life.