ITR-6: Guide to filing ITR-6 Form online

ITR-6 Form applies to commercial entities not drawing income from charities or religious establishments. Such companies must report their income, profits and losses, and details about taxes paid to the income tax authority through ITR-6.

Who is eligible to file ITR-6?

If you are a company not qualifying for exemptions under Section 11 of the Income Tax Act, 1961, you must file ITR-6. Corporate bodies earning income from property designated for charitable trusts or religious purposes can claim exemptions under Section 11.

Last date for filing ITR-6

For AY 2020-21: February 15, 2021

For AY 2021-22: October 31, 2021

How to download ITR-6 Form

• Visit the official web portal of the Income Tax Department.
• Place your cursor over the ‘Download’ tab.
• Click on ‘ITR Notified Forms AY 2020-21’, followed by ‘ITR-6.’

Steps to file ITR-6

ITR Form 6 must be filled and submitted digitally. You can enter the details online or fill up the downloaded soft copy and upload it to the e-filing portal.

1. Filling ITR-6 form

a. Keep your PAN, TAN, profit and loss statements, balance sheets, and book of accounts close. If your income for the relevant financial year exceeds ₹ 50 lakhs, you need to submit the ‘Assets and Liabilities’ form.

b. Login on the e-filing website using your PAN and registered password.

c. Fill out both Part A and Part B of the ITR form.

d. The Income Tax Department recommends to follow the sequence mentioned below:

• Part A - the general information about the company, including

i. Name

ii. Address

iii. PAN

iv. Corporate Identity Number (CIN)

v. Date of incorporation

vi. Email id

vii. Mobile number

• Schedules, such as

i. bank details

ii. balance sheet data

iii. revenue from various sources

iv. depreciation submission

v. spending

vi. profit and loss details

vii. availed deduction

s

viii. tax details

• Part B - the gross income earned

a. Mention ‘NA’ (Not Applicable) against any field that does not apply to you.

b. Round off all figures to the nearest rupee while entering monetary amounts.

c. You need not attach any document with this annexure-less form.

d. Make sure you do not provide inaccurate details. Taxpayers furnishing false statements are liable for prosecution under Section 277.

1. Tax calculation

Once the form fill-up is complete, you can see the tax amount you are liable to pay. The calculations take into account any tax you have paid in advance. It is advisable to tally the totals against your Tax Credit Statement Form 26AS.

If you have already paid more tax than the amount you have to pay, the tax department will initiate your refund after filing the ITR.

2. Return verification

It is mandatory to verify the returns using a digital signature. Once verified, you will receive an acknowledgement number.

3. Filing

It is compulsory to file ITR-6 online. After you have entered all information in the relevant fields, ensure you have signed the verification. Select the designation of the person/ authority certifying the return. Then transfer the data via the electronic mode on the tax filing website.

Things to keep in mind about changes in ITR-6 for AY 2020-21

• A new option in the ‘Filing Status’ section on exercising of option under Section 115BAA/115BAB
• A separate schedule to compute long-term capital gains on the sale of business units or listed equity shares subject to Security Transaction Tax (STT) under Section 112A
• A requirement to mention the tax details about adjustments to the transfer price on the book of accounts under Section 92CR(2A)
• Provision for including information on tax-deductible investments or expenses made between April 1, 2020, and June 30, 2020