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ITR - 6 or ITR - 6 form is one of the income tax return forms that is mainly used by companies for e-filing the tax return, if they don't claim the exemption u/s 11 of the Income Tax Act, 1961. As per current rules of the Income Tax, the companies that claim an exemption under section 11 are the companies that get income from property that is being held for religious or charitable purposes.

What is ITR - 6?

The companies that are other than those companies that are claiming exemption u/s 11 should furnish their ITR in form ITR - 6.

Which Companies Can Claim Exemption Under Section 11?

Companies that are claiming exemption u/s 11 are the companies who are getting income through some property that is held for religious purpose or charity.

Structure of ITR - 6 Form

The structure of the ITR - 6 form is as follows:

  • Part A: General Information
  • Part BS of Part A: The Balance Sheet on March 31st, 2019
  • Part BS of Part A – Ind AS Balance Sheet as per March 31st, 2019 or according to the business combination's date.
  • Part A: Trading Account for FY 2018 – 19
  • Part A: Manufacturing Account for FY 2018 – 19
  • Part A – P & L: Profit and Loss Account for the FY 2018 – 19
  • Part A – Trading Account Ind – AS: Account for Trading for the FY 2018 – 19
  • Part A – Manufacturing Account – Ind AS Account for Manufacturing for FY 2018 – 19
  • Part A – P & L Ind – AS: Account of Profit and Loss for the FY 2018- 19
  • Part A – QD: Quantitative Details
  • Part A – OI: Other Information
  • Part A – OL: Payment and receipt account of the company in liquidation
  • Part B – TI: Total Income's computation
  • Part B – TTI: Tax liability of total income computation

Tax Payment:

  • All the details of the payments of Self Assessment Tax and Advance Tax.
  • All the details of Tax Collected at the Source (TCS).
  • All the details of Tax Deducted at the Source (TDS) over the Income (According to Form 16B/ 16A/ 16C).

42 Schedules of this Form are:

  • Schedule – BP: Income's computation under the head ‘profit & gains from the business or profession'.
  • Schedule – HP: Income's computation under the head of Income from House Property.
  • Schedule DPM: Plant and machinery depreciation's computation IT Act.
  • Schedule DEP: Depreciation summary of all the assets under the IT Act.
  • Schedule DOA: Other assets depreciation's computation under the IT Act.
  • Schedule DCG: Deemed capital gains' computation on the sale of depreciable assets.
  • Schedule CG: Income's computation under ‘Capital Gains' head.
  • Schedule ESR: Deduction u/s 35 (expenditure on scientific research).
  • Schedule OS: Income's computation under ‘Income from other sources' head.
  • Schedule BFLA: Income's statement after setting off the unabsorbed losses that are brought forward from previous years.
  • Schedule CYLA: Income's statement after setting off the losses of the current year.
  • Schedule CFL: Losses statement that has to be carried forward to the future years.
  • Schedule ICDS: Income Computation Disclosure Standards' effect over profit.
  • Schedule UD: Allowance and unabsorbed depreciation details u/s 35(4).
  • Schedule 10AA: Deduction's computation as per section 10AA.
  • Schedule 80GGA: Donations' details for rural development or scientific research.
  • Schedule 80G: Donation's details that are eligible for deduction u/s 80G.
  • Schedule RA: Donations' details given for research associations, etc.
  • Schedule 80IB: Deduction's computation u/s 80IB.
  • Schedule 80IA: Deduction's computation u/s 80IA.
  • Schedule 80IE or 80IC: Deduction's computation u/s 80IE or 80IC.
  • Schedule SI: Income's statement that is chargeable to tax at some specific rates.
  • Schedule VIA: Deduction's statement from the total income as per Chapter VIA.
  • Schedule PTI: Details of pass-through income from an investment fund or business trust.
  • Schedule MAT: Minimum Alternation Tax's computation that is payable u/s 115JB.
  • Schedule DDT: Payment's details of Dividend Distribution Tax.
  • Schedule MATC: Tax credit's computation u/s 115JJA.
  • Schedule BBS: Tax details on the distributed income of the domestic company to buy back the shares that are not listed in the stock exchange.
  • Schedule IT: Payment's statement of the self-assessment tax and advance-tax.
  • Schedule ESI: Income details from tax relief and outside India.
  • Schedule TDS: Tax deducted at the source's statement on income that is other than the salary.
  • Schedule FSI: Income details that are arising or occurring outside India.
  • Schedule TCS: Tax collected at source's statement.
  • Schedule TR: Tax relief's summary that is claimed for the taxes that are paid outside India.
  • Schedule SH – 1: Unlisted company's shareholding.
  • Schedule FA: Income and foreign assets details from any source that is outside India.
  • Schedule SH 2: Startup's shareholdings.
  • Schedule AL-1: Liabilities and assets as by the end of the year.
  • Schedule GST: Information related to gross receipt and turnover that is reported for GST.
  • Schedule AL-2: Liabilities and assets as by the year-end (this is applicable for the start-up companies only).
  • Schedule FD: Receipts/ payments break-ups in foreign currency.

Important Changes in Form ITR - 6

The main changes that are made in the ITR - 6 form are mentioned below:

  • Recognition details as a start-up through DPIIT.
  • Donations' bifurcation in non-cash and cash mode of the payment.
  • Declaration details filed in Form - 2.
  • Gross/ turnover receipt information that is reported for GST.
Written By: PolicyBazaar - Updated: 12 November 2020
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