ITR-6

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.

FAQs on ITR - 6

Question 1: Where should I provide the balance sheet in form ITR - 6?

Answer: Choose the Client >> Go to 44AE >> Select Income Under Section 44AE >> Provide the Details >> Click ‘Save'.

If you are the one who wants to import data from the last year then:

Click the button to Import >> Choose the Previous Year >> Click the ‘Overwrite Existing and Import'.

Question 2: Where should I provide the ‘No Account' case details in ITR - 6?

Answer: Choose the Client >> Go to ‘No A/C' >> Provide the liabilities income details and asset details/ Expenses >> Provide the details >> Click ‘Save'.

If you are the one who wants to provide more details, then press the button to ‘Compute' and provide other details and click ‘Save'.

Question 3: Where should I provide depreciation in ITR - 6 form?

Answer: Choose the client >> go to Depreciation >> Provide all the details >> Click ‘Save'.

If you are the one who wants to import data from the last year then click:

The button to import >> Choose the previous year >> Click on ‘Overwrite Existing and Import'.

Question 4: Where should I provide the details of exempt income in ITR - 6?

Answer: Choose the client >> go to Exempt Income >> provide the details of exempt income >> Click ‘Save'.

Question 5: Where should I provide the amount of MATC/ MAT in ITR - 6?

Answer: Choose the client >> go to Manage Data >> MATC/ MAT >> Provide the details of the minimum payable alternate tax under section 115JB >> Click ‘Save'.

Question 6: Where should I provide the details of TDS  other than salary in form ITR - 6?

Answer: Choose the Client >> go to Taxes Paid >> select TDS – Other >> Provide the details and then click the ‘Save' button.

Question 7: What is the process to create Audit report in form ITR - 6?

Answer: Choose the Client >> go to Audit >> select form 3CA – 3CD >> go to ‘Generate Report' >> the process of generation gets completed at 100% and the report gets generated.

Question 8: Where should I provide the details of Tax Collection at Source (TCS) of the client in ITR - 6?

Answer: Choose the Client >> Go to Taxes Paid >> Select TDS – Other >> Provide the details and after that click the ‘Save' button.

Question 9: What is the process to generate XML for ITR - 6?

Answer: Choose the Client >> Go to Generate >> Provide all the details >> Select the option of ITR and then click ‘Save'.

After that press ‘Generate and Download XML' option for generating the XML. In this way, the process of generation completes 100% and the XML gets saved at the default folder ‘Downloads'.

Question 10: Who is eligible to use ITR - 6?

Answer: The ITR - 6 form can be used by the companies, other than those claiming an exemption under section 11.

Question 11: What is the process to provide the details in the Audit report in form 3CD – 3CA in form ITR - 6?

Answer: Choose the Client >> Go to Audit >> Select Form 3CA – 3CD >> Provide the details >> Click ‘Save'.

Question 12: Where should I provide the details of Audit information in ITR - 6?

Answer: Choose the Client>> Choose the AY >> Provide Audit Information >> Enter all the details >> Click ‘Save'.

Question 13: How should I provide my personal information in ITR - 6?

Answer: Choose the Client >> Select Manage Data >> Go to Personalize Information >> Edit or enter the details >> Click ‘Save'.

Question 14: Where should I provide the details of the bank in ITR - 6?

Answer: Choose the Client >> Provide the Bank Details >> Fill all the details >> Click Save.

If you are the one who wants to import the data for last year, then:

Click the button to import >> Choose the previous year >> Click ‘Overwrite Existing and Import'.

Question 15: How should I provide the filling status of form ITR - 6?

Answer: Choose the Client >> Choose the AY >> Select Filling Status >> Provide the details and click ‘Save'.

If you are the one who wants to import data from last year, click:

The button to import >> Go to the previous year >> Click ‘Overwrite existing and import' >> Click ‘Save' button.

Question 16: What are the steps to create the client of form ITR - 6?

Answer: There are two ways of client creation:

• Manual Creation: Go to Client Management >> Select ITR >> Go to ‘Create Client' >> Provide details such as address/ personal information and then click the ‘Save' button.
• Through XML Import: Go to Client Management >> Choose the ITR >> Go to ‘Create Client' >> Click ‘Import' >> Go to Import from XML >> Choose the File >> Click Import.

Question 17: Where should I provide the details of the nature of business in form ITR - 6?

Answer: Go to ‘Client' >> Choose the Assessment Year >> Select the Nature of Business >> Provide the details >> Click ‘Save'.

Question 18: Where should I choose the accounting method for ITR - 6?

Answer: Choose the Client >> Go to the AY >> Select ‘Other Information'>> Choose accounting method >> Click ‘Save'.

Question 19: How should I check the details of computation in ITR - 6?

Answer: Choose the Client >> Go to Computation >> Check all the details.

Question 20: How will I be able to provide the details of form 3CB – 3CD in the Audit report in ITR - 6?

Answer: Choose the Client >> Go to Audit >> Select Form 3CB – 3CD >> Provide the details >> Click ‘Save'.

Question 21: Where should I provide the details of the company in ITR - 6 form?

Answer: Choose the Client >> Go to Manage Data >> Select Company Details >> Provide the details of the Company >> Click Save'