ITR-6 Form

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  • Last Updated on 10 May, 2021

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Companies other than companies claiming deduction under section 11 are required to furnish return of income in form ITR-6 as per the provisions of Income Tax Act, 1961. Form ITR-6 is the format in which such companies have to provide the information relating to their income for a particular year.

Companies Claiming deduction under section 11:

Chapter III of the Income Tax Act, 1961 lays down the provisions related to incomes that do not form part of total income. Section 11 is covered under the same and covers the income from property held for charitable or religious purposes.

So, every company other than the company claiming deductions in respect of income from property held for charitable or religious purposes shall furnish income tax return in form ITR-6. However, the company claiming deductions in respect of income from the property held for charitable or religious purposes shall furnish income tax return in form ITR-7.

New ITR Forms for AY 2018-19: 

Central Board of Direct Taxes (CBDT) has notified new ITR forms for the Assessment Year 2018-19 for filing the return of income of Financial Year 2017-18. Certain clauses have been added/ modified in Form ITR-6 in comparison to last year.

These are: –

    • Reporting of information pertaining to the fee for late furnishing of return as per the provisions of section 234F that has been inserted in Income Tax Act, 1961 w.e.f. 1st April 2018. Amount of late fee shall be:

Particulars

      Cases

      Amount of Late Fee

Income < 5 Lacs

In all cases

Rs. 1,000/-

Income ≥ 5 Lacs

If return filed on or before 31.12.2018

Rs.5,000/-

In any other case

Rs.10,000/-
    • Reporting of detailed information relating to TDS deducted and TDS credit claimed.
    • Reporting of MAT adjustments, Balance sheet, and statement of profit and loss prepared in accordance with Ind-AS in case of Ind-AS compliant companies.
    • Reporting of the break-up of information relating to payments/ receipts in foreign currency.
    • Reporting of information relating to the bifurcation of expenditure with registered and unregistered entities under GST and additional information of registered parties.
    • Reporting of details of the amount apportioned for CSR expenditure out of net profit.
    • Separate mention of information relating to deemed gifts and deemed capital gains.
    • Reporting of information relating to income from transfer of carbon credits.
    • Reporting of information relating to income chargeable to tax at special rates.
    • Reporting of information relating to income not deductible under section 58.
    • Reporting of information relating to profits under section 59 relating to cessation of liability under section 41(1).
    • Reporting of information relating to capital gains arising out of transfer of unquoted shares.
    • Reporting of details of beneficial owners who hold 10% or more voting power (directly or indirectly) in case of an unlisted company.
    • Reporting of proportionate depreciation in the event of business reorganization. Also, the depreciation schedule has been revised and according to which highest rate of depreciation for any block cannot exceed 40%

Mandatory provisions for furnishing return of income in Form ITR-6 for AY 2018-19: 

    1. E-filing of return is mandatory.
    2. Verification of return through Digital signature is mandatory.

Author Bio: Radhika Daga is a CA Final student. Connect with her on Linkedin @www.linkedin.com/in/radhikadaga.

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