ITR-6 is a specialized income tax return form designed specifically for companies in India that are not claiming exemptions under section 11 This form serves as a comprehensive document for companies to report their financial details, income sources, and tax obligations to the Income Tax Department. Companies registered under the Companies Act 2013 or the earlier Companies Act 1956 are required to file this form, with the exception of those deriving income from properties held for religious or charitable purposes.
The filing process for ITR-6 is entirely electronic and requires digital submission to the Income Tax Department. Companies must complete various sections of the form, including personal information, income details, deductions, and tax computations. The form encompasses 42 detailed schedules that capture comprehensive financial information, and companies are advised to carefully fill out all applicable sections. Importantly, no additional documents need to be attached during the filing process, though taxpayers should cross-verify their tax credits using Form 26AS.
Timely filing of ITR-6 is crucial, as late submissions can result in penalties. The late fee can range from ₹1,000 to ₹10,000 depending on the delay, and additional interest may be charged on tax due. Companies have the option to file the return voluntarily before the due date, after the due date, or as a revised return, with different sections to be marked accordingly. Digital signature is recommended, though not mandatory, and if not used, an ITR-V form must be submitted to the Income Tax Department within 120 days.
Visit the official Income Tax e-filing website at www.incometax.gov.in. Enter your User ID (PAN) and password to log in. If you do not have an account, you will need to register using your PAN.
Once logged in, go to the "e-File" menu and select "Income Tax Returns." Choose the relevant assessment year for which you are filing (e.g., FY 2023-24 for AY 2024-25) and select ITR-6 from the dropdown menu.
Complete the ITR-6 form by entering required details, including: Part A: General Information: Fill in basic details such as PAN, corporate identity number (CIN), and contact information. Schedules: Provide information on income from various sources, deductions, and tax payments. This includes details of profits and gains, tax payments, and any applicable exemptions. Part B: Tax Computation: Calculate total income and tax liability based on the information provided.
After filling out the form, click on the "Validate" button to check for errors or missing information. Once validated, submit your return electronically. You can choose to file it with a digital signature or without one; if filing without a digital signature, you will need to verify your return later.
After submission, you must verify your return within 30 days for it to be considered valid. You can verify using methods such as Aadhaar OTP, Electronic Verification Code (EVC), or by sending a signed physical copy of ITR-V to CPC, Bengaluru. Choose a method that is convenient for you.
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