Organizations other than organizations claiming exemption under section 11 must outfit their Income Tax Return in ITR-6 Form. Organizations claiming exemption under section 11 are those whose pay from the property is held for charitable or religious purposes. It is required to file an income tax return(ITR) in India if any of the conditions referenced above is fulfilled by you.
“The penalty for ITRs furnished on or before December 31 is Rs 5,000, but doubles that amount for later filings. However, if your taxable income is below Rs 5 lakh, the maximum penalty will be Rs 1,000. On the other hand, if the tax evaded exceeds Rs 25 lakh the punishment could be 6 months to 7 years”, as per the website of the Income Tax Department. On the off chance that the assessee is liable for Audit u/s 44AB and the accounts have been audited by an accountant, the subtleties of such audit report, along with the date of outfitting it to the office electronically must be given.
Structure of ITR Form 6
The Form has been divided into two parts and several schedules:
- Part A: General information
- Part A-BS: Balance Sheet as on 31st March 2019
- Part A-BS-Ind AS: Balance Sheet as on 31st March 2020 or as on the date of the business combination
- Part A-Manufacturing Account for the financial year 2019-20
- Part A-Trading Account for the financial year 2019-20
- Part A-P&L: Profit and Loss Account for the financial year 2019-20
- Part A-Manufacturing Account-Ind AS: Manufacturing Account for the financial year 2019-20
- Part A-Trading Account Ind-AS: Trading Account for the financial year 2019-20
- Part A-P&L Ind-AS: Profit and Loss Account for the financial year 2019-20
- Part A-OI: Other information
- Part A-QD: Quantitative details
- Part A-OL: Receipt and payment account of the company under liquidation
- Schedules as mentioned below
- Part B-TI: Computation of total income
- Part B-TTI: Computation of tax liability on total income
- Tax payments:
The 42 schedules are:
- Schedule-HP: Computation of income under the head Income from House Property
- Schedule-BP: Computation of income under the head “profit and gains from business or profession”
- Schedule-DPM: Computation of depreciation on plant and machinery under the Income-tax Act
- Schedule DOA: Computation of depreciation on other assets under the Income-tax Act
- Schedule DEP: Summary of depreciation on all the assets under the Income-tax Act
- Schedule DCG: Computation of deemed capital gains on the sale of depreciable assets
- Schedule ESR: Deduction under section 35 (expenditure on scientific research)
- Schedule-CG: Computation of income under the head Capital gains.
- Schedule-OS: Computation of income under the head Income from other sources.
- Schedule-CYLA: Statement of income after set off of current year’s losses
- Schedule-BFLA: Statement of income after set off of unabsorbed loss brought forward from earlier years.
- Schedule- CFL: Statement of losses to be carried forward to future years.
- Schedule –UD: Details of unabsorbed depreciation and allowance under section 35(4)
- Schedule ICDS: Effect of Income Computation Disclosure Standards on profit
- Schedule- 10AA: Computation of deduction under section 10AA
- Schedule- 80G: Details of donation entitled for deduction under section 80G
- Schedule 80GGA: Details of donations for scientific research or rural development
- Schedule RA: Details of donations to research associations etc.
- Schedule- 80IA: Computation of deduction under section 80IA
- Schedule- 80IB: Computation of deduction under section 80IB
- Schedule- 80IC or 80IE: Computation of deduction under section 80IC or 80 IE
- Schedule-VIA: Statement of deductions (from total income) under Chapter VIA.
- Schedule-SI: Statement of income which is chargeable to tax at special rates
- Schedule PTI: Pass-through income details from business trust or investment fund
- Schedule-EI: Statement of Income not included in total income (exempt incomes)
- Schedule-MAT: Computation of Minimum Alternate Tax payable under section 115JB
- Schedule-MATC: Computation of tax credit under section 115JAA
- Schedule-DDT: Details of payment of Dividend Distribution Tax
- Schedule BBS: Details of tax on distributed income of domestic company on buyback of shares, not listed on the stock exchange
- Schedule TPSA: Secondary adjustment to transfer price as per section 92CE(2A)
- Schedule FSI: Details of income from outside India and tax relief
- Schedule TR: Summary of tax relief claimed for taxes paid outside India
- Schedule FA: Details of Foreign Assets and income from any source outside India
- Schedule SH-1: Shareholding of an unlisted company
- Schedule SH-2: Shareholding of Start-ups
- Schedule AL-1: Assets and liabilities as at the end of the year
- Schedule AL-2: Assets and liabilities as at the end of the year (applicable for start-ups only)
- Schedule DI: Schedule of tax-saving investments or deposits or payments to claim deduction or exemption in the extended period from 1 April 2020 until 30 June 2020
- Schedule GST: Information regarding turnover/gross receipt reported for GST
- Schedule FD: Break-up of payments/receipts in Foreign currency
Key Changes in ITR-6 Form for AY 2020-21
The key changes in the ITR-6 Form in AY 2020-21 are summarised below:
- A separate schedule 112A for the calculation of the long term capital gains on the sale of equity shares or units of a business trust which are liable to STT.
- The subtleties of tax on secondary adjustments to transfer price under section 92CE(2A).
- The subtleties of tax deduction claims for ventures or installments or expenditure made between April 1, 2020, until June 30, 2020.
How to Fill Out the ITR-6 Form?
Assesses are advised to follow the sequence mentioned below while filling out the Income Tax Return:
- Part A
- Part B
This Income Tax Return must be necessarily outfitted electronically under digital signature to the Income Tax Department. No document (including TDS certificate) ought to be joined with this return structure while filing ITR-6. Taxpayers are encouraged to coordinate the taxes deducted/collected/paid by or on behalf of them with their Tax Credit Statement Form 26AS.
Fill up the necessary data in the Verification document. Strikeout whatever isn’t relevant. Kindly guarantee that the verification has been signed prior to outfitting the return. Choose the designation/capacity of the individual signing the return.
For more information, visit the website of All India ITR.