ITR-6 Form Filing Online in Chennai

A Company registered under the Companies Act, 1956 or Companies Act, 2013 and the company not claiming exemption under section 11 of the Income Tax Act (Income from property held for charitable or religious purpose) shall file their income tax returns in the ITR-6.

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ITR-6- Form-Filing

ITR form-6 or ITR 6 means Income Tax return form. The companies will e-file the income tax return when it does not claim exemption under Section 11 of the Income Tax Act, 1961. In present, companies existing under this Income Tax rules and who are liable to claim exemption u/s 11 are the one who gain income from the charitable or religious purpose properties.
The form is available online to download, that is from Official Income Tax website for free. No provision for offline to file ITR 6. This comprises of two parts such as part A and B.

Part A

Part A comprises of balance sheets, which are to be filled out by updating the company balance sheet as of 31st March of the appropriate financial or the company affiliation. This section provides the key details provided include shareholder’s fund, share application money pending allotment, non-current liabilities, current liabilities, assets and more.

Manufacturing account :

The sub-section of ITR-6 are filled out with opening inventory, closing stock and cost of goods produced together compromise the production account details of the firm.

Trading Account :

This requires filling of debits and credits happening in the company’s trading account during to the applicable financial year.

Profit and Loss Account :

The details are featured at the end of applicable financial year. The credit and debit to P&L Account details of provision made by the company.

Schedules :

Different schedules with specified details related to income or tax of the firm filing the ITR 6 form. The income tax assessee required fill out the form.

Schedule HP :

The schedule contains informations of the money gained or income from the tax assessee for the residence property is required to complete the key details added in the section include:

  1. Rent Received
  2. Outstanding rental value
  3. Property Tax paid to the local authorities

This schedule mentions details of the property’s co-owners are provided in this schedule along with PAN, if the assessee co-owns the property.

Schedule CG :

It specifies the short term and long term Capital Gains applicable to the financial year. This includes sale of land/building, stamp sale, equity mutual funds, shares, etc.

Schedule OS :

It measured the details of income obtained from sources other than house property, capital gains, business income, and many more; among which the key information disclosed under this section include details of the following income

  1. Dividends
  2. Bank Interest/ deposits from post office, savings account, income tax refund, etc.
  3. Rental income from machinery, plant, etc.
  4. Cash credits
  5. Pass-through income, etc.

Computation of Total Income

The shortest section featured towards the end of tax return form with the key components such as:

The tax assesseeis required to provide details of multiple income sources during the applicable financial year. Key details given to the tax authorities include the following

  1. Income from house property
  2. Profits/gains from business or profession
  3. Capital Gains
  4. Income from other sources
  5. Various deductions, etc.

TTI

TTI sub-section features needs the tax filer to estimate and provides the company tax liability details for the applicable financial year. The details included are the following:

  1. Tax payable on total income u/s 115 JB
  2. Tax Relief under various sections of the IT Act, 1961
  3. Interest and fee payable
  4. Taxes Paid (TDS, TCS, self-assessment tax, etc.)
  5. Amount Payable
  6. Refund amount
  7. Bank details (domestic/international), etc.

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