ITR-6 is an Income Tax Return (ITR) form used by companies registered under the Companies Act, 2013 or earlier laws, which do not claim exemption under Section 11 of the Income Tax Act. This form is meant for companies that are not engaged in religious or charitable activities.
ITR-6 can be filed by:
• Private Limited Companies
• Public Limited Companies
• One Person Companies (OPCs)
• Other corporate entities not claiming exemption under Section 11
The following entities cannot file ITR-6:
• Companies claiming exemption under Section 11 (income from property held for charitable or religious purposes)
• Individuals, Hindu Undivided Families (HUFs), Firms, LLPs, and Trusts (these entities have to file different ITR forms)
Before filing ITR-6, companies should keep the following documents ready:
• PAN of the company
• Incorporation details
• Financial statements (Balance Sheet, Profit and Loss account)
• Auditor’s report (if applicable)
• Tax audit report (if applicable)
• Form 16A, 16B, or 16C (if applicable)
• TDS certificates
• Bank account details
• GST details (if applicable)
• Foreign assets and income details (if applicable)
ITR-6 must be filed electronically through the Income Tax e-Filing portal with a Digital Signature Certificate (DSC). The steps to file are:
1. Visit the Income Tax e-Filing portal.
2. Log in using the company’s PAN, password, and captcha.
3. Click on ‘File Income Tax Return’.
4. Select the assessment year and mode of filing.
5. Choose ‘ITR-6’ from the list of available forms.
6. Enter details of business income, deductions, and tax computation.
7. Verify the tax payable or refundable amount.
8. Submit the form and verify using the Digital Signature Certificate (DSC).
9. Download the acknowledgment for future reference.
The due date for filing ITR-6 depends on audit requirements:
• For companies not requiring an audit – July 31st of the assessment year.
• For companies requiring an audit – October 31st of the assessment year.
• For companies involved in international transactions requiring a transfer pricing report – November 30th of the assessment year.
• Companies with a turnover exceeding Rs. 1 crore (Rs. 10 crore if cash transactions are below 5%) must undergo a tax audit under Section 44AB.
• If the company has international transactions or specified domestic transactions, a transfer pricing audit under Section 92E is mandatory.
Failing to file ITR-6 within the due date may result in penalties:
• A late fee of Rs. 5,000 if filed after the due date but before December 31st.
• A late fee of Rs. 10,000 if filed after December 31st.
• Interest may be charged on unpaid taxes under Section 234A, 234B, and 234C.
• Companies that fail to file returns may also face scrutiny and penalties from the Income Tax Department.
• Ensures legal compliance with tax regulations.
• Helps in smooth loan and credit approvals.
• Facilitates tax refund claims.
• Avoids legal penalties and interest charges.
• Provides proof of income and business financials.
Vakil360 provides expert assistance for seamless ITR-6 filing. Our services include:
• End-to-end support for accurate tax filing.
• Expert review to ensure compliance with tax laws.
• Hassle-free digital submission with DSC.
• Maximizing tax savings with proper deductions.
• Timely filing to avoid penalties.
Vakil360 ensures that companies comply with tax regulations and file ITR-6 accurately and on time. Contact us today for professional tax filing services.
