Overview of ITR 6 Form Filing

For a variety of uses, the Central Board of Direct Taxes (CBDT) has provided advice and different ITR forms. The incorrect form you use to file your return will be seen as defective. If the error is not fixed, the return will be considered void, and the department will treat it as if the customer never registered the return. Therefore, it is difficult to understand which ITR applies to which type of Assessee and for what amount of income.

In the unlikely event that an organization does not assert an exemption under Section 11 of the Income Tax Act, 1961, they will use ITR 6, an income tax return form, to electronically file their income tax returns. Organizations that can ensure exclusion under section 11 of the current Income Tax regulations are those that receive income from property held for religious or charitable purposes. The investment made between April 1 and June 30 includes savings benefits for professionals, individuals, business units, and HUF.

Who can file ITR 6?

Businesses may utilize ITR-6 if they are not claiming the exemption under Section 11 (income from property held for religious or charitable purposes).

Who is not eligible to file ITR 6?

The taxpayers listed below—

Local authorities, the Association of Persons (AOP), the Body of Individuals (BOI), the Hindu Undivided Family (HUF), and the Firm and Artificial Judiciary Person.
Are exempt from filing the ITR-6 form. Businesses claiming to be exempt from section 11 (income from property held for religious or charitable purposes)
A business must submit an income return in ITR-7.

E-filing of audit reports:
Let us say the accountant audits a taxpayer who is liable under Section 44AB. In that scenario, the income tax return and the audit's details have to be sent electronically to the department. The taxpayer can accomplish this with the assistance of a chartered accountant.

What is the structure of ITR 6?

Part A: Overview
Part A-BS: March 31st Balance Sheet
Part A-BS-Ind AS: Balance sheet as of March 31 or as of the date of the business combination
Part A: Financial Year's Manufacturing Account
Part A-P&L: Account of Profit and Loss for the Fiscal Year
Part A- Manufacturing Account-Ind AS: The financial year's manufacturing account.
Part A- Trading Account Ind-AS: Trading account for the financial year
Part A-P&L Ind-AS: Account of Profit and Loss for the Fiscal Year.
Part A-OI: Additional details(Other Information)
Part A-QD: Quantitative information
Part A-OL: The company's receipt and payment account during its liquidation
Schedule – HP: Specifics of Residential Property Revenue
Schedule-BP: Calculating revenue from a business or occupation.
Schedule-DPM: Depreciation of plant and machinery
Schedule DOA: Depreciation of other assets
Schedule DEP: A summary of each asset's depreciation.
Schedule DCG: Gains on the sale of depreciable assets that are deemed capital.
Schedule ESR: Expense for scientific research, etc. (35CCD, 35CCC, or 35CCD deductions).
Schedule-CG: Capital gains.
Schedule 112A: From the sale of equity shares in a company that is subject to section 112A's requirement that STT be paid or from the sale of a business, business trust unit, equity-oriented fund unit, or business.
Schedule 115AD(1)(b)(iii)- Proviso: from the sale of an equity share in a business, a unit of a fund that is equity-oriented, or a unit of a business trust that is subject to section 112A payment of STT.
Schedule -OS: revenue from additional sources (other sources).
Schedule-CYLA: Information about income after deducting losses from the current year.
Schedule-BFLA: Income Statement following the deducting of carried forward losses from prior years.
Schedule-CFL: Details of losses to be carried forward to future years.
Schedule-UD: Allowance and unabsorbed depreciation under section 35(4).
Schedule ICDS: Impact of Disclosure Standards for Income Computation on Profit.
Schedule – 10AA: Deduction under section 10AA
Schedule- 80G: Information about a donation that qualifies for a section 80G deduction.
Schedule 80GGA: Information about donations to rural development or scientific research.
Schedule RA: Information about donations to research associations, etc.
Schedule-80IA: Deduction under section 80IA
Schedule-80IB: Deduction under section 80IB
Schedule- 80IC or 80IE: Deduction under section 80IC or 80IE
Schedule-VIA: Deduction under Chapter VIA.
Schedule-SI: Income subject to a special rate of taxation.
Schedule-EI: Information about exempt income.
Schedule PTI: Transfer income information from investment funds or business trusts.
Schedule-MAT: Calculation of the Section 115JB Minimum Alternate Tax Owed.
Schedule-MATC: Tax credit computation under Section 115JAA.
Schedule BBS: Information regarding taxes on distributed income for domestic companies that repurchase shares but do not list on a stock exchange.
Schedule TPSA: Secondary transfer price adjustment in accordance with section 92CE(2A).
Schedule FSI: Information about foreign income and tax benefits.
Schedule TR: An overview of the tax breaks requested for Indian taxes paid.
Schedule SH-1: Shareholding of unlisted company
Schedule SH-2: Shareholding of Startups
Schedule AL-1: Liabilities and assets as of year's end.
Schedule AL-2: Liabilities and assets as of the end of the year (relevant only for startups).
Schedule DI: Investment specifics
Schedule GST: Details of the turnover and gross receipts that were reported under the GST.
Schedule FD: Payment and receipt breakdown in foreign currencies
Part B-TI: Computation of total income.
Part B-TTI: Total income calculation.
Tax payments:
Information about Advance Tax and Self-Assessment Tax payments.
Information about Income Tax Deducted at Source (TDS) (per Form 16A/16B/16C).
Information about Tax collected at Source (TCS)

How can I submit a Form ITR-6?

This income tax return must be electronically submitted to the Income Tax Department with a digital signature.

Annexes are not necessary.
When filing ITR-6, this return form should not have any attachments, not even the TDS certificate. The IRS advises taxpayers to match their Tax Credit Statement Form 26AS with the taxes deducted, collected and paid on their behalf.

How should the verification paperwork be filled out?

Complete the Verification paper with the necessary information. Anything irrelevant should be removed.

Before submitting the return, please make sure the verification has been signed.

Decide on the person signing the return's role or title. Anyone found guilty of making a false statement in return or supporting schedule is subject to a harsh prison sentence and a fine under Section 277 of the Income-tax Act of 1961.

Key changes in the ITR-6 for AY 2024-2025

Legal Entity Identifier (LEI): Businesses requesting a tax refund of at least Rs. 50 crore are now required to provide the LEI's information.
Tax on Accreted Income (New Schedule 115TD): This new schedule, which is applicable to entities that no longer qualify for tax exemptions, contains information on reporting Tax due on accreted income.
Capital Gains Accounts Scheme (CGAS): The date, account number, and IFS code of deposits made to CGAS are now required to be included in ITR-6.
Contributions to political parties (New Schedule 80GGC): Information about the contributions made, including a breakdown by mode (cash/other) and transaction reference numbers, is required.
Deductions for Startup (New Schedule 80-IAC): Businesses that want to deduct under Section 80-IAC are required to include information such as their certificate number, business nature, and date of incorporation.
Offshore Banking Unit/IFSC Deductions (New Schedule 80LA): Organisations wishing to submit Section 80LA deduction claims are required to provide information about their entity type, income type, registration information, and the year they first filed for the deduction.
Payments to MSMEs Beyond Time Limit: It is necessary to provide information on any payments made to MSMEs that surpass the time limit outlined in the MSME Act, which prevents deductions under Section 43B.
Winnings from Online Gaming: Schedule OS has been updated to include online gaming income that is subject to Section 115BBJ taxation.
Dividend Income from IFSC Units: Dividend income from an IFSC unit is subject to a 10% reduced tax rate, as shown in Schedule OS.Deadline to File Returns: The appropriate deadline for filing the return (October 31 to November 30) must be chosen in a new column.
Audit Report Acknowledgment & UDIN: Organisations that are audited are now required to provide the UDIN and the audit report's acknowledgement number.
icro or Small Enterprise Recognition: In accordance with the MSME Act, businesses are required to declare their status as recognised and to supply their registration number.
Reason for Tax Audit under Section 44AB: Organisations that are audited under Section 44AB are required to provide a justification for the audit, such as surpassing turnover thresholds or choosing not to be subject to presumed taxes.

Key changes in the ITR-6 Form

The following summarises the main modifications made to Form ITR-6:Information about DPIIT's recognition of the startupSpecifics of the statement submitted on Form-2Details on the gross receipts and turnover reported for GSTdividing donations into two categories: cash and non-cash.

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