ITR 6 Form for Income Tax Return Filing

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ITR 6 Form for Income Tax Filing

Filing an Income Tax Return is a vital compliance obligation for all taxpayers in India. The Income Tax Department has classified different ITR forms based on the taxpayer’s nature and structure. Among these, ITR-6 is specifically meant for companies that do not claim exemption under Section 11 of the Income Tax Act, 1961. Selecting the appropriate ITR form is essential to ensure regulatory compliance and protect your financial interests

What is ITR6?

ITR-6 is a significant form introduced by the Income Tax Department, specifically intended for companies registered under the Companies Act, 2013 or the earlier Companies Act, 1956. However, companies earning income from property held for charitable or religious purposes and claiming exemption under Section 11 are not eligible to file ITR-6. This form enables companies to report their income, claim deductions, declare tax liabilities, and provide details of tax payments for the relevant financial year. Filing ITR-6 is mandatory if your company’s income meets the specified criteria.”

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Who is Eligible for filing ITR-6?

We will provide you with a general understanding of who is typically eligible to file ITR 6 form in India. The ITR 6 form in India is primarily meant for the companies that have been registered under the Companies Act, 2013 or the previous companies act, 1956. Here are the key eligibility criteria for filing ITR 6. Companies who are eligible to file this form are as given below:

Private Limited Companies

Public Limited Companies

OPCs i.e. One Person Companies (except those who claim exemptions under section 11)

LLPs i.e. Limited Liability Partnerships that converted into companies

Other Corporate Entities

Who is Not Eligible to File ITR-6?

You are not eligible to file ITR-6, if, in case you

Individual Taxpayers

HUFs i.e. Hindu Undivided Families

LLPs i.e. Limited Liability Partnerships

Partnership Firms

Companies that claim exemptions under section 11 (income from property held for charitable or religious purposes)

Income Tax Return Due Date

The Income Tax Return last date for filing ITR 6 is typically the same as for other forms, providing protection from penalties for late filing.
Usually the last date of filing ITR 6 will be 31st July until there are any changes made by the government.
Audit Requirement: In case, if an entity has a turnover of Rs. 1 Crore or more (for businesses) or Rs. 50 Lakhs or more (for professionals), a tax audit is mandatory as per section 44AB

Essential Documents Required for Filing ITR-6

PAN (Permanent Account Number) Card of Companies
TAN (Tax Deduction and Collection Account Number) of Companies
Balance Sheet
Profit & Loss Statements
Other Financial Documents
Bank Statements of all Financial Transactions
GST Returns to Reconcile Turnover Details (if applicable)
Tax Payment Challans including proof of advance tax and self-assessment tax payments

Penalties for Non-Filing of ITR-6

Failing to file your ITR on time or submitting incorrect information can result in substantial penalties, as outlined below:

1. Late Filing Penalty – Section 234F

If the ITR is filed after the due date but before 31st December, a penalty of ₹5,000 may be imposed.
If filed after 31st December, the penalty increases to ₹10,000.
However, for taxpayers with a total income below ₹5 lakhs, the maximum penalty is limited to ₹1,000.

2. Interest on Outstanding Tax

An interest of 1% per month may be levied on any unpaid tax amount under Sections 234A, 234B, and 234C for delays in payment.

3. Prosecution

In extreme cases, failure to file income tax returns can result in prosecution under the Income Tax Act, leading to legal proceedings and possible imprisonment.

Final Thoughts

ITR 6 is a comprehensive tax return form that has been used by all companies including Private Limited Companies, Public Limited Companies, OPCs i.e. One Person Companies, etc. except for those who claim exemptions under section 11 of the Income Tax Act. If you file the form accurately you can make sure about compliance with tax laws along with maximizing deductions and minimizing penalties. It requires accurate reporting of income, deductions, and compliance with tax laws to file the form properly. You can avoid errors and hefty penalties by understanding the eligibility structure and filing process of ITR 6. If you understand properly and file ITR 6 timely, it will reflect responsible citizenship as well as contribute to the growth of the nation.

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