ITR-6 Return
Starting and managing a business involves numerous challenges, with tax compliance being one of the most crucial aspects to ensure smooth operations. In India, companies are required to file ITR-6 annually. It is essential to file this return accurately and on time in accordance with the Income Tax Act of 1961. Timely and correct filing of ITR-6 helps businesses avoid penalties and legal complications.
Steps to File ITR-6:
After logging into the Income Tax portal, follow these steps:
Go to the e-Filing Section: Navigate to the “e-Filing” section and select “Income Tax Return” from the available options. Then, select ITR Form 6 for submission.
Part A – Basic Details: Enter the basic details of the taxpayer, including income sources and personal information.
Schedules: Complete the relevant schedules based on your company’s income, deductions, tax payments, and exemptions. This section includes reporting profits, gains, tax payments, and any applicable exemptions.
Part B – Income and Tax Computation: In this section, calculate the total income, taxes owed, and any carry-forward losses.
Verification: Review the information provided and complete the verification section to confirm that all details are accurate.
Submit ITR: Once all sections have been completed and verified, submit the ITR Form 6 electronically.
Acknowledgment: After submission, download the ITR-V (acknowledgment receipt). If you opt for e-verification, the acknowledgment will be sent to your email.
Documents Required for Filing ITR-6:
When filing ITR-6, there is no need to attach physical documents or supporting materials, such as TDS certificates. However, businesses must reconcile the taxes deducted, collected, or paid on their behalf by comparing these amounts with their Tax Credit Statement (Form 26AS).
Due Date for Filing ITR-6:
Companies must file their ITR-6 form under Section 139 of the Income Tax Act by October 31st of the assessment year. If the company is involved in transfer pricing, the deadline is extended to November 30th.