Income Tax-ITR-6 Return filing

Overview

The Income Tax Department offers a range of forms tailored to the diverse needs of taxpayers. It's essential for an assessee to select the appropriate form based on their income source. One such form is the ITR 6, designed specifically for companies.

What is ITR-6?

Companies, excluding those seeking exemption under section 11, are required to submit their income tax return using the ITR-6 Form.

Companies eligible for exemption under section 11 are those whose income from property is dedicated to charitable or religious purposes.

Who should file ITR 6?

All companies registered under the Companies Act 2013 or the earlier Companies Act 1956 are required to file the ITR 6 Form. However, companies whose income source is property held for religious or charitable purposes are not obligated to file the ITR 6 Form.

Which companies claim an exemption under Section 11?

Entities eligible to claim an exemption under Section 11 include:

Religious Institutions: Temples, mosques, churches, gurudwaras, and other places of worship engaged in religious activities, the spread of a certain religion, and communal welfare.

Charitable Trusts: Trusts established for charity purposes, such as advancing public welfare, providing healthcare, promoting education, aiding the impoverished, and more.

Political Parties: Political parties registered under the Representation of the People Act, 1951, are exempted from certain taxes on their income.

Societies: Non-profit organizations engaged in activities like education, healthcare, promotion of culture, sports, etc., and registered under the Societies Registration Act.

Section 8 Companies: Companies formed under Section 8 of the Companies Act 2013 (formerly Section 25 of the Companies Act 1956) are dedicated to charitable endeavors, social welfare, or other non-profit goals.

Benefit

Tax & Process

• Sequence for Filling Out Parts and Schedules in ITR-6

The Income Tax Department recommends the following sequence for completing your income tax return in the ITR-6 form:

Part A

Schedules

Part B

Verification

• Filing of ITR-6 Form

The ITR-6 form must be filed electronically under digital signature, and it is mandatory to submit it to the Income Tax Department in this electronic format.

Documents Required

No documents, including TDS certificates, need to be attached when filing ITR-6. Taxpayers are encouraged to verify that the taxes deducted, collected, or paid on their behalf align with the information in their Tax Credit Statement Form 26AS.

Procedure

FAQ's