Form ITR-6

Applicability:

ITR Form 6 is an income return form which is to be furnished by companies other than companies claiming exemption under section 11 of Income tax Act, 1961 to e-file income tax returns.

Other Relevant Points to be considered while filing ITR-6

• If assessee is liable for Audit u/s 44AB and the accounts have been audited by chartered accountant, the details of such audit report,auditor along with the date of furnishing the audit report in the return of income has to be provided.

Key changes in the ITR-6 Form are summarised below:

• A separate schedule 112A for the calculation of the long-term capital gains on the sale of equity shares or units of a business trust which are liable to STT.
• The details of tax on secondary adjustments to transfer price under section 92CE(2A).
• The details of tax deduction claims for investments or payments or expenditure made between 1 April 2020 until 30 June 2020.
• Details of recognition as a start-up by DPIIT
• Details of declaration filed in Form-2
• Bifurcation of donations into cash and non-cash mode of payment
• Information on turnover/gross receipt reported for GST

What is the structure of the ITR-6 Form?

The Form has been divided into two parts and several schedules:

• Part A: General information
• Part A-BS: Balance Sheet as on 31st March 2019
• Part A-BS-Ind AS: Balance Sheet as on 31st March 2020 or as on the date of the business combination
• Part A-Manufacturing Account for the financial year 2019-20
• Part A-Trading Account for the financial year 2019-20
• Part A-P&L: Profit and Loss Account for the financial year 2019-20
• Part A-Manufacturing Account-Ind AS: Manufacturing Account for the financial year 2019-20
• Part A-Trading Account Ind-AS: Trading Account for the financial year 2019-20
• Part A-P&L Ind-AS: Profit and Loss Account for the financial year 2019-20
• Part A-OI: Other information
• Part A-QD: Quantitative details
• Part A-OL: Receipt and payment account of company under liquidation
• Schedules as mentioned below
• Part B-TI: Computation of total income
• Part B-TTI: Computation of tax liability on total income
• Tax payments such as details of payments of Advance Tax and Self-Assessment Tax,details of Tax Deducted at Source (TDS) on Income (As per Form 16A/16B/16C),details of Tax Collected at Source (TCS)

The other schedules are:

• Schedule-HP: Computation of income under the head Income from House Property
• Schedule-BP: Computation of income under the head “profit and gains from business or profession”
• Schedule-DPM: Computation of depreciation on plant and machinery under the Income-tax Act
• Schedule DOA: Computation of depreciation on other assets under the Income-tax Act
• Schedule DEP: Summary of depreciation on all the assets under the Income-tax Act
• Schedule DCG: Computation of deemed capital gains on sale of depreciable assets
• Schedule ESR: Deduction under section 35 (expenditure on scientific research)
• Schedule-CG: Computation of income under the head Capital gains.
• Schedule-OS: Computation of income under the head Income from other sources.
• Schedule-CYLA: Statement of income after set off of current year’s losses
• Schedule-BFLA: Statement of income after set off of unabsorbed loss brought forward from earlier years.
• Schedule- CFL: Statement of losses to be carried forward to future years.
• Schedule –UD: Details of unabsorbed depreciation and allowance under section 35(4)
• Schedule ICDS: Effect of Income Computation Disclosure Standards on profit
• Schedule- 10AA: Computation of deduction under section 10AA
• Schedule- 80G: Details of donation entitled for deduction under section 80G
• Schedule 80GGA: Details of donations for scientific research or rural development
• Schedule RA: Details of donations to research associations etc.
• Schedule- 80IA: Computation of deduction under section 80IA
• Schedule- 80IB: Computation of deduction under section 80IB
• Schedule- 80IC or 80IE: Computation of deduction under section 80IC or 80 IE
• Schedule-VIA: Statement of deductions (from total income) under Chapter VIA.
• Schedule-SI: Statement of income which is chargeable to tax at special rates
• Schedule PTI: Pass through income details from business trust or investment fund
• Schedule-EI: Statement of Income not included in total income (exempt incomes)
• Schedule-MAT: Computation of Minimum Alternate Tax payable under section 115JB
• Schedule-MATC: Computation of tax credit under section 115JAA
• Schedule-DDT: Details of payment of Dividend Distribution Tax
• Schedule BBS: Details of tax on distributed income of domestic company on buy back of shares, not listed on stock exchange
• Schedule TPSA: Secondary adjustment to transfer price as per section 92CE(2A)
• Schedule FSI: Details of income from outside India and tax relief
• Schedule TR:Summary of tax relief claimed for taxes paid outside India
• Schedule FA: Details of Foreign Assets and income from any source outside India
• Schedule SH-1: Shareholding of unlisted company
• Schedule SH-2: Shareholding of Start-ups
• Schedule AL-1: Assets and liabilities as at the end of the year
• Schedule AL-2: Assets and liabilities as at the end of the year (applicable for start-ups only)
• Schedule DI: Schedule of tax-saving investments or deposits or payments to claim deduction or exemption in the extended period from 1 April 2020 until 30 June 2020
• Schedule GST: Information regarding turnover/gross receipt reported for GST
• Schedule FD: Break-up of payments/receipts in Foreign currency

How can one file ITR-5 Form?

This income tax return has to be compulsorily furnished electronically under digital signature to the Income Tax Department.