ITR 6

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Welcome to Trisuka, your trusted partner for all your financial needs. We understand that tax compliance can be intricate, which is why we are here to simplify it for you. We will assist you through the essentials of ITR-6, including its purpose, necessary documents, filing steps, eligibility criteria, and the benefits of filing it on time.

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ITR 6

ITR-6 is an income tax return form provided by the Income Tax Department of India. It is specifically designed for companies other than those claiming exemption under Section 11 of the Income Tax Act. ITR-6 is applicable to companies that are not required to furnish returns under Section 139(1) of the Act.

To file ITR-6, you will need the following documents:

  • PAN card (Permanent Account Number)
  • Audited financial statements, including balance sheet, profit and loss statement, and auditor’s report
  • Details of income from business or profession, including receipts, expenses, and depreciation
  • Bank statements and books of accounts
  • TDS (Tax Deducted at Source) certificates
  • Investment proofs, such as LIC premium receipts or home loan interest certificates
  • Any other relevant financial documents supporting your income and deductions
  • Visit the Income Tax Department’s e-filing portal or Click Here for easy filing.
  • Register yourself and create an account (if you don’t already have one).
  • Download the ITR-6 form and diligently fill in the required details.
  • Validate the form and generate an XML file.
  • Upload the XML file on the e-filing portal.
  • Once successfully uploaded, an acknowledgment called ITR-V will be generated. Download and keep it for your records.
  • If you have a digital signature, you can electronically sign the ITR-V. Otherwise, print it, sign it, and send it to the Centralized Processing Center within 120 days.

To be eligible for filing ITR-6, you must meet the following criteria:

  • You should be a company other than those claiming exemption under Section 11 of the Income Tax Act.
  • ITR-6 is not applicable to individuals, Hindu Undivided Families (HUFs), or other entities like firms or LLPs (Limited Liability Partnerships).

Filing your ITR-6 on time offers several advantages, including:

  • Compliance with tax laws: Filing your tax return within the due date demonstrates your adherence to tax laws and helps maintain a clean financial record.
  • Avoiding penalties: Timely filing helps you avoid penalties and interest charges imposed by the Income Tax Department.
  • Accurate financial record: Filing your ITR-6 provides accurate financial data that can be utilized for financial planning and decision-making.
  • Building trust: Timely filing enhances your credibility and builds trust with stakeholders, including investors, lenders, and regulatory authorities.
  • Meeting legal requirements: Filing ITR-6 ensures compliance with legal obligations under the Income Tax Act and helps avoid legal consequences.
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FAQ

  1. Can a company claiming exemption under Section 11 of the Income Tax Act file ITR-6?
    No, companies claiming exemption under Section 11 are not required to file ITR-6. They need to file their returns using a different form as per the provisions of the Act.

  2. Is it necessary to get the accounts audited if I am filing ITR-6?
    Yes, companies are required to get their accounts audited under the applicable provisions of the Companies Act before filing ITR-6.

  3. Can I claim deductions for business expenses while filing ITR-6?
    Yes, you can claim deductions for business expenses, such as rent, salaries, utilities, etc., while filing ITR-6.

  4. What is the due date for filing ITR-6?
    The due date for filing ITR-6 is generally October 31st of the assessment year. However, it is advisable to check the Income Tax Department’s website or consult a tax professional for the most up-to-date information.

  5. Can I revise my ITR-6 if I make an error in my original filing?
    Yes, you can file a revised return for ITR-6 within the specified time frame to rectify any errors or omissions made in your original filing.

**Please note that while these answers provide a general understanding, it is always advisable to consult with professionals or legal experts for specific guidance to your unique circumstances.