ITR 6 Form is to be furnished by the Companies to e-file the income tax returns if they are not claiming exemption under Section 11 of the Income Tax Act 1961. Under the Income-tax Rules, the Companies that can claim an exemption under section 11 are those that have income from the property that is held for the charitable or religious person.
Hence, ITR 6 is to be filed by the companies that do not claim an exemption under section 11.
If the assessee is liable for Audit u/s 44AB and the accounts have been audited by an accountant, the details of such audit report,auditor along with the date of furnishing it to the department electronically has to be provided.
1. ITR 6 Form is to be filed by every company irrespective of its structure registered under the Companies Act 2013 or the earlier Companies Act 1956. However, the companies whose source of income comes from the property that is held for religious or charitable purposes are not required to file ITR 6 Form.
2. If the sales, turnover, or gross receipts are more than Rs.1 crore in the preceding financial year the entity must get the accounts audited from a certified Chartered Accountant.
The companies who have sources of income from religious or charitable organizations can seek exemption under Section 11. In simpler words, an entity that is seeking exemption under Section 11 should not file ITR 6 Form.
In case of person filing ITR 6 the below documents are required:
Aadhaar card copy.
Form 16 issued by employer in case salary income is earned.
Month wise salary slip where form 16 is not been issued by the employer in case salary income is earned.
Rent receipts in case of rental income and rental agreement.
Bank statement for the financial year for interest on savings account.
Form 16A or Interest Statement issued by Banks for Fixed Deposit Interest Income.
In case of capital gains, tax profit and loss or capital gain statement issued by the Share broker.
Chapter VIA Investment details for claiming deduction as follows:
Receipt of children’s school tuition fees.
Life insurance premium receipt.
Stamp-duty and registration charges.
Principal repayment on your home loan.
Equity Linked Savings Scheme/Mutual funds investment.
Mediclaim payment receipt etc.
Profit and loss statement and Balancesheet for the previous year
Details of Chartered Accountant conducting Tax audit in case the person is covered under section 44AB.
Copies of books of accounts required to be maintained as per section 44AB i.e. Cash book, Journal book, Sales and Purchase register in case of business and Receipt book in case of profession
You can submit your ITR-6 Form either online or offline. Filing tax online is way much easier now then ever, A taxpayer just needs to upload his total taxable income after claiming eligible deduction and after that a form needs to be filed.
With our experienced and skilled personnel, We at UpriseLegal makes process of ITR very smooth and helps you in each and every step at a very affordable prices. You don’t have to worry on how to file your ITR, as UpriseLegal is there to provide all the assistance that you need. We follow law to the core and uses our knowledge to avoid any hassles in your business so that you can rise and grow! You may get in touch with our compliance manager on 9173512402 or email us at info@upriselegal.in for free consultation.
