Documents Required for Filing ITR-6
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When filing the ITR-6 return form, no annexures or documents, including TDS certificates, need to be attached. Taxpayers are advised to reconcile the taxes that have been deducted, collected, or paid on their behalf by comparing these amounts with their Tax Credit Statement (Form 26AS).
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Documents Required For ITR-6 Return Filing
Company’s Pan and two DSCs
ITR-6 Return Filing FAQ’s
What is ITR 6?
ITR 6 is the Income Tax Return form specifically designed for companies, excluding those claiming an exemption under Section 11 of the Income Tax Act.
Who needs to file ITR 6?
All companies registered under the Companies Act of 2013 or the Companies Act of 1956, except those claiming exemption under Section 11, are required to file ITR 6.
What is the due date for filing ITR 6?
The due date for filing ITR 6 is October 31st of the assessment year. If transfer pricing is involved, the due date is November 30th.
What documents are required for filing ITR 6?
No annexures or documents need to be attached when filing ITR 6, but it’s important to reconcile taxes deducted, collected, or paid by comparing with Form 26AS.
What are the consequences of filing ITR 6 late?
Late filing incurs a fee under Section 234F and may attract interest charges on outstanding tax liabilities under Sections 234A, 234B, and 234C.
Can a company carry forward its losses by filing ITR 6 on time?
Yes, timely filing allows companies to carry forward business losses for up to 8 subsequent assessment years.
Who is not eligible to file ITR 6?
Individuals, Hindu Undivided Families (HUF), firms, associations of persons (AOP), bodies of individuals (BOI), local authorities, and companies seeking exemption under Section 11 are not eligible to file ITR 6.
What are the key sections of ITR 6?
ITR 6 includes Part A (General Information, Trading Account, Balance Sheet, Manufacturing Account, Profit and Loss Account) and Part B (Computation of Total Income and Tax Liability).
What should I do if my company’s sales exceed Rs 1 crore?
If your company’s total sales exceed Rs 1 crore, you are required to complete a tax audit under Section 44AB.
What happens if I fail to file ITR 6 by the due date?
Failing to file by the due date may result in penalties, loss of the ability to carry forward losses, and increased scrutiny from tax authorities.
Is there any fee for filing ITR 6?
While there is no fee for filing ITR 6 itself, penalties may apply for late filing under Section 234F.
Can I amend my ITR 6 after filing?
Yes, you can file a revised return to correct any errors or omissions in your original ITR 6 within the specified time frame.
How can I ensure accuracy when filing ITR 6?
Double-check all information entered in the form, reconcile figures with your accounting records, and ensure compliance with the Income Tax Act.
What is the role of a Chartered Accountant in filing ITR 6?
A Chartered Accountant can assist in preparing the ITR 6, conducting audits if required, and ensuring compliance with tax laws.
How do I e-file ITR 6?
Log in to the Income Tax Portal, navigate to the “e-Filing” section, select “Income Tax Returns,” and choose ITR Form 6 for filing.
How long does it take to process ITR 6?
The processing time may vary, but typically, it takes a few weeks to a couple of months, depending on the complexity of the return and the workload of the tax department.
Will I receive an acknowledgment after filing ITR 6?
Yes, after successful submission, you will receive an acknowledgment receipt (ITR-V) for your records.
Can I claim tax deductions while filing ITR 6?
Yes, companies can claim eligible tax deductions as per the provisions of the Income Tax Act while filing ITR 6.
What should I do if I have international transactions?
If your company engages in international transactions, ensure compliance with transfer pricing regulations and file ITR 6 accordingly.
How can IndiaFilings assist with ITR 6 filing?
IndiaFilings provides expert guidance, helps in preparing and filing ITR 6 accurately, and ensures compliance with tax regulations, allowing businesses to focus on their core operations.
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