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Documents Required for :
ITR-6 Return Registration

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ITR-6 Return Registration in India

ITR-6 is a form companies use (excluding those claiming exemption under Section 11) for filing their income tax returns with the Income Tax Department of India. This form is designed for entities that must report their financial transactions, income, and tax liabilities for a particular financial year. Filing ITR-6 is a mandatory compliance requirement under the Indian Income Tax Act, 1961, and must be done electronically with a digital signature.

Who Should File ITR-6?

  • Applicable Entities: ITR-6 applies to companies incorporated in India, except those companies that claim an exemption under Section 11 (income from property held for charitable or religious purposes)
  • Non-Applicability: Companies that claim an exemption under Section 11 do not need to file ITR-6. These companies should file ITR-7 instead.

Key Features of ITR-6

  • Electronic Filing: ITR-6 must be filed electronically under digital signature. This ensures authenticity and minimizes errors
  • Detailed Reporting: The form requires detailed reporting of the company’s income, expenses, profits, and losses
  • Compliance: Filing ITR-6 ensures compliance with Indian tax laws and helps avoid penalties and legal issues.

Structure of ITR-6 Form

The ITR-6 form is divided into several parts and schedules, each designed to capture specific information about the company’s financial transactions:

  • Part A: General information about the company, such as name, PAN, address, and type of business.
  • Part B: Statement of total income and tax computation on this income.
  • Schedules: Detailed information about various incomes, deductions, and other relevant financial data:
    • Schedule HP: Income from House Property
    • Schedule BP: Income from Business or Profession
    • Schedule DPM, DOA, DEP: Depreciation on assets
    • Schedule CG: Capital Gains
    • Schedule OS: Income from Other Sources
    • Schedule CYLA, BFLA: Details of set-off of current and brought forward losses
    • Schedule MAT, MATC: Minimum Alternate Tax and Credit
    • Schedule SI: Special Incomes
    • Schedule TDS: Tax Deducted at Source

How to File ITR-6?

Filing ITR-6 involves several steps:

  • Gather Information: Collect all necessary documents such as balance sheets, profit and loss statements, TDS certificates, and other relevant financial data.
  • Log in to the Income Tax Portal: Use the company’s PAN and password to log in to the e-filing portal of the Income Tax Department.
  • Select Form ITR-6: Navigate to the 'e-File' section and select the 'Income Tax Return' option. Choose ITR-6 from the list of available forms.
  • Fill in Details: Enter the required details in the form. Ensure accuracy in reporting financial data.
  • Validate and Submit: After filling out the form, validate all the information. Attach the digital signature and submit the form electronically.
  • Acknowledge Receipt: Upon successful submission, an acknowledgment receipt will be generated. Save and print this receipt for future reference.

Benefits of Filing ITR-6

Filing ITR-6 offers several advantages for companies, ensuring compliance with tax regulations and optimizing financial management. Here are the key benefits

Legal Compliance
  • Mandatory Requirement: Filing ITR-6 is a legal requirement for companies. Compliance with this mandate helps avoid legal issues and penalties.
  • Avoid Penalties: Timely filing helps in avoiding penalties for late submission, which can be substantial and impact the company's financial health.
Financial Transparency
  • Clear Financial Records: Filing ITR-6 ensures that the company’s financial records are clear and transparent. This is essential for internal audits and for meeting statutory requirements.
  • Stakeholder Trust: Transparency in financial reporting builds trust with stakeholders, including investors, creditors, and regulatory authorities.
Tax Planning and Management
  • Identify Tax Liabilities: By filing ITR-6, companies can accurately identify their tax liabilities and make informed decisions about tax payments.
  • Optimize Deductions: Proper filing helps in claiming all eligible deductions and exemptions, thereby optimizing the company’s tax liability.
Enhanced Creditworthiness
  • Improved Credit Profile: A timely and accurately filed ITR enhances the company’s creditworthiness. Financial institutions and lenders view compliant companies more favorably when considering loan applications.
  • Investment Attraction: Transparent and compliant financial records make the company more attractive to potential investors and business partners.
Record of Financial Health
  • Detailed Financial Reporting: ITR-6 includes detailed schedules that capture various aspects of the company’s income, expenses, and financial transactions. This comprehensive reporting provides a clear picture of the company’s financial health.
  • Historical Data: Consistent filing of ITR-6 over the years creates a valuable record of the company’s financial performance, useful for trend analysis and strategic planning
Facilitates Future Financial Planning
  • Accurate Financial Data: Filing ITR-6 ensures that the company has accurate and up-to-date financial data. This data is crucial for future financial planning and decision-making.
  • Informed Decisions: Access to precise financial records enables management to make informed decisions about investments, expansions, and other strategic initiatives.
Audit Preparedness
  • Readiness for Audits: Regular filing of ITR-6 ensures that the company is always prepared for audits. It minimizes the risk of discrepancies and non-compliance issues during audits conducted by tax authorities
  • Audit Trail: The detailed information provided in ITR-6 creates an audit trail that can be easily referenced in case of any queries or reviews by tax officials.
Supports Government Initiatives
  • Contributing to National Development: By filing ITR-6 and paying the due taxes, companies contribute to the government’s revenue, supporting various national development programs and initiatives.
  • Compliance with Economic Policies: Filing ITR-6 demonstrates the company’s compliance with the economic policies and regulations set by the government, fostering a positive business environment.

Why Choose FilingLounge for ITR-6 Filing?

  • Expert Assistance: FilingLounge provides expert guidance and support throughout the ITR-6 filing process, ensuring compliance with all tax regulations.
  • Accuracy: Our team of professionals ensures that all financial data is accurately reported, minimizing the risk of errors
  • Timely Filing: We help you meet deadlines, avoiding penalties for late filing
  • Digital Support: FilingLounge offers comprehensive digital support, making the filing process seamless and efficient.

Related Guides

Documents Required For ITR-6

Proprietorship vs Limited Liability Partnership (LLP) vs Company

Features Proprietorship Partnership LLP Company
Definition A sole proprietorship is an unregistered business entity managed by a single individual. A legal contract between multiple parties to jointly manage and run a business operation. A business type that combines aspects of a partnership and the limited liability of a corporation. A registered business where owners and shareholders have limited liability.
Ownership
  • Single individual
  • Min 2 Partners
  • Max 50 Partners
  • Designated Partners: Min 2(No upper limit)
  • Min: 1 shareholder (for a private company), 7 shareholders (for a public company)
  • Max: 200 shareholders (for a private company), no upper limit (for a public company)
For One Person Company
  • Minimum: 1 individual
  • Maximum: 1 individual
Registration Time 7-10 working days
Promoter Liability Unlimited Liability Limited Liability
Documentation
  • Partnership Deed
  • PAN card of the partnership firm
  • LLP Agreement
  • Incorporation Certificate
  • PAN card of the LLP
  • MOA
  • AOA
  • Certificate of incorporation
  • PAN card of the company
Governance No specific governing law Governed by the terms outlined in the partnership deed Governed by the LLP agreement Governed by a formal structure including a Board of Directors
Transferability Business cannot be transferred Ownership transfer requires the consent of all partners as outlined in the partnership deed. Transferable Easily Transferable for public companies. In private companies, there might be some restrictions.
Compliance Requirements
  • Income tax filing if the turnover exceeds Rs. 2.5 lakhs.
  • Must file ITR 5
  • Must file ITR 5
  • File Form 11
  • Form 8
  • MCA filing
  • Auditor's appointment
  • File ITR 6

ITR-6 FAQ's

Who is required to file ITR-6?

ITR-6 must be filed by companies incorporated in India, excluding those claiming exemption under Section 11 (income from property held for charitable or religious purposes). This includes private limited companies, public limited companies, and other corporate entities.

What is the due date for filing ITR-6?

The due date for filing ITR-6 is typically September 30th of the assessment year. However, the Income Tax Department may extend this deadline, so it's important to stay updated with any announcements

Can I file ITR-6 offline

No, ITR-6 must be filed electronically through the Income Tax Department’s e-filing portal and must be verified with a digital signature.

What are the consequences of missing the ITR-6 filing deadline?

Missing the ITR-6 filing deadline can result in penalties:
  • Late Filing Fee: As per Section 234F, a fee of ₹5,000 is applicable if the return is filed after the due date but before December 31st of the assessment year. The fee increases to ₹10,000 if filed after December 31st.
  • Interest on Tax Due: Under Section 234A, interest is charged at 1% per month or part thereof on the unpaid tax from the due date of filing until the date of actual filing.

Can I revise my ITR-6 after filing it?

Yes, you can revise your ITR-6 if you discover any errors or omissions after filing. The revised return can be filed before the end of the assessment year or before the completion of the assessment, whichever is earlier.

What documents are required to file ITR-6?

To file ITR-6, you need the following documents:
  • Financial statements, including balance sheet and profit and loss account
  • TDS certificates
  • Details of advance tax payments
  • Digital signature of the authorized signatory
  • Other relevant financial records

What are the key components of the ITR-6 form?

The ITR-6 form consists of several parts and schedules, including:
  • Part A: General information about the company
  • Part B: Outline of total income and tax calculation
  • Schedules: Detailed information on various incomes, deductions, and financial data, such as income from house property, business or profession, capital gains, and other sources

How do I attach my digital signature to the ITR-6 form?

After filling out the ITR-6 form on the e-filing portal, you will be prompted to attach your digital signature. The portal provides instructions to guide you through the process of attaching the digital signature certificate (DSC).

Can a company claim deductions under Chapter VI-A while filing ITR-6?

Yes, companies can claim deductions under Chapter VI-A, which includes deductions for various investments, payments, and expenses. These deductions must be reported in the relevant schedules of the ITR-6 form.

How do I check the status of my ITR-6 filing?

You can check the status of your ITR-6 filing on the Income Tax Department’s e-filing portal. Log in using your company’s PAN and password, navigate to the ‘View Returns/Forms’ section, and select the relevant assessment year to view the status.

What is the penalty for non-filing or incorrect filing of ITR-6?

Non-filing or incorrect filing of ITR-6 can result in penalties:
  • Non-filing: Penalties for late filing as per Section 234F and interest on unpaid tax under Section 234A.
  • Incorrect Filing: If inaccuracies are found, penalties can be levied under various sections, and the company may be subject to scrutiny and further assessment by the tax authorities.

Can losses be carried forward in ITR-6?

Yes, companies can carry forward losses to subsequent years. These losses should be properly reported in the relevant schedules (CYLA and BFLA) of the ITR-6 form to be eligible for set-off against future income.

Related Business Registrations

In addition to registration or incorporation, a business may require other registrations depending on the business activity undertaken. Talk to an Advisor to find out registrations your business may require post registration.

FSSAI Registration
IE Code
Trademark Registration
Copyright Registration
Salaried Tax-filing
GST Return Filing

MCA Compliance

Each registered entity is required to meet its compliance duties at the close of each financial year. This generally includes auditing financial statements, filing income tax returns, and submitting annual forms to the Ministry of Corporate Affairs (MCA).

Compliance For Form Due date Penalty
Commencement of Business Intimation to Registrar for Commencement of Business Within 180 days from incorporation INR 50,000 on company and INR 1,000 per day on directors for each day of default
Annual KYC of Directors DIR 3 E-KYC 30th September of every year INR 5,000 for late filing
Appointment of Auditor Form ADT 1 Within 15 days of the AGM INR 300 per day (max INR 12,000)
Financial Statements Form AOC 4 Within 30 days from the AGM INR 100 per day of default
Annual Return Form MGT 7 Within 60 days from the AGM INR 100 per day of default

All Limited Liability Partnerships (LLP) in India must file annual returns with the Ministry of Corporate Affairs (MCA). FilingLounge provides affordable services to help you keep your LLP compliant.

LLP Compliance Form Due date Penalty
Annual KYC of Directors DIR 3 KYC 30th September of every year INR 5,000 for late filing
Annual Return Form 11 May 30th every year INR 100 per day of default
Statements of Accounts and Solvency Form 8 30th October every year INR 100 per day of default (minimum penalty INR 10,000)

In addition to the filings listed above, there may be other compliance requirements relevant to LLPs. To ensure all compliance needs of your LLP are met, please seek assistance from a Filinglounge Advisor.

Entity Compliance Form Due date
Private Limited Company Annual Return MGT-7 Within 60 days from the conclusion of the AGM
Financial Statements AOC-4 Within 30 days from the conclusion of the AGM
DIR-3 KYC DIR-3 KYC 30th September every year
Return of Deposits DPT-3 30th June every year
Appointment of Auditor ADT-1 Within 15 days from the conclusion of the AGM
Income Tax Return (Non-audit case) ITR-6 31st July every year
Income Tax Return (Audit case) ITR-6 30th September every year
Annual GST Return GSTR-9 31st December of the subsequent financial year
MSME Form Form 1 (MCA) half-yearly return by 31st October (April to September), & 30th April for the period October to March every year
Limited Liability Partnership Income Tax Return (Non-audit case) ITR 5 31st July every year
Income Tax Return (Audit case) ITR 5 30th September every year
Annual Return Form 11 30th May every year
Financial Statements Form-8 30th October every year

Note : There might be extra filings needed depending on your business type and activities. Talk to a FilingLounge advisor to get the right guidance for your company's compliance.