ITR-6 Filing

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ITR-6 is an Income Tax Return form specifically designed for companies in India, excluding those claiming exemption under section 11 of the Income Tax Act.

Applicability: ITR-6 applies to all types of companies registered in India, except those claiming exemption under section 11 (Income from property held for charitable or religious purposes) of the Income Tax Act.

Income Sources: Companies filing ITR-6 typically generate income from various sources such as business operations, investments, capital gains, interest income, and other commercial activities.

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ITR-6 is an Income Tax Return form used by companies in India to declare their income, financial details, and tax liabilities to the Income Tax Department. It is specifically designed for companies other than those claiming exemption under section 11 (Income from property held for charitable or religious purposes) of the Income Tax Act.

Here’s a concise overview of ITR-6:

1. **Applicability**: ITR-6 is applicable to all companies registered in India, except those claiming exemption under section 11 of the Income Tax Act.

2. **Sources of Income**: Companies filing ITR-6 typically have income from various sources such as business operations, investments, capital gains, interest income, and other business-related activities.

3. **Format and Contents**: ITR-6 requires companies to provide details such as financial statements, profit and loss account, balance sheet, auditor’s report, details of income and expenses, deductions claimed under various sections of the Income Tax Act, tax computation, and details of taxes paid.

4. **Filing Process**: Companies can file ITR-6 electronically on the Income Tax Department’s e-filing portal. The form can be filled out online or offline using the appropriate software utility provided by the Income Tax Department.

5. **Verification**: After filing the return, companies need to verify it using one of the prescribed methods, such as electronic verification using digital signature, electronic verification code (EVC), net banking, or sending a signed physical copy of the ITR-V to the Centralized Processing Center (CPC) within 120 days of filing.

6. **Deadline**: The deadline for filing ITR-6 is typically September 30th of the assessment year. However, the government may extend the deadline in certain cases.

7. **Penalties for Non-Compliance**: Failure to file ITR-6 within the due date may attract penalties and interest under the Income Tax Act.

8. **Documentation**: Companies must maintain proper documentation and records to support the information provided in the ITR-6 form, including financial statements, auditor’s reports, balance sheets, profit and loss accounts, and other relevant documents related to their business operations.

ITR-6 serves as an important tool for companies to declare their income, financial details, and tax liabilities in compliance with the Indian income tax laws.

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