Filing corporate taxes, particularly the ITR 6 Form, can feel like a massive, complicated puzzle, to be honest. However, it does not have to be a headache. The following guide is your cheat sheet, your secret weapon for completing ITR-6 online filing without stress.
We're eliminating the tax jargon in favour of basic, uncomplicated Indian English. Consider this your friendly tax companion, who will walk you through each step.
So, just what is the ITR 6 Form all about? It is the annual income tax return for firms registered in India (except those that seek charity exemptions under Section 11).
It is your company's yearly financial "tell-all" to the Income Tax Department.
Why is ITR-6 significant?
Firstly, it is mandatory! Filing your ITR is not a choice; it is your business's legal obligation. But it is also required for:
Remaining Compliant: Steer clear of penalties and legal trouble with the taxman. No one wants to get a tax notice, particularly for their business.
Establishing Credibility: A spotless tax history proves that you are a responsible and credible company. In the case of partnerships, loans, and investments, this matters a lot.
Recovery of Refunds: If your business has overpaid taxes to the government and you are owed a refund, the only way to receive it is by filing ITR-6. It is like finding secret wealth in your company's books!
Transparency: It gives a good snapshot of the financial health of your company, which is helpful to both internal decision-making and potential investors.
What's Inside the ITR-6 Form?
The ITR 6 Form is a detailed document. It's similar to filling out a lengthy financial inquiry for your company. Here's a sneak preview of what it features.
- Part A: General details regarding your company (name, address, PAN, etc.)
- Balance Sheet: A snapshot of your firm's assets, liabilities, and equity as of the final day of the financial year.
- Profit and Loss Account: Information of your income, expenditure, and profit/loss for the year.
- Other Schedules: Schedules that report other sorts of income, deductions, or tax information.
- Tax Calculation: The amount of your business's tax to be paid.
- Tax Payments: Details of taxes already paid (advance tax, TDS, etc.).
Step-by-Step Process to File ITR 6 Form Online: A Walkthrough
Okay, now to the main event – the step-by-step guide to filing your ITR 6 Form online. Consider it as similar to preparing a recipe: simply follow the instructions and you'll be fine.
Step 1: Document Gathering – Your Pre-Filing Checklist
This is your "get ready" phase. Gather these before you start:
- Company PAN Card: Your company's tax ID.
- Digital Signature Certificate (DSC): Mandatory for companies. Your digital stamp.
- Audited Financial Statements: Balance Sheet, P&L, Auditor's Report (if required).
- Tax Audit Report (if applicable): If turnover exceeds the limit (check current rules).
- Bank Account Details: Account numbers, IFSC codes.
- Income Records: All income earned.
- Expense Records: All expenses incurred.
- Asset & Liability Details: Your company's holdings and debts.
- TDS Details: Form 26AS (download from the portal) and TDS certificates.
- Advance Tax Payment Details: Challans for any advance tax paid.
- Other Documents: Anything else to support your ITR-6 info.
Step 2: Income Tax Portal – Your Online Filing Destination
Visit incometax.gov.in, the official income tax e-filing website. To prevent falling victim to phishing schemes, make sure you are on the right website. Always check the URL twice! you can also hire FileAbhi's professional services and get things done hassle free.
Step 3: Login/Register – Accessing the System
If your business is already registered on the platform (perhaps because you have previously submitted an ITR), click "Login" and enter the PAN, password, and captcha code. You must first register your business with its PAN if you're a new user. The registration procedure is quite simple.
Step 4: ITR Filing Navigation – Finding the Right Form
"e-File" -> "Income Tax Returns" -> "File Income Tax Return."
Step 5: Setup – Year & Mode
Assessment Year: Choose the correct year (e.g., 2024-25 for FY 2023-24).
Filing Type: "Online."
Status: "Company."
ITR Form: Select "ITR-6".
Step 6: Be Ready to Submit Online – Filling the Form
You will be directed to complete the online form.
Step 7: Fill in the Details – The Heart of the Matter
You may also want to learn: ITR 1 for Salaried Employees: Tips to maximize refunds
The next step is to complete the ITR-6 form with the necessary information. The online form is broken into several sections and schedules. Take your time and check your documents as you go. Here's an overview of everything you'll need to fill in:
- Part A - General: Your company's basic information (PAN, address, contact details, nature of business, etc.).
- Balance Sheet: Enter the details of your company's assets, liabilities, and equity as per your audited financial statements.
- Profit and Loss Account: Enter the details of your company's income, expenses, and profit/loss as per your audited financial statements.
- Schedule-HP: Income from House Property (if your company owns and rents out property).
- Schedule-CG: Capital Gains (if your company has sold any capital assets at a profit).
- Schedule-OS: Income from Other Sources (interest, dividends, etc.).
- Schedule-CYLA: Details of Current Year Loss Adjustment.
- Schedule-BFLA: Details of Brought Forward Losses Adjustment.
- Schedule-CFL: Details of Losses to be Carried Forward to Future Years.
- Schedule-VIA: Details of Deductions under Chapter VI-A (like 80G, 80GGA, 80IA, etc., if applicable to your company).
- Schedule-AMT: Computation of Alternate Minimum Tax (if applicable).
- Schedule-AMTC: Computation of Tax Credit under Section 115JD (for AMT).
- Schedule-SPI: Details of Income of Specified Persons (like spouse, minor child) includable in the income of the company.
- Schedule-SI: Details of Income Chargeable to Tax at Special Rates.
- Schedule-EI: Details of Exempt Income.
- Schedule-PTI: Pass-through income details from business trust or investment fund.
- Schedule-FSI: Details of Income from Outside India and Tax Relief.
- Schedule-TR: Summary of Tax Relief Claimed for Taxes Paid Outside India.
- Schedule-FA: Details of Foreign Assets.
- Schedule-5A: Information regarding apportionment of income between spouses governed by the Portuguese Civil Code.
- Schedule-AL: Asset and Liability at the end of the year (applicable if your total income exceeds ₹50 lakh).
- Part B - TI: Computation of Total Income.
- Part B - TTI: Computation of Tax Liability on Total Income.
- Tax Payments: Details of advance tax, TDS, and self-assessment tax paid.
You may also want to learn: How to File ITR-2 Online for Individuals: Multiple Sources of Income
It's a lengthy form, but don't get overwhelmed! The online portal has helpful instructions and tooltips. Proceed systematically, schedule by schedule.
Step 8: Check and Calculate Tax – The Math Check
You may also want to learn: How to File ITR 3: A Step By Step Guide
The system will automatically determine your company's tax liability after all the data has been entered.
Take some time to carefully review the computations to make sure everything appears to be accurate. Your accountant or tax professional should also review the completed form for the benefit of your company.
You may also want to learn: How to File ITR 4 Online: A Step-by-Step Guide
Step 9: Pay Tax (if needed) – Payment of Dues
In case your company is liable to pay tax, you can make an online payment for it using any of the options for e-payments provided by the portal (net banking, credit/debit card, etc.). Make sure to settle any outstanding tax obligation prior to filing the return.
You may also want to learn: How To File ITR 5 with FileAbhi.com: Easy Steps to Get Started
Step 10: Preview and Submit – The Grand Finale
Use the "Preview" option to review the entire ITR-6 form before submission. Ensure that there are no mistakes or missing information. When you are sure that everything you have filled is accurate, click "Submit." This is the last 'Are you sure?' moment; subject it to a good scrutiny!
Step 11: Verification – Sealing the Deal
You may also want to learn: Understanding ITR 6: A guide for companies (other than section 8)
After filing your ITR-6, you need to e-verify it. In the case of companies, a digital signature (DSC) is required for e-verification.
You cannot opt for other options such as Aadhaar OTP or EVC for ITR-6. Use the DSC of the company's authorized signatory and e-verify.
Step 12: Acknowledgement – Your Proof of Filing
Once your ITR-6 is verified successfully, you'll get an acknowledgement. Download and save this acknowledgement – it's your evidence that you've filed your company's ITR. Store this safely; it's your company's tax filing receipt!
Troubleshooting & Tips:
- Store all accounting records for a minimum of 8 years.
- Read the Instructions Carefully: The Income Tax Department gives detailed instructions for filling ITR-6. Take some time to read them.
- Use the Help Feature: There is a help section and FAQs on the online portal. Utilize them in case you're stuck.
- Take Professional Help: If you have any doubts, don't mind taking the opinion of a tax expert like FileAbhi. It's safe to be safe!
- Start Early: Don't wait until the eleventh hour to submit your ITR-6. Allow yourself plenty of time to gather documents, complete the form, and resolve any problems.
Conclusion: ITR-6 – Conquered!
There you have it! You've conquered the (occasionally choppy) waters of ITR-6 submission. It may appear intimidating at first, but with this step-by-step guide and a little patience, you can submit your company's tax return online with ease.
Don't forget, that submitting ITR-6 is not merely a legal requirement; it's an important aspect of handling your company's finances responsibly. It keeps you in compliance, enhances credibility, and possibly entitles you to claim refunds.
Frequently Asked Questions (FAQs) regarding ITR-6
1. How is ITR-6 Different from other ITR Forms?
Each ITR form is designed for a specific type of taxpayer.
- ITR-1 to ITR-5: These are generally for individuals, Hindu Undivided Families (HUFs), and firms.
- ITR-6: This is specifically for companies, excluding companies claiming exemption under Section 11 (income from property held for charitable or religious purposes).
- ITR-7: This is for companies and individuals who are claiming exemption under Section 11.
So, if you're running a company that's not a charitable organization, ITR-6 is your form. It's tailored to the unique financial reporting needs of companies.
2. Can We File ITR-6 Offline?
No. Companies are required to file ITR-6 online through the income tax e-filing system. You should use a Digital Signature Certificate (DSC).
3. What is the processing time for ITR-6?
There is no specified time limit. Processing time is different. It usually depends on the complexity of the return and the workload of the Income Tax Department. You can ascertain the status from the e-filing portal. Upon processing, an intimation under Section 143(1) will be given to you.
4. What if we have Filed ITR-6 Incorrectly?
Don't worry! You can do a Revised Return online via the e-filing portal. Get the errors right and re-file, but don't do so after the revision deadline. It's like possessing an "edit" button on your tax return.