ITR-6 is meant for companies that do not qualify for exemption under Section 11 of the Income Tax Act, 1961. Companies claiming exemption under Section 11 should file their returns using Form ITR-7.
As a small or medium business owner, filing your income tax return (ITR) can be quite challenging, especially with the constant changes and updates to the ITR forms. It's crucial to stay up-to-date with the latest changes in ITR forms to avoid any penalties or legal troubles. Recently, the Income Tax Department has released the new ITR Form 6, and it comes with four new schedules and countless additional information.
The new ITR Form 6 is applicable to companies that are not claiming any exemption under Section 11 of the Income Tax Act, 1961. The form requires you to provide detailed information about your company's income, expenses, assets, and liabilities during the financial year. Additionally, the new ITR Form 6 comes with the following four new schedules:
Now, let's take a closer look at each of these new schedules:
Schedule 112A is applicable if your company has sold equity shares or units of a business trust on or after 1st April 2018. You need to provide the following information in this schedule:
1. Name of the equity shares or units of the business trust
2. Description of the equity shares or units of the business trust
3. Number of equity shares or units of the business trust sold
4. Cost of acquisition of equity shares or units of the business trust sold
5. Cost of sale of equity shares or units of the business trust sold
6. Net consideration received for equity shares or units of the business trust sold
7. Long-term capital gains (LTCG) on equity shares or units of the business trust sold
8. Short-term capital gains (STCG) on equity shares or units of the business trust sold
Schedule 115AD(1)(b)(iii) is applicable if your company has received income from an offshore fund other than income from the transfer of short-term capital assets. You need to provide the following information in this schedule:
Schedule 115AD(1)(b)(iiia) is applicable if your company has received income from an offshore fund that is a unit holder in another offshore fund. You need to provide the following information in this schedule:
1. Name of the offshore fund that is a unit holder in another offshore fund
2. Name of the offshore fund in which the unit holder offshore fund has invested
3. Country of residence of the offshore fund in which the unit holder offshore fund has invested
4. Amount of income received from the offshore fund in which the unit holder offshore fund has invested
5. Tax paid in the country of residence of the offshore fund in which the unit holder offshore fund has invested
Schedule DI is applicable if your company has made an investment in an entity outside India. You need to provide the following information in this schedule:
1. Name of the entity outside India
2. Country of residence of the entity outside India
3. Nature of the investment made in the entity outside India
4. Amount of investment made in the entity outside India
The category of the new ITR Form 6 is "Income Tax Return." The sub-category is "ITR Forms."
The title of the new ITR Form 6 is "ITR Form 6: 4 New Schedules Countless Additional Information."
The slug of the new ITR Form 6 is "itr-form-6-4-new-schedules-countless-additional-information."
The new ITR Form 6 comes with several updates and changes, including four new schedules. It's essential for small and medium business owners to stay up-to-date with these changes to avoid any legal troubles. Take the time to familiarize yourself with the new ITR Form 6 and consult with a tax expert if needed.
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