April 25, 2023

What is the ITR-6 Form?

The ITR-6 Form must be used for income tax returns from businesses other than those claiming section 11 exemption. 

What are the companies asking for in section 11 exemptions? 

Businesses that receive income from property held for charitable or religious purposes are exempt from taxation under Section 11 of the Internal Revenue Code. 

Audit report electronic filing. 

If the assessee is required to undergo an audit pursuant to Section 44AB and the accounts have been examined by a certified public accountant, the department must be given information regarding the audit report, the auditor, and the date on which it was electronically submitted. 

The ideal ITR Form for you is automatically chosen by ClearTax. 

When you e-file, our software automatically selects the appropriate ITR form if you are unsure which one to choose.  

The ITR-6 Form has what kind of a structure? 

A number of schedules and two parts make up the Form:  

Part A provides Overall General information

Part A- BS: Balance sheet as of March 31, 2021 

Part A-BS- IND AS- Balance sheet as of the date of the business combination or as of March 31, 2021, whichever comes first. 

Part A—Manufacturing Account for the fiscal year 2020–2021  

Part A— Trading Account for the 2020–21 fiscal year. 

Part A- P&L:  Profit and Loss Statement for Fiscal Years 2020–21,

Part A- Manufacturing Account- Ind AS Manufacturing Account for the fiscal years 2020–21 

Trading Account for the fiscal year 2020–2021 is described in Part A of Trading Account Ind–AS.

Part A-OI: Additional information.

Quantitative information is presented in Part A-QD. 

Part A-OL: Account for receipts and payments made by the company in liquidation. 

The Schedules are listed below. 

Measurement of total income in Part B-TI. 

Compiling the tax obligation on the total income is covered in Part B-TTI. 

Tax payments

These 42 schedules are: 

Calculation of income under the heading "Income from House Property" in Schedule-HP. 

Schedule-BP: Income calculation for the category "profit and gains from business or profession.". 

Schedule-DPM: Calculation of depreciation on equipment under the Income-tax Act. Schedule DOA: The Income-tax Act's computation of depreciation on other assets. 

Schedule DEP: A list of all the assets that have been depreciated under the Income-tax Act. 

Schedule DCG: Calculation of deemed capital gains from the sale of depreciable assets. 

Schedule ESR: Deduction for expenses related to scientific research under section 35. 

Schedule-CG: Income computation for the capital gains heading. 

Schedule-OS: Calculation of income under the heading "Income from other sources.". 

Schedule-CYLA: Income statement after losses from the current year have been offset. 

Schedule-BFLA: Income statement following offset of carried forward, unabsorbed loss from prior years. 

Statement of losses to be carried forward to subsequent years is included in Schedule-CFL. 

Details of unabsorbed depreciation and allowance under section 35(4) are provided in Schedule-UD. 

Schedule ICDS: The impact of profit-related income computation standards. 

Schedule 10AA: Section 10AA deduction computation. 

Schedule 80G: Information on donations eligible for a deduction under section 80G. 

Details of donations made for rural development or scientific research are listed in Schedule 80GGA. 

Schedule RA: Information on gifts made to research organizations, etc. 

Calculation of deductions under section 80IA is done in Schedule 80IA. 

Calculation of the deduction under Section 80IB is done in Schedule 80IB. 

Schedule 80IC or 80IE: Calculation of the deduction allowed by Section 80IC or 80IE. 

Schedule-VIA: A statement of the deductions made under Chapter VIA (from gross income). 

Statement of income subject to special rates of taxation, found in Schedule-SI. 

Schedule PTI: Pass through income information from a business trust or investment fund. 

Schedule-EI: Statement of Incomes (exempt incomes) not included in total income. 

Schedule-MAT: Calculation of the minimum alternative tax due under section 115JB. 

Tax credit computation under section 115JAA is done in Schedule-MATC. 

Schedule BBS: Information on taxation of domestic company's distributed income from buybacks of shares not traded on a stock exchange. 

Schedule TPSA: Secondary adjustment to transfer price in accordance with section 92CE(2A). 

Schedule FSI: Information on foreign income and tax relief. 

Tax relief claims for taxes paid outside of India are listed in Schedule TR. 

Schedule FA: Information about foreign assets and outside-Indian source income. 

Schedule SH-1: Ownership of shares in an unlisted company. 

Shareholding of Start-ups Schedule SH-2. 

Assets and liabilities listed in Schedule AL-1 as of year's end. 

Assets and liabilities as of the end of the year are listed in Schedule AL-2 (applicable to startups only). 

Schedule GST: Details about revenue/gross receipts reported for GST. 

Schedule FD: Break-up of foreign currency payments and receipts. 

ITR-6 Form changes that are important. 

The following is a summary of the major changes to the ITR-6 Form for AY 2020–21:.  

The sale of equity shares or units of a business trust that are subject to STT requires the use of a separate schedule 112A for the calculation of long-term capital gains. 

The specifics of taxation on secondary adjustments to transfer prices under section 92CE(2A). 

The specifics of any tax deduction claims made for purchases, payments, or expenses made between 1 April 2020 and 30 June 2020. 

Major modifications to the ITR-6 Form. 

The following is a summary of the major ITR-6 Form changes for AY 2019–20. 

Information on the DPIIT's recognition of the start-up. 

Information about the declaration submitted in Form 2. 

Donations are divided into cash and non-cash modes of payment. 

Information on the revenue received in gross sales as reported for GST. 


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