This is sixth article in the series -“Which ITR to be filed?” This write up will provide an overview of ITR 6.
Who should file ITR 6?
ITR 6 should be filed by companies (except those who claim exemption under section 11 and are required to file return in ITR 7)
Who should not file ITR 6?
- Companies who claim exemption under section 11 (companies claiming exemption for income from assets held for charitable or religious purposes).
- Hindu Undivided family (HUF)
- Partnership Firms
- Limited Liability Partnerships (LLP)
- Association of Persons (AOP)
- Body of Individuals (BOI)
- Artificial juridical Persons
- Local Authority
- ITR 6 has column for Holding status where the assessee is required to disclose whether it is holding or subsidiary or both or any other status. This column also requires the company to state relevant details like name, address etc. of holding or subsidiary companies of the assesssees
- ITR 6 requires the company to disclose the ownership pattern
- ITR 6 has mandatory disclosure for Balance sheet which are prepared and presented according to IND AS. Similarly , schedules for Trading, Profit and Loss Account and Manufacturing Accounts as Per IND AS are also available.
- Separate schedule for Receipts and payment for company under liquidation is also present in ITR 6
- Schedule ICDS is given for reporting effect of Income Computation and Disclosure Standards on the income calculated by the company.
- Schedule MAT for calculation under section 115JB is a mandatory schedule in ITR 6
- Where any domestic company declares or pays dividend, it needs to mention relevant details of DDT (Dividend Distribution Tax) paid on such dividend under Schedule DDT.
- ITR 6 also has Schedule BBS for the domestic Unlisted companies who have distributed profits on shares bought back.
- Shareholding pattern for unlisted companies or start ups is mandatory disclosure in ITR 6 .
- Schedule GST is required to filled in by the company in ITR 6