ITR - 6
ITR-6 is a specific income tax return form for companies other than those claiming exemption under Section 11 (applicable to trusts and non-profit organizations). At LCT, we specialize in assisting companies with their ITR-6 filing, ensuring compliance with tax regulations while minimizing errors and saving time.
Who Should File ITR-6?
The following entities are required to file ITR-6:
- Private Limited Companies
- Public Limited Companies
- One Person Companies (OPC)
- Companies Limited by Guarantee
- Any company that does not claim exemption under Section 11.
Who Should NOT File ITR-6?
The following entities are excluded:
- Companies that claim tax exemptions under Section 11 (e.g., charitable or religious trusts).
- Individuals, LLPs, firms, and AOPs (they file other ITR forms).
Why File ITR-6?
- Mandatory Compliance: All eligible companies must file ITR-6 annually.
- Tax Transparency: Provides a detailed breakdown of income and tax payable.
- Avoid Penalties: Ensure timely filing to avoid interest and fines under the Income Tax Act.
- Business Credibility: Maintains proper compliance records, aiding audits and business growth.
Why Choose LCT for ITR-6 Filing?
- Expertise in Corporate Taxation: We simplify the complex tax filing process for companies.
- Accurate Filing: Ensure error-free forms with our skilled professionals.
- Dedicated Support: Get personalized guidance throughout the filing process.
- Timely Submission: Meet deadlines and avoid penalties.
Steps to File ITR-6 with LCT
Assess Income Sources:
- Income from business or profession.
- Capital gains, house property, or other sources, if applicable.
Prepare Financial Documents:
- Audited profit & loss account.
- Balance sheet.
- Tax computation records.
Evaluate Tax Liability:
- Apply tax rates as per company type.
- Factor in MAT (Minimum Alternate Tax) if applicable.
Fill ITR-6 Form:
- Include income, deductions, exemptions, and tax details.
- Provide details of directors and key personnel.
Upload to IT Portal:
- Submit the completed form through the Income Tax e-filing portal.
Verification:
- E-verify the return using DSC (Digital Signature Certificate).
Key Features of ITR-6 Filing
- Digital Filing Only: Submission requires a Digital Signature Certificate (DSC).
- Mandatory Disclosure of Audit Reports: Attach audit details as per Section 44AB, if applicable.
- Reporting of Tax Payments: Include details of advance tax and TDS.
- Compliance with MAT: Calculate and report Minimum Alternate Tax under Section 115JB.
Documents Required for ITR-6 Filing
- Audited Financial Statements (Profit & Loss Account, Balance Sheet).
- Tax Deducted at Source (TDS) Certificates.
- Details of Advance Tax Payments.
- GST Returns, if applicable.
- Director Details and shareholding patterns.
- Bank Account Statements for the financial year.
Benefits of Filing ITR-6 with LCT
- Avoid Legal Complications: Stay compliant with income tax regulations.
- Accurate Tax Calculation: Minimize liabilities and maximize deductions.
- Timely Filing: Avoid hefty penalties and interest charges.
- Improved Business Credibility: Showcase transparent tax practices for audits and stakeholders.
