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:

  1. Companies that claim tax exemptions under Section 11 (e.g., charitable or religious trusts).
  2. Individuals, LLPs, firms, and AOPs (they file other ITR forms).

Why File ITR-6?

  1. Mandatory Compliance: All eligible companies must file ITR-6 annually.
  2. Tax Transparency: Provides a detailed breakdown of income and tax payable.
  3. Avoid Penalties: Ensure timely filing to avoid interest and fines under the Income Tax Act.
  4. 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

  1. Audited Financial Statements (Profit & Loss Account, Balance Sheet).
  2. Tax Deducted at Source (TDS) Certificates.
  3. Details of Advance Tax Payments.
  4. GST Returns, if applicable.
  5. Director Details and shareholding patterns.
  6. 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.