Key points about ITR 6:
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It is used to report a company's income and expenses for the financial year.
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It requires detailed information about the company's finances, including its profit and loss account, balance sheet, and tax calculations.
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The due date for filing ITR 6 typically falls in October of each year, but it can vary depending on certain factors.
Benefits of Filing ITR 6:
- Compliance: Filing ITR 6 is a mandatory requirement for most companies under the Income Tax Act, 1961. Timely filing ensures compliance and avoids penalties.
- Loan and Investment Opportunities: A filed ITR acts as proof of income and can be crucial for securing loans, applying for visas, and making investments.
- Reduces Risk of Scrutiny: Filing ITR accurately reduces the chances of your company being selected for tax scrutiny.
Process of Filing ITR 6:
- Necessary Documents: Compile all necessary documents like financial statements, audit reports (if applicable), tax challans, and PAN card.
- Choose the Filing Method: You can file ITR 6 online on the Income Tax Department's website or offline by manually submitting the form.
- Prepare and Submit the Return: Fill out the ITR 6 form accurately, ensuring all details are correct and supported by documents. Submit the form within the due date.
Consequences of Not Filing ITR 6:
- Penalties: Late filing or non-filing of ITR 6 can attract penalties and interest charges.
- Legal Issues: In severe cases, non-compliance can lead to legal action and damage the company's reputation.
- Missed Opportunities: A non-filed ITR can hinder your company's ability to secure loans, investments, and visas.
Documents Required for Filing ITR 6:
- Company PAN Card
- Financial Statements (Balance Sheet & Profit and Loss Account)
- Audit Report (if applicable under Section 44AB)
- Tax Challans for Advance Tax and TDS deposited
- Details of Investments and Expenses
- Details of Income from Various Sources
Eligibility for Filing ITR 6:
All companies registered under companies Act 2013(or previous companies act 1956) are required to file ITR-6, except for companies claiming exemption under Section 11 (income from property held for charitable or religious purposes).
Checklist for Filing ITR 6:
- Ensure your company is registered under the Companies Act.
- Gather all necessary documents well in advance.
- Choose your filing method (online or offline).
- Download the latest ITR 6 form from the Income Tax Department website.
- Fill out the form accurately and thoroughly.
- Double-check all information before submission.
- Submit the return within the due date.
However, the following companies are not required to file ITR 6:
Companies claiming exemption under Section 11 of the Income Tax Act, 1961. This section applies to companies whose income comes from property held for religious or charitable purposes.
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