ITR 6 Form for FY 2019-20 & AY 2020-21

Along with knowing who can fill ITR 6 form, it is crucial to remember that ITR 6 has two parts – Part A and Part B, along with 42 schedules. Here is brief information about all these segments of ITR 6 form:

1. Part A-BS: This segment of ITR 6 form covers the balance sheet as on March 31 of the FY 2019-20
2. Part A-BS-Ind AS: Under this part of ITR 6,comes the balance sheet on March 31, 2020, or as defined on the date of the business combination
3. Part A –Manufacturing account for the financial year 2019-20
4. Part A – Trading account for the fiscal year 2019-20
5. Part A-P&L: This part of the ITR 6 form covers the details of profit and loss account for FY 2019-20
6. Part A-Manufacturing Account-Ind AS: It talks about the manufacturing account for the FY 2019-2
7. Part A-Trading Account Ind-AS: This part of the ITR 6 form includes the trading account for the financial year 2019-20
8. Part A-P&L Ind-AS: Under this segment of ITR 6 form, the profit and loss account for the FY 2019-20 is covered
9. Part A-OI: This subpart of ITR 6 includes other information related to the taxpayer
10. Part A-QD: This section contains quantitative details for FY 2019-20
11. Part A-OL: Under this part, comes the company’s receipt and payment account under liquidation

1. Part B-TI: It covers the computation of total Income
2. Part B-TTI: This includes computation details of tax liability on the Total Income

Also Read: What is ITR Form 5 & Who Should File It?

Here are some of the essential schedules of ITR 6 form:

1. Schedule-HP: This schedule of ITR 6 covers the computation details of Income under the head ‘Income from House Property.’
2. Schedule-BP: In this schedule, the computation of Income that comes under the head ‘Profits and gains from business or profession’ is covered
3. Schedule-DOA:This schedule of ITR 6 form covers the details of computation of depreciation of ‘other assets’ as defined under the Income Tax Act
4. Schedule-DEP: This schedule talks about the summary of depreciation of all the assets as defined in the Income Tax Act
5. Schedule-DPM: This schedule of ITR 6 form covers the computation of depreciation on plant and machinery as covered under the Income Tax Act
6. Schedule-DCG: This schedule covers computation details of deemed capital gains when the depreciable assets are sold
7. Schedule-CG: It covers the computation details of Income that falls under the head ‘Capital gains’, including both short-term and long-term capital gains
8. Schedule-OS: This schedule of ITR 6 includes computation of Income that comes under the head of ‘Income from other sources’
9. Schedule-ESR: It covers the details of deductions under Section 35, which includes the expenditure on scientific research related to the business
10. Schedule-ICDS: This schedule of ITR 6 form covers the effect of income computation disclosure standards on the profits
11. Schedule-10AA: It covers computation of deductions availed under Section 10AA of the Income Tax Act
12. Schedule-80G: This schedule of ITR 6 form talks about the deductions of donations given to relief funds and charitable institutions as covered under Section 80G

Also Read: Income Tax Slab 2020-21 for Companies & Partnership Firms

Step 3: Click ‘ITR Notified Forms AY 2020-21’.

Step 4: Click on ‘ITR 6 Notified Form AY 2020-21’ for ITR 6 download.

You can also opt for ITR 6 download using this link:

https://www.incometaxindia.gov.in/forms/income-tax%20rules/2019/itr6_english.pdf

Also Read: </>Income Tax Filing Due Date Extension

The income tax return has to be furnished electronically with a digital signature to the Income Tax Department. Being an annexure-less form, you need not attach any document while filing ITR 6 form.

You should also make sure you tally the data with your tax credit statement – Form 26 AS about all the taxes collected, deducted and paid by you.

In general, every company registered under the Companies Act, 2013 or the Companies Act, 1956, has to file ITR through form ITR 6 if it does not claim any tax exemption under Section 11 of the Income Tax Act.

As per the rules of income tax, only the companies having Income from a property that is held for religious/charitable purpose can claim exemption u/s 11.

Furthermore, the tax assessee who is liable to file ITR 6 form has to obtain an audit report under Section 44-AB. This section also says that if the sales, gross receipt, or turnover of a company crosses the INR 1 crore mark in a financial year, it must get the audit of the accounts done by a Chartered Accountant.

The following taxpayers cannot file ITR 6:

1. Companies claiming exemption under Section 11
2. Firms
3. Individuals
4. Hindu Undivided Families (HUFs)

5) Body of Individual

6) Local authorities

In simple words, any entity seeking tax exemption u/s 11 cannot file ITR 6 form.

1. Inclusion of a separate schedule – 112A in ITR 6 to calculate the long-term capital gains on the sale of units of a business trust or equity share liable to STT
2. Tax computation details for secondary adjustments u/s 92CE(2A) while filing ITR 6 form
3. Details of tax deduction claims for investments made during April 1, 2020, to June 30, 2020

1. Startup recognition details as considered by the Department for Promotion of Industry and Internal Trade (DPIIT)
2. Declaration details as filled in Form 2
3. Bifurcations of donations as per cash or non-cash mode of payment
4. Details of the turnover/gross receipt as reported for GST