Establishing a business comes with its own set of challenges, and navigating the complexities of filing returns is a vital aspect of successful operations. ITR-6 filing is a key annual compliance requirement for companies in India. Accurately filing ITR-6 on time is crucial for ensuring compliance with the Income Tax Act 1961, helping businesses avoid penalties and potential legal complications.
Ready to complete your company's ITR 6? Taxation Point India experts are here to guide you through every step—let's begin your ITR-6 filing today!
ITR-7 Form is specifically designed for firms, companies, local authorities, associations of persons (AOPs), and artificial judicial persons who wish to file their Income Tax Returns. It applies to those claiming exemptions in the following categories:
Individuals not seeking exemptions under Section 139(4A), Section 139(4B), Section 139(4C), or Section 139(4D) are not required to file the ITR-7 Form for Income Tax Returns.
The ITR-7 Form applies to individuals receiving income from various sources:
Any taxpayer who falls under the categories of Trust, Company, Firm, Local Authority, Association of Persons (AOP), or Artificial Judicial Person and claims exemptions as per Section 139(4A), Section 139(4B), Section 139(4C), or Section 139(4D) can utilize the ITR-7 Form for filing Income Tax Returns.
The due date for filing the ITR7 Form varies depending on whether the accounts require auditing. Individuals not subject to audit can file by July 31, 2023, for AY 2023-24, while audit cases have a deadline of October 31, 2023.
Note: The filing date for Form ITR7 for the Assessment Year 2023-24 for assesses is detailed in clause (a) of Explanation 2 to sub-section (1). The original deadline of Section 139 of the Act, which was October 31, 2023, has been extended until November 30, 2023.
Schedules | Purpose |
Schedule –HP | For computing incomes under the head Income from House Property |
Schedule –BP | For computing incomes under the head “profit and gains from business and profession |
Schedule –DPM | For calculating depreciation on plant & machinery |
Schedule –DOA | For a summary of depreciation on all assets |
Schedule –DCG | For calculating the deemed capital gain on the sale of depreciable assets |
Schedule –ESR | Deductions u/s 35, i.e. expenditure on scientific research |
Schedule –CG | For calculating income under the head “Capital gains.” |
Schedule –OS | For calculating income from other sources |
Schedule –CYLA | Calculating the income after setting off the current year's loss |
Schedule –BFLA | Calculation of income after setting off the unabsorbed loss of the previous year |
Schedule –CFL | Statement of loss for carrying forward to a further year |
Schedule –UD | Statements of unabsorbed depreciation and allowance |
Schedule –ICDS | Income computation disclosure standards on profit |
Schedule –10AA | Deductions u/s 10AA |
Schedule –80G | Details of deduction u/s 80G relating to donations |
Schedule –80 GGA | Statement of donations for scientific research and rural development |
Schedule –VIA | Statement of deductions from total income under Chapter VI-A |
Schedule –SI | Details of income chargeable at special tax rates |
Schedule –PTI | Details relating to passing through income from business trust or investment fund |
Schedule –EI | Statement of exempted incomes |
Schedule –MAT | Details of tax payable u/s 115JB (Minimum Alternate Tax) |
Schedule –DDT | statement of tax paid on dividend, i.e. “dividend distribution tax” |
Schedule –BBS | Details of tax distributed income on buyback of shares |
Schedule –ESI | Statement of foreign incomes and tax relief to it |
Schedule –IT | Details on advance-tax paid and self-assessment tax |
Schedule –TDS | Details of TDS on incomes other than salaries |
Schedule –TCS | Statement of TCS (Tax collected at source) |
Schedule –FSI | Statement of income accruing outside India |
Schedule –TR | Details of tax relief claimed for foreign tax paid |
Schedule –FA | Complete details of foreign assets and foreign income |
Schedule –SH1 | Details of shareholding of an unlisted company |
Schedule –SH2 | Details of shareholding of start-ups |
Schedule –AL1 | Statement of assets and liabilities at the end of the year |
Schedule –GST | Statement of turnover reported for GST |
Schedule –FD | Details of payment/receipt made in foreign currency |
After logging into the Income Tax Portal, navigate to the "e-Filing" section, select "Income Tax Returns," and choose ITR Form 6 for filing. To ensure a smooth and accurate filing of ITR Form 6, the Income Tax Department recommends that taxpayers follow these steps in the correct sequence:
Taxation Point India experts are here to guide you through every step—get in touch today to ensure a seamless filing experience for your ITR!
When filing the ITR-6 return form, no annexures or documents, including TDS certificates, need to be attached. Taxpayers are advised to reconcile the taxes that have been deducted, collected, or paid on their behalf by comparing these amounts with their Tax Credit Statement (Form 26AS).
Taxation Point India offers comprehensive support for ITR 6 filing, ensuring a smooth and hassle-free experience for companies. With expert guidance from our team of professionals, we assist in understanding the specific requirements and deadlines associated with ITR 6. Our services include accurate preparation and filing of the return, ensuring compliance with the Income Tax Act. We also provide support in reconciling tax deductions with Form 26AS, helping companies avoid discrepancies. By choosing Taxation Point India, businesses can streamline their ITR 6 filing process and focus on their core operations while we handle the complexities of tax compliance.
Ready to simplify your ITR 6 filing process? Contact Taxation Point India now for expert assistance and ensure your compliance with ease.
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