Income Tax Returns for Companies

Introduction

Filing an income tax return is an important process for the company through which it reports its income and tax paid thereon to the Income Tax department.

All companies registered in India, be it a private limited company, company, limited company, one person and section 8 company have to mandatorily file an income tax return and MCA annual return every year.

The income tax return must be filed by the companies regardless of profit or loss. So, even dormant companies, who have not executed any transaction, need to file an income tax return every year.

ITR for Companies

Income Tax Return has to be filed in Form ITR -6 by private limited companies, one-person companies and limited companies before the due date to file the ITR for a company i.e. on or before the 31st of October.

Companies other than companies who are eligible to claim exemption u/s 11 companies have to file their income tax return in ITR-6 Form. Companies who earn income from properties which are held by them for charitable or religious purposes are eligible to claim exemption u/s 11.

So, the companies which do not claim an exemption for income earned from property held by them for charitable and religious purposes, are eligible to file ITR 6.

Due Date to File ITR for Companies

31st of October is the due date to file an income tax return by the companies registered in India. Unlike MCA annual returns, even if companies are registered from January to March, they must file income tax returns on or before 31st October of the same calendar year.

Businesses which are required to get their account audited have to file their ITR before 30th September 2023.

ITR to Be Filed

ITR Return	Companies
ITR-6	Public Limited company Private Limited Company One person Company
ITR-7	Section 8 company

Companies registered in India and engaged in a business for profit must file Form ITR 6. Hence, limited companies, private limited companies and one person companies must file Form ITR6. ITR 7 must be filed by Section 8 Company i.e. Companies carrying operations for non-profit purposes.

Annexures Required

Any annexures including the TDS certificate, bank statement, investment proof need not be submitted while filing ITR-6. However, assesses must cross-check the taxes deducted/paid/collected/paid by them (or on behalf of them) with the Tax Credit Statement Form 26AS.

I. ITR Form 6: Structure

There are two parts in ITR Form 6- Part A which has 8 sub-sections and Part B which has two sub-sections. Besides, there are a number of schedules in this form.

Part A: General Information: Enter personal details like Name, Address, Email address, Aadhaar number, PAN details.

B/S: Enter the details about the balance sheet of the firm or LLP.
P&L: Enter the details of the company’s profit and loss.
Manufacturing Account: Enter the details of manufacturing account/open inventory for the year.
Trading Account: Enter the details about revenue from operations.
OI: Enter the information required in this section.
QD: Enter the quantitative details about trading & manufacturing accounts.
OL: Enter the details about the company’s receipt/payment under liquidation.

Part B

TI: Calculation of total income by summing up income from house property, gains from business, capital gains & other income and deducting the allowed deductions to calculate the taxable income.
TTI: Calculation of tax liability based on the income and applicable rate. An array of schedules come with this form. Some of the crucial ones are as follows:
Schedule HP: Enter the details about income from house property.
Schedule BP: Enter the details about income from the business.
Schedule DPM: Enter the depreciation for any machinery or/& plant possessed.
Schedule DOA: Enter the depreciation for any other assets.
Schedule DCG: Enter the details regarding capital gains from the sale, in case of sale of any depreciable asset at any point of time during the year.
Schedule CG: Enter the details regarding capital gains.

ITR-6: Return Filing

Income Tax Return-6 must be e-filed or furnished in an electronic mode, alongside The verification with Class 2 Digital Signatures, to the Income Tax Department.

Offline filing of ITR Form 6 is not permissible by the Income Tax Department.

Preparatory Actions to File ITR- 6

Keep your profit and loss statement, balance sheets and book of accounts ready.
Go through the detailed instructions to file Form 6 given on the official website of the Income Tax Department.
Be ready to fill both the parts- Part A and B along with the schedules.
Note that Form 6 is an annexure-less form so no document needs to be attached with it.
Download Form ITR-6

Steps to File ITR-6

Form 6 is downloadable from the official e-filing portal of the Income Tax department. However, it is not necessary to download the form because the income tax mandates the complete e-filing of the form in real-time along with verification using the digital signature.

Steps to e-file the Form ITR-6

Step 1: Go to the e-filing portal of the Income Tax department.
Step 2: Choose the ITR Form 6 after checking your eligibility to file this return form.
Step 3: Enter the details required in the sequence mentioned above.
Step 4: Sign the verification form using Digital Signature and Submit.

Points to ponder:

After entering the details in the Form, the tax is calculated after considering all the taxes paid in advance and once the return filing process is completed, the tax is settled which means in case of additional payment of tax, the refund is initiated by the Income Tax department.
It is only in case of Form 6 that online verification is permitted. So, the ITR-6 has to be filed online as well as verified online using a digital signature.

For a hassle-free and easy return filing, you can get in touch with us. Our competent team provides all-inclusive techno-based compliance management services that include financial statement preparation, ITR filing and MCA annual return filing.

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