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ITR Form 6
The Income Tax Department of India issues ITR-6 form for companies to file their income tax returns. The companies should be other than companies that claim exemptions under Section 11. As a taxpayer, you are advised to match the taxes that are collected or deducted or paid by you or on your behalf with your Tax Credit Statement
The ITR 6 form is an income tax form that is to be used by companies other than those companies that claim exemptions under Section-11.
Companies that can claim exemptions under Section-11 are the ones who hold their income from property for religious or charitable purposes.
Who is eligible to File Form ITR 6?
Guidelines on ITR 6 Guidelines
Guidelines for filling ITR-6: These instructions are guidelines for filling the particulars in this Return Form. In case of any doubt, please refer to relevant provisions of the Income-tax Act, 1961 and the Income-tax Rules, 1962.
This Return Form is applicable for assessment year 2018-19 only i.e., it relates to income earned in Financial Year 2017-18.
This Form can be used by a company, other than a company claiming exemption under section 11.
Tax-payers are advised to match the taxes deducted/collected/paid by or on behalf of them with their Tax Credit Statement (Form 26AS).
This Form has to be compulsorily furnished electronically under digital signature to the Income Tax Department.
Who is Not Eligible to File ITR 6 Form?
What is the structure of the ITR-6 Form?
The Form has been divided into two parts and several schedules:
The 33 schedules are:
Changes (ITR 6 FY 2017-18 or AY 2018-2019)
Late filing fee (Section 234F) for the delay in the filing of ITR
Instructions for filling out ITR-6
Sequence for filling out parts and schedules
The Income Tax Department advises assesses to follow the sequence mentioned below while filling out the income tax return.
Penalty on Late Filing of ITR
Starting from April 1, if you file your ITR post the deadline of July 31, 2018 (unless the tax department extends it), you will be liable to pay a maximum penalty of Rs.10K.
W.e.f. assessment year 2018-19, if assessee failed to furnish return of income within due date as prescribed under section 139(1) then as per section 234F, he will be required to penalty of: