Welcome to TRUSTLINK INDIA
What is ITR-6 Form?
A Comprehensive Guide on Filing Income Tax Returns for Companies
Overview of ITR-6 Form
As per the Income Tax Act, 1961, every company must file its income tax return. ITR-6 is the designated form applicable for companies registered under the following acts:
- Companies Act, 2013
- Companies Act, 1956
Note: Companies claiming exemption under Section 11 (income from property held for charitable or religious purposes) cannot use ITR-6.
Who is Eligible to File ITR-6?
Eligible Entities
- All companies registered under the Companies Act must file ITR-6.
- Mandatory Audit: If turnover/gross receipts exceed ₹1 crore, an audit is mandatory.
Not Eligible
- Firms, HUFs, Body of Individuals (BOI), and Association of Persons (AOP).
- Companies claiming exemption under Section 11.
Recent Modifications in ITR-6
Stay updated with the latest changes introduced in the ITR-6 filing process.
Click on the folders to read the notes
Schedule 112A
Introduction of Schedule 112A for reporting long-term capital gains on equity shares/units subject to Securities Transaction Tax (STT).
Secondary Adjustment Tax
Mandatory reporting of secondary adjustment tax required under Section 92CE(2A).
Tax Deduction Claims
Detailed disclosure is now required for any tax deduction claims related to investments or expenditures.
Virtual Digital Assets
A separate schedule has been introduced specifically for Virtual Digital Assets, including Cryptocurrency and similar assets.
Trading Income Split
Trading income must now be explicitly split and reported in two categories: Intra-day trading and Delivery-based trading.
Tax Rates Applicable for Companies
The standard and optional tax regimes for corporate income are structured as follows:
Standard Tax (≤ ₹400 Cr)
25% Tax Rate applies if the company's turnover or gross receipts are up to ₹400 crore.
Standard Tax (> ₹400 Cr)
30% Tax Rate applies if the company's turnover exceeds the ₹400 crore threshold.
Section 115BA
25% Tax Rate (instead of 30%) under this optional tax regime for specific domestic companies.
Section 115BAA & BAB
115BAA: 22% tax + 10% surcharge.
115BAB: 15% tax + 10% surcharge.
Note: An additional 4% Health & Education Cess is applicable in all cases across all tax slabs.
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