What is ITR 6 Form ?
As per the Income Tax Act 1961, every company needs to file a return of their income. For that Companies need to furnish different documents as per the regulations. ITR 6 is the form that needs to be filed by every company registered under the Companies Act 2013 or Companies Act 1956. However, the Companies who claim exemption under section 11, that mention the income from property held for charitable or religious purposes cannot use ITR 6 Form for Filing their Income Tax return.
Who is Eligible to File ITR 6 Form?
Taxpayers who are registered as a Company under the Companies Act 2013 (or 1956) are required to file their Income Tax Return in ITR 6 Form only.
If the Sales, turnover or gross receipts are more than Rs 1 Crore in the proceeding financial year, the Company must get the accounts audited.
ITR 6 Form is not eligible for any other association of persons like Firms, HUFs, Body of Individuals, and Association of Person.
Companies claiming exemption under section 11 cannot file their return on ITR 6.
Recent Modifications in ITR 6 Form
Recent Modifications in ITR 6 Form
ITR 6 Form has undergone some recent changes:
- Introduction of a new schedule 112A to furnish the details of long term capital gains on the sale of equity shares or units of business which are liable to STT.
- Secondary adjustments tax details to transfer price under section 92CE(2A)
- Details of tax deduction claims for investments or payments or expenditures made in the Financial Year.
- Separate schedule for reporting virtual digital assets like Cryptocurrencies or other VDAs.
- Income from trading has to be bifurcated into intra-day trading and delivery based trading.
Tax rates applicable for Companies
The following tax rates are applicable for all domestic Companies in India:
- 25% flat tax rates for all Companies if the total turnover or gross receipts of the Company does not exceed 400 crore rupees. Additional Health & Education Cess of 4%
- 30% flat tax rates for all Companies if the total turnover or gross receipts of the Company exceeds 400 crore rupees. Additional Health & Education Cess of 4%
- However, Indian Companies having turnover over 400 crores may opt for: (a) Sec 115BA, where they can get 25% tax rate instead if 30%. (b) Sec 115BAA, where they can get 22% tax rate in stead of 30% with a surcharge of 10%. (c) Sec 115BAB, where they can get 15% tax rates with a Surcharge of 10%. However, Health and Education Cess is applicable for all.
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