ITR 6 – Firms apart from those seeking an exemption under section 11 shall apply their tax return on profits in the form of ITR-6.

What are the companies who demand exclusions under section 11?

Companies seeking an exception under section 11 are those whose property revenue is kept for reasons of charity or faith.

Major changes in the ITR-6 Form

The primary changes in the AY 2020-21 ITR-6 Shape are summarized below:

  • Separate Schedule 112A for the measurement of long-term capital gains from the selling of STT-liable stock shares or corporate trust units.
  • Information about the tax on secondary transfer price changes under section 92CECE (2A).
  • Information of the applications for tax refunds relating to savings or payments or costs accrued between 1 April 2020 and 30 June 2020.

ITR 6 Form Structure 

itr 6

The form has been broken down into two sections and several timetables:

  • Part A: General information
  • Part A-BS: Balance Sheet as on 31st March 2019
  • Part A-BS-Ind AS: Balance Sheet as on 31st March 2020 or as on the date of the business combination
  • Part A-Manufacturing Account for the financial year 2019-20
  • Part A-Trading Account for the financial year 2019-20
  • Part A-P&L: Profit and Loss Account for the financial year 2019-20
  • Part A-Manufacturing Account-Ind AS: Manufacturing Account for the financial year 2019-20
  • Part A-Trading Account Ind-AS: Trading Account for the financial year 2019-20
  • Part A-P&L Ind-AS: Profit and Loss Account for the financial year 2019-20
  • Part A-OI: Other information
  • Part A-QD: Quantitative details
  • Part A-OL: Receipt and payment account of the company under liquidation
  • Schedules as mentioned below
  • Part B-TI: Computation of total income
  • Part B-TTI: Computation of tax liability on total income
  • Tax payments:

1.Details of payments of Advance Tax and Self-Assessment Tax
2.Details of Tax Deducted at Source (TDS) on Income (As per Form 16A/16B/16C)
3.Details of Tax Collected at Source (TCS)

The 42 schedules are:

  • Schedule-HP: Computation of income under the head Income from House Property
  • Schedule-BP: Computation of income under the head “profit and gains from business or profession”
  • Schedule-DPM: Computation of depreciation on plant and machinery under the Income-tax Act
  • Schedule DOA: Computation of depreciation on other assets under the Income-tax Act
  • Schedule DEP: Summary of depreciation on all the assets under the Income-tax Act
  • Schedule DCG: Computation of deemed capital gains on the sale of depreciable assets
  • Schedule ESR: Deduction under section 35 (expenditure on scientific research)
  • Schedule-CG: Computation of income under the head Capital gains.
  • Schedule-OS: Computation of income under the head Income from other sources.
  • Schedule-CYLA: Statement of income after set off of current year’s losses
  • Schedule-BFLA: Statement of income after set off of unabsorbed loss brought forward from earlier years.
  • Schedule- CFL: Statement of losses to be carried forward to future years.
  • Schedule –UD: Details of unabsorbed depreciation and allowance under section 35(4)
  • Schedule ICDS: Effect of Income Computation Disclosure Standards on profit
  • Schedule- 10AA: Computation of deduction under section 10AA
  • Schedule- 80G: Details of donation entitled for deduction under section 80G
  • Schedule 80GGA: Details of donations for scientific research or rural development
  • Schedule RA: Details of donations to research associations etc.
  • Schedule- 80IA: Computation of deduction under section 80IA
  • Schedule- 80IB: Computation of deduction under section 80IB
  • Schedule- 80IC or 80IE: Computation of deduction under section 80IC or 80 IE
  • Schedule-VIA: Statement of deductions (from total income) under Chapter VIA.
  • Schedule-SI: Statement of income which is chargeable to tax at special rates
  • Schedule PTI: Pass-through income details from business trust or investment fund
  • Schedule-EI: Statement of Income not included in total income (exempt incomes)
  • Schedule-MAT: Computation of Minimum Alternate Tax payable under section 115JB
  • Schedule-MATC: Computation of tax credit under section 115JAA
  • Schedule-DDT: Details of payment of Dividend Distribution Tax
  • Schedule BBS: Details of tax on distributed income of domestic company on buyback of shares, not listed on the stock exchange
  • Schedule TPSA: Secondary adjustment to transfer price as per section 92CE(2A)
  • Schedule FSI: Details of income from outside India and tax relief
  • Schedule TR: Summary of tax relief claimed for taxes paid outside India
  • Schedule FA: Details of Foreign Assets and income from any source outside India
  • Schedule SH-1: Shareholding of an unlisted company
  • Schedule SH-2: Shareholding of Start-ups
  • Schedule AL-1: Assets and liabilities as at the end of the year
  • Schedule AL-2: Assets and liabilities as at the end of the year (applicable for start-ups only)
  • Schedule DI: Schedule of tax-saving investments or deposits or payments to claim deduction or exemption in the extended period from 1 April 2020 until 30 June 2020
  • Schedule GST: Information regarding turnover/gross receipt reported for GST
  • Schedule FD: Break-up of payments/receipts in Foreign currency