Expert Assistance for Filing ITR-6 Form

At Mantra and Co., we simplify the process of filing the ITR-6 form, ensuring that it’s accurate, efficient, and stress-free for you. As a trusted partner for tax and compliance solutions, we understand the challenges that companies face when navigating complex tax regulations. Whether your company operates in manufacturing, services, or any other sector, our team of experts is dedicated to guiding you through every step of the process to meet your tax obligations seamlessly.

What is the ITR-6 Form?

The ITR-6 form is designed specifically for companies, except those claiming exemption under Section 11 of the Income Tax Act, 1961. It serves as a comprehensive return form for reporting income, deductions, tax liabilities, and more. Companies engaged in diverse operations—from manufacturing to trading and services—must use this form to declare their income and ensure compliance with Indian tax laws.

This form is an essential tool for corporate taxpayers to maintain transparency and demonstrate adherence to legal requirements. Filing it accurately is vital for companies to avoid penalties and safeguard their reputation.

Who Should File the ITR-6 Form?

The ITR-6 form is mandatory for companies meeting the following criteria:

1. Companies Registered Under the Companies Act: All companies incorporated under the Companies Act, 2013, that do not claim exemptions under Section 11 must file ITR-6.

2. Income Sources: Companies earning income from business operations, capital gains, dividends, rental properties, or other taxable sources must use this form.

3. Taxable Entities: Includes public limited companies, private limited companies, and one-person companies (OPCs).

4. Foreign Companies: Applicable to foreign companies conducting business in India and generating taxable income.

5. Residential Status: Both resident and non-resident companies are required to file the ITR-6 form based on their income generated in India.

Who is Not Eligible to File the ITR-6 Form?

Companies claiming exemptions under Section 11 of the Income Tax Act, which pertains to income from property held for charitable or religious purposes, cannot file the ITR-6 form. Instead, such entities should use the ITR-7 form.

Key Deadlines for Filing ITR-6

Timely filing of the ITR-6 form is critical to avoid penalties and maintain compliance. The deadlines are as follows:

1. Non-Audit Cases: The due date for filing is July 31 of the relevant assessment year.

2. Audit Cases: For companies requiring a statutory audit under the Companies Act or an audit under the Income Tax Act, the deadline extends to October 31 of the assessment year.

3. Revised Returns: In case of errors or omissions in the original filing, companies can submit a revised return before December 31 of the assessment year.

4. Belated Returns: Companies that miss the initial deadline can file a belated return by December 31, though penalties may apply.

Late Filing Penalties for ITR-6

Filing the ITR-6 form after the due date can attract penalties as outlined below:

1. Penalty Amounts: Companies filing late may face a penalty of ₹5,000 if the return is filed after the due date but before December 31. If filed after December 31, the penalty increases to ₹10,000.

2. Income Below ₹5 Lakh: For companies with an income below ₹5 lakh, the penalty is capped at ₹1,000.

Timely filing not only avoids these penalties but also helps maintain a good compliance record, essential for corporate governance.

Documents Required for Filing ITR-6

To ensure a smooth filing process, companies must have the following documents prepared:

1. PAN (Permanent Account Number): Mandatory for identifying the company’s tax profile.

2. Certificate of Incorporation: Proof of the company’s registration under the Companies Act.

3. Financial Statements: Including balance sheets, profit and loss accounts, and schedules of depreciation.

4. Audit Reports: If applicable, statutory or tax audit reports must be included.

5. TAN (Tax Deduction and Collection Account Number): Necessary for reporting TDS deducted and deposited by the company.

6. Details of Directors: Names, addresses, and PAN details of all directors.

7. Bank Statements: For the financial year, showing the company’s income and expenses.

8. GST Returns: If the company is registered under GST, ensure all returns are filed and reconciled.

9. Investment Details: Information on any investments made during the financial year to claim eligible deductions.

Having these documents readily available reduces the likelihood of errors and expedites the filing process.

Sections of the ITR-6 Form

The ITR-6 form is structured into several sections, each serving a distinct purpose:

1. General Information: Details about the company, including its name, PAN, incorporation date, and nature of business activities. Accurately filling this section ensures proper identification and processing.

2. Income Details: Comprehensive reporting of income from various sources, including business profits, capital gains, rental income, and other taxable income streams.

3. Deductions and Tax Paid: Claim deductions under applicable sections of the Income Tax Act and report taxes paid during the financial year, such as advance tax and self-assessment tax.

4. TDS/TCS Credit: Information about Tax Deducted at Source (TDS) or Tax Collected at Source (TCS) applicable to the company.

5. Financial Statements: Reporting of the company’s financial position through balance sheets and profit and loss accounts.

6. Verification and Declaration: Final validation of the return, with the authorized signatory certifying the accuracy of the details provided.

Why Choose Mantra and Co. for Filing ITR-6?

Mantra and Co. offers unmatched expertise in filing ITR-6 for companies. Here’s why we’re the preferred choice:

1. Comprehensive Guidance: Our team of tax professionals ensures every detail is accurate and compliant with the latest laws.

2. Advanced Tools: Use our secure and user-friendly platform to file returns efficiently.

3. Error-Free Filing: Our experts review all details and documents to minimize the risk of errors.

4. Maximized Deductions: Identify and claim every eligible deduction to optimize your tax liability.

5. Timely Notifications: Receive reminders about upcoming deadlines to ensure you never miss a filing date.

6. Post-Filing Support: Get assistance with notices or queries from the Income Tax Department after filing.

How Mantra and Co. Simplifies ITR-6 Filing

Filing the ITR-6 form can be complex, but Mantra and Co. simplifies the process by:

• Offering tailored advice to address your company’s unique financial scenario.
• Ensuring complete accuracy through a meticulous review of all income and deductions.
• Providing end-to-end support, from document preparation to post-filing assistance.
• Utilizing secure technology to protect your sensitive financial information.
• Keeping you updated with changes in tax laws and compliance requirements.

Let Mantra and Co. handle your ITR-6 filing needs while you focus on growing your business. Contact us today for expert assistance and ensure your company’s tax compliance is in capable hands.