Income Tax Return Filing ITR-6

Income Tax Returns-6 Form Filing

A Company registered under the Companies Act, 1956 or Companies Act, 2013 and the company not claiming exemption under section 11 of the Income Tax Act (Income from property held for charitable or religious purpose) shall file their income tax returns in the ITR-6.

PART A

Part A comprises of balance sheets, which are to be filled out by updating the company balance sheet as of 31st March of the appropriate financial or the company affiliation. This section provides the key details provided include shareholder’s fund, share application money pending allotment, non-current liabilities, current liabilities, assets and more.

MANUFACTURING ACCOUNT :

The sub-section of ITR-6 are filled out with opening inventory, closing stock and cost of goods produced together compromise the production account details of the firm.

TRADING ACCOUNT :

This requires filling of debits and credits happening in the company’s trading account during to the applicable financial year.

PROFIT AND LOSS ACCOUNT :

The details are featured at the end of applicable financial year. The credit and debit to P&L Account details of provision made by the company.

SCHEDULES :

Different schedules with specified details related to income or tax of the firm filing the ITR 6 form. The income tax assessee required fill out the form.

SCHEDULE HP :

The schedule contains informations of the money gained or income from the tax assessee for the residence property is required to complete the key details added in the section include:

• Rent Received
• Outstanding rental value
• Property Tax paid to the local authorities

This schedule mentions details of the property’s co-owners are provided in this schedule along with PAN, if the assessee co-owns the property.

SCHEDULE CG :

It specifies the short term and long term Capital Gains applicable to the financial year. This includes sale of land/building, stamp sale, equity mutual funds, shares, etc.

SCHEDULE OS :

It measured the details of income obtained from sources other than house property, capital gains, business income, and many more; among which the key information disclosed under this section include details of the following income

• Dividends
• Bank Interest/ deposits from post office, savings account, income tax refund, etc.
• Rental income from machinery, plant, etc.
• Cash credits
• Pass-through income, etc.

INCOME TAX RATE FOR INDIVIDUALS – AY 2019-20

Individuals are required to file income tax return each year if they have taxable income of more than Rs.2.5 lakhs. The income tax rate AY 2019-20 or FY 2018-19 for salaried individuals is as follows.
Note: Financial year starts from 1st April and ends on 31st March. For example, the financial year 2018 – 19 would be 1st April 2018 to 31st March 2019. Assessment year is the year immediately following the financial year wherein the income of the financial year is assessed. Hence, in the assessment year 2019 – 20 the income tax for the period from 1st April 2018 to 31st March 2019 would be assessed.