Instructions for Filing ITR 6 For AY 2018-19
1. Assessment Year for which this Return Form is applicable
This Return Form is applicable for assessment year 2018-19 only i.e., it relates to income earned in Financial Year 2017-18.
2. Who can use this Return Form ITR 6?
This Form can be used by a company, other than a company claiming exemption under section 11.
3. Annexure-less Return Form
Tax-payers are advised to match the taxes deducted/collected/paid by or on behalf of them with their Tax Credit Statement (Form 26AS). (Please refer to www.incometaxindia.gov.in)
4. Manner of filing this Return Form
This Form has to be compulsorily furnished electronically under digital signature to the Income Tax Department.
5. Codes for filling this Return Form
(i) Under the heading ‘Filing Status’ in the Return Form the relevant box needs to be checked regarding section under which the return is being filed on the basis of following. (ii) Under the head Audit Information, if the assessee is liable for Audit u/s 44AB and the accounts have been audited by an accountant, the details of such audit report along with the date of furnishing it (if filed before the return) to the department has to be filled. Further, if the assessee is liable to furnish other audit report the section under which such audit is required and the date of furnishing it to the department (if audit has been carried out under that section) has to be filled. It is mandatory to furnish audit reports (if the audit has been carried out) under the following sections electronically on or before the date of filing the return of income. (iii) Under the head Audit Information, in (e), fill up the name of the Act, Section and date of furnishing audit report if liable to audit under any Act other than the Income-tax Act.
Computation of total income
(a) “Previous year” is the financial year (1st April to the following 31st March) during which the income in question has been earned. “Assessment Year” is the financial year immediately following the previous year. (b) Total income is to be computed as follows, in the following order:
(i) Classify all items of income under the following heads of income- (A) “Income from house property”; (B) “Profit and gains from business or profession”; (C) “Capital gains”; and (D) “Income from other sources”. [There may be no income under one or more of the heads at (A), (B), (C) and (D)].(ii) Compute taxable income of the current year (i.e., the previous year) under each head of income separately in the Schedules which have been structured so as to help you in making these computations as per provisions of the Income-tax Act. These statutory provisions decide what is to be included in your income, what you can claim as an expenditure or allowance and how much, and also what you cannot claim as an expenditure/allowance.(iii) Set off current year’s head wise loss(es) against current year’s head wise income(s) as per procedures prescribed by the law. A separate Schedule is provided for such set-off.(iv) Set off, as per procedures prescribed by the law, loss (es) and/or allowance(s) of earlier assessment year(s) brought forward. Also, compute loss (es) and/or allowance(s) that could be set off in future and is (are) to be carried forward as per procedures prescribed by the law. Separate Schedules are provided for this.(v) Aggregate the head wise end-results as available after(iv) above; this will give you “gross total income”.(vi) From gross total income, subtract, as per procedures prescribed by the law, “deductions” mentioned in Chapter VIA of the Income-tax Act. The result will be the total income
Computation of income-tax, surcharge, education cess including secondary and higher education cess and interest in respect of income chargeable to tax
(a) Compute income-tax payable on the total income. Special rates of tax are applicable to some specified items.(b) In case, the tax liability computed as above is less than 18.5% of book profit, the company is required to pay minimum alternate tax (MAT) under section 115JB at the rate of 18.5% of the profit. The excess tax so paid is allowable to be carried forward for credit in the year in which tax liability under the normal provisions of the Act is more than MAT liability. Such carry-forward is allowable up to 10 years. However, in case of an assessee in International Financial Service Centre (IFSC) and subject to the specified conditions the rate of MAT is 9%.(c) Compute surcharge on the income-tax payable.(d) Add Education Cess including secondary and higher education cess at the rate of 3% on the tax payable and surcharge thereon.(e) Claim relief(s) as prescribed by the law, for double taxation and calculate balance tax payable.(f) Add interest payable as prescribed by the law to reach total tax and interest payable.(g) Deduct the amount of prepaid taxes, if any, like “tax deducted at source”, “advance-tax” and “selfassessment-tax”. The result will be the tax payable (or refundable).
PART A General Instructions
Most of the details to be filled out in Part-Gen of this form are self-explanatory. However, some of the details mentioned below are to be filled out as explained hereunder:-
(a) Taxpayers are advised to mandatorily fill up the address columns carefully and provide correct information. Similarly type of company needs to be filled mandatorily;(b) Under the head “Filing status” in the Form, filing of “Residential Status” is mandatory;(c) Tax payers are advised to furnish their correct mobile number and e-mail address so as to facilitate the Department in sending updates relating to demand, refund etc. In case a return is filed by an intermediary/professional, the email address of the intermediary as well as the assessee may be provided;(d) The sections under which the return is filed are given in instruction No. 5.(e) In case the return is being filed by you in a representative capacity, please ensure to quote your PAN in item
“PAN of the representative assessee”. In case the PAN of the person being represented is not known or he has not got a PAN in India, the item for PAN in the first line of the return may be left blank. It may please be noted that in the first line of this form, the name of the person being represented be filled. VERIFICATION
(a) The return is to be furnished electronically under digital signature. Please fill up the required information in the Verification. Strike out whatever is not applicable. Please ensure that the verification has been signed before furnishing the return. Write the designation of the person signing the return.(b) Please note that any person making a false statement in the return or the accompanying schedules shall be liable to be prosecuted under section 277 of the Income-tax Act, 1961 and on conviction be punishable under that section with rigorous imprisonment and with fine. 17.
TAX PAYMENTS
15(A) In this table, fill the details of payment of advance income-tax and income-tax on self-assessment. The details of BSR Code of the bank branch (7 digits), date of deposit, challan serial No., and amount paid should be filled out from the acknowledgement counterfoil.15(B) In this table, fill the details of tax deducted on the basis of TDS certificates (Form 16A or Form No.26QB) issued by the deductor(s). Details of each certificate are to be filled separately in the rows. It may please be noted that the TDS certificates are not to be annexed with the Return Form.15(C) In this table, fill the details of tax collected at source on the basis of TCS certificates (Form No. 26) issued by the Collector. It may please be noted that the TDS certificates are not to be annexed with the Return Form.
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