What is ITR 6 and How to Fill ITR 6 for AY 2021-22? | Canara HSBC OBC Life Insurance
Form 6 or ITR 6 is an income tax return form that is used by companies to e-file income tax return if they do not claim exemption under Section 11 of the Income Tax Act, 1961. Under existing Income Tax rules, companies that can claim exemption u/s 11 are those who have income from property that is held for charitable or religious purposes. Who can file ITR Form 6? Any company, which does not claim exemption for income earned from property they hold for charitable and religious purposes, is eligible to file Form 6. Under section 11 of the Income Tax Act, income earned from property held for charitable and religious purposes is exempt from taxation. The companies that do not make use of this section can file their return using Form 6. How to fill ITR 6? To fill the Form 6 properly, keep your balance sheets, book of accounts and profit and loss statement handy. The IT department provides detailed instructions on filling up Form 6 on its website. The instructions available on the website are free to download and guide you through each point that needs to be filled out for the form. You have to fill out Part B as well as the schedules. There is no need to attach any documents with Form 6 as it is an annexure-less form. Once you fill out the Form with your details, your tax is calculated. The Form takes into account all taxes paid in advance. At the end of the return filing process, your tax is settled. If you have paid more than what you are eligible to pay, the Income Tax department will initiate a refund. Once you have successfully filed your return, you need to verify it. In case of Form 6, only online verification is allowed. So, you have to electronically fill the form and verify using a digital signature. Calculate your Income tax AY 2021-22