What is ITR Filing?
ITR, also known as Income Tax Return, is a form which an assessee or a taxpayer has to file mentioning his income earned and the tax which is applicable to him to the Income Tax Department. Tax is extremely important for the development of the country for all the public expenditure and thus every person must file the tax which he has to. The Tax Department has declared and issued 7 different forms, namely ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 & ITR 7 till date. These forms are divided in accordance with the type and sources of income of the taxpayer, the amount of the income earned and the category the taxpayer belongs to, for example, individuals, HUF, Company, etc and are online ITR filing services
In India, it becomes necessary and mandatory for ITR filing online, if any of the following which is mentioned below are applicable to you. These conditions are:
If the gross annual income ranges from Rs. 2.5 lacs to Rs. 5 lacs, depending on the different age categories.
If there is more than one source of income such as house property, Capital gains, etc.
If in the financial year, you have invested and earned from foreign assets.
In case if the taxpayer is either a firm or a Company, the ITR has to be filled necessarily.
If you want to apply for a loan or visa, it is required
If there is a need to claim an income tax refund from the department.
What is ITR-6 FILLING
ITR-6 is one of the types of an ITR filing which has been mentioned by the department. The comPANies which do not claim an exemption under section 11 are only the eligible people to file this return.
The following are the steps which the Income Tax Department has mentioned are listed as follows:
Filing of PART A
Details at the Schedules
Filing of PART B
The verification pROCess of the documents
Who is not eligible to file a return?
The following are the people who cannot file the return:
All Individuals, Hindu Undivided Family (HUF), Firm, Association of Person (AOP), Body of Individuals (BOI), Local Authority and the Artificial Judicial Person.
All comPANies which claim to be exempted under Section 11 cannot file the ITR 6 Form.