The Income Tax Return – 6 is to be filed by Companies other than companies claiming exemption under Section 11 of The Income Tax Act, 1961. A Company is mandatorily required to file the return of income irrespective of whether it has any taxable income or not during the year under consideration [Section 139(1) of The Act]. The ITR-6 has to be mandatorily submitted electronically and verified by digital signature of the Managing Director / Director only. There are several amendments made in all the ITR Forms for A.Y. 2019-20 onwards. Here is the Schedule wise list of key additional disclosures required while filing the ITR-6 for the A.Y. 2019-20.
- Date of Commencement of Business is required to be given.
- The assessee needs to specify whether it is a producer company as defined in Section 581A of The Companies Act, 1956.
- If ROI is filed by the Representative assessee then capacity of such representative needs to be selected from the given dropdown options.
- If it is recognized as start up by DPIIT then start up recognition number allotted by the DPIIT, certificate number received from inter-ministerial board and Date of filing declaration in Form-2 is required to be mentioned.
- In case of unlisted company, details like Name, PAN, Address, % of shares held of persons who were the ultimate beneficial owners, directly or indirectly, of shares holding not less than 10% of the voting power at any time of the previous year is required to be mentioned.
- In case of Foreign Company, details like Name, PAN, Address, Country of Residence and Taxpayer’s registration number [TRN] or any unique identification number [UIN] allotted in the country of residence of Immediate & Ultimate Parent Company is required to be given.
- Name of district along with pin code in which agricultural land is located, Measurement of agricultural land in Acre and details of whether the agricultural land is owned or held on lease & irrigated or rain-fed is required to be given in case the net agricultural income for the year exceeds INR 5,00,000/-.
- Additional Disclosure of Foreign Assets and Income from any source outside India has been expanded and the company is required to disclose the additional Information like Details of Foreign Depository Accounts, Foreign custodian accounts, Foreign equity and debt interest and Foreign Cash Value Insurance Contract or Annuity Contract, Immovable Property, etc.
- The New Schedule SH-1 is now being added to disclose the shareholding of Unlisted Company. The following details are required to be mentioned in the ITR.
- Name of the shareholder, Residential Status, Type of Shares, PAN, Date of Allotment, Number of shares held, Face value, Issue Price and Total amount received in respect of the shareholders at the end of the year.
- In addition to few details mentioned above, Application money received and proposed issue price is now being required to be given in case of equity shares where application money is received but the allotment is pending.
- The aforesaid details in case of shareholders who is not a shareholder at the end of the previous year but was a shareholder at any time during the previous year is also required to be given along with the details of date on which he/she cease to be shareholder and mode of such cessation.
- All the details as mentioned in the earlier point is required to be given by the start-ups in Schedule SH-2 wherein the only change is category of shareholder, Paid up value per share and share premium paid.
- The Newly added Schedule AL-1 is required to be given in case of all unlisted companies wherein following information is asked for.
- Address, Date of acquisition, Cost of acquisition and propose for which such land or building is used.
- Details of Listed and Unlisted Equity Shares, Securities held.
- Details of capital contribution to any other entity alongwith its PAN & Movements of amount invested during the year.
- Name, PAN, Opening balance, Movements during the year, closing balance and Rate of Interest, if applicable in case of all Loans & Advances to any other concern
- Details of motor vehicle, aircraft, yacht or other mode of transport along with its Registration number, Date of acquisition, Cost of acquisition and propose for which such asset is used.
- Details of Jewellery, archaeological collections, drawings, paintings, sculptures, any work of art or bullion along with its Quantity, Date of acquisition, Cost of acquisition and propose for which such asset is used.
- Name, PAN, Opening balance, Movements during the year, closing balance and Rate of Interest, if applicable in case of all Liabilities.
- All the details as mentioned in the earlier point is required to be given by the start-ups in Schedule AL-2 with few differences like all said details are required for the period from the date of incorporation up to end of the year, Details of motor vehicle, aircraft, yacht or other mode of transport is required only when the actual cost exceeds INR 10,00,000/-.
– CA Pratik Bhavsar
[E-Mail ID: email@example.com]