Points to remember while preparing ITR 6 for AY 2018-19
1. Check whether the Gross Receipts/Turnover of the domestic company during the financial year 2015-16 was less than or equal to Rs. 50 crores or not. If, yes then 25% tax rate will be applicable otherwise 30%.
2. Check whether the Gross Receipts/Turnover of the domestic company during the financial year 2015-16 was less than or equal to Rs. 50 crores or not. If, yes then 25% tax rate will be applicable otherwise 30%.
3. Items which are to be disallowed/allowed from Net Profit under the Income from Business or Profession should be shown in their relevant section of disallowance or allowance and not in combined form. For e.g. If there is a separate column for disallowances of section 36(1)(iii), 43B, 40A(7), 37 of Income Tax Act, 1961 etc then provide details of disallowance or allowance in their respective column in ITR-6.
4. Make sure to enter details of income from other sources and capital gains accurately as new columns in ITR-6 has been inserted w.r.t reporting of sec 56(2)(x) (Reporting of sum taxable as Gift) and Sec 50CA (Capital Gains arising from sale of Unquoted shares.
5. Till F.Y 2016-17, only net impact of ICDS on the profit or loss of the company was required to be reported in ITR-6. i.e only impact of ICDS on the profits (whether negative or positive) was reported in Part A of OI (Other Information). But from this F.Y 2017-18, separate reporting of both profit and loss (and not on net basis) in Schedule OI, Schedule BP (Computation of income from business or profession) and Schedule ICDS is required to be given
6. Make sure to enter proper details of CGST, SGST, IGST and UTGST paid by, or refunded to, assessee during the Financial Year.
7. From this F.Y 2017-18 in ITR-6, Ind AS Compliant companies are required to disclose Balance Sheet and Profit and Loss A/c in the format prescribed under Division II of Schedule III to the Companies Act, 2013.
8. Details of apportionments made by the companies from the net profit for the CSR activities are required to be given in separate head of Profit and loss schedule in ITR-6.