Download Income Tax Return(ITR)6: ITR for Companies for AY 2013-14/FY 2012-13

Download Income tax return Form ITR 6 is applicable for Companies and also for Other than Companies Claiming Exemption under section 11 of the Income Tax Act,1961 for AY 2013-14/FY 2012-13.Download Income Tax Return Form: ITR1, ITR2, ITR3, ITR4, ITR4S, ITR5 for AY 2013-14.i.e.FY 2012-13

1. Assessment Year for which this Return Form is applicable
This Return Form is applicable for assessment year 2013-2014 only i.e., it relates to income earned in Financial Year 2012-13. TDS RATES CHART FOR FY 2013-14, AY 2014-15

2. Who can use this Return Form?
This Form can be used by a company, other than a company claiming exemption under section 11.

3. Annexure-less Return Form
No document (including TDS certificate) should be attached to this Return Form. All such documents enclosed with this Return Form will be detached and returned to the person filing the return. Tax-payers are advised to match the taxes deducted/collected/paid by or on behalf of them with their Tax Credit Statement (Form 26AS). View Form 26AS TDS Deduction Status Online

4. Manner of filing this Return Form
This Form has to be compulsorily furnished electronically under digital signature to the Income Tax Department. How to efile Income Tax Return and Common Mistake in Income Tax Return (ITR Efiling)

5.Computation of Tax liability on Tax Income

(1) 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.

(2) Computation of income-tax, education cess including secondary and higher education cess and interest in  respect of income chargeable to tax

  • Compute income-tax payable on the total income. Special rates of tax are applicable to some specified items.
  • 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 5  years.
  • Add Education Cess including secondary and higher education cess at the rate of 3% on the tax payable.
  • Claim relief(s) as prescribed by the law, for double taxation and calculate balance tax payable.
  • Add interest payable as prescribed by the law to reach total tax and interest payable.
  • 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)

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