Filing income tax returns of the in Company ITR – 6 within time : Challenges Ahead

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Filing income tax returns of the in Company ITR – 6 within time : Challenges Ahead

New disclosure requirements in ITR -6 (Company) for A.Y 2019-20 will be a cumbersome exercise.
All Companies have tough time ahead as  ITR -6 for AY 2019-20 needs voluminous information
 Few of this requirements are as under :
1. Schedule SH-1 – As per this new table now all Unlisted Companies are required to give details of all shareholder. Following are the details which new ITR requires from companies:-
Details of shareholding at the end of the previous year
    Name of  each Shareholder
    Residential Status in India
    Type of Share
    PAN of all shareholder
    Date of allotment of each share
    Number of Shares held
    Face Value per share
    Issue price per share
    Amount Received
Details of equity Share application money pending allotment at the end of the previous year
    Name of the applicant
    Residential Status in India
    Type of Share
    PAN
    Date of application
    Number of shares applied for
    Application money received
    Face value per share
    Proposed issue price
Details of shareholders who are not a shareholder at the end of the previous year but was a shareholder at any time during the previous year
    Name of Shareholder
    Residential Status in India
    Type of Share
    PAN
    Number of Shares held
    Face Value per share
    Issue price per share
    Amount Received
    Date of allotment
    Date on which cease to be a shareholder
    Mode of cessation
    In case of transfer, the PAN of the new shareholder
As per Instruction of ITR form details to be provided in able table Schedule SH-1 states that Shareholding of Unlisted Company (other than a start-up for which Schedule SH-2 is to be filled up) If you are an unlisted company, please furnish the following details in respective columns of this Schedule: (i) The details of shareholding as on 31st March, 2019; (ii) The details of share application money pending allotment as on 31st March, 2019; and (iii) The details of shareholder who did not have a shareholding as on 31st March, 2019 but had a shareholding during the financial year 2018-19. Please note that if you are a start-up which has filed a declaration in Form-2 with DPIIT, aforesaid details should be filled up as per Schedule SH-2 and not in this Schedule, otherwise fill this Schedule.
Schedule AL-1 – Assets and liabilities as at the end of the year (for the unlisted company other than start-up for which Schedule AL-2 is required to be filled up) If you are an unlisted company, please furnish the details of assets and liabilities of the company in the respective items of this Schedule. Please note that if you are a start-up which has filed a declaration in Form-2 with DPIIT, aforesaid details should be filled up as per Schedule AL-2 and not in this Schedule, otherwise, fill this Schedule
2. Schedule AL-1:- As per this new table now all Companies is required to give details of Assets and liabilities despite filling details of Balance sheet in ITR -6. Following are the details required for filing ITR-6.
A.Details of the building or land appurtenant thereto, or both, being a residential house
    Address
    Pin Code
    Date of Acquisition
    Cost of Acquisition
    Purpose for which used
B.Details of land or building or both not being in the nature of the residential house
    Address
    Pin Code
    Date of Acquisition
    Cost of Acquisition
    Purpose for which used
C.Details of listed equity shares
    Opening balance
    Number of Shares
    Type of Share
    Cost of Acquisition
    Shares acquired during the year
    Number of Shares
    Type of Share
    Cost of Acquisition
    Shares transferred during the year
    Number of Shares
    Type of Share
    Sale Consideration
    Closing Balance
    Number of Shares
    Type of Share
    Cost of Acquisition
D.Details of unlisted equity shares
    Name of Company
    PAN
    Opening Balance
    Number of Shares
    Cost of acquisition
    Shares acquired during the year
    No. of shares
    Date of subscription/purchase
    Face value per share
    Issue price per share (in case of fresh issue)
    Purchase price per share (in case of purchase from existing shareholder)
    Shares transferred during the year
    No. of shares
    Sale consideration
    Closing Balance
    No. of Shares
    Cost of acquisition
E.Details of other securities
    Type of securities
    Whether listed or unlisted
    Opening Balance
    No. of securities
    Cost of acquisition
    Shares acquired during the year
    No. of securities
    Date of subscription/purchase
    Face Value per share
    Issue price per securities (in case of fresh issue)
    Purchase price per securities (in case of purchase from existing shareholder)
    Securities transferred during the year
    No. of Securities
    Sale consideration
    Closing Balance
    No. of securities
    Cost of acquisition
F.Details of capital contribution to other entity
    Name of entity
    PAN
    Opening Balance
    Amount contributed during the year
    Amount withdrawn during the year
    Amount of profit/loss/dividend/interest debited or credited during the year
    Closing Balance
G.Details of  Loans & Advances to any other concern (If money lending is not assessee’s substantial business
    Name of the person
    PAN
    Opening person
    Amount received
    Amount paid
    Interest debited if any
    Closing balance
H.Details of the motor vehicle, aircraft, yacht or other modes of transport
    Particulars of assets
    Registration number of vehicle
    Cost of acquisition
    Date of acquisition
    Purpose for which used
I. Details of Jewellery, archaeological collections, drawings, paintings, sculptures, any work of art or bullion
    Particulars of asset
    Quantity
    Cost of acquisition
    Date of acquisition
    Purpose of use
J.Details of liabilities
Details of loans, deposits, and advances taken from a person other than a financial institution:
    Name of the person
    PAN
    Opening Balance
    amount Received
    Amount paid
    Interest Credited if any
    Closing Balance
    Rate of Interest%
Companies need to start working over it instantly as it is a time consuming process more particularly  Name of Shareholder, PAN No. of each shareholder, share allotment date, Issue price etc. Even ITR form required details of all shareholder which are not shareholder as on 31.03.2019 but was a shareholder as on 01.04.2018.
Have a hectic time ahead for the corporate income tax return filing.

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