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.
