hbTAX enable with ITR-V & ITR-VI

hbTax-ITR-V Detail and Process

How hbTAX-ITR-V will help you?

• Auto Fetch details based on PAN/Masters
• User Friendly Interface
• Easy to fill data
• Captions for better Understanding
• Clear Cut Remarks/Examplse for each and Every Data entry

Who is eligible to file the ITR-V Form?

This form can be used a person being a firm, LLPs, AOP, BOI, artificial juridical person referred to in section 2(31)(vii),estate of deceased, estate of insolvent, business trust and investment fund, cooperative society and local authority. However, a person who is required to file the return of income under section 139(4A) or 139(4B) or 139(4C) or 139(4D) shall not use this form. Not sure which ITR form you need to use? Read our guide for help.

ITR-V Work Flow with hbTAX-ITR-V Screen-Shots

Key changes in the ITR-V Form in AY 2019-20

• Details of recognition as a start-up by DPIIT.
• Details of declaration filed in Form-2.
• Information about partnership firms in which you are partner.
• Bifurcation of donations into cash and non-cash mode of payment.
• Information on turnover/gross receipt reported for GST.

Key changes in the ITR-V Form in AY 2020-21

• In the details of investments in unlisted equity shares, the name, type of company, PAN, movement in the quantity and investment throughout the financial year should be provided.
• A separate schedule 112A for the calculation of the long-term capital gains on the sale of equity shares or units of a business trust which are liable to STT.
• The details of tax on secondary adjustments to transfer price under section 92CE (2A).
• The details of tax deduction claims for investments or payments or expenditure made between 1.April 2020 until 30 June 2020.

What is the structure of the ITR-V Form?

The Form has been divided into two parts and several schedules:

• Part-A:
  • Part A: General information
  • Part A-BS: Balance Sheet as on 31st March 2019
  • Part A-Manufacturing Account for the financial year 2018-19
  • Part A-Trading Account for the financial year 2018-19
  • Part A-P&L: Profit and Loss Account for the financial year 2018-19
  • Part A-OI: Other information
  • Part A-QD: Quantitative details
• Part-B:
  • Part B – TI: Computation of total income
  • Part B – TTI: Computation of tax liability on total income

There are 31 schedules details of which are as under:

• Schedule-HP: Computation of income under the head Income from House Property
• Schedule-BP: Computation of income under the head “profit and gains from business or profession”
• Schedule-DPM: Computation of depreciation on plant and machinery under the Income Tax Act
• Schedule DOA: Computation of depreciation on other assets under the Income Tax Act
• Schedule DEP: Summary of depreciation on all the assets under the Income-tax Act
• Schedule DCG: Computation of deemed capital gains on sale of depreciable assets
• Schedule ESR: Deduction under section 35 (expenditure on scientific research)
• Schedule-CG: Computation of income under the head Capital gains.
• Schedule-OS: Computation of income under the head Income from other sources
• Schedule-CYLA: Statement of income after set off of current year’s losses
• Schedule-BFLA: Statement of income after set off of unabsorbed loss brought forward from earlier years
• Schedule- CFL: Statement of losses to be carried forward to future years
• Schedule –UD: Unabsorbed Depreciation
• Schedule ICDS: Effect of income computation disclosure standards on profit
• Schedule- 10AA: Computation of deduction under section 10AA
• Schedule- 80G: Details of donation entitled for deduction under section 80G
• Schedule- 80GGA: Details of donation for scientific research or rural development
• Schedule- RA: Details of donations to research associations etc.
• Schedule- 80IA: Computation of deduction under section 80IA
• Schedule- 80IB: Computation of deduction under section 80IB
• Schedule- 80IC/ 80-IE: Computation of deduction under section 80IC/ 80-IE
• Schedule 80P: Deductions under section 80P
• Schedule-VIA: Statement of deductions (from total income) under Chapter VIA
• Schedule –AMT: Computation of Alternate Minimum Tax payable under section 115JC
• Schedule AMTC: Computation of tax credit under section 115JD
• Schedule-SI: Statement of income which is chargeable to tax at special rates
• Schedule IF: Information regarding partnership firms in which you are partner
• Schedule-EI: Statement of Income not included in total income (exempt incomes)
• Schedule PTI: Pass Through Income details from business trust or investment fund as per section 115UA, 115UB
• Schedule TPSA: Secondary adjustment to transfer price as per section 92CE(2A)
• Schedule FSI: Details of Income from outside India and tax relief
• Schedule TR: Details Summary of tax relief claimed for taxes paid outside India
• Schedule FA: Details of Foreign Assets and Income from any source outside India
• Schedule GST: Information regarding turnover/gross receipt reported for GST
• Schedule DI: Schedule of tax-saving investments or deposits or payments to claim deduction or exemption in the extended period from 1 April 2020 until 30 June 2020

Tax payments:

• Details of payment of advance-tax and tax on self-assessment tax
• Details of tax deducted at source on income other than salary (16A, 16B, 16C) 3.Details of collected at source

Sequence for filling out parts and schedules:

The Income Tax Department recommends assesses to follow the sequence mentioned below while filling out the income tax return.

• Part A
• Schedules
• Part B
• Part C
• Verification

How do I file my ITR-V Form?

This return form has to be filed online with the Income Tax Department in the following ways:

• by furnishing the return electronically under digital signature
• by transmitting the data in the return electronically and thereafter submitting the verification of the return in Return Form ITR-V

When the return is filed online, the assesse should print out two copies of ITR-V Form. One copy of ITR-V, duly signed by the assesse, has to be sent by ordinary post to Post Bag No. 1, Electronic City Office, Bengaluru–560500 (Karnataka). The other copy may be retained by the assesse for his record. A firm whose accounts are liable to audit under section 44AB must compulsorily furnish the return electronically under digital signature.

No annexure required

No document (including TDS certificate) should be attached with this return form while filing ITR-V. All such documents enclosed with this Return Form will be detached and returned to the person filing the return. Taxpayers are advised to match the taxes deducted/collected/paid by or on behalf of them with their Tax Credit Statement Form 26AS.

How to fill out the verification document

• Fill up the required information in the verification document.
• Strike out whatever is not applicable. Please ensure that the verification has been signed before furnishing the return.
• Choose the designation/capacity of the person signing the return.
• Please note that any person making a false statement in the return or the accompanying schedules shall be liable to be prosecuted under section 277 of the Income-tax Act, 1961 and on conviction be punishable under that section with rigorous imprisonment and with fine.

Guide to printing and sending ITR-V to CPC – Income Tax Department Bangalore

• Please use Ink Jet /Laser printer to print the ITR-V Form.
• Avoid printing on Dot Matrix printer.
• The ITR-V Form should be printed only in black ink.
• Do not use any other ink option to print ITR V.
• Ensure that print out is clear and not light print/faded copy.
• Please do not print any water marks on ITR – V. The only permissible watermark is that of “Income tax Department” which is printed automatically on each ITR – V.
• The document that is mailed to CPC should be signed in original in BLUE INK.
• Photocopy of signatures will not be accepted.
• The signatures or any handwritten text should not be written on Bar code.
• Bar code and numbers below barcode should be clearly visible.
• Only A4 size white paper should be used.
• Avoid typing anything at the back of the paper.
• Perforated paper or any other size paper should be avoided.
• Do not use stapler on ITR V acknowledgement.
• In case you are submitting original and revised returns, do not print them back to back. Use two separate papers for printing ITR-Vs separately.
• More than one ITR-V can be sent in the same envelope.
• Please do not submit any annexures, covering letter, pre stamped envelopes etc. along with ITR-V.
• The ITR-V form is required to be sent to Centralized Processing Center, Income Tax Department, Bengaluru, Karnataka-560500, by ordinary post or speed-post.
• ITR-Vs that do not conform to the above specifications may get rejected or acknowledgement of receipt may get delayed.
• Please note, if your verification is pending, then the ITR-V is not a proof for having filed your return.

hbTax-ITR-VI Detail and Process

How hbTAX-ITR-VI will help you?

• Auto Fetch detail based on PAN/Masters
• User Friendly Interface for Users
• Easy to fill data
• Caption for each field for better Understanding
• Clear Cut Remarks/Example for each and Every Data entry

Who is eligible to file the ITR-VI Form?

ITR-VI can be used by companies that are not claiming exemption u/s 11 (Income from property held for charitable or religious purposes)

ITR-V Work Flow with hbTAX-ITR-VI Screen-Shots

Key changes in the ITR-VI Form

• Details of recognition as a start-up by DPIIT
• Details of declaration filed in Form-2
• Bifurcation of donations into cash and non-cash mode of payment
• Information on turnover/gross receipt reported for GST

Key changes in the ITR-VI Form

• A separate schedule 112A for the calculation of the long-term capital gains on the sale of equity shares or units of a business trust which are liable to STT.
• The details of tax on secondary adjustments to transfer price under section 92CE (2A).
• The details of tax deduction claims for investments or payments or expenditure made between 1.April 2020 until 30 June 2020.

What is the structure of the ITR-VI Form?

The Form has been divided into two parts and several schedules:

• Part-A:
  • Part A: General information
  • Part A-BS: Balance Sheet as on 31st March 2019
  • Part A-BS-Ind AS: Balance Sheet as on 31st March 2020 or as on the date of the business combination
  • Part A-Manufacturing Account for the financial year 2019-20
  • Part A-Trading Account for the financial year 2019-20
  • Part A-P&L: Profit and Loss Account for the financial year 2019-20
  • Part A-Manufacturing Account-Ind AS: Manufacturing Account for the financial year 2019-20
  • Part A-Trading Account Ind-AS: Trading Account for the financial year 2019-20
  • Part A-P&L Ind-AS: Profit and Loss Account for the financial year 2019-20
  • Part A-OI: Other information
  • Part A-QD: Quantitative details
  • Part A-OL: Receipt and payment account of company under liquidation
• Part-B:
  • Part B-TI: Computation of total income
  • Part B-TTI: Computation of tax liability on total income

The 42 schedules are mentioned below:

• Schedule-HP: Computation of income under the head Income from House Property
• Schedule-BP: Computation of income under the head “profit and gains from business or profession”
• Schedule-DPM: Computation of depreciation on plant and machinery under the Income-tax Act
• Schedule DOA: Computation of depreciation on other assets under the Income-tax Act
• Schedule DEP: Summary of depreciation on all the assets under the Income-tax Act
• Schedule DCG: Computation of deemed capital gains on sale of depreciable assets
• Schedule ESR: Deduction under section 35 (expenditure on scientific research)
• Schedule-CG: Computation of income under the head Capital gains.
• Schedule-OS: Computation of income under the head Income from other sources.
• Schedule-CYLA: Statement of income after set off of current year’s losses
• Schedule-BFLA: Statement of income after set off of unabsorbed loss brought forward from earlier years.
• Schedule- CFL: Statement of losses to be carried forward to future years.
• Schedule –UD: Details of unabsorbed depreciation and allowance under section 35(4)
• Schedule ICDS: Effect of Income Computation Disclosure Standards on profit
• Schedule- 10AA: Computation of deduction under section 10AA
• Schedule- 80G: Details of donation entitled for deduction under section 80G
• Schedule 80GGA: Details of donations for scientific research or rural development
• Schedule RA: Details of donations to research associations etc.
• Schedule- 80IA: Computation of deduction under section 80IA
• Schedule- 80IB: Computation of deduction under section 80IB
• Schedule- 80IC or 80IE: Computation of deduction under section 80IC or 80 IE
• Schedule-VIA: Statement of deductions (from total income) under Chapter VIA.
• Schedule-SI: Statement of income which is chargeable to tax at special rates
• Schedule PTI: Pass through income details from business trust or investment fund
• Schedule-EI: Statement of Income not included in total income (exempt incomes)
• Schedule-MAT: Computation of Minimum Alternate Tax payable under section 115JB
• Schedule-MATC: Computation of tax credit under section 115JAA
• Schedule-DDT: Details of payment of Dividend Distribution Tax
• Schedule BBS: Details of tax on distributed income of domestic company on buy back of shares, not listed on stock exchange
• Schedule TPSA: Secondary adjustment to transfer price as per section 92CE (2A)
• Schedule FSI: Details of income from outside India and tax relief
• Schedule TR: Summary of tax relief claimed for taxes paid outside India
• Schedule FA: Details of Foreign Assets and income from any source outside India
• Schedule SH-1: Shareholding of unlisted company
• Schedule SH-2: Shareholding of Start-ups
• Schedule AL-1: Assets and liabilities as at the end of the year
• Schedule AL-2: Assets and liabilities as at the end of the year (applicable for start-ups only)
• Schedule DI: Schedule of tax-saving investments or deposits or payments to claim deduction or exemption in the extended period from 1 April 2020 until 30 June 2020
• Schedule GST: Information regarding turnover/gross receipt reported for GST
• Schedule FD: Break-up of payments/receipts in foreign currency

Tax payments:

• Details of payments of Advance Tax and Self-Assessment Tax
• Details of Tax Deducted at Source (TDS) on Income (As per Form 16A/16B/16C)
• Details of Tax Collected at Source (TCS)

How do I fill out the ITR-VI Form?

• Sequence for filling out parts and schedules
• The Income Tax Department advises assesses to follow the sequence mentioned below while filling out the income tax return.
• Part A
• Schedules
• Part B
• Verification

How do I file my ITR-VI Form?

• This income tax return has to be compulsorily furnished electronically under digital signature to the Income Tax Department.

No annexures required:

• No document (including TDS certificate) should be attached with this return form while filing ITR-VI. Taxpayers are advised to match the taxes deducted/collected/paid by or on behalf of them with their Tax Credit Statement Form 26AS.

How to fill out the verification document?

• Fill up the required information in the Verification document. Strike out whatever is not applicable. Please ensure that the verification has been signed before furnishing the return. Choose the designation/capacity of the person signing the return. Note that any person making a false statement in the return or the accompanying schedules shall be liable to be prosecuted under section 277 of the Income-tax Act, 1961 and on conviction be punishable under that section with rigorous imprisonment and with fine.

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