The announcement regarding the availability of the Excel utility for ITR-6 indicates that companies can now start preparing their income tax returns for the Assessment Year (AY) 2026-27. The Income Tax Department confirmed this update on X, stating, “Kind Attention Taxpayers! The Excel Utility for ITR-6 for Assessment Year 2026–27 is now available on the Income Tax e-Filing portal.” This release is significant for eligible companies that are yet to file their returns.

According to tax expert Nishant Shanker from Navraj Global Advisors, ITR-6 is primarily intended for corporate entities, with the exception of those that claim exemption for income derived from property used for charitable or religious purposes. He noted that this form is applicable to both domestic and foreign companies that have taxable income within India. Consequently, most companies operating in India will need to file ITR-6 to comply with tax regulations.

Key Deadlines for Filing Returns

Shanker highlighted important due dates for filing ITR-6. For the majority of companies whose financial accounts undergo auditing, the filing deadline is set for October 31 of the corresponding assessment year. However, companies that are required to submit a transfer pricing report have a slightly extended deadline, which is generally November 30. Businesses are advised not to procrastinate, as the preparation of the return necessitates the aggregation and verification of various financial documents, making timely filing essential.

The importance of meeting deadlines cannot be overstated. Delays in filing can lead to complications, including additional costs associated with late fees or interest on unpaid taxes. Companies are encouraged to start the filing process as early as possible to avert last-minute challenges.

Preparation of Required Documents

Before companies proceed with their income tax return filings, they should compile all necessary documentation to ensure compliance. Shanker advised that essential records include audited financial statements, the tax audit report, a statement of taxable income, Form 26AS, the Annual Information Statement (AIS), TDS certificates, details of advance tax and self-assessment tax payments, GST reconciliations, depreciation schedules, and transfer pricing documentation, as applicable. Having these documents prepared in advance aids in making the filing process more efficient and reduces the likelihood of errors.

Reconciliation among various financial records is a critical step that should not be overlooked. Shanker pointed out that discrepancies between filed documents can result in income tax notices. One common issue is the mismatch among financial statements, GST returns, and the income tax return, thus emphasising the need to reconcile these figures meticulously before submission.

Timely filing not only helps in avoiding mistakes but also in preventing additional financial consequences. Late filing can incur penalties under Section 234F and lead to delays in receiving refunds. More significantly, it can result in the loss of the ability to carry forward certain losses, including business losses. Shanker recommended finalising all reconciliations well ahead of the deadlines to ensure accuracy and compliance.

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