ITR: Income Tax released the ITR-6 form, who will get the benefit, who can use it?

The Income Tax Department has released the ITR-6 form. Under ITR filing, you have to choose one of the available forms. ITR-6 is also one of these forms. But who can use the ITR-6 form, what are its benefits, can it be used by the common man as well, etc., such questions arise in our mind.

What is ITR-6?

ITR-6 also works like other income tax forms. Under the Companies Act 2013, all companies use ITR-6. Companies that claim under section 11 cannot use this form.

This form cannot be used by the common man or HUF as well. Use of ITR-6 form-

Public Limited Companies

Private Limited Companies

One Person Companies

Let us now know how to calculate tax for ITR filing-

How to calculate income tax?

Step 1- First of all, you have to go to the e-filing portal.

Step 2- After this, enter your PAN number and name here.

Step 3- Then enter your ITR type. These include individual, firm,

company or HUF, etc.

Step 4- After this, residential status has to be selected.

Step 5- Then you have to select either the old tax regime or the new tax regime.

Step 5- Along with this, also select the financial year.

Step 6- After which, choose which age category you fall into.

This includes regular citizens, senior citizens, and super senior citizens.

Step 7- After this, you have to include the total income and total deduction amount.

Step 8- After this, you will see the tax summary on the right side. In which you will be shown the total income, total deduction, tax under the new tax regime and old tax regime.

Step 9- Apart from this, if you want to see the comparison between both the tax regimes, then click on the option 'view comparison'. Here you are told the details of the basic calculator.