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Income Tax Return 5 Filing (ITR-5 Form Filing)
ITR-5 Form is meant for firms, LLPs, Association of Persons (AOPs), Body of Individuals (BOIs), Artificial Juridical Person (AJP), Estate of deceased, Estate of insolvent, Business trust, and investment fund. Let us take a deeper look at the relevant instructions a taxpayer needs to carry while filing ITR Form 5.
How can you file ITR-5 form?
You can file the ITR-5 form online:
- 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 assessee should print out two copies of the ITR-5 Form. One copy of ITR-5, duly signed by the assessee, has to be sent by ordinary post to Post Bag No. 1, Electronic City Office, Bengaluru–560500 (Karnataka). The assessee can retain the other copy for his record. A firm whose accounts are liable to audit under Section 44AB must compulsorily furnish the return electronically under digital signature.
What is the Structure of the ITR-5 Form?
The Form has been divided into two parts and several schedules:
- Part A: General information
- Part A-BS: Balance sheet as on the last day of the previous year9
- Part A: Manufacturing Account for the previous financial year
- Part A: Trading Account for the previous financial year
- Part A-P&L: Profit and Loss for the previous financial year
- Part A-OI: Other information
- Part A-QD: Quantitative details
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
- Part B – TI: Computation of total income
- Part B – TTI: Computation of tax liability on total income
- Tax payments
Sequence for filling out parts and schedules: The Income Tax Department recommends assessees to follow the sequence mentioned below while filling out the income tax return.
- Part A
- Part B
- Part C
Who is Eligible to File ITR-5 for FY 2021-22?
The following people can file Form ITR-5 :
However, an individual who has to file the income tax returns under Section 139(4A) or 139 (4D) cannot use Form ITR-5 for return filing.
Frequently Asked Questions
You can generate the audit report online while filing the return. For this, click on Audit Report, then 3CA-3CD, and finally on generate report.
Form ITR 5 cannot be filed by individual taxpayers, HUF, Company, Persons who have to file tax return in Form ITR-7, i.e., under Sections 139(4A), 139(4B), 139(4C), 139(4D), 139(4E) or 139(4F).
ITR-5 must be filed by firms, LLPs (Limited Liability Partnerships), AOPs (Association of persons) and BOIs (Body of Individuals), artificial juridical person, cooperative society and local authority.
Due date for filing the income tax return is 31st August.