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Income Tax Return (ITR) 5 Filing Form

All the taxpayers are supposed to file the returns based on the income earned by them in the financial year and the kind of entity they fall under.

ITR-5 Form is to be filed by associations of person, LLPs, Body of Individuals, Estates of the deceased, Artificial judicial person, business trust, Estate of Insolvent and investment.

Here, we will have a detailed look at the relevant instructions a taxpayer needs to carry while filing ITR Form 5.

Instructions for Filing ITR 5 Form

  • If a schedule is not applicable, mention it as NA
  • If the item is inappropriate write NA against the item
  • Nil stands for nil figures which identify the figures of zero value
  • For a negative figure denote it with "-" before such figure other than provided in the form.
  • All the figures are denoted in the round-off manner to the nearest one rupee.
  • Similarly, the figures for total income and the payable tax should be rounded off to the nearest multiple of rupees ten.

Who is Eligible to File ITR 5 for Fy 2021-22?

Who can File from ITR-5?

The following people can file Form ITR-5 :

  • A firm
  • A Limited Liability Partnership
  • Associations of Persons
  • Body of Individuals
  • Artificial Juridical Person referred to in Section 2 (31) (vii)
  • Local authority referred to in Section 160 (1) (ii) or 160 (1) (iv)
  • Cooperative Society
  • Society registered under Societies Registration Act,1860 or under any state law trust (except trusts that are eligible for ITR-7 Form filing)
  • Estate of a deceased person
  • Business trust referred to in Section 139 (4E)
  • Investment fund referred to in Section 139 (4F)

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.

Structure of Form ITR-5

Part/Schedule Explanation
Part A-GEN General information
Part A-BS Balance sheet as on the last day of the previous year
Part A – Manufacturing Account Manufacturing Account for the previous financial year
Part A – Trading Account Trading Account for the previous financial year
Part A – P&L Profit and Loss for the previous financial year
Part A - OI Other Information (this is optional in case the assessee is not liable for audit under Section 44AB)
Part A - QD Quantitative Details (this is optional in case the assessee is not liable for audit under Section 44AB)
Schedule- HP Income computation under the head House Property
Schedule - BP Income computation under the head – Business or Profession
Schedule DPM Computing depreciation on Plant & Machinery under the Income Tax Act
Schedule DOA Computation of Depreciation on other assets as per the Income Tax Act
Schedule DEP Summary of depreciation on all assets as per the Income Tax Act
Schedule DCG Computing of deemed capital gains on the sale of depreciable assets
Schedule ESR Making deduction under Section 35
Schedule- CG Computing income under the head Capital Gains
Schedule- OS Computing income under the heading Income from other sources
Schedule CYLA Income statement after setting-off losses for the current year
Schedule BFLA Income statement after setting off the unabsorbed losses of the previous year(s)
Schedule CFL Statement of losses which is to be carried forward to the future years
Schedule UD Statement regarding unabsorbed depreciation
Schedule ICDS
Schedule 10AA Computing the deduction under Section 10AA
Schedule 80G Statement about donations which are entitled to deduction under Section 80G
Schedule RA Statement of donations made to research associations etc. which are entitled to deduction under Sections 35(1)(ii), 35(1)(iia), 35(1)(iii) or 35(2AA)
Schedule 80IA Computing deduction to be made under Section 80IA
Schedule 80IB Computing deduction under Section 80IB
Schedule 80IC/80IE Computing deduction under Section 80IC/80IE
Schedule 80P Deductions under Section 80P
Schedule VIA Deductions statement under Chapter VIA
Schedule AMT Computing Alternate Minimum Tax under Section 115JC of the Income Tax Act
Schedule AMTC Calculation of tax credit under Section 115JD
Schedule SPI Statement of income that arises to minor child/spouse/son’s wife or any other person or AOP that is to be included in the income of the assessee in Schedules HP, CG, OS
Schedule SI Statement of income which is subject to chargeability at special tax rates
Schedule IF Details of partnership firms in which assessee is a partner
Schedule EI Exempt Income Details
Schedule PTI Details of pass-through income from an investment fund or business trust under Section 115UA, 115UB
Schedule FSI Details of income that accrues or arises out of India
Schedule TR Details of any taxes that have been paid outside India
Schedule FA Details of any Foreign assets or income from a source outside India
Schedule GST Details of turnover/gross receipts reported for GST
Part B-TI Summary of total income and tax computation based on the income that is chargeable to tax
Part B – TTI Computing the tax liability on total income
Tax Payments Advance Tax, Tax Deducted at Source and Self-assessment tax

How do I File My ITR 5 Form?

  • The ITR-5 Form can be filed with the Income Tax Department either online or offline.
  • The Form can be filed offline by furnishing the return in a paper form or by furnishing a bar-coded return. When the return is filed on paper an acknowledgment slip is paired with the return form is to be filed properly.
  • While filing ITR-5 Form online it can be filed by furnishing the return electronically under the digital signature

or

  • By transmitting the data in the returns electronically followed by the submission of the return verification in the ITR Form V
  • While online filing the assessee needs to print out two copies of the ITR V Form. One copy of ITR V must be duly signed by the assessee has to be sent to
    Post Bag No. 1,
    Electronic City Office,
    Bengaluru–560100,
    (Karnataka). via ordinary post.
  • The other copy should be kept by the assessee with himself as a record.
  • A firm should mandatorily furnish the return electronically under the digital signature of whose accounts are liable to audit under section 44AB.

E-filing Audit Reports

Since AY 2013- 2014 it is mandatory for the assessee to furnish audit report under sections 10 (23C)(v) , 10 (23C) (vi), 10(23C) (via), 10A, 10AA, 12A (1)(b) , 44AB, 44DA, 50B, 80-IA, 80-IB, 80-IC, 80-ID, 80JJAA, 80LA, 92E, 115JB or 115VW, electronically or before the date of filing the income tax returns.

Due Date of ITR 5 Form Filing for FY 2019-20 & FY 2020-21

  • FY 2019-20 (AY 2020-21): 10th Jan 2021 for Non- Audit Case and 15th Feb 2021 for Audit Case
  • FY 2020-21 (AY 2021-22): 31st July 2021 for Non- Audit Case and 31st October 2021 for Audit Case

Pay as you go grow pricing

All Inclusive Pricing - No Hidden Fee

Basic

9899

all inclusive fees

Income tax return filing for a taxpayer with taxable income of less than Rs.10 lakhs.

Premium

13899

all inclusive fees

Income tax return filing for a taxpayer with taxable income of more than Rs.25 lakhs.

Amendments made in the ITR V Form for the financial year 2020-2021

  • Details of recognition as a start-up by DPIIT
  • Declaration Details filed in Form-2
  • Information about the partnership firms where an individual is a partner
  • Bifurcation of donations into cash and non-cash mode of payment.
  • Information on turnover and the gross receipts reported for GST.

Frequently asked questions

How can the Audit Report be generated for Form ITR-5?

The audit report can be generated online while filing the return. For this click on Audit Report, then 3CA-3CD and finally on generate report.

Who cannot file Form ITR-5?

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).

Who can use ITR-5 Form ?

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.

Who should not file ITR-5 Form ?

ITR-5 cannot be filed by Taxpayers who fall under the below category :

  1. Assessees who are required to file the return of income under section 139(4A) or 139(4B) or 139(4C) or 139(4D) (i.e., Trusts, Political party, Institutions, Colleges, etc.)
  2. Individuals, HUFs (Hindu Undivided Families), Companies

When should ITR-5 be filed ?

ITR-5 form is to be used when the assessee is one of the following :

  • Firms
  • LLPs (Limited Liability Partnerships)
  • AOPs (Association of persons)
  • BOIs (Body of Individuals)
  • Artificial juridical person
  • Cooperative society
  • Local authority

What is the due date for filing ITR-5 Form ?

Due date for filing the income tax return is 31st August.

Last updated: Apr 03, 2021

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