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ITR-5 Form can be used by Firms, Limited Liability Partnerships(LLPs), Association of persons(AOPs) and Body of Individuals(BOIs), Artificial Juridical Person, Cooperative society and Local authority, provided they are not 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.).
Individuals, HUFs (Hindu Undivided Families), Companies cannot use the ITR-5 Form.
ITR-5 cannot be filed by Taxpayers who fall under the below category :
ITR-5 form is to be used when the assessee is one of the following :
Income tax return filing for a taxpayer with taxable income of less than Rs.10 lakhs.
From Rs.9899 /- all inclusive fees
EMI: Rs.884 for 12 months*
Income tax return filing for a taxpayer with taxable income of more than Rs.10 lakhs.
From Rs.11899 /- all inclusive fees
EMI: Rs.1062 for 12 months*
Income tax return filing for a taxpayer with taxable income of more than Rs.25 lakhs.
From Rs.13899 /- all inclusive fees
EMI: Rs.1241 for 12 months*
ITR 5 form can be filed under any of the following four methods:
Assessee filing ITR 5 form under the fourth method must complete the acknowledgement in ITR-V. After preparing ITR-V, the assessee should print out two copies of Form ITR-V. One copy of ITR-V, duly signed by the assessee, has to be sent by ordinary post to Post Bag No. 1, Electronic City Office, Bengaluru–560100 (Karnataka). The other copy may be retained by the assessee for his record.