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.
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.
|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 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|
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.
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all inclusive fees
Income tax return filing for a taxpayer with taxable income of less than Rs.10 lakhs.
all inclusive fees
Income tax return filing for a taxpayer with taxable income of more than Rs.10 lakhs.
all inclusive fees
Income tax return filing for a taxpayer with taxable income of more than Rs.25 lakhs.
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.
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.
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 :
Due date for filing the income tax return is 31st August.
Last updated: June 07, 2021