ITR 5

Documents Required

Monthly Purchase Bill
Monthly Sales Bill
Sales Return Details

ITR-5 Return FIling

File your business tax returns and maintain compliance seamlessly through Taxinno.

INR 3100 All Inclusive
INR 4428 30% Off

Basic

Financial Statements
DIN E-KYC for 2 Directors
GST Filing
Income Tax Filing
Annual Return Filing
LEDGERS Platform

Buy Now

Talk to Adviser

Features

Affordable Prices
Pay per Filing
Experienced Accountants

Save 18% with GST Registration
Get GST e-Invoice with Input Tax Credit

ITR-5

ITR-5 is an income tax return form used by partnership firms, LLPs, and the Association of Persons (AOPs). It reports their income, gains, losses, and deductions to the Indian government. The form must be filed by July 31st of each year.

ITR-5 Form Filing

The taxpayers are supposed to file the Income Tax returns based on the income that is earned by them in the financial year and the kind of entity that it falls under. ITR-5 Form filing is to be done by the Association of Persons, Limited Liability Partnerships, Body of Individuals, Estates of the deceased, Artificial judicial person, business trust, estates of the insolvent, business trust, and investment fund.

This article is a comprehensive guide you can refer to while filing the Income Tax returns in Form 5.

Eligibility for filing ITR-5 Form

ITR-5 can be filed by the following people :

A firm.
A Limited Liability Partnership.
Association of Persons.
Body of Individuals.
Artificial Judicial Persons that are referred to in Section 2 (31) (vii)
The local authority that is referred to in Section 160(1) (ii) or 160 (1) (iv)
Cooperative Society
Societies that are registered under Societies Registration Act, 1860 or under any state law trust ( except the trusts that are eligible for ITR-7 Form Filing)
Estate of the deceased person
Business trust referred to in Section 139 (4E)
Investment fund referred to in Section 139 (4F)

Who is not eligible to file ITR-5 Form?

An individual who has to file income tax returns under the Section 139 (4A) or 139 (4D) cannot file ITR 5 Form.

Instructions to be followed while ITR 5 Form:

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

Procedure for filing ITR-5 Form

How to File ITR 5 Form?

The ITR-5 Form can be filed with the Income Tax Department either online or offline.

Offline Filing: The Form can be filed offline by furnishing the return in a paper form or by furnishing the bar-coded return. When the return is filed on paper an acknowledgment slip is paired along with the return form that is to be filed properly.

Online Filing: ITR 5 Form can be filed online by furnishing the return electronically using the Digital Signature Certificate.

By transmitting the data in the returns electronically followed by the submission of the return verification in the ITR V Form.

While online filing the assessee is needed to print the copies of the ITR-5 Form. One copy of the ITR-5 must be duly signed by the assessee needs 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 4AB.

Is ITR-5 Form an annexure-less form?

ITR 5 Form is an annexure-less form and it should be attached with the return form while filing ITR-5. All the documents that are enclosed with this Form will be detached and returned to the person that is filing the returns. The taxpayers are advised to match the taxes that are deducted/ collected /paid by or on behalf of them with their Tax Credit Statement Form 26AS.

Is ITR-5 Form an annexure-less form?

Fill up the required information in the verification document.

It is necessary to strike out whatever is not applicable. Please ensure that the verification has been signed before furnishing the return.

Choose the designation or the capacity of the person who is signing the return.

Any person making a false statement in the return or the accompanying schedules will be liable to be prosecuted under Section 277 of the Income Tax Act,1961, and on Conviction, it is punishable under that section with rigorous imprisonment and with fine.

Popular Searches