What is ITR-5 Form?

Updated: 27-12-2024 10:22:25 AM

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Income Tax Return Form-5 (ITR 5) needs to be filed by entities such as Firms, LLPs (Limited Liability Partnerships), AOPs (Association of Persons), Artificial Judicial Person and BOIs (Body of Individuals).  Apart from that, any cooperative society or local authority can file their income tax return using the ITR-5 form.

Who is not Eligible for Filing ITR-5?

• Assessees who are required to file ITR under Section 139 (4A) or 139 (4B) or 139(4C) or 139 (4D) are not required to submit ITR-5.
• Individuals and HUFs are also not eligible to file ITR Form 5.

What is the Structure of ITR-5 Form?

• Part A: General Information
• Part A – BS : Balance Sheet information of the tax assessee
• Part A – P&L: Profit and Loss statement of the income tax assessee for the fiscal
• Part A – OI : Other information pertaining to the IT assessee
• Part A – QD: This section contains quantitative details regarding stock held/turnover details for the fiscal.
• Part B – TI: This section contains details of computation of total income
• Part B – TTI: Details of tax computation on net income chargeable for income tax
• Verification: This section includes tax payments, TDS on income and TCS on income.

Apart from the various sections mentioned above, there are a few schedules in the ITR Form 5 that includes key information regarding key aspects of the business. Some of the most important schedules in ITR 5 Form are as follows:

• Schedule HP: This includes details of income from house property.
• Schedule BP: Includes details of computation of income from business/profession
• Schedule DPM: Mentions details of depreciation on plant and machinery
• Schedule DOA: Information on depreciation of other asset (i.e. assets on which complete exemption on capital expenditure is not allowed).
• Schedule DCG: Details of deemed capital gains on sale of depreciable assets.
• Schedule CG: Contains details of capital gains (both short term and long term gains).

How to Download ITR-5 Form Online?

You can easily download ITR-5 form for free from the official website of Income Tax Department. Please click on the following link to download ITR-5 form online from the official website.

Download ITR-5 Online

How to File ITR-5 Form Online?

Taxpayer entities which are eligible to file ITR-3 form can file duly filled form online at the e-filing portal of the Income Tax Department. You can file ITR electronically and verify it using digital signatures. Otherwise, you can verify the ITR through ITR-7 or using the Electronic Verification Code (EVC), or aadhaar/bank account.

Also Read: How to e-verify your income tax return?

It should be noted that accounts which are liable to audit under section 44AB of the Income Tax Act, 1961 are mandated to file the ITR electronically using digital signatures. Further, ITR-5 is an annexure free form. You don’t need to attach any document with it. However, in order to file the ITR, you need to be registered at the e-filing portal. Taxpayers are advised to match the taxes deducted/collected/paid by or on behalf of them with their Tax Credit Statement Form 26AS.