What is ITR-5 form? How to file form ITR-5 on Income Tax Portal?

Last Updated at: April 07, 2020
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How to file form ITR-5 on Income Tax Portal

Income Tax Return (ITR) is a form wherein the taxpayers are required to file in the information about the income earned and the tax which needs to be paid to the Income Tax Department. Depending on the Sources of Income, amount of income and the category to which the taxpayer belongs, this form is divided into 7 types namely, ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7.

An individual has to mandatorily file an ITR if any of the following cases are applicable to them:

  •   Gross income varies between Rs.2.5 lacs to Rs.5 lacs.
  •   Have more than one source of income.
  •   If you want to get and income tax return claimed from the department.
  •   Investment or earning has been made from Foreign Assets.
  •   Application for Visa or Loan has to be done in the future.
  •   If in any case, the taxpayer is a firm or a company.

If you’re just looking around for related information on startups, government registrations, tax or legal documentation, check out the list of services we provide to make your interaction with government as smooth as is possible by doing all the legal documentation for you. We will also give you absolute clarity on the process to set realistic expectations.

ITR-5:

In the case of firms, LLPs, Association of Persons (AOPs), and Body of Individuals (BOI’s), Artificial Juridical Persons (AJP), Investment Funds, Business Trusts, etc. ITR-5 needs to be filed.ITR-5

Eligibility of ITR Form 5:

  • This form is meant for a firm, LLP, AOP, BOI, etc. that are referred to in Section 2(31) (vii), the estate of insolvent, local authority, business trust, and investment funds, cooperative societies, and investment funds.
  • The Hindu Undivided Families and Individuals are not eligible to file in this form.
  • The individuals who have to file the income return under Section 139(4A), 139(4B), 139(4C) and 139(4D).

Download the ITR Form 5:

Download form itr-5

This form can only be filled online and no offline filling options are available.

Once the filling of the form is done and submitted online with a digital signature, the individual needs to print the acknowledgement form. This needs to be signed and sent to the Income Tax Office.

 

Dates for filing ITR Form 5:

The last date to file this form is August 31. Although the dates for filing income return is July 31, the dates might vary in other cases, especially in cases when individuals need to get their accounts audited.

File your income tax now

Structure of ITR Form 5:

The ITR form 5 basically has two parts and a total of 36 schedules.

Part A:
  • General Information: The general details of the individual need to be filled like the name, address, PAN details, etc.
  • BS: Under this section, the individual needs to provide the details regarding the balance sheets of their firm or LLP.
  • P&L: The profit and loss statements regarding the firm are input here.
  • OI: The other relevant information regarding the taxpayer has to be filled in here.
  • QD: The quantitative details regarding the manufacturing and trading accounts are input here.
Part B:
  • TI: Details regarding the total income are input here.
  • TTI: The computation of tax is done here. On the basis of the total income, the taxable income is calculated.
Along with the following parts, there are a total of 31 schedules.
  • Schedule-HP: Computation of income under the head Income from House Property
  • Schedule-BP: Computation of income under the head “profit and gains from business or profession”
  • Schedule-DPM: Computation of depreciation on plant and machinery under the Income Tax Act
  • Schedule DOA: Computation of depreciation on other assets under the Income Tax Act
  • Schedule DEP: Summary of depreciation on all the assets under the Income-tax Act
  • Schedule DCG: Computation of deemed capital gains on sale of depreciable assets
  • Schedule ESR: Deduction under section 35 (expenditure on scientific research)
  • Schedule-CG: Computation of income under the head Capital gains.
  • Schedule-OS: Computation of income under the head Income from other sources.
  • Schedule-CYLA: Statement of income after set off of current year’s losses
  • Schedule-BFLA: Statement of income after set off of unabsorbed loss brought forward from earlier years.
  • Schedule- CFL: Statement of losses to be carried forward to future years.
  • Schedule –UD: Unabsorbed Depreciation
  • Schedule ICDS: Effect of income computation disclosure standards on profit
  • Schedule- 10AA: Computation of deduction under section 10AA
  • Schedule- 80G: Details of donation entitled for deduction under section 80G
  • Schedule- 80GGA: Details of donation for scientific research or rural development
  • Schedule- RA: Details of donations to research associations etc.
  • Schedule- 80IA: Computation of deduction under section 80IA
  • Schedule- 80IB: Computation of deduction under section 80IB
  • Schedule- 80IC/ 80-IE: Computation of deduction under section 80IC/ 80-IE.
  • Schedule 80P: Deductions under section 80P
  • Schedule-VIA: Statement of deductions (from total income) under Chapter VIA.
  • Schedule –AMT: Computation of Alternate Minimum Tax payable under section 115JC
  • Schedule AMTC: Computation of tax credit under section 115JD
  • Schedule-SI: Statement of income which is chargeable to tax at special rates
  • Schedule IF: Information regarding partnership firms in which you are a partner
  • Schedule-EI: Statement of Income not included in total income (exempt incomes)
  • Schedule PTI: Pass-Through Income details from business trust or investment fund as per section 115UA, 115UB
  • Schedule ESI: Details of Income from outside India and tax relief
  • Schedule TR: Details Summary of tax relief claimed for taxes paid outside India
  • Schedule FA: Details of Foreign Assets and Income from any source outside India
  • Schedule GST: Information regarding turnover/gross receipt reported for GST
  • Part B – TI: Computation of total income
  • Part B – TTI: Computation of tax liability on total income
  • Tax payments:
      1. Details of payment of advance-tax and tax on self-assessment tax
      2. Details of tax deducted at source on income other than salary (16A, 16B, 16C)
      3. Details of collected at source

How to File ITR 5:

The ITR return form can be filed in the following ways:

  • The return can be furnished electronically using a digital signature.
  • The data can be transmitted to the income return electronically, and then the verification must be submitted using the return form ITR-V.

No annexures and documents have to be filed while filing in the ITR 5 form. Any document so attached will be returned to the taxpayers.

Filing out the Verification Document:

The verification must be signed before the return is furnished.

Any person who makes false statements while filing the return will be liable to prosecution under section 277 of The Income Tax Act, 1961, along with being liable to imprisonment and fine.

Conclusion:

As such, the ITR form 5 is not just necessary but mandatory for all the businesses and firms, who have their accounts that are liable under Section 44AB of the IT act, along with being furnished by a digital signature.

Filing the ITR helps the government have knowledge about the credentials and income of taxpayers allowing the government to keep an account, and be in touch with the taxpayers also.

These ITR return filing also serve as major sources of Income Proof.

 


When can the taxpayer claim refund from electronic cash ledger?

If the taxpayer has paid excess amount by mistake, they can request for refund from the electronic cash ledger.Understand the procedure for GST registration and GST returns here.

How do banks assess the working capital requirements of borrowers?

Methods such as cash flow mismatch are used by banks to assess the capital requirements that the borrowers seek from banks.More on Income Tax Return Filing.

What does the Aadhaar number have to do with filing of tax returns?

Aadhar card is mandatory for tax payers in India. Non-resident Indians, people aged more than 80 years are exempt from providing Aadhar card when applying for PAN card. Learn more about Aadhar Certification.

What is the purpose of ISO standards?

ISO international standards checks whether the services and products remain reliable, good quality and safe. There are certain tools that helps in increasing productivity. More info on ISO Registration in india.

What is the benefit of ngo?

An NGO has a major role in resolving the issues of the underprivileged by using financial assistance received from the Government or foreign bodies.More about NGO Registration.

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What is ITR-5 form? How to file form ITR-5 on Income Tax Portal?

765

Income Tax Return (ITR) is a form wherein the taxpayers are required to file in the information about the income earned and the tax which needs to be paid to the Income Tax Department. Depending on the Sources of Income, amount of income and the category to which the taxpayer belongs, this form is divided into 7 types namely, ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7.

An individual has to mandatorily file an ITR if any of the following cases are applicable to them:

  •   Gross income varies between Rs.2.5 lacs to Rs.5 lacs.
  •   Have more than one source of income.
  •   If you want to get and income tax return claimed from the department.
  •   Investment or earning has been made from Foreign Assets.
  •   Application for Visa or Loan has to be done in the future.
  •   If in any case, the taxpayer is a firm or a company.

If you’re just looking around for related information on startups, government registrations, tax or legal documentation, check out the list of services we provide to make your interaction with government as smooth as is possible by doing all the legal documentation for you. We will also give you absolute clarity on the process to set realistic expectations.

ITR-5:

In the case of firms, LLPs, Association of Persons (AOPs), and Body of Individuals (BOI’s), Artificial Juridical Persons (AJP), Investment Funds, Business Trusts, etc. ITR-5 needs to be filed.ITR-5

Eligibility of ITR Form 5:

  • This form is meant for a firm, LLP, AOP, BOI, etc. that are referred to in Section 2(31) (vii), the estate of insolvent, local authority, business trust, and investment funds, cooperative societies, and investment funds.
  • The Hindu Undivided Families and Individuals are not eligible to file in this form.
  • The individuals who have to file the income return under Section 139(4A), 139(4B), 139(4C) and 139(4D).

Download the ITR Form 5:

Download form itr-5

This form can only be filled online and no offline filling options are available.

Once the filling of the form is done and submitted online with a digital signature, the individual needs to print the acknowledgement form. This needs to be signed and sent to the Income Tax Office.

 

Dates for filing ITR Form 5:

The last date to file this form is August 31. Although the dates for filing income return is July 31, the dates might vary in other cases, especially in cases when individuals need to get their accounts audited.

File your income tax now

Structure of ITR Form 5:

The ITR form 5 basically has two parts and a total of 36 schedules.

Part A:
  • General Information: The general details of the individual need to be filled like the name, address, PAN details, etc.
  • BS: Under this section, the individual needs to provide the details regarding the balance sheets of their firm or LLP.
  • P&L: The profit and loss statements regarding the firm are input here.
  • OI: The other relevant information regarding the taxpayer has to be filled in here.
  • QD: The quantitative details regarding the manufacturing and trading accounts are input here.
Part B:
  • TI: Details regarding the total income are input here.
  • TTI: The computation of tax is done here. On the basis of the total income, the taxable income is calculated.
Along with the following parts, there are a total of 31 schedules.
  • Schedule-HP: Computation of income under the head Income from House Property
  • Schedule-BP: Computation of income under the head “profit and gains from business or profession”
  • Schedule-DPM: Computation of depreciation on plant and machinery under the Income Tax Act
  • Schedule DOA: Computation of depreciation on other assets under the Income Tax Act
  • Schedule DEP: Summary of depreciation on all the assets under the Income-tax Act
  • Schedule DCG: Computation of deemed capital gains on sale of depreciable assets
  • Schedule ESR: Deduction under section 35 (expenditure on scientific research)
  • Schedule-CG: Computation of income under the head Capital gains.
  • Schedule-OS: Computation of income under the head Income from other sources.
  • Schedule-CYLA: Statement of income after set off of current year’s losses
  • Schedule-BFLA: Statement of income after set off of unabsorbed loss brought forward from earlier years.
  • Schedule- CFL: Statement of losses to be carried forward to future years.
  • Schedule –UD: Unabsorbed Depreciation
  • Schedule ICDS: Effect of income computation disclosure standards on profit
  • Schedule- 10AA: Computation of deduction under section 10AA
  • Schedule- 80G: Details of donation entitled for deduction under section 80G
  • Schedule- 80GGA: Details of donation for scientific research or rural development
  • Schedule- RA: Details of donations to research associations etc.
  • Schedule- 80IA: Computation of deduction under section 80IA
  • Schedule- 80IB: Computation of deduction under section 80IB
  • Schedule- 80IC/ 80-IE: Computation of deduction under section 80IC/ 80-IE.
  • Schedule 80P: Deductions under section 80P
  • Schedule-VIA: Statement of deductions (from total income) under Chapter VIA.
  • Schedule –AMT: Computation of Alternate Minimum Tax payable under section 115JC
  • Schedule AMTC: Computation of tax credit under section 115JD
  • Schedule-SI: Statement of income which is chargeable to tax at special rates
  • Schedule IF: Information regarding partnership firms in which you are a partner
  • Schedule-EI: Statement of Income not included in total income (exempt incomes)
  • Schedule PTI: Pass-Through Income details from business trust or investment fund as per section 115UA, 115UB
  • Schedule ESI: Details of Income from outside India and tax relief
  • Schedule TR: Details Summary of tax relief claimed for taxes paid outside India
  • Schedule FA: Details of Foreign Assets and Income from any source outside India
  • Schedule GST: Information regarding turnover/gross receipt reported for GST
  • Part B – TI: Computation of total income
  • Part B – TTI: Computation of tax liability on total income
  • Tax payments:
      1. Details of payment of advance-tax and tax on self-assessment tax
      2. Details of tax deducted at source on income other than salary (16A, 16B, 16C)
      3. Details of collected at source

How to File ITR 5:

The ITR return form can be filed in the following ways:

  • The return can be furnished electronically using a digital signature.
  • The data can be transmitted to the income return electronically, and then the verification must be submitted using the return form ITR-V.

No annexures and documents have to be filed while filing in the ITR 5 form. Any document so attached will be returned to the taxpayers.

Filing out the Verification Document:

The verification must be signed before the return is furnished.

Any person who makes false statements while filing the return will be liable to prosecution under section 277 of The Income Tax Act, 1961, along with being liable to imprisonment and fine.

Conclusion:

As such, the ITR form 5 is not just necessary but mandatory for all the businesses and firms, who have their accounts that are liable under Section 44AB of the IT act, along with being furnished by a digital signature.

Filing the ITR helps the government have knowledge about the credentials and income of taxpayers allowing the government to keep an account, and be in touch with the taxpayers also.

These ITR return filing also serve as major sources of Income Proof.

 


When can the taxpayer claim refund from electronic cash ledger?

If the taxpayer has paid excess amount by mistake, they can request for refund from the electronic cash ledger.Understand the procedure for GST registration and GST returns here.

How do banks assess the working capital requirements of borrowers?

Methods such as cash flow mismatch are used by banks to assess the capital requirements that the borrowers seek from banks.More on Income Tax Return Filing.

What does the Aadhaar number have to do with filing of tax returns?

Aadhar card is mandatory for tax payers in India. Non-resident Indians, people aged more than 80 years are exempt from providing Aadhar card when applying for PAN card. Learn more about Aadhar Certification.

What is the purpose of ISO standards?

ISO international standards checks whether the services and products remain reliable, good quality and safe. There are certain tools that helps in increasing productivity. More info on ISO Registration in india.

What is the benefit of ngo?

An NGO has a major role in resolving the issues of the underprivileged by using financial assistance received from the Government or foreign bodies.More about NGO Registration.

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