You can file ITR-5 return if you are a firm, LLP, BOI, AOP, AJP, business trust, investment fund & estate of deceased/insolvent. File this return on time, if you are one of these!

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In India, the taxpayers are categorised based on their source of income and, for each category, there are income tax return forms allotted.

The ITR 5 filing applies to incomes from the following: firms, bodies of individuals, limited liability partnerships, artificial juridical persons, associations of persons, the estates of the insolvent, the estates of deceased, investment funds, business trusts, local authorities, and co-operative societies.

Also, persons (representative assessees) as per the provisions of Section 160(1)(iii)(iv) of the Income Tax Act of 1961, are liable to file a form ITR 5.
This article will help you better understand ITR 5 status and hassle-free filing.


There are two parts to the information provided in the ITR 5 form:

Part A - includes general information about the taxpayer, details relevant to balance sheet, manufacturing details, trade accounts, and profits and losses incurred for the financial year.

Part B - All computation details

For filing an income tax return, you need to keep some information handy, such as,

Kind of business in which the organisation is engaged

For each kind of business, a specific business code is provided. While filing your ITR5, the name, code, and description of the business have to be mentioned.
Organisations that are involved in more than one business have to mention three main products or activities that it carries on under its business name.

Maintenance of accounts following Sec. 44AA of the Income Tax Act, 1961

The taxpayer involved in these professions – doctor or medical professional, lawyer, architect, engineer, technical consultant, interior decorator, or any of the professions that are notified under the provision.

If the personal income exceeds 1.2 lakhs from the above-mentioned work, or the total turnover of the organisation exceeds 10 lakhs, a copy of the accounts book has to be submitted.

As you know, the more organised the accounts look, the less a hassle an organisation would need to deal with. Vakilsearch can provide you with the on-point accounting skills your organisation needs.

For the ITR 5 form, you also need to furnish the details of the audit report as verified by an accountant. It is necessary to match all the figures reported or attached at the time of filing with the figures of the balance sheet.

Involved international transaction

In case, there have been international transactions, the audit report under sec 92E has to be furnished. This is applicable also in case of certain domestic transactions that are specified in the provision.

Audited under any other law except under the Income Tax Act, 1961

Some incomes require to be audited under other laws as well. At the time of filing the ITR 5 form, such an audit report has to be furnished. Let us have a glance at the other laws under which the audit report might be mandated:

Any change in member or partner

If any member or partner has left/retired or a new member or partner has joined, the form must mention the percentage of determined shares. This is applicable in cases of associations of persons or bodies of individuals.

One of the members is a foreign company

If any foreign company is a member of an association of persons, body of individuals, or artificial judicial person, the percentage of shares held by such member has to be mentioned.

Manufacturing record

The organisations maintain a manufacturing account which has to be attached at the time of ITR 5 filing.

This includes all the incidents that took place during the previous year, such as purchases, opening inventory, direct expenses and direct wages, factory overheads, and closing stocks.

Trading account

The trading account details have to be attached. For both offline filing and ITR filing online, all trading accounts for FY2019–20 are to be mentioned:

Here, you can make the wise decision of consulting and getting all the work done by the experts from Vakilsearch.

  • Gross sales receipt of the business
  • Tax, duties, cess paid for the supplies
  • Opening and closing stock of the final or finished goods
  • Purchase details carried on in the year
  • The total profits based on reported sales.

Profit and loss

The profit and loss details are to be submitted in the specified format along with the audited report of the same.

In case of a partnership firm – and except for a limited liability partnership registered in India and declaring the income on a presumption basis under section 44AD – it has to be mentioned separately.

In this case, the income has to be computed at the rate of 6% where the turnover is released digitally, and 8% in case of other modes like cash. If the actual earning is more than the turnover of the business, then it has to be declared accordingly.

For the partner of a partnership

For the entities not required to maintain a book of accounts on a regular basis during the previous year, summary details of the activities carried on have to be mentioned.

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