KNOW EVERYTHING ABOUT FORM ITR-5
What is the Form ITR-5?
LLPs, AOPs,AOPs (Association of persons) and BOIs (Body of Individuals), Artificial Juridical Person (AJP), Estate of deceased, Estate of insolvent, Business trust and investment fund have to file Form ITR-5.
Who is eligible to file Form ITR-5?
ITR-5 form is to be used when the assesse is one of the following:
Who is not eligible to file Form ITR-5?
ITR 5 Form is for persons other than:-
(iii) Company and
(iv) Person filing Form ITR-7.
Assessees who are required to file the return of income under section 139(4A) or 139(4B) or 139(4C) or 139(4D) (i.e., Trusts, Political party, Institutions, Colleges, etc.)
What is the structure of Form ITR-5?
The Form has been divided into two parts and several schedules:
Part A: General information
Part A-BS: Balance Sheet as on 31st March 2019
Part A-Manufacturing Account for the financial year 2018-19
Part A-Trading Account for the financial year 2018-19
Part A-P&L: Profit and Loss Account for the financial year 2018-19
Part A-OI: Other information
Part A-QD: Quantitative details
There are 31 schedules details of which are as under:
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 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 TPSA: Secondary adjustment to transfer price as per section 92CE(2A)
Schedule FSI: 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
Schedule DI: Schedule of tax-saving investments or deposits or payments to claim deduction or exemption in the extended period from 1 April 2020 until 30 June 2020
Part B – TI: Computation of total income
Part B – TTI: Computation of tax liability on total income
What are the ways to file Form ITR-5?
ITR-5 can be filed on Income Tax Department in the following ways:
When the return is filed online, the assessee should print out two copies of ITR-V Form. One copy of ITR-V, duly signed by the assessee, has to be sent by ordinary post to Post Bag No. 1, Electronic City Office, Bengaluru–560500 (Karnataka).
How to verify the document?
Copyright © 2013-2021 - All Right Reserved