Know everything about Form ITR-5

Last Updated On: Dec. 17, 2021, 6:52 p.m.
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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:

  • Firms
  • Limited Liability Partnerships( LLP)
  • Association of persons( AOP)
  • Body of Individuals ( BOI)
  • An Artificial Juridical Person referred to in section 2(31) (vii)
  • Cooperative society
  • Local authority

 

 

Who is not eligible to file Form ITR-5?

ITR 5 Form is for persons other than:-

(i) Individual,

(ii) HUF,

(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:

  1. by furnishing the return electronically under digital signature
  2. by transmitting the data in the return electronically and thereafter submitting the verification of the return in Return Form ITR-V

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?

  • Firstly fill up the information required in the verification document.
  • Which ever is applicable strike it out. Please make sure that the verification has been signed before the furnishing the return.
  • Choose the designation/capacity of the person signing the return.
  • Please note that any person making a false statement in the return or the accompanying schedules shall be liable to be prosecuted under section 277 of the Income-tax Act, 1961 and on conviction be punishable under that section with rigorous imprisonment and with fine.
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