ITR 5 Form : Overview

The ITR-5 Form, used for filing income tax returns in India, has a structured format consisting of two parts and several schedules. Each section serves a specific purpose to ensure accurate reporting of income, deductions, and tax liability. Here is a comprehensive description of the structure of the ITR-5 Form:

Part A: General Information
This section collects general details about the taxpayer, including personal information such as name, address, contact information, and PAN (Permanent Account Number). It also includes specific schedules such as:
– Part A-BS: Balance Sheet as on the last day of the Previous Financial Year
– Part A-Manufacturing Account for the previous financial year

– Part A-Trading Account for the previous financial year 
– Part A-P and L: Profit and Loss Account for the previous financial year 
– Part A-OI: Other information
– Part A-QD: Quantitative details

Part B: Computation of Total Income and Tax Liability
This part focuses on the computation of total income and tax liability. It consists of various schedules, each dedicated to specific aspects of income and deductions. The schedules include:
– Schedule-HP: Computation of income from House Property
– Schedule-BP: Computation of income from “profit and gains from business or profession”
– Schedule-DPM: Computation of depreciation on plant and machinery
– Schedule-DOA: Computation of depreciation on other assets
– Schedule-DEP: Summary of depreciation on all assets
– Schedule-DCG: Computation of deemed capital gains on the sale of depreciable assets
– Schedule-ESR: Deduction under section 35 (expenditure on scientific research)
– Schedule-CG: Computation of income from Capital Gains
– Schedule-OS: Computation of 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 under Chapter VIA
– Schedule-AMT: Computation of Alternate Minimum Tax payable
– Schedule-AMTC: Computation of tax credit under section 115JD
– Schedule-SI: Statement of income chargeable at special rates
– Schedule-IF: Information regarding partnership firms
– Schedule-EI: Statement of income not included in total income (exempt incomes)
– Schedule-PTI: Pass-Through Income details from business trust or investment fund
– Schedule-TPSA: Secondary adjustment to transfer price
– Schedule-FSI: Details of income from outside India and tax relief
– Schedule-TR: Summary of tax relief claimed for taxes paid outside India
– Schedule-FA: Details of foreign assets and income from outside India
– Schedule-GST: Information regarding turnover/gross receipt reported for GST

Part B – TI: Computation of Total Income
In this part, the taxpayer consolidates the calculations from the schedules to arrive at the total income.

Part B – TTI: Computation of Tax Liability on Total Income
This section focuses on the computation of tax liability based on the total income calculated in the previous section.

Tax Payments:
This section requires the taxpayer to provide details of tax payments made, including advance tax and self-assessment tax. It also includes information about tax deducted at source (TDS) on income other than salary and tax collected at source (TCS).

Verification:
At the end of the form, the authorized signatory of the taxpayer declares and verifies the information provided in the ITR-5 Form.

The Income Tax Department recommends following a specific sequence while filling out the form, starting with Part A, then the schedules, followed by Part B, and finally, the verification section.

By adhering to the structure and filling out the necessary details accurately, taxpayers can ensure compliance with tax regulations and facilitate the accurate assessment of their income and tax liability.

The ITR-5 Form is not applicable for the following categories of taxpayers:
– Individual taxpayers
– Hindu Undivided Families (HUFs)
– Companies
– Taxpayers who are required to file tax returns using Form ITR-7 under Sections 139(4A), 139(4B), 139(4C), 139(4D), 139(4E), or 139(4F) of the Income Tax Act.

Please note that these taxpayers should select the appropriate ITR form based on their category and specific requirements.