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ITR 5 RETURN FILING

The Income Tax Department has introduced different ITR forms for various taxpayers, depending on their income sources. One such form is ITR-5, designed for specific entities like Firms, LLPs, AOPs, and more. This guide provides a comprehensive overview of ITR-5 and its applicability.

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Why Should I Use Auriga Accounting For ITR 5 Return Filing ?

Auriga Accounting has a team of registration experts who can provide complete guidance to register your ITR 5 Return Filing.

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Our team of experts will get in touch with you and collect all necessary documents and details

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We fill out and file your application for ITR Filing 

Complete your ITR Filing

Ready Your ITR 5 Return Filing 

Why Should I Use Auriga Accounting For ITR 5 Return Filing ?

Auriga Accounting has a team of registration experts who can provide complete guidance to register your ITR 5 Return Filing.

book appointment

Our team of experts will get in touch with you and collect all necessary documents and details

Resolve all your queries

We fill out and file your application for ITR Filing 

Complete your ITR Filing

Ready Your ITR 5 Return Filing 

Overview
ITR-5 Form
Verification
Structure
Key Change
Due Date
Document

Overview - ITR 5 Return Filing 

The Income Tax Department has introduced various ITR forms for different taxpayers, depending on their income sources. One such form is ITR-5, primarily designed for Firms, Associations of Persons (AOPs), and Bodies of Individuals (BOIs) that are not required to file returns as companies. It is intended for non-corporate entities that must report their income and taxes to the Indian Income Tax Department.

For a hassle-free and efficient ITR-5 filing experience, IndiaFilings offers expert assistance tailored to the needs of firms, AOPs, and BOIs. With a user-friendly platform, professional guidance, and competitive pricing, we simplify the ITR-5 filing process, ensuring seamless tax compliance.

Who Can File the ITR-5 Form?

The ITR-5 Form is applicable to the following entities:

  • Firms
  • Limited Liability Partnerships (LLPs)
  • Associations of Persons (AOPs)
  • Bodies of Individuals (BOIs)
  • Artificial Juridical Persons (AJP) under Section 2(31)(vii)
  • Local Authorities as per Section 2(31)(vi)
  • Representative Assessees under Section 160(1)(iii) or (iv)
  • Cooperative Societies
  • Societies registered under the Societies Registration Act, 1860 or any other state law
  • Trusts (except those required to file ITR-7)
  • Estate of a Deceased Person
  • Estate of an Insolvent
  • Business Trusts under Section 139(4E)
  • Investment Funds under Section 139(4F)

Who Cannot File the ITR-5 Form?

The ITR-5 Form is not applicable for the following taxpayers:

  • Individuals: Individual taxpayers must file their returns using ITR-1, ITR-2, or other relevant forms based on their income sources.
  • Hindu Undivided Families (HUFs): HUFs should use ITR-2 or another appropriate form instead of ITR-5.
  • Companies: Companies are required to file their returns using ITR-6, except those claiming exemption under Section 11.
  • Taxpayers required to file ITR-7: Entities falling under Sections 139(4A), 139(4B), 139(4C), 139(4D), 139(4E), or 139(4F) (such as charitable trusts, political parties, and educational institutions) must file ITR-7 instead of ITR-5.
  • Individuals (should use ITR-1, ITR-2, etc.)
  • Hindu Undivided Families (HUFs)
  • Companies (should use ITR-6, except those claiming exemption under Section 11)
  • Entities required to file ITR-7 (Sections 139(4A), 139(4B), 139(4C), 139(4D), 139(4E), 139(4F))

Filling Out the ITR 5 Return Filing Verification Form

If the return is filed as per the method mentioned in 3(iv), the assessee must print and sign the ITR-V (Income Tax Return Verification Form). The signed form should then be sent via ordinary post or speed post to the following address:

Centralized Processing Centre,
Income Tax Department,
Bengaluru – 560500, Karnataka.

Structure of the ITR-5 Return Filing

The ITR-5 Form is divided into multiple sections and schedules to ensure a comprehensive reporting of income, deductions, and tax liabilities. Below is an outline of its structure:

  1. Part A: General Information: This section gathers essential taxpayer details, including name, PAN (Permanent Account Number), address, and contact information.
  2. Part A-BS: Balance Sheet: Reports the financial position of the entity, including assets, liabilities, and capital as of the relevant financial year-end.
  3. Part A-Manufacturing Account: Captures details related to the manufacturing account for the fiscal year.
  4. Part A-Trading Account: Records transactions related to the trading account, including purchases, sales, and direct expenses.
  5. Part A and L: Profit and Loss Account: Summarizes the profit and loss statement for the financial year.
  6. Part A-OI: Other Information: Provides additional financial details relevant to the taxpayer’s income.
  7. Part A-QD: Quantitative Details: Includes quantitative data related to various financial aspects.
  8. Part B: Computation of Income & Tax: Part B – TI: Computes the total income based on the provided financial details. Part B – TTI: Determines the tax liability on the computed total income.
  9. Schedules (31 Categories): The ITR-5 form includes 31 schedules, each dedicated to specific income sources, deductions, capital gains, depreciation, and foreign income. Taxpayers must fill out the relevant schedules applicable to their financial situation.
  1. Tax Payments Section
  • Records payments made towards advance tax and self-assessment tax.
  • Includes details of TDS (Tax Deducted at Source) on non-salary income (Form 16A, 16B, 16C).
  • Captures TCS (Tax Collected at Source) details.

Recommended Sequence for Filing the ITR-5 Form

The Income Tax Department advises taxpayers to follow this sequence while filling out the return:

  1. Part A
  2. Schedules
  3. Part B
  4. Verification

Key Changes in the ITR-5 Return Filing for AY 2024-25

The Income Tax Return (ITR-5) Form for Assessment Year (AY) 2024-25 has introduced several key modifications to enhance reporting accuracy and compliance. Here are the notable changes:

  1. Audit Report Acknowledgement & UDIN
    • Taxpayers are now required to provide the Acknowledgement Number of the Audit Report and Unique Document Identification Number (UDIN) to ensure proper verification.
  2. Reporting of MSME Dues Beyond the Specified Time Limit
    • The form now mandates reporting the total sum payable to Micro, Small, and Medium Enterprises (MSMEs) beyond the prescribed time limit under the MSME Act.

3. Detailed Reporting on Capital Gains Account Scheme (CGAS) Utilisatio: Taxpayers must provide comprehensive details regarding the amount deposited and utilized under the Capital Gains Accounts Scheme.

4. Enhanced Disclosure for Political Contributions (Schedule 80GGC): Under Schedule 80GGC, taxpayers must now disclose detailed information regarding contributions made to political parties.

5. Additional Declarations Under Schedule OS (Other Sources)

    • The updated form requires declarations for:
      • Bonus payments received under LIC policies.
      • Dividend income received from IFSC (International Financial Services Centre) units.

6. Enhanced Reporting for Startups Under Section 80-IAC

    • Startups claiming deductions under Section 80-IAC must now furnish:
      • Date of incorporation
      • Nature of business
      • Certificate number issued by the Inter-Ministerial Board
      • First Assessment Year when the deduction was claimed
      • Amount of deduction claimed for the current AY

7. Mandatory MSME Registration Details: Taxpayers must now disclose MSME registration status and provide their MSME registration number, if applicable.

Due Date for Filing ITR-5 Return Filing

  • For audit cases: 31st October of the assessment year
  • For international transactions (Form 3CEB cases): 30th November of the assessment year
  • For non-audit cases: 31st July of the assessment year

How to ITR 5 Return Fill Out the Verification Document?

  1. Fill in the required details.
  2. Strike out non-applicable fields.
  3. Ensure proper signing before submission.
  4. Mention the designation of the signatory.

 

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