ITR – 5 Return
ITR – 5 Return
ITR - 05
Every earning individual must file an income tax return per the income tax act 1961. It is not just compulsory but is a moral responsibility too. There are various rules and regulations for filing ITR in a proper manner. Ensure to do a lot of things correctly while filing ITR. One of these is choosing the correct form while filing the ITR.
CBDT notifies 7 ITR forms. ITR 5 is one of them that covers a specific class of taxpayers, such as LLP, AOP, etc. In this article, you can understand all about the ITR Form 5.
This ITR is meant for Association of Persons (AOPs), LLPs, firms, Body of Individuals (BOIs), Estate of deceased, Artificial Juridical Person (AJP), Business Trust, Estate of Insolvent, and Investment Fund.
This form is used by someone who is:
- A firm
- AOP
- LLPs
- BOI
- Artificial Juridical Person who is referred to u/s 2(31)(vii),
- Estate of Insolvent
- Estate of Deceased
- Investment Fund
- Local Authority
- Cooperative Society
However, it's important to note that a person who is required to file the return of income under sections 139(4A), 139(4C),139(4B), or 139(4D) shall not use this form.
Due Date for Filing ITR-5 Form
The due date for filing the ITR-5 Form depends on whether the taxpayer's accounts need to be audited under the Income-Tax Act and whether they must furnish a report in Form No. 3CEB.
When accounts are to be audited under the Income-Tax Act: The due date for filing ITR-5 is 31st October of the assessment year.
When a report in Form No. 3CEB is to be furnished: The due date for filing ITR-5 is 30th November of the assessment year.
In other cases (where accounts need not be audited): The due date for filing ITR-5 is 31st July of the assessment year.
Who Cannot File the ITR-5 Form?
The ITR-5 Form is not meant for the following categories of taxpayers:
Individual assesses
Hindu Undivided Family (HUF)
Companies
Taxpayers who are required to use Form ITR-7
Structure of ITR-5 Form
The ITR-5 form is divided into multiple parts and schedules.
Part A
Part A: General Information
Part A-BS: Balance Sheet as on 31st March
Part A-Trading Account
Part A-Manufacturing Account
Part A-P&L: Profit and Loss Account
Part A-QD: Quantitative Details
Part A-OI: Other Information
Schedules
The ITR-5 form contains approximately 31 schedules, including:
Schedule HP: Income from house property
Schedule DPM: Depreciation on machinery and plant
Schedule BP: Profit and gains from business or profession
Schedule DOA: Depreciation on other assets
Schedule DCG: Deemed capital gains on sale of depreciable assets
Schedule DEP: Summary of depreciation
Schedule ESR: Deduction under Section 35
Schedule OS: Income from other sources
Schedule CG: Capital gains computation
Schedule CYLA: Current year loss adjustment
Schedule CFL: Losses carried forward
Schedule BFLA: Set-off of brought forward losses
Schedule UD: Unabsorbed depreciation
Schedule 10AA: Deduction under Section 10AA
Schedule ICDS: Income Computation Disclosure Standards
Schedule 80G: Donation deductions under Section 80G
Schedule RA: Donations to research associations
Schedule 80GGA: Donations for rural development or scientific research
Schedule 80IA, 80IB, 80IC/80IE: Deduction calculations
Schedule VIA: Deductions under Chapter VIA
Schedule AMTC & AMT: Alternate Minimum Tax details
Schedule SI & EI: Special rate income and exempt income
Schedule IF & PTI: Partnership firm and pass-through income details
Schedule TR & ESI: Foreign tax relief and foreign income details
Schedule GST: GST turnover and receipts information
Schedule FA: Foreign assets and foreign income details
Part B
Part B-TI: Total income computation
Part B-TTI: Total income tax liability calculation
Tax Payments Details
The ITR-5 form also requires details related to tax payments:
Self-assessment tax payment details
Advance tax payment details
Tax collected at source details
Tax deducted at source details on income other than salary (Forms 16B, 26A, 16C)
