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. Here are the different due dates:

  • When accounts are to be audited under the Income-Tax Act: The due date for filing ITR-5, in this case, is 31st October of the assessment year.
  • When a report in Form No. 3CEB is to be furnished: If the taxpayer is needed to furnish a report in Form No. 3CEB, the due date for filing ITR-5 is 30th November of the assessment year.
  • In other cases (where accounts need not be audited): For taxpayers where accounts do not need to be audited under the Income-Tax Act, 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: Individuals should use the appropriate ITR form based on their sources of income. For example, most individual taxpayers use ITR-1, ITR-2, or other forms as applicable.
  • Hindu Undivided Family (HUF): HUFs must also use the relevant ITR form based on their income sources. Typically, they use ITR-2 or other applicable forms.
  • Company: Companies have their own set of ITR forms, such as ITR-6, for companies other than those claiming exemption under section 11.
  • Taxpayers who using Form ITR-7: Individuals or entities falling under Sections 139(4A), 139(4B), 139(4C), 139(4D), 139(4E), or 139(4F) are required to use Form ITR-7 for filing their income tax returns. These sections cover charitable trusts, political parties, educational institutions, etc.

Structure of ITR 5 Form

The ITR 5 form is divided into 2 parts and many schedules:

  • Part A: Carries general information
  • Part A- BS: Balance Sheet as per 31st March 2019
  • Part A: Trading Account for FY 2018 – 19
  • Part A: Manufacturing Account for FY 2018 – 19
  • Part A – P&L: Profit and Loss Account for the FY 2018 – 19
  • Part A – QD: Quantitative details
  • Part A – OI: Other Information

With these parts, there are approximately 31 schedules there in this form, which are explained here:

  • Schedule HP: Income computation in the head income through house property.
  • Schedule DPM: Depreciation of machinery and plant computation as per Income Tax Act.
  • Schedule BP: Income computation in the head ‘profit and gains from business or profession’.
  • Schedule DOA: Depreciation’s computation over other assets as per the Income Tax Act.
  • Schedule DCG: Deemed capital gains computation upon the sale of depreciable assets.
  • Schedule DEP: Depreciation summary over all the assets as per the Income Tax Act.
  • Schedule ESR: Deduction as per section 35 (expenditure over scientific research).
  • Schedule OS: Income’s computation under the income’s head that is other sources.
  • Schedule CG: Income’s computation under the income’s head that is capital gains.
  • Schedule CYLA: Income’s statement after setting off all the losses of the current year.
  • • Schedule CFL: The statement of the losses that are carried forwarded in future years.
  • Schedule BFLA: Income’s statement after setting off of all the unabsorbed losses that are bought forward from previous years.
  • Schedule UD: This is unabsorbed depreciation.
  • Schedule 10AA: Deduction’s computation u/s 10AA
  • Schedule ICDS: Income computation disclosure standards effect over profit.
  • Schedule 80G: This schedule contains donation details that are entitled to deductions as per section 80G of the IT act.
  • Schedule RA: Donation details given to research associations, etc.
  • Schedule 80GGA: Donation details that are given for rural development or scientific research.
  • Schedule 80IA: Deduction’s computation u/s 80IA.
  • Schedule 80IB: Deduction’s computation u/s 80IB.
  • Schedule 80P: All the deductions that come under 80P.
  • Schedule 80IC / 80IE: Deduction’s computation u/s 80IE or 80IC.
  • Schedule VIA: Deductions’ statement from the total income as per Chapter VIA.
  • Schedule AMTC: Tax credit computation u/s 115JD.
  • Schedule AMT: Alternate Minimum Tax computation that is payable u/s 115JC.
  • Schedule SI: Statement of Income that is chargeable for tax at a special price.
  • Schedule EI: Statement of Income that is not included in the complete income i.e. exempt income.
  • Schedule IF: All the information related to partnership firms with which one is a partner.
  • Schedule PTI: Details of Pass-Through Income from an investment fund or business trust according to section 115UB, 115UA.
  • Schedule TR: Detailed summary of tax relief which is claimed for taxes that are paid outside India.
  • Schedule ESI: Income details that one gets from outside India and all the tax relief.
  • Schedule GST: Information related to the gross receipt that is reported / turnover for GST.
  • Schedule FA: Foreign Assets’ details and income that one gets from any source that is outside India
  1. Part B – TTI: Total income tax liability calculation.
  2. Part B – TI: Total income computation.
  3. Tax Payments:
  4. Payment details of self-assessment tax and advance tax.
  5. Collected details at the source.
  6. Tax deduction details at the source on the income that is other than the salary (16B, 26A, 16C).