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Who Should File ITR 5 Form and How to File it?

Updated on April 11, 2024 , 16211 views

Barring the eligibility for individuals and hindu undivided family, ITR 5 is specifically for firms, companies, and other relevant authorities. So, in case you didn’t know much about this form type, the post covers almost every bit of essential information for you. Read on!

What ITR 5 Means?

Out of the seven different types of forms introduced by the income tax Department for the taxpayer citizens, ITR 5 is one form type, specific to a certain section of taxpayers.

Who Can Fill ITR 5 Form?

ITR 5 filling can be done by the following people:

  • Persons as per section 160 (i) (iii) (iv) of the Income Tax Act

  • Firms

  • Local authorities

  • Limited liability partnership (LLP)

  • Cooperative/registered society

  • Association of Persons (AOP)

  • The artificial juridical person as per section 2 (21) (vi)

  • Body of Individuals (BOI)

Who Cannot File Income Tax ITR 5?

ITR 5 form cannot be filed by taxpayers who fall under the below category:

  • Who file a Tax Return under the Section 139 (4A), 139 (4B), 139 (4C) or 139 (4D)
  • An individual
  • Hindu undivided funds; or
  • A company

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How Does ITR 5 by Income Tax Look Like?

ITR 5- General Information

This form has been divided into different parts and schedules, such as:

  • Part A: General information
  • Part A-BS: Balance Sheet as per the 31st March of the financial year
  • Part A-Trading Account for the financial year
  • Part A-Manufacturing Account for the financial year
  • Part A- P&L: Profit and Loss for that financial year
  • Part A-QD: Quantitative details
  • Part A-OI: Other information

Along with these parts, you can find almost 31 schedules in this form.

  • Schedule-HP: Computation of income under Income from house property head

  • Schedule-DPM: Computation of depreciation of plant and machinery according to the Income Tax Act

  • Schedule-BP: Income details under the head profit and gains from business or profession

  • Schedule DOA: Depreciation details on other assets under the Income Tax Act

  • Schedule DEP: Depreciation summary on all the assets under the Income-tax Act

  • Schedule DCG: Computation of deemed Capital gains on the sale of depreciable assets

  • Schedule ESR: Deduction under section 35

  • Schedule-CG: Income details under the head Capital Gains

  • Schedule-OS: Income details under the head income from other sources

  • Schedule-CYLA: Income details after set off of current year’s losses

  • Schedule-BFLA: Income details after set off of the unabsorbed loss brought forward from earlier years

  • Schedule- CFL: statement regarding losses to be carried forward to future years

  • Schedule –UD: Unabsorbed Depreciation

  • Schedule ICDS: Effect of income details revelation standards on profit

  • Schedule- 10AA: Details of deduction under section 10AA

  • Schedule- 80G: Donation details entitled for deduction under Section 80G

  • Schedule- 80GGA: Donation details for scientific research or rural development

  • Schedule- RA: Donation details regarding research associations etc.

  • Schedule- 80IA: Details of deduction under section 80IA

  • Schedule- 80IB: Details of deduction under section 80IB

  • Schedule- 80IC/ 80-IE: Details of deduction under section 80IC/ 80-IE

  • Schedule 80P: Deductions under section 80P

  • Schedule-VIA: Deduction statement under Chapter VIA

  • Schedule –AMT: Details of Alternate Minimum Tax payable under section 115JC

  • Schedule AMTC: Details of tax credit under section 115JD

  • Schedule-SI: income statement which is chargeable to tax at special rates

  • Schedule IF: Information pertaining to associated partnership firms

  • Schedule-EI: Income statement not included in total income (exempt incomes)

  • Schedule PTI: Details of pass-through income from business trust or investment fund as per section 115UA, 115UB

  • Schedule ESI: Income details from outside India and tax relief

  • Schedule TR: Detailed Summary of tax relief claimed for Taxes paid outside India

  • Schedule FA: Information regarding Foreign Assets and Income from any source outside India

  • Schedule GST: Information of turnover/gross Receipt reported for GST

  • Part B – TI: Total income details

  • Part B – TTI: Details of Tax Liability on total income

Tax Payments

  • Details of payment of advance-tax and tax on self-assessment tax
  • Details of tax deducted at source on income other than salary (16A, 16B, 16C)
  • Details of collected at source

How to File ITR Form 5?

So, basically, the only method to file this form is online. You can choose any of the below-mentioned ways:

  • By filing electronic returns under digital signature; or

  • By electronically communicating the return and submitting the verification of the return

Wrapping Up

Filing the ITR 5 form is a task that would not even take five minutes out of your schedule as it doesn’t require enough documents, courtesy to its annexure-less type. So, if you think this is the right form for you, go ahead with it.

All efforts have been made to ensure the information provided here is accurate. However, no guarantees are made regarding correctness of data. Please verify with scheme information document before making any investment.
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