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The Income Tax Department has introduced various forms for different taxpayers. An assessee should choose the appropriate ITR form as per the source of income. One such Income Tax Return (ITR) is the ITR 5 Form. It is primarily designed for firms, Association of Persons (AOP), and Body of Individuals (BOI) who are not required to file their income tax returns as companies. In other words, it is meant for entities that do not have a corporate structure but still need to report their income and taxes to the Indian Income Tax Department.
legalduniya is your trusted partner for hassle-free and efficient Income Tax Return (ITR) filing services in India. Our ITR-5 service is designed to cater to the specific needs of firms, the Association of Persons (AOP), and the Body of Individuals (BOI) looking to file their income tax returns seamlessly. With our user-friendly platform, expert assistance, and competitive pricing, filing your ITR-5 has always been a challenge.
The following entities can use the ITR-5 Form:
Limited Liability Partnership (LLP)
Body of Individuals (BOI)
Association of Persons (AOP)
Estate of deceased individuals
Artificial Juridical Person referred to in section 2(31)(vii)
Business trusts and investment funds
Estate of insolvent individuals
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
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.
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.
It's important to note that there is no requirement to attach documents with the ITR-5 form.
The ITR-5 Form is structured into several parts and schedules to facilitate the comprehensive reporting of income, deductions, and tax liability. Below is an overview of the structure of the ITR-5 Form:
This section gathers essential information about the taxpayer, such as name, PAN (Permanent Account Number), address, and contact details.
This part is dedicated to reporting the entity's financial position with a balance sheet as of the specified date.
Here, details related to the manufacturing account for the fiscal year are recorded.
This section captures information regarding the trading account for the fiscal year.
Here, you report the profit and loss account for the financial year.
This section covers additional financial information relevant to the taxpayer's income.
Quantitative details related to various aspects of income are provided here.
Part B is a pivotal section where taxpayers calculate and report their total income and tax liability.
The ITR-5 Form in India includes 31 schedules, sections, or categories within the form. These schedules capture details and computations related to the taxpayer's income and tax obligations. They cover various aspects, such as income from different sources, deductions, depreciation calculations, capital gains, and foreign income. Taxpayers must fill out these schedules as applicable to their financial situation to provide a comprehensive picture of their income and tax liability when filing their income tax returns. Each schedule serves a unique purpose in organizing and reporting financial information to the Indian Income Tax Department.
In this section, the taxpayer calculates their total income based on the information provided in the schedules.
This part focuses on determining the tax liability based on the computed total income.
This section includes details of payments made towards advance tax and self-assessment tax.
It also includes details of tax deducted at source on income other than salary (16A, 16B, 16C).
Additionally, it captures details of tax collected at the source.
Sequence for Filling Out Parts and Schedules:
The Income Tax Department recommends taxpayers follow the following sequence while filling out the income tax return:
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Our expert team of experienced tax professionals provides expert guidance throughout the filing process. We ensure that your ITR-5 is filed accurately and complies with tax regulations.
Our experts help you optimize deductions, ensuring you take advantage of all available tax benefits, ultimately reducing your tax liability.
Our team reviews your ITR-5 form for accuracy and completeness before filing. This step ensures that your return is error-free and ready for submission.
We prioritize the security of your financial data. We use the latest encryption technology to keep your information safe during filing.
legalduniya provides timely reminders for important tax deadlines, ensuring you never miss a filing date.
Our support team is available to address any queries or concerns you may have during or after the filing process.
Let legalduniya assist you in filing your ITR-5 form, allowing you to focus on your business and financial well-being. Contact us today for expert assistance in meeting your tax obligations and ensuring a smooth filing experience. With legalduniya, you can be confident that your ITR-5 is filed accurately and on time, providing peace of mind and ensuring compliance with tax regulations.
Monthly Purchase Bill
Monthly Sales Bill
Sales Return Details
Purchase Return Details
Tax Paid Challans for GST
Day to day Administration expenses and General expenses details
Rental Agreement (if applicable)
Fixed Assets Invoice Copy (if Applicable)
Investment details made by Cash
Investment details made through Bank
Proof of Source of Cash In-flow and Cash Out-flowk
Loan details from Bank or Third Party
Outstanding receivables and payables
Company's Pan and two DSCs
Details of Bank used for business transactions (Acct No, IFSC Code)
Statement from Bank used for business transactions
Break-up of statement from Bank used for business transactions