ITR-5 Return Filing

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ITR-5 Return Filing

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Income tax return filing for a taxpayer with taxable income of less than Rs.10 lakhs.

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ITR 5 Form Filing

The taxpayers are supposed to file the Income Tax returns based on the income that is earned by them in the financial year and the kind of entity that it falls under. ITR 5 Form filing is to be done by the Association of Persons, Limited Liability Partnerships, Body of Individuals, Estates of the deceased, Artificial judicial person, business trust, estates of the insolvent, business trust, and investment fund.

This article is a comprehensive guide you can refer to while filing the Income Tax returns in Form 5.

ITR 5 can be filed by the following people :

  • A firm
  • A Limited Liability Partnership
  • Association of Persons
  • Body of Individuals
  • Artificial Judicial Persons that are referred to in Section 2 (31) (vii)
  • The local authority that is referred to in Section 160(1) (ii) or 160 (1) (iv)
  • Cooperative Society
  • Societies that are registered under Societies Registration Act, 1860 or under any state law trust ( except the trusts that are eligible for ITR 7 Form Filing)
  • Estate of the deceased person
  • Business trust referred to in Section 139 (4E)
  • Investment fund referred to in Section 139 (4F)

An individual who has to file income tax returns under the Section 139 (4A) or 139 (4D) cannot file ITR 5 Form.

ITR 5 Form is an annexure-less form and it should be attached with the return form while filing ITR 5. All the documents that are enclosed with this Form will be detached and returned to the person that is filing the returns. The taxpayers are advised to match the taxes that are deducted/ collected /paid by or on behalf of them with their Tax Credit Statement Form 26AS.

Fill up the required information in the verification document.

It is necessary to strike out whatever is not applicable. Please ensure that the verification has been signed before furnishing the return.

Choose the designation or the capacity of the person who is signing the return.

Any person making a false statement in the return or the accompanying schedules will be liable to be prosecuted under Section 277 of the Income Tax Act,1961, and on Conviction, it is punishable under that section with rigorous imprisonment and with fine.

Part/Schedule Explanation
Part A-GEN General information
Part A-BS Balance sheet as on the last day of the previous year
Part A – Manufacturing Account Manufacturing Account for the previous financial year
Part A – Trading Account Trading Account for the previous financial year
Part A – P&L Profit and Loss for the previous financial year
Part A – OI Other Information (this is optional in case the assessee is not liable for audit under Section 44AB)
Part A – QD Quantitative Details (this is optional in case the assessee is not liable for audit under Section 44AB)
Schedule- HP Income computation under the head House Property
Schedule – BP Income computation under the head – Business or Profession
Schedule DPM Computing depreciation on Plant & Machinery under the Income Tax Act
Schedule DOA Computation of Depreciation on other assets as per the Income Tax Act
Schedule DEP Summary of depreciation on all assets as per the Income Tax Act
Schedule DCG A computing of deemed capital gains on the sale of depreciable assets
Schedule ESR Making deduction under Section 35
Schedule- CG Computing income under the head Capital Gains
Schedule- OS Computing income under the heading Income from other sources
Schedule CYLA Income statement after setting-off losses for the current year
Schedule BFLA Income statement after setting off the unabsorbed losses of the previous year(s)
Schedule CFL Statement of losses which is to be carried forward to the future years
Schedule UD Statement regarding unabsorbed depreciation
Schedule ICDS
Schedule 10AA Computing the deduction under Section 10AA
Schedule 80G Statement about donations which are entitled to deduction under Section 80G
Schedule RA Statement of donations made to research associations etc. which are entitled to deduction under Sections 35(1)(ii), 35(1)(iia), 35(1)(iii) or 35(2AA)
Schedule 80IA Computing deduction to be made under Section 80IA
Schedule 80IB Computing deduction under Section 80IB
Schedule 80IC/80IE Computing deduction under Section 80IC/80IE
Schedule 80P Deductions under Section 80P
Schedule VIA Deductions statement under Chapter VIA
Schedule AMT Computing Alternate Minimum Tax under Section 115JC of the Income Tax Act
Schedule AMTC Calculation of tax credit under Section 115JD
Schedule SPI Statement of income that arises to minor child/spouse/son’s wife or any other person or AOP that is to be included in the income of the assessee in Schedules HP, CG, OS
Schedule SI Statement of income which is subject to chargeability at special tax rates
Schedule IF Details of partnership firms in which assessee is a partner
Schedule EI Exempt Income Details
Schedule PTI Details of pass-through income from an investment fund or business trust under Section 115UA, 115UB
Schedule FSI Details of income that accrues or arises out of India
Schedule TR Details of any taxes that have been paid outside India
Schedule FA Details of any Foreign assets or income from a source outside India
Schedule GST Details of turnover/gross receipts reported for GST
Part B-TI Summary of total income and tax computation based on the income that is chargeable to tax
Part B – TTI Computing the tax liability on total income
Tax Payments Advance Tax, Tax Deducted at Source and Self-assessment tax

It is mandatory for the assessee to furnish the audit report under Sections 10 (23C) (v), 10 (23C) (vi), 10 (23C) (via), 10A, 10AA, 12 A (1) (b), 44AB, 44DA, 50B, 80 IA, 80 IB, 80 IC, 80 ID, 80 JJ AA, 80 LA, 92 E, 115 JB, or 115VW, electronically or before the date of filing the income tax returns.

The due date for filing ITR 5 Form for the AY 2021 – 2022.

The due date for Filing ITR 5 Form for the AY 2021 – 2022 for Non- Audit Case is 31st July 2021 and 31st October 2021 for Audit cases.