Income Tax-ITR-5 Return Filing

Overview

The Income Tax Department offers various forms to cater to different types of taxpayers. Individuals need to select the suitable ITR form based on their income source. One of these forms is the ITR 5 Form, specifically tailored for firms, Associations of Persons (AOP), and Bodies of Individuals (BOI) that aren't mandated to file income tax returns as companies. In simpler terms, ITR 5 is intended for non-corporate entities that still have to report their income and tax details to the Indian Income Tax Department.

What is ITR-5?

This income tax return, known as the ITR-5 Form, is specifically intended for various entities, including firms, LLPs (Limited Liability Partnerships), AOPs (Associations of Persons), BOIs (Bodies of Individuals), artificial juridical persons as defined in section 2(31)(vii), estates of deceased or insolvent individuals, business trusts, investment funds, cooperative societies, and local authorities.

Who Should Use the ITR-5 Form?

The ITR-5 Form is designed for use by firms, LLPs, AOPs, BOIs, artificial juridical persons, cooperative societies, and local authorities. It's important to note that individuals who are required to file income tax returns under Sections 139(4A), 139(4B), 139(4C), or 139(4D) should not use this particular form.

Eligibility Criteria for the ITR-5 Form

The ITR-5 Form can be used by the following entities:

Firms

Limited Liability Partnerships (LLPs)

Associations of Persons (AOPs)

Bodies of Individuals (BOIs)

Artificial juridical persons as defined in section 2(31)(vii)

Estates of deceased individuals

Estates of insolvent individuals

Business trusts and investment funds

Cooperative societies

Local authorities

However, individuals who are required to file their income tax returns under Sections 139(4A), 139(4B), 139(4C), or 139(4D) should use the appropriate forms as specified.

Benefit

Tax & Process

The ITR-5 Form is structured into two parts and includes several schedules.

To file the ITR-5 Form, you must do so online through the Income Tax Department's e-Filing portal using one of the following methods:

By submitting the return electronically under digital signature.

By transmitting the data in the return electronically and subsequently submitting the verification of the return in Return Form ITR-V.

When filing online, you should print two copies of the ITR-V Form. Sign one copy and send it by ordinary post to Post Bag No. 1, Electronic City Office, Bengaluru–560500 (Karnataka). Retain the other copy for your records. Firms subject to audit under Section 44AB must electronically furnish the return under digital signature.

Alternatively, you can file the ITR-5 offline by submitting a paper form or a bar-coded return. An acknowledgment slip is provided when filing on paper.

No Annexure Required:

No annexure or documents, including TDS certificates, should be attached to this return form. Any documents submitted with this Return Form will be detached and returned to the person filing the return. Taxpayers are advised to cross-check the taxes deducted/collected/paid by or on their behalf with their Tax Credit Statement in Form 26AS.

Documents Required

The ITR-5 Form is structured into two parts and includes several schedules.

To file the ITR-5 Form, you must do so online through the Income Tax Department's e-Filing portal using one of the following methods:

By submitting the return electronically under digital signature.

By transmitting the data in the return electronically and subsequently submitting the verification of the return in Return Form ITR-V.

When filing online, you should print two copies of the ITR-V Form. Sign one copy and send it by ordinary post to Post Bag No. 1, Electronic City Office, Bengaluru–560500 (Karnataka). Retain the other copy for your records. Firms subject to audit under Section 44AB must electronically furnish the return under digital signature.

Alternatively, you can file the ITR-5 offline by submitting a paper form or a bar-coded return. An acknowledgment slip is provided when filing on paper.

No Annexure Required:

No annexure or documents, including TDS certificates, should be attached to this return form. Any documents submitted with this Return Form will be detached and returned to the person filing the return. Taxpayers are advised to cross-check the taxes deducted/collected/paid by or on their behalf with their Tax Credit Statement in Form 26AS.

Procedure

FAQ's