ITR-5 Form Filing

 

The taxpayers have to file returns on the basis of the income earned in a financial year and the kind of entity they fall under. Let’s explore in detail the taxpayers who are required to file Form ITR-5 and other relevant instructions pertaining to the same. The various provisions and sections mentioned in this article are of the Income Tax Act, 1961.

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    Who all are eligible to file Form ITR-5?

    The following are eligible for filing Form ITR-5:

    • A Firm;
    • Limited Liability Partnership;
    • Association of Persons (AOP);
    • Body of Individuals (BOI);
    • Artificial Juridical Person (AJP) referred to in Section 2(31)(vii);
    • Local Authority referred to in Section 160(1)(iii) or 160(1)(iv);
    • Cooperative Society;
    • Society registered under Societies Registration Act, 1860 or under any State law trust (except trusts eligible for filing Form ITR-7)
    • Estate of Deceased person
    • Estate of an insolvent
    • Business Trust referred to in Section 139(4E)
    • Investment Fund referred to in Section 139(4F)

    It is pertinent to mention that a person who is required to file return of income under Section 139(4A) or 139(4B) or 139(4D) cannot use Form ITR-5 for filing return.

    Structure of Form ITR-5

    Form ITR-5 is an elaborate form that has primarily two parts. There are also multiple schedules in the Form:

    Part/ScheduleExplanation
    Part A-GENGeneral information
    Part A-BSBalance sheet as on the last day of the previous year
    Part A – Manufacturing AccountManufacturing Account for the previous financial year
    Part A – Trading AccountTrading Account for the previous financial year
    Part A – P&LProfit and Loss for the previous financial year
    Part A – OIOther Information (this is optional in case the assessee is not liable for audit under Section 44AB)
    Part A – QDQuantitative Details (this is optional in case the assessee is not liable for audit under Section 44AB)
    Schedule- HPIncome computation under the head House Property
    Schedule – BPIncome computation under the head – Business or Profession
    Schedule DPMComputing depreciation on Plant & Machinery in accordance with the Income Tax Act
    Schedule DOAComputation of Depreciation on other assets as per the Income Tax Act
    Schedule DEPSummary of depreciation on all assets as per the Income Tax Act
    Schedule DCGComputing of deemed capital gains on the sale of depreciable assets
    Schedule ESRMaking deduction under Section 35
    Schedule- CGComputing income under the head Capital Gains
    Schedule- OSComputing income under the heading Income from other sources
    Schedule CYLAIncome statement after setting-off losses for the current year
    Schedule BFLAIncome statement after setting off the unabsorbed losses of the previous year(s)
    Schedule CFLStatement of losses which is to be carried forward to the future years
    Schedule UDStatement regarding unabsorbed depreciation
    Schedule ICDS 
    Schedule 10AAComputing the deduction under Section 10AA
    Schedule 80GStatement pertaining to donations which are entitled for deduction under Section 80G
    Schedule RAStatement of donations made to research associations etc. which are entitled for deduction under Sections 35(1)(ii), 35(1)(iia), 35(1)(iii) or 35(2AA)
    Schedule 80IAComputing deduction to be made under Section 80IA
    Schedule 80IBComputing deduction under Section 80IB
    Schedule 80IC/80IEComputing deduction under Section 80IC/80IE
    Schedule 80PDeductions under Section 80P
    Schedule VIADeductions statement under Chapter VIA
    Schedule AMTComputing Alternate Minimum Tax under Section 115JC of the Income Tax Act
    Schedule AMTCCalculation of tax credit under Section 115JD
    Schedule SPIStatement 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 SIStatement of income which is subject to chargeability at special tax rates
    Schedule IFDetails of partnership firms in which assessee is partner
    Schedule EIExempt Income Details
    Schedule PTIDetails of pass through income from investment fund or business trust under Section 115UA, 115UB
    Schedule FSIDetails of income that accrues or arises out of India
    Schedule TRDetails of any taxes that have been paid outside India
    Schedule FADetails of any Foreign assets or income from a source outside India
    Schedule GSTDetails of turnover/gross receipts reported for GST
    Part B-TISummary of total income and tax computation on the basis of the income that is chargeable to tax
    Part B – TTIComputing the tax liability on total income
    Tax PaymentsAdvance Tax, Tax Deducted at Source and Self-assessment tax

    Frequently Asked Questions​

    The audit report can be generated online while filing the return. For this click on Audit Report, then 3CA-3CD and finally on generate report.

    Form ITR 5 cannot be filed by individual taxpayers, HUF, Company, Persons who have to file tax return in Form ITR-7, i.e., under Sections 139(4A), 139(4B), 139(4C), 139(4D), 139(4E) or 139(4F).

    ITR-5 must be filed by firms, LLPs (Limited Liability Partnerships), AOPs (Association of persons) and BOIs (Body of Individuals), artificial juridical person, cooperative society and local authority.

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