ITR 5

Filing the Income Tax Return (ITR) is not only compulsory but is a responsibility of every Indian citizen. However, to file ITR it is essential to know which ITR form should a person file as per his/her profession and income. In this way ITR 5 form is one of those forms of tax return that is to be used by some particular people or parties.

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What is ITR 5?

This ITR is meant for Association of Persons (AOPs), LLPs, firms, Body of Individuals (BOIs), Estate of deceased, Artificial Juridical Person (AJP), Business Trust, Estate of Insolvent, and Investment Fund.

Who Can File the ITR 5 Form?

This form is used by someone who is:

  • A firm
  • AOP
  • LLPs
  • BOI
  • Artificial Juridical Person who is referred to u/s 2(31)(vii),
  • Estate of Insolvent
  • Estate of Deceased
  • Investment Fund
  • Local Authority
  • Cooperative Society

However, if someone is needed to file the Income Tax Return u/s 139(4A), 139(4C), 139(4B), or 139(4D) is not eligible to use this form.

Structure of ITR 5 Form

The ITR 5 form is divided into 2 parts and many schedules:

  • Part A: Carries general information
  • Part A- BS: Balance Sheet as per 31st March 2019
  • Part A: Trading Account for FY 2018 – 19
  • Part A: Manufacturing Account for FY 2018 – 19
  • Part A – P&L: Profit and Loss Account for the FY 2018 – 19
  • Part A – QD: Quantitative details
  • Part A – OI: Other Information

With these parts, there are approximately 31 schedules there in this form, which are explained here:

  • Schedule HP: Income computation in the head income through house property.
  • Schedule DPM: Depreciation of machinery and plant computation as per Income Tax Act.
  • Schedule BP: Income computation in the head ‘profit and gains from business or profession’.
  • Schedule DOA: Depreciation’s computation over other assets as per the Income Tax Act.
  • Schedule DCG: Deemed capital gains computation upon the sale of depreciable assets.
  • Schedule DEP: Depreciation summary over all the assets as per the Income Tax Act.
  • Schedule ESR: Deduction as per section 35 (expenditure over scientific research).
  • Schedule OS: Income’s computation under the income’s head that is other sources.
  • Schedule CG: Income’s computation under the income’s head that is capital gains.
  • Schedule CYLA: Income’s statement after setting off all the losses of the current year.
  • Schedule CFL: The statement of the losses that are carried forwarded in future years.
  • Schedule BFLA: Income’s statement after setting off of all the unabsorbed losses that are bought forward from previous years.
  • Schedule UD: This is unabsorbed depreciation.
  • Schedule 10AA: Deduction’s computation u/s 10AA
  • Schedule ICDS: Income computation disclosure standards effect over profit.
  • Schedule 80G: This schedule contains donation details that are entitled to deductions as per section 80G of the IT act.
  • Schedule RA: Donation details given to research associations, etc.
  • Schedule 80GGA: Donation details that are given for rural development or scientific research.
  • Schedule 80IA: Deduction’s computation u/s 80IA.
  • Schedule 80IB: Deduction’s computation u/s 80IB.
  • Schedule 80P: All the deductions that come under 80P.
  • Schedule 80IC / 80IE: Deduction’s computation u/s 80IE or 80IC.
  • Schedule VIA: Deductions’ statement from the total income as per Chapter VIA.
  • Schedule AMTC: Tax credit computation u/s 115JD.
  • Schedule AMT: Alternate Minimum Tax computation that is payable u/s 115JC.
  • Schedule SI: Statement of Income that is chargeable for tax at a special price.
  • Schedule EI: Statement of Income that is not included in the complete income i.e. exempt income.
  • Schedule IF: All the information related to partnership firms with which one is a partner.
  • Schedule PTI: Details of Pass-Through Income from an investment fund or business trust according to section 115UB, 115UA.
  • Schedule TR: Detailed summary of tax relief which is claimed for taxes that are paid outside India.
  • Schedule ESI: Income details that one gets from outside India and all the tax relief.
  • Schedule GST: Information related to the gross receipt that is reported / turnover for GST.
  • Schedule FA: Foreign Assets’ details and income that one gets from any source that is outside India
    • Part B – TTI: Total income tax liability calculation.
    • Part B – TI: Total income computation.
    • Tax Payments:
      • Payment details of self-assessment tax and advance tax.
      • Collected details at the source.
      • Tax deduction details at the source on the income that is other than the salary (16B, 26A, 16C).

How to File the ITR 5 Form?

This Income Tax Return form should be filed online through the IT department in the below methods:

  • By filing an electronic return under digital signature.
  • By communicating the return data electronically and then submitting the verification of the return in Return Form ITR – V.

When one files the return online, the assessee must print out 2 copies of ITR 5 form. Out of these two copies one copy should be duly signed by the assessee and should be sent by ordinary post to Bangalore on the following address:

Post Bag Number – 1, Electronic City Office,

Bangalore – 560500, Karnataka.

The assessee can retain the other copy for his/her records.

Any firm whose accounts are liable to be audited u/s 44AB should furnish the Income Tax Return electronically with a digital signature.

No Requirement of Annexure

There is no requirement of attaching any document with ITR5 form.

*All savings are provided by the insurer as per the IRDAI approved insurance plan.
*Tax benefit is subject to changes in tax laws. Standard T&C Apply
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
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