ITR 5

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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.

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:

  1. Schedule HP: Income computation in the head income through house property.
  2. Schedule DPM: Depreciation of machinery and plant computation as per Income Tax Act.
  3. Schedule BP: Income computation in the head ‘profit and gains from business or profession’.
  4. Schedule DOA: Depreciation’s computation over other assets as per the Income Tax Act.
  5. Schedule DCG: Deemed capital gains computation upon the sale of depreciable assets.
  6. Schedule DEP: Depreciation summary over all the assets as per the Income Tax Act.
  7. Schedule ESR: Deduction as per section 35 (expenditure over scientific research).
  8. Schedule OS: Income’s computation under the income’s head that is other sources.
  9. Schedule CG: Income’s computation under the income’s head that is capital gains.
  10. Schedule CYLA: Income’s statement after setting off all the losses of the current year.
  11. Schedule CFL: The statement of the losses that are carried forwarded in future years.
  12. Schedule BFLA: Income’s statement after setting off of all the unabsorbed losses that are bought forward from previous years.
  13. Schedule UD: This is unabsorbed depreciation.
  14. Schedule 10AA: Deduction’s computation u/s 10AA
  15. Schedule ICDS: Income computation disclosure standards effect over profit.
  16. Schedule 80G: This schedule contains donation details that are entitled to deductions as per section 80G of the IT act.
  17. Schedule RA: Donation details given to research associations, etc.
  18. Schedule 80GGA: Donation details that are given for rural development or scientific research.
  19. Schedule 80IA: Deduction’s computation u/s 80IA.
  20. Schedule 80IB: Deduction’s computation u/s 80IB.
  21. Schedule 80P: All the deductions that come under 80P.
  22. Schedule 80IC / 80IE: Deduction’s computation u/s 80IE or 80IC.
  23. Schedule VIA: Deductions’ statement from the total income as per Chapter VIA.
  24. Schedule AMTC: Tax credit computation u/s 115JD.
  25. Schedule AMT: Alternate Minimum Tax computation that is payable u/s 115JC.
  26. Schedule SI: Statement of Income that is chargeable for tax at a special price.
  27. Schedule EI: Statement of Income that is not included in the complete income i.e. exempt income.
  28. Schedule IF: All the information related to partnership firms with which one is a partner.
  29. Schedule PTI: Details of Pass-Through Income from an investment fund or business trust according to section 115UB, 115UA.
  30. Schedule TR: Detailed summary of tax relief which is claimed for taxes that are paid outside India.
  31. Schedule ESI: Income details that one gets from outside India and all the tax relief.
  32. Schedule GST: Information related to the gross receipt that is reported / turnover for GST.
  33. 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:
    1. Payment details of self-assessment tax and advance tax.
    2. Collected details at the source.
    3. 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.

FAQs on ITR 5

Question 1: What is the process to generate Audit Report in form ITR 5?

Answer: Choose the Client >> Go to Audit >> Select Form 3CA – 3CD >> Click Generate Report >> The process of report generation completes at 100% and the report gets generated.

Question 2: What is the process to fill details in the Audit report form number 3CA – 3CD in form ITR 5?

Answer: Choose the Client >> Go to Audit >> Select Form 3CA – 3CD >> Provide the details >> Click ‘Save’.

Question 3: What is the process to generate ITR 5 XML?

Answer: Choose the Client >> Go to Generate >> Fill all the details >> Select the ITR option and after that click ‘Save’.

Select ‘Generate and Download XML' to generate the XML file. The process of generation will be completed by 100%. The generated XML is saved on the default folder ‘Downloads’.

Question 4: From where can I choose the accounting method for ITR 5?

Answer: Choose the Client >> Choose the Assessment Year >> Go to Other Information >> Select Accounting Method >> Click ‘Save’.

Question 5: Where should I provide the depreciation in ITR 5 form?

Answer: Choose the Client >> Go to Depreciation >> Provide all the details >> Click ‘Save’.

If you are the one who wants to import data from last year then:

Click the button for Import >> Choose the Year (previous year) >> Click ‘Overwrite Existing and Import’.

Question 6: Where should I provide the balance sheet in the ITR 5 form?

Answer: Choose the Client >> B/S & P/L >> Go to the Balance Sheet >> Provide all the details >> Click ‘Save’.

If you are the one who wants to import data from the Audit, then:

Click on the button to Import >> Select From Audit>> After this Select ‘Import’.

Question 7: Where should I provide the details of No Account in form ITR 5?

Answer: Choose the Client >> Go to No A/C >> Provide the details from liability and assets income/ expenses >> Provide the details >> Click ‘Save’.

If you are the one who wants to provide more details, then it is suggested to click the ‘Compute’ button and provide all the details. After that click ‘Save’.

Question 8: Where should I provide the details of TDS that is other than salary in ITR 5?

Answer: Choose the Client >> Go to Taxes Paid >> Select TDS – Other >> Provide all the details and then click ‘Save’ option.

Question 9: How should I provide the details in the Audit Report in ITR 5 form 3CB – 3CD?

Answer: Choose the Client >> Go to Audit >> Select Form 3CB – 3CD >> Provide all the details >> Click ‘Save’.

Question 10: Where should I provide the details of income exempted in ITR 5?

Answer: Choose the Client >> Select Exempt Income >> Provide more details related to the exempt income and click ‘Save’ option.

Question 11: Where should I provide the details of Audit information in ITR 5?

Answer: Choose the Client >> Choose the AY >> Go to Audit Information >> Provide all the details >> Click ‘Save’.

Question 12: What is the process to create the client in ITR 5?

Answer: The ITR – 5 form provide two options to create a client:

  • Option 1: Automatic Creation of the Client:
    • Select Client Management >> Go to ITR >> Choose ‘Create Client’ >> Provide details such as address/ personal information and then click the ‘Save’ button.
  • Option 2: Creation of Client through the Import of XML:
    • Go to Client Management >> Select ITR >> Choose ‘Create Client’ >> Click Import >> Select Import from XML >> Choose the XML File >> Click Import.

Question 13: Who is eligible to use ITR 5?

Answer: The person can be:

  • Firm
  • Associate of Persons (AOPs)
  • Limited Liability Partnership (LLP)
  • Body of Individuals (BOI)
  • A person who is referred to in Section 160(1)(iv) or Section 160(1)(iii)
  • Artificial Juridical Person who is referred to in Section 2(31)(vii)
  • Cooperative Society
  • Local Authority
  • Registered Societies

Question 14: How should I provide the filing status of ITR 5 form?

Answer: Choose the Client >> Choose the AY >> Go to Filing Status >> Then provide the details and click the ‘Save’ button.

Question 15: How should I provide personal information in ITR 5 form?

Answer: Choose the Client >> Click on Manage Data >> Go to Personal Information >> Edit or enter the details >> Click ‘Save’.

Question 16: Where can I provide the details of Bank in ITR 5?

Answer: Choose the Client >> Go to Bank Details >> Provide all the details >> Click ‘Save’.

If you are the one who wants to import data from last year, then:

Click the button to import >> Choose the Previous Year >> Click ‘Overwrite Existing and Import’.

Question 17: Where will I be able to provide the information related to Member/ Partner/ Trust in Form ITR 5?

Answer: Choose the Client >> Select Trust/Member/Partner Information >> Provide Details >> Click ‘Save’.

If you are the one who wants to import the data from last year, from other clients, audit, then:

Click the button to Import >> Choose other client / previous year / Auditor >> Click ‘Overwrite Existing and Import’.

Question 18: Where should I provide the nature of business in ITR 5?

Answer: Choose the Client >> Choose the AY >> Select Nature of Business >> Provide the details >> Click ‘Save’.

If you are the one who wants to import the data from last year, from other clients, audit, then:

Click the button to Import >> Choose other client / previous year / Auditor >> Click ‘Overwrite Existing and Import’.

Question 19: Where should I provide the AMT amount in form ITR 5?

Answer: Choose the Client >> Select AMTC/ AMT >> Provide all the details >> Click ‘Save’.

Question 20: What is the process to check the details of computation in ITR 5?

Answer: Choose the Client >> Go to Computation >> Select Check Details.

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