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The Income Tax Department has introduced different forms for easy and convenient for ITR Filing. It is important for you to know which form is relevant to your source of income. Based on the same, you need to file the form before the last date of return filing as specified by the Income Tax department. ITR 5 is one such form that is ideal for a specific class of taxpayers. Explained ahead are some important details about ITR 5 filing.
ITR Form 5 is a form suitable for bodies such as firms, Body of Individuals (BOIs), Limited Liability Partnerships (LLPs), Artificial Juridical Person (AJP), Association of Persons (AOPs), estate of insolvent, estate of deceased, investment fund, business trust, local authority, and co-operative society for filing the ITR. Any individual or entity belonging to the aforementioned categories is eligible for ITR 5 filing.
The ITR 5 Form is divided into two parts—Part A and Part B.
In Part A, you need to provide details, which include general information, balance sheet details on the last day of the financial year, manufacturing account details for the financial year, trading account details for the financial year, profit and loss account information for the financial year, and other information.
In Part B, you are required to furnish details of the computation of your total income and the calculation of tax liability on your total earnings.
Apart from the aforementioned information, the ITR 5 Form also contains details about important aspects of the business. Some key schedules include:
You can file an ITR 5 form online on the website of the Income Tax Department in two ways.
The first way is by furnishing the return using your digital signature, electronically. Another way is to transmit the data and then submit the verification of the return using ITR 5 form.
Once the ITR 5 filing is complete, you need to print a set of its copies. You can retain one copy for your records, and sign and send the second copy by post to Post Bag No.1, Electronic City Office, Bengaluru - 560500. Moreover, if your firm’s accounts need to be audited under Section 44AB, you need to furnish the return electronically with a digital signature.
It is important to note that no document should be provided with the return form when you file the ITR 5 Form. If such documents are attached to the ITR Form 5, they will be removed and handed back to you. You must match the amount of tax deducted,paid, or collected by you or on your behalf with the Tax Credit Statement in Form 26AS.
You can easily file your ITR 5 online in a hassle-free manner. Make sure that the return is filed before the last day to avoid any penalty.
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