ITR-5 Return Filing

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ITR-5 Return Filing

  • GST Filing
  • Income Tax Filing
  • Annual Return Filing

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Documents required For ITR-5 Return Filing

Monthly Purchase Bill
Monthly Sales Bill
Sales Return Details

ITR-5 Return Filing:

ITR 5 is an income tax return form that is used by entities such as Limited Liability Partnerships (LLPs), Association of Persons (AOPs), Body of Individuals (BOIs), and firms (including Limited Liability Partnerships) that are not subject to audit under any law. It is a document that is used to report the entity’s income, expenses, and other financial details to the Income Tax Department of India. The form requires entities to provide detailed information about their income, expenses, assets, liabilities, and partners or members. ITR 5 can be filed both online and offline, and it must be filed by the due date, which is typically July 31 of the assessment year.

Who is eligible to file ITR 5 Form?

Entities such as Limited Liability Partnerships (LLPs), Association of Persons (AOPs), Body of Individuals (BOIs), and firms (including Limited Liability Partnerships) that are not subject to audit under any law are eligible to file ITR 5 Form. However, entities that are required to undergo an audit under any law are not eligible to use this form. Additionally, companies (including those registered under Section 8 of the Companies Act), trusts, and political parties cannot use this form to file their income tax returns.

Who is not eligible to file Form ITR 5? 

Entities that are required to undergo an audit under any law, such as companies (including those registered under Section 8 of the Companies Act), trusts, and political parties are not eligible to file Form ITR 5. They are required to use a different form to file their income tax returns. Additionally, individuals are not eligible to file ITR 5, even if they are partners in a partnership firm or LLP. They must file their income tax returns using other forms, such as ITR 1, ITR 2, or ITR 3, depending on their sources of income and other factors.

How to File ITR 5 Form?

ITR 5 Form can be filed both online and offline. Here are the steps to file ITR 5 Form:

Online Filing:

  1. Go to the Income Tax e-Filing portal and log in using your user ID and password.
  2. Download the ITR 5 Form in Excel format.
  3. Fill in the required details such as personal information, income details, tax payments, etc.
  4. Validate the information and save the form in XML format.
  5. Go to the e-File tab and select “Income Tax Return” from the dropdown menu.
  6. Select the assessment year and ITR form as ITR 5.
  7. Upload the XML file and click on submit.

Offline Filing:

  1. Obtain a physical copy of the ITR 5 Form from the Income Tax Department or download it from the official website.
  2. Fill in the required details in the form.
  3. Attach all the necessary documents such as Form 16, Form 26AS, and other supporting documents.
  4. Sign the form and send it to the Income Tax Department’s CPC office via post or submit it at the nearest Income Tax Office.

It is important to ensure that all the details provided in the form are accurate and complete. Additionally, the ITR 5 Form must be filed by the due date to avoid penalties and interest.

Structure of ITR 5 Form 

ITR 5 Form is divided into several sections and schedules. Here is an overview of the structure of ITR 5 Form:

Part A – General Information: This section contains information about the assessee such as name, address, PAN, and contact details.

Part B – Outline of Total Income and Tax Computation: This section contains information about the assessee’s income and tax liability, including income from various sources, deductions, and tax payments.

Part A-BS – Balance Sheet as on 31st March: This section is optional and requires the assessee to provide details of assets and liabilities as on the last day of the financial year.

Part A-BS-Ind AS – Balance Sheet as per Ind AS: This section is applicable only to entities that follow the Indian Accounting Standards.

Part A-P&L – Profit and Loss Account: This section is optional and requires the assessee to provide details of the profit and loss account for the financial year.

Part A-P&L-Ind AS – Profit and Loss Account as per Ind AS: This section is applicable only to entities that follow the Indian Accounting Standards.

Part A-OI – Other Information: This section requires the assessee to provide additional information about the income earned during the financial year.

Part A-QD – Quantitative Details: This section requires the assessee to provide quantitative details of goods traded or services provided.

Schedule BP – Balance Sheet and Profit and Loss Account: This schedule requires the assessee to provide detailed information about the balance sheet and profit and loss account.

Schedule AL – Asset and Liability at the End of the Year: This schedule requires the assessee to provide detailed information about assets and liabilities held at the end of the financial year.

Schedule ICDS – Effect of Income Computation Disclosure Standards on Profit: This schedule requires the assessee to provide details of the adjustments made to the profit and loss account due to the implementation of the Income Computation and Disclosure Standards.

The structure of ITR 5 Form may vary depending on the entity’s nature and sources of income.

due date for filing ITR 5 Form 

The due date for filing ITR 5 Form depends on the entity’s nature and sources of income. Here are the due dates for different types of entities:

  1. For Partnership firms and LLPs who are required to get their accounts audited: The due date for filing ITR 5 Form is 31st October of the assessment year.

  2. For Partnership firms and LLPs who are not required to get their accounts audited: The due date for filing ITR 5 Form is 31st July of the assessment year.

It’s important to note that the due dates can be extended by the Income Tax Department in certain cases. However, it’s always advisable to file the returns within the original due date to avoid any penalty or interest.

ITR-5 Return Filing FAQ’s

Who can file ITR 5?

ITR 5 Form can be filed by the following entities:

  • LLPs (Limited Liability Partnerships)
  • Firms
  • Association of Persons (AOPs)
  • Body of Individuals (BOIs)
  • Artificial Juridical Persons (AJPs)
  • Estate of deceased
  • Estate of insolvent
  • Business trust
  • Investment fund

What is the due date for filing ITR 5 Form?

The due date for filing ITR 5 Form depends on the entity’s nature and sources of income. For firms and LLPs who are required to get their accounts audited, the due date is 31st October of the assessment year. For firms and LLPs who are not required to get their accounts audited, the due date is 31st July of the assessment year.

Are there any penalties for late filing of ITR 5?

Yes, there are penalties for late filing of ITR 5. If the return is filed after the due date but before 31st December of the assessment year, a penalty of Rs. 5,000 will be charged. If the return is filed after 31st December of the assessment year but before 31st March of the assessment year, the penalty will increase to Rs. 10,000. If the return is filed after 31st March of the assessment year, the penalty will be Rs. 10,000 along with additional interest charges.