ITR 5 is one of the income tax return forms that are to be filed by a specific section of taxpayers. As mandated by the Income Tax Act, ITR 5 can be used by firms, LLPs, artificial juridical person, AOP, BOI, business trust and investment fund, estate of deceased, estate of insolvent, cooperative society and local authority. However, a person eligible to file the return of income under sections 139(4A), 139(4B), 139(4C) or 139(4D) shall not use this form.
ITR 5 form has been divided into two parts and several schedules and must be filled in the following order:
1) Part A: General information
2) Then there are 31 schedules around Computation of income, Computation of depreciation, Statement of depreciation, income and losses, Deductions etc.
3) Part B
4) Tax payments
Eligibility to File return using ITR-5:
This Form can be used by a person being:
Changes in the ITR-5 Form (AY 2020-21)
There are a few changes in the ITR-5 form for the current assessment year.
1. A separate section 112A will be used to calculate long-term capital gains on the sale of equities of a business, which is subjected to Securities Transaction Tax (STT).
2. You have to provide the following details on investments in
3. Provide the following information:
4. In AY 2020‐21 , the threshold limit for a person carrying on business was increased from one crore rupees to five crore rupees in cases where the cash receipts or payments by a business don’t exceed 5% of such receipts or such payments, however in AY 2021‐22 , the limit of Rs.5 Crore is increased to Rs. 10 Crore.
For 5 for filing income tax return has to be filed online on the e-filing web portal of Income-tax Department. However, the form can be verified in the following ways:
(i) Digitally signing the verification part (In a case where accounts are required to be audited u/s 44AB, it is mandatory to verify the return electronically under digital signature.)
(ii) Authenticating by way of electronic verification code (EVC)
(iii) Sending duly signed paper Form ITR-V (Acknowledgment) by post to CPC, Bangaluru
ITR 5 must include all types of income other than that of income mentioned in Section 11 of the Indian Income Tax Act, which lays down provisions for income related to religious or charitable property.
Steps to e-filing ITR 5:
1) Visit the e-filing portal of the Income Tax department at www.incometaxindiaefiling.gov.in
2) Transfer the required data in the form and digitally sign the document in case you wish to choose the e-verification method.
3) In case the verification is not done electronically, the assessee should print two copies of form ITR-V and send a duly signed copy to the CPC address in Bangalore.
You are not required to attach any documents while filing ITR-5.
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ITR-5 form applies to persons other than Individuals, HUF, Companies & persons filing form ITR 7.
Ideally, this form covers all partnership firms, LLP, AOP, BOI, Artificial Judicial Person, Co-Operative Societies, and Local Authorities. The form is also used by investment funds, business trusts, and estates of the deceased and insolvents.