ITR-5 Return Filing

ITR-5 Return Filing

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Income tax return filing for a taxpayer with taxable income of less than Rs.10 lakhs.


Income tax return filing for a taxpayer with taxable income of more than Rs.10 lakhs.


Income tax return filing for a taxpayer with taxable income of more than Rs.25 lakhs.

ITR 5 Form Filing

Taxpayers must complete their Income Tax returns based on the income they earn in the financial year and the nature of the business under which they fall. Completion of the ITR 5 form must be done by the Association of Persons, Limited Liability Partnerships, Body of Individuals, Valleys of the Deceased, a court-martial, a business trust, a debtor’s background, a business trust, and an investment fund.

This article is a complete guide to which you can refer when completing your income tax return on Form 5.

Who Is Eligible to Submit an ITR 5 Form?

ITR 5 can be installed by the following people:

  • The firm
  • Limited Partnership Partnership
  • People’s Organization
  • Individual Body
  • Non-Judges referred to in Section 2 (31) (vii)
  • Local council referred to in Section 160 (1) (ii) or 160 (1) (iv)
  • Co-operative Organization
  • Communities registered under the Societies Registration Act, 1860 or under any law of the land law (other than the trustees eligible to complete Form ITR 7)
  • The estate of the deceased
  • Business trust referred to in Section 139 (4E)
  • The investment fund referred to in Section 139 (4F)

Who should not submit Form ITR 5?

A person who is required to complete an income tax return under Section 139 (4A) or 139 (4D) cannot file an ITR 5 Form.

Instructions to be followed during ITR 5 Form

  • If the schedule does not work, Invalid should be specified.
  • If something is wrong write “NA” on the item.
  • The word “Nil” represents the missing numbers that indicate zero value figures.
  • A negative image means “-” before the image other than the one provided in Form.
  • All figures are displayed in a circular pattern on one nearby rupee.
  • Similarly, total income and tax calculations should be shortened to the nearest multiplication of ten rupees.
  • Procedure for completing Form ITR 5

How to submit an ITR 5 Form?

  • Form ITR 5 can be completed at the Department of Income Tax online or offline.

    Offline Completion: The form can be completed offline by submitting a return in paper form or by providing a bar-coded return. When the return is completed on paper the consent slip is paired with the return form which must be completed correctly.

    Online Completion: The ITR 5 form can be completed online by submitting an online return using a Digital Signature Certificate.

Is ITR 5 Form an annexure-less form?

Form ITR 5 is an annexure-less form and must be attached to the return form when completing ITR 5. All documents included in this Form will be issued and returned to the person who completes the forms. Taxpayers are advised to match their deducted/collected/paid taxes with their Tax and Tax Credit Statement Form 26AS.

How do you complete a verification document?

Fill in the required details in the verification document.

It is necessary to eliminate anything that does not work. Please make sure the verification is signed before granting a refund. Select the name or capacity of the person signing the refund. Any person who makes a false statement in return or connection with the proceedings shall be liable to an offense under Section 277 of the Income Tax Act, 1961, and on conviction shall be liable to imprisonment under that category with severe imprisonment and a fine.

Structure of ITR 5 Form

  • Section / Schedule Description
  • Part A-GEN General Information
  • Part A-BS Sheet Balance as of last day of last year
  • Part A – Account Production Account for the previous financial year
  • Part A – Trading Account Trading Account for the previous financial year
  • Part A – P&L Profit and Loss of the previous financial year
  • Part A – OI Other Information (optional if the auditor is not responsible for the audit under Section 44AB)
  • Part A – QD Quantity Details (this is optional if the auditor is not responsible for the audit under Section 44AB)
  • Schedule- HP Income computation under the heading House Property
  • Schedule – Calculation of BP income under the head – Business or Profession
  • Schedule DPM- Computing depreciation on Plant & Machinery under the Income Tax Act
  • DOA Schedule of Inflation Calculation of other assets in terms of the Income Tax Act
  • DEP Schedule Schedule Summary of depreciation of all assets in terms of the Income Tax Act
  • DCG Schedule Computerized calculation of the huge profits made from the sale of declining assets
  • Set ESR To make money deducted under Section 35
  • Schedule- CG Computing income under the head Capital Gains
  • Schedule- OS Computing revenue under the heading Income from other sources
  • Edit the CYLA Revenue Statement after stopping current year losses
  • Edit the BFLA Revenue Statement after stopping undefeated losses last year.
  • Edit CFL Statement of Losses to be continued in the coming years
  • Edit UD Statement on a negative inflation rate
  • Edit ICDS- Schedule 10AA Includes deductions under Section 10AA
  • 80G statement schedule regarding donations authorized for deductions under Section 80G
  • RA Schedule Statement of contributions made to research organizations etc. entitled to be arrested under Section 35 (1) (ii), 35 (1) (ii), 35 (1) (iii) or 35 (2AA)
  • The download of Schedule 80IA for Computer will be done under Section 80IA
  • Schedule 80IB Computer Discharge under Section 80IB
  • Schedule 80IC / 80IE Computer Detection under Section 80IC / 80IE
  • Schedule 80P Withdrawals under Section 80P
  • Edit the VIA statement of arrest under Chapter VIA
  • Schedule of AMT Computing Alternate Minimum Tax under Section 115JC of the Income Tax Act
  • Edit AMTC Calculation of tax credit under Section 115JD
  • SPI Schedule Statement of income of a minor child/spouse / son or any other person or AOP to be included in the assessment income In Schedules HP, CG, OS
  • SI statement of schedule of income imposed on special tax rates
  • IF Schedule- Details of partner firms where the examiner is a partner
  • EI Schedule- of Released Income Information
  • PTI Schedule- Details of income from an investment fund or business fund under Section 115UA, 115UB
  • FSI Schedule- Income details accumulated in or out of India
  • Schedule TR- details of any taxes paid outside of India
  • Schedule FA- details of any foreign goods or revenue from a source outside India
  • GST Data Schedule- for Profit / Total Receipts Reported to GST
  • Part B-TI Summary of total income and tax calculations based on taxable income
  • Part B – TTI Calculates the total tax liability on the total income
  • Tax Payments- Advance Tax, Source Tax, and Self-Assessment Tax

E filing Audit Reports

It is the responsibility of the auditor to submit an audit report under Section 10 (23C) (v), 10 (23C) (vi), 10 (23C) (with), 10A, 10AA, 12 A (1) (b), 44AB, 44DA, 50B , 80 IA, 80 IB, 80 IC, 80 ID, 80 JJ AA, 80 LA, 92 E, 115 JB, or 115VW, electronically or before the date of completion of income tax returns.

Final date for completing Form ITR 5 AY 2021 – 2022.

The deadline for completing the ITR 5 Form AY 2021 – 2022 Non-Audit Case is 31 July 2021 and 31 October 2021 for Case cases.

Amendments made to the ITR V Form for the financial year 2021-2022

    • Recognition details as initiated by DPIIT
    • Announcement details are attached to Form 2
    • Information about cooperative firms when a person is a partner
    • Double cash withdrawals and non-cash payment methods.

Profit information and total receipts are reported to GST.

Frequently Asked Questions

Reported balance sheet figures should be matched with the audited balance sheet in case the account needs to be audited. Any other activity not listed in the ledger should not be included in the balance sheet.

The ITR 5 form is for LLP companies, AOPs, BOIs, AJPs, mortgages, indebtedness, business trust, and investment fund.

To submit ITR 5 online, the inspector needs to print two copies of the ITR V form. One copy of the ITR V must be duly signed by the inspector and must be sent to us by post common. One copy must be kept with the inspector himself as a record.

No documents should be attached to the ITR 5 which includes the TDS certificate. Documents attached to this return form will be issued and returned to the person submitting the return.

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