The Complete Guide: Eligibility and Procedure for Filing ITR 5 Form

Jun 14, 2018 | 9 months ago | Read Time: 3 minutes | By iKnowledge Team

What is ITR Form 5?

Individuals who draw their income from AOPs (Association of persons), BOI (Body of Individuals) and LLPs (Limited Liability Partnership) categories will have to file their returns under ITR 5 of the Indian tax system.

Who is eligible for filing ITR 5 Form?

  • An Artificial Juridical Person referred to section 2(31) (vii)
  • Association of Persons
  • Body of Individuals
  • Firm
  • Limited Liability Partnership
  • Local Authority and Co-operative Society

Who is not eligible for filing tax returns under ITR 5 Form?

What is the structure and format of ITR 5 Form?

There are 2 parts to the ITR 5 Form and numerous schedules

Part A

  • Part A-GEN: Individuals have to provide general information like identification details
  • Part A-BS: Data with respect to the balance sheet must be provided under this section.
  • Part A-P&L: This is the section to provide information on profit and loss in the financial year.
  • Part A-OI: A section for other/miscellaneous information.
  • Part A-QD: Individuals must provide quantitative details on trades of goods.

Part B contains details of total income and tax computation of return chargeable on the total income

  • Part B-TI: Taxpayers have to provide the break-up of annual income and the calculations for total income.
  • Part B-TTI: This section is for information regarding the taxpayer’s total tax liability.

How to file ITR 5?

Individuals have the option of filing their tax returns using ITR 5 form either through offline or online modes. All taxpayers with an income exceeding INR 5 lakhs and eligible for tax payment will have to file their income tax returns by offline or online modes. For individuals whose accounts are liable for an audit under provisions of section 44AB, it is mandatory to file returns via electronic modes with the help of a digital signature.

While filing income tax return via ITR 5 Form by online mode, taxpayers will have to print two copies of the ITR 5 Form. Out of the two copies, taxpayers will have to send one duly signed copy to the Income Tax Department’s CPC office in Bengaluru. The process needs to be carried out within 120 days of filing an e-return.

Also, individuals who wish to file their returns via offline modes will receive an acknowledgement slip from the Income Tax Department. The duly signed acknowledgement slip will have to be submitted along with the ITR 5 Form.

What are the guidelines for filing returns through ITR 5 form?

  • Individuals should write ‘NA’ for any category that is not applicable to them
  • Individuals should write ‘NA’ for any item that is not applicable
  • Individuals should write ‘Nil’ to specify nil figures
  • It is advisable to write the negative sign before a figure to denote a negative figure or a figure of loss
  • It is mandatory to mention rounded off figures to the nearest sum of one rupee

How to fill ITR 5 Form?

Individuals must adhere to the following sequence while filing returns under income tax return form ITR 5.

  • Part A
  • Schedules
  • Part B
  • Part C
  • Verification

Individuals can file ITR 5 Form themselves or with the help of an ITR filing software. Income Tax returns can also be filed with the help of a CA.

No annexures needed for filing ITR 5

When you are filing income tax returns under ITR form 5, you don’t need to attach any document such as TDS certificate. All these documents will be sent separately to the individual filing the return as a Return Form. We recommend to match your deducted, collected, paid by or on behalf of amount with your Tax Credit Statement Form 26AS.

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