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ITR5: Detailed guide
ITR-5 is the Income Tax Return form made for firms, Limited Liability Partnerships (LLPs), Association of Persons (AOPs), Body of Individuals (BOIs),…

ITR-5 is the Income Tax Return form made for firms, Limited Liability Partnerships (LLPs), Association of Persons (AOPs), Body of Individuals (BOIs), artificial judicial persons(AJP), Estate of deceased, Estates of insolvent, Business trust and investment fund that don't have to make returns using any other specific form.

Eligibility

The following entities must file ITR-5:

  • Firm
  • Limited Liability Partnership (LLP)
  • Association of Persons (AOP)
  • Body of Individuals (BOI)
  • An artificial juridical person referred to in section 2(31)(vii)
  • Estate of deceased
  • Estate of insolvent
  • Business trust
  • Investment fund
  • Cooperative society
  • Local authority
Who are not eligible?
  • Individual assesses
  • Hindu Undivided Family (HUF)
  • Company
  • A person who is required to file the return of income under sections 139(4A), 139(4B), 139(4C), 139(4D), 139(4E), or 139(4F) shall not file this form.
Mode of filing

ITR-5 can be filled out online at the official website of the Income Tax Department or by sending a physical copy of the return.

Due date for filing ITR-5

The Income-Tax Act says that accounts must be assessed on or before October 31 of the assessment year.

Form No. 3CEB should be filled out by November 30 of the grading year

In all other cases (where the books don't need to be inspected), the deadline is July 31 of the assessment year.

Documents Required

The documents that are required while filing ITR-5 are listed below:

  • PAN (Permanent Account Number) of the firm/AOP/BOI
  • Partnership deed (in case of a firm or LLP)
  • Profit and loss account, balance sheet, and audit reports
  • TDS certificates
  • Bank statements
  • Any other relevant supporting documents
Structure of ITR-5

The Form has been categorized into two parts and multiple schedules:

Part A: This part contains the General information
Part A-BS: This part shows the Balance Sheet as on 31st March 2023
Part A- It displays the Manufacturing Account for the financial year 2022-23
Part A- It shows the Trading Account for the financial year 2022-23
Part A-P and L: It represents the Profit and Loss Account for the financial year 2022-23
Part A-OI: This part mentions Other information
Part A-QD: This part provides Quantitative details
Part B
There are 31 schedules details of which are explained below -
Schedule-HP: This schedule shows the Computation of income under the head Income from House Property
Schedule-BP: This schedule represents the Computation of income under the head “profit and gains from business or profession”
Schedule-DPM: It displays the calculation of depreciation on plant and machinery under the Income Tax Act
Schedule DOA: It shows the Computation of depreciation on other assets under the Income Tax Act
Schedule DEP: This schedule represents the Summary of depreciation on all the assets under the Income-tax Act
Schedule DCG: This shows the Computation of deemed capital gains on the sale of depreciable assets
Schedule ESR: It consists of the Deduction under section 35 (expenditure on scientific research)
Schedule-CG: This provides the calculation of income under the head Capital gains.
Schedule-OS: This schedule shows the Computation of income under the head Income from other sources.
Schedule-CYLA: This represents the Statement of income after setting off of current year’s losses
Schedule-BFLA: This schedule reveals the Statement of income after the set off of unabsorbed loss brought forward from earlier years.
Schedule- CFL: It displays the Statement of losses to be carried forward to future years.
Schedule –UD: This contains the Unabsorbed Depreciation
Schedule ICDS: This shows the Effect of income computation disclosure standards on profit
Schedule- 10AA: It gives the calculation of deduction under section 10AA
Schedule- 80G: This schedule provides the Details of the donation entitled for deduction under section 80G
Schedule- 80GGA: This schedule mentions the Details of donations for scientific research or rural development
Schedule- RA: It displays the Details of donations to research associations etc.
Schedule- 80IA: This schedule shows the Computation of deduction under section 80IA
Schedule- 80IB: This schedule provides the calculation of deduction under section 80IB
Schedule- 80IC/ 80-IE: It shows the Computation of deduction under section 80IC/ 80-IE.
Schedule 80P: This schedule contains the Deductions under section 80P
Schedule-VIA: It shows the Statement of deductions (from total income) under Chapter VIA.
Schedule –AMT: It gives the Computation of Alternate Minimum Tax payable under section 115JC
Schedule AMTC: This schedule represents the Computation of tax credit under section 115JD
Schedule-SI: It displays the Statement of income which is chargeable to tax at special rates
Schedule IF: It provides Information regarding partnership firms in which you are a partner
Schedule-EI: This schedule shows the Statement of Income not included in total income (exempt incomes)
Schedule PTI: It consists of the Pass-Through Income details from business trust or investment fund as per section 115UA, 115UB
Schedule TPSA: This provides the Secondary adjustment to the transfer price as per section 92CE(2A)
Schedule FSI: It gives the Details of Income from outside India and tax relief
Schedule TR: It provides the Details Summary of tax relief claimed for taxes paid outside India
Schedule FA: This schedule mentions the Details of Foreign Assets and Income from any source outside India
Schedule GST: It provides the Information regarding turnover/gross receipt reported for GST
Part B – TI: This part represents the Computation of total income
Part B – TTI: It displays the Computation of tax liability on total income
Tax payments:
It provides the Details of payment of advance tax and tax on self-assessment tax
It mentions the Details of tax deducted at source on income other than salary (16A, 16B, 16C)
It shows the Details of collected at the source

Sequence for filling out parts and schedules of ITR-5

The Income Tax Department advises taxpayers to complete the income tax return in the order listed below.

  • Part A
  • Schedules
  • Part B
  • Verification
How to fill verification form?

Fill out the verification document with the details given. Cross out anything that is irrelevant. Before giving the return, please make sure that the proof has been signed. Choose the role of the person who is signing the return. Please keep in mind that anyone who makes a false statement in the return or the schedules that go with it is subject to prosecution under section 277 of the Income-tax Act of 1961 and, if found guilty, is subject to a fine and a long jail sentence.

Key changes in the ITR-5 Form in AY 2022-23

Changes were made to the ITR form so that the Tax Audit Limit could be raised from Rs. 5 crores to Rs. 10 crores (where cash transactions are comprised of less than 5% of all transactions).

From AY 2021-22, the person who gets the dividend will have to pay taxes on it. Changes are made to the ITR form to account for this.

Under Section 194N, the TDS deduction for cash withdrawals can't be rolled over to the next year. Based on the changes, the ITR-5 form has also been changed.

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