Filing an income tax return is mandatory for all taxpayers. The tax collected by the Government provides the foundation for much information like capita income or the amount of money earned in a country per person, sector-wise growth and so on. ITR 5 form is an Income Tax Return form to be used specifically by firms, judicial persons, co-operative societies, local authorities, etc. This article discusses the ITR-5 form, eligibility and how to file for a return. Read on!
ITR-5 form is an Income Tax Return form best suited for a specific category of taxpayers like firms, Body of Individuals (BOI), Limited Liability Partnerships (LLPs), etc. Based on this information, one must file ITR before the deadline mentioned by the Income Tax department.
The following categories of taxpayers can file the ITR-5 form:
Individuals who fall under the above categories are eligible to file the ITR-5 form.
Taxpayers required to file Form ITR-7 tax returns under Sections 139(4A), 139(4B), 139(4C), and 139(4D) (4D) are not eligible to file the ITR-5 Income Tax Return form.
ITR-5 can be filed in both online and offline mode. In offline mode, it can be filed by submitting the return on paper or by submitting the bar-coded return. While filing a return, completing the acknowledgement slips and return form is crucial. However, filing ITR-5 online is comparatively easier; it can be filed by electronically signing the return or transmitting data in the return.
ITR-5 Form can be filed with the Income Tax Department electronically via the Income Tax Department’s e-filing web portal. Enter all relevant information and check that the information provided is correct, and get verified. Verification can be done in any of the following ways:
However, for individuals who are required to provide an audit report under Sections 10AA, 44AB, 44DA, 50B, 80IA, 80IB, 80IC, 80ID, 80JJAA, 80LA (1), 80LA (1A), 92E, 115JB, or 115JC, the return must be verified electronically using a digital signature on or before the due date to file returns.
Mention all necessary details in the verification document, get the return verification form properly attested and mention the name of the person who signed or attested the return. If the return verification form is provided in the manner specified by the Income Tax Department, it should be printed and duly signed by the individual. The copy then must be mailed to,
Centralised Processing Centre
Income Tax Department,
Bengaluru- 560500, (Karnataka).
The Form ITR V (Income Tax Return Verification Form) should be mailed to the Centralised Processing Centre within 120 days (about 4 months) of the date of the return of the e-file. The confirmation of the receipt of ITR V at the Centralised Processing Centre will be sent via the email ID registered in the e-filing account.
The form is divided into two sections, each with its significance.
Advance tax and self-assessment tax information and information on tax deducted at source (TDS) and tax collected at source (TCS) are provided in this section.
After filling in all the above information, the return must be submitted and verified. There are two methods for verifying the ITR. You can either submit the return electronically or mail the ITR V to the Centralised Processing Centre within 120 days of submitting the return.
According to the Income Tax Department, the best order for filing ITR is:
Mentioned below are a few other instructions that should be followed while filing ITR 5 – Income tax return form:
Understanding how the ITR-5 Form works could be beneficial to the organisation and its stakeholders as it helps them to study the performance of their entities thoroughly and analytically. It is crucial to analyse every element or section of the ITR form applicable for the relevant fiscal year, allowing transparency of data as well as disallowances, allowances, or deductions under the Income Tax Act.
Ans: When filing an income tax return online via the income tax e-filing website, the return must be verified either by submitting an ITR-V form to the Income Tax Central Processing Centre (CPC) or by using EVC Mode.
Ans: A person who is a firm, LLP, a BOI, a AOP, or an artificial juridical person referred to in section 2(31)(vii), the estate of deceased, the estate of insolvent, business trust and investment fund, cooperative society, and local authority can use this form.
Ans: After you have filed your IT returns and verified them, the average time for receiving your income tax refund is 20-45 days (about 1 and a half months) after the ITR has been processed. If it takes longer than expected, you should contact the Centralised Processing Centre (CPC). Online tracking of income tax refunds is possible.
Ans: If you do not submit your ITR-V within 120 days (about 4 months) of filing your Income Tax Return, it will be considered invalid. It means that the Income Tax Department will consider you to have failed to file your IT return.
Ans: All taxpayers’ income tax returns are first processed online at the Centralised Processing Centre (CPC). Following the processing of the return, the income tax department notifies the taxpayers of the results under section 143(1).
Disclaimer: Mutual Fund investments are subject to market risks, read all scheme-related documents carefully.
This article has been prepared on the basis of internal data, publicly available information and other sources believed to be reliable. The information contained in this article is for general purposes only and not a complete disclosure of every material fact. It should not be construed as investment advice to any party. The article does not warrant the completeness or accuracy of the information, and disclaims all liabilities, losses and damages arising out of the use of this information. Readers shall be fully liable/responsible for any decision taken on the basis of this article.
|Section 194IB||Section 44AA||Section 80E|
|Section 195||Section 80EEA||Section 80DD|
|Section 80CCC||Section 80GG||Section 80 G|
|Section 54F||Section 1941A||Section 10|
|Section 194Q||Section 192||Section 269SS|
|Section 80DDB||Section 44AD||Section 194C|
|Section 194A||Section 194H||Section 80D|
|Section 80C||Section 80C, 24(b), 80EE & 80EEA||Section 234A|
|Section 50C||Section 80C||Section 80EEA|
|Section 194B||Section 194J||Section 206C|
|Section 80CCG||Section 80 EEB||Section 24Q|
|Section 40b||Section 194C||Section 54EC|
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