ITR-5 Form is an income tax return form that is applicable for investment funds, business trusts, estate of deceased, estate of insolvent, Body of Individuals (BOIs), Association of Persons (AOPs), AJP (Artificial Juridical Person), LLPs, and firms. Keep reading this article to get the details!
Follow the steps below to file your ITR-5 Form online:
Step 1: Go to the official website of the Income Tax Department.
Step 2: Transmit the data electronically in the ITR Form.
Step 3: For e-verification, provide your digital signature.
Step 4: In case you fail to e-verify, you can take printouts of the ITR-5 Form (2 copies will suffice).
Step 5: Put your signature on one copy and send it to the following address for verification:
Post Bag No. 1, Electronic City Office, Bengaluru- 560500 (Karnataka)
You must keep the other copy with you for your record. Firms whose books of accounts require auditing under Section 44AB should submit the ITR electronically with a digital signature.
As you file the ITR-5 Form, you need not attach any documents (including the TDS certificate). Documents pinned with this form will be returned to a taxpayer filing the ITR. You should tally the taxes collected/deducted/paid by you or paid on your behalf with your Form 26AS.
Any local authority, cooperative society, investment fund, business trust, the estate of insolvent, the estate of deceased, AJP mentioned under Section 2(31)(vii), BOI, AOP, LLPs or a firm can file ITR-5 Form.
However, taxpayers who need to file ITR under Sections 139(4D)/139(4C)/139(4B)/139(4A) are not eligible for this form.
Since AY 2013-14, if a taxpayer needs to provide an audit report under Sections 115VW, 115JB, 92E, 80LA, 80JJAA, 80-ID, 80-IC, 80-IB, 80-IA, 50B, 44DA, 44 AB, 12A(1)(b), 10AA, 10A, 10(23C)(vi), 10(23C)(v) or 10(23C)(iv), then he/she must electronically submit the report on or prior to the ITR filing date.
The following are the key alterations in the ITR-5 Form in AY 2022-23:
The Income Tax Department has divided this form into 2 parts and multiple schedules:
The following are the details of the 31 schedules:
When you file ITR-5 online, you’ll come across the following parts as well:
As per the Income Tax Department, taxpayers need to maintain the following sequence at the time of ITR-5 filing:
The Income Tax Department has created various forms for convenient and smooth ITR filing. You just need to know which form is suitable for your income source. If you need to file the ITR-5 Form, then you can utilise the hassle-free online procedure. However, you must file it before the due date to avoid paying extra charges.
Ans: For AY 2021-22, the due date to file ITR was December 31 2021 (for non-audit cases) and February 15, 2021 (for audit cases). This means that the last date for any BOI, AOP, HUF or individual was December 31 2021, and the same for any business was February 15 2021.
Ans: In a verification document, you should furnish your name, tax payables, tax liability, debts, income details, audit information, filing status, PAN, contact details, and address. You need to attest or sign this document. Furthermore, you should specify the designation of the individual verifying the ITR.
Ans: You can verify your ITR through a digital signature. You can authenticate your submission via Aadhaar OTP or an EVC (electronic verification code). Additionally, you can take a printout of the ITR verification form and send it to the CPC, Bangalore, with your signature. However, the CPC must receive this document within 120 days from the return filing date.
Ans: The following are the categories, which are not eligible for the ITR-5 Form:
1. A taxpayer who has to file ITR-7 Form under Sections 139(4F), 139(4E), 139(4D), 139 (4C), 139(4B), and 139(4A).
2. A company
3. HUF (Hindu Undivided Family)
4. Individual taxpayers
Ans: The tax exemption limit for people below 60 years is Rs. 2.5 lakh, which means that you are not required to file your ITR for Rs. 1.5 lakh. Furthermore, this limit has been raised to Rs. 5 lakh for super senior citizens and to Rs. 3 lakh for senior citizens.
This article is solely for educational purposes. Navi doesn't take any responsibility for the information or claims made in the blog.
|Section 145A||Section 80P||Section 92CD|
|Section 281||Section 32(2)||Section 270A|
|Section 1399||Section 192A||Section 11|
|Section 35AD||Section 80C||Section 32|
|Section 206AA||Section 92E||Section 9|
|Section 153||Section 10(10D)||Section 194DA|
|Section 10AA||Section 80GG||Section 80TTB|
|Section 80JJAA||Section 1940||Section 23B|
|Section 206AB||Section 44AB||Section 87A|
|Section 115JB||Section 154||Section 194D|
|Section 194J(1)(ba)||Sectio 80U||Section 194K|
|Section 56-59||Section 80TTA||Section 234C|
What is Form 26QB for TDS? How to Download and Submit it?While purchasing a property, buyers are liable to pay various taxes. The Finance Act, 2013 made TDS... Read More »
PF Withdrawal Rules 2023 – Rules, Documents Required and TypesEPF/PF Withdrawal Employees’ Provident Fund (abbreviated as EPF) is a popular retirement sav... Read More »
Stamp Duty and Property Registration Charges in Delhi 2023It is compulsory for property buyers in the Capital to pay stamp duty in Delhi during property regi... Read More »
Income Tax Return – Documents, Forms and How to File ITR Online AY 2023-24In India, it is mandatory for all taxpayers who earn more than the basic tax exemption limit to fil... Read More »
What is Section 80CCD – Deductions for National Pension Scheme and Atal Pension YojanaThe Income Tax Act provides a number of deductions and tax benefits to taxpayers, so they can strat... Read More »
Tax on Dividend Income: Sources, Tax Rate and TDS on dividend incomeWhat are Dividends? Companies may raise funds for running their operations by selling equity. Th... Read More »
Section 112A of Income Tax Act: Taxation on Long-Term Capital GainsWhat is Section 112A? Section 112A of the Income Tax Act was announced in Budget 2018 to replace... Read More »
Section 206AB of Income Tax Act: Eligibility And TDS RateSection 206AB was introduced in the Finance Bill 2021 as a new provision pertaining to higher deduc... Read More »
What is a Credit Note in GST – Example, Format and StepsA GST Credit Note is mandatory for any GST-registered supplier of goods or services. As a supplier,... Read More »
Exemptions and Deductions Under Section 10 of Income Tax ActWhat Is Section 10 of the Income Tax Act? Section 10 of the Income Tax Act, 1961 provides tax-sa... Read More »
Section 57 of the Income-tax Act – Income from Other SourcesIt is quite likely that many entities - individuals as well as businesses - have multiple sources o... Read More »