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!
ITR-5 Form
Here Are the Steps to File ITR-5 Form
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.
No Document Is Needed
As you file the ITR-5 Form, you need not attach any documents (including 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.
Procedure to Fill in the Verification Document
Fill in the relevant details in the verification document.
You should strike out the parts that are not applicable. You must sign the verification document before filing your ITR.
Select the capacity/designation of the individual signing the ITR.
An individual providing false information in the ITR or the related schedules will be prosecuted under Section 277. If found guilty, he/she will be subject to fine or rigorous imprisonment.
Applicability of ITR-5 Form
Any local authority, cooperative society, investment fund, business trust, estate of insolvent, 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.
Filing Audit Reports
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.
Modifications under ITR-5 Form in AY 2022-23
The following are the key alterations in the ITR-5 Form in AY 2022-23:
The tax audit threshold has been increased from Rs. 5 crore to Rs. 10 crore (in which cash deals are below 5% of your total deals)
Since AY 2021-22, dividend income will be taxable for a receiver
Section 194N is concerned with a deduction of TDS for cash withdrawals; you cannot carry forward such deductions to succeeding years.
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.
FAQs On ITR-V Form
Q1. What was the due date of ITR filing for AY 2021-22?
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.
Q2. What are the details required for the verification document?
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.
Q3. How can I verify my 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.
Q4. Who are not eligible to file the ITR-5 Form?
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
Q5. My annual income for FY 2020-21 is Rs. 1.5 lakh, and my age is 23 years. Do I need to pay income tax?
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.
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