ITR-5 Form: Format, Filing Process And More
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!
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 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.
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, 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.
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 crores to Rs. 10 crores (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.
Also Read: Section 35AD Of The Income Tax Act: Eligibility, Specified Business And Deductions
Format of the ITR-5 Form
The Income Tax Department has divided this form into 2 parts and multiple schedules:
- Part A: General Details
- Part A-BS: Balance Sheet
- Part A—Trading Account
- Part A— Manufacturing Account
- Part A-P&L: Profit and Loss Account
- Part A-OI: Other details
- Part A-QD: Quantitative information
The following are the details of the 31 schedules:
- HP: Income computation for earnings from a house property
- BP: Income computation for gains or profits from profession/business
- DPM: Depreciation computation on machinery and plant
- DOA: Depreciation computation on some other assets
- DEP: Details of depreciation for all assets
- DCG: Capital gains computation on selling depreciable assets
- ESR: Deduction through Section 35 (expenses on scientific research)
- CG: Income computation for capital gains
- OS: Income computation for other sources of earnings
- CYLA: Income statement post set off of present year’s losses
- BFLA: Income statement post adjustment of unabsorbed losses that have been brought forward from previous years
- CFL: Loss statement for a loss that has to be carried forward to the coming years
- UD: Unabsorbed depreciation
- ICDS: Impact of income calculation disclosure standards on gains
- 10AA: Deduction computation under Section 10AA
- 80P: Deductions under Section 80P
- 80IC/80-IE: Deduction computation under Section 80IC/80-IE
- 80IB: Deduction computation under Section 80IB
- 80IA: Deduction computation under Section 80IA
- RA: Information concerning contributions towards research associations
- 80GGA: Information concerning contributions towards rural development or scientific research
- 80G: Information concerning contributions entitled for tax benefits under Section 80G
- DI: Payments/deposits or tax-saving investments for claiming exemption or deduction
- GST: Details of gross receipt/turnover reported for Goods and Services Tax
- FA: Information regarding income and foreign assets through sources outside India
- TR: Information regarding an individual claiming tax relief for tax payables outside the country
- FSI: Income details from overseas and tax relief
- TPSA: Section 92CE(2A) offers secondary adjustment provisions in transfer pricing
- PTI: Sections 115UB and 115UA provide details of pass-through earnings from an investment fund or business trust
- EI: Income statement for earnings not added under total earnings (exempt income)
- IF: Details of a partnership firm in which you’re a partner
- SI: Income statement for earnings that are taxable at different rates
- AMTC: Tax credit computation under Section 115JD
- AMT: Alternate minimum tax paid as per Section 115JC
- VIA: Deduction statement for tax deductions from total earnings under Chapter VIA
When you file ITR-5 online, you’ll come across the following parts as well:
- Part B-TI: Total income computation
- Part B-TTI: Tax liability calculation on total earnings
- Payment of taxes:
- Information regarding payment of self-assessment tax and advance tax
- Details of TCS
- Information regarding TDS on earnings except for salary (16C, 16B, and 16A)
Sequence to be maintained
As per the Income Tax Department, taxpayers need to maintain the following sequence at the time of ITR-5 filing:
- Part A
- Schedules
- Part B
- Verification
Also Read: Section 269SS Of The Income Tax Act: Provisions, Exemptions And Penalty
Final Word
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
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.
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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.
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