Description
ITR-5 form filling
Income Tax Return (ITR) 5 Filing Form
All the taxpayers are supposed to file the returns based on the income earned by them in the financial year and the kind of entity they fall under.ITR-5 Form is to be filed by associations of person, LLPs, Body of Individuals, Estates of the deceased, Artificial judicial person, business trust, Estate of Insolvent and investment.
Here, we will have a an in-depth look at the relevant instructions a taxpayer needs to carry while filing ITR Form 5.
Instructions for Filing ITR 5 Form
- If a schedule is not applicable, mention it as NA
- If the item is inappropriate write NA against the item
- Nil stands for nil figures which identify the figures of zero value
- For a negative figure denote it with “-” before such figure other than provided in the form.
- All the figures are denoted in the round-off manner to the nearest one rupee.
- Similarly, the figures for total income and the payable tax should be rounded off to the nearest multiple of rupees ten.
Who can File from ITR-5?
- A firm
- A Limited Liability Partnership
- Associations of Persons
- Body of Individuals
- Artificial Juridical Person referred to in Section 2 (31) (vii)
- Local authority referred to in Section 160 (1) (ii) or 160 (1) (iv)
- Cooperative Society
- Society registered under Societies Registration Act,1860 or under any state law trust (except trusts that are eligible for ITR-7 Form filing)
- Estate of a deceased person
- Business trust referred to in Section 139 (4E)
- Investment fund referred to in Section 139 (4F)
- However, an individual who has to file the income tax returns under Section 139(4A) or 139 (4D) cannot use Form ITR-5 for return filing.
How can one File His ITR 5 Form?
The ITR-5 Form can be filed with the Income Tax Department either online or offline.
The Form can be filed offline by furnishing the return in a paper form or by furnishing a bar-coded return. When the return is filed on paper an acknowledgment slip is paired with the return form is to be filed properly.
While filing ITR-5 Form online it can be filed by furnishing the return electronically under the digital signature
or
By transmitting the data in the returns electronically followed by the submission of the return verification in the ITR Form V
While online filing the assessee needs to print out a copy of the ITR V Form. The copy of ITR V must be duly signed by the authorised person has to be sent to
Post Bag No. 1,
Electronic City Office,
Bengaluru–560100,
(Karnataka). via speed post.
We only help in online filing of ITR-5
A firm should mandatorily furnish the return electronically under the digital signature of whose accounts are liable to audit under section 44AB.
E filing Audit Reports
It is mandatory for the assessee to furnish the audit report under Sections 10 (23C) (v), 10 (23C) (vi), 10 (23C) (via), 10A, 10AA, 12 A (1) (b), 44AB, 44DA, 50B, 80 IA, 80 IB, 80 IC, 80 ID, 80 JJ AA, 80 LA, 92 E, 115 JB, or 115VW, electronically or before the date of filing the income tax returns.
It is mandatory for the assessee to furnish the audit report under Sections 10 (23C) (v), 10 (23C) (vi), 10 (23C) (via), 10A, 10AA, 12 A (1) (b), 44AB, 44DA, 50B, 80 IA, 80 IB, 80 IC, 80 ID, 80 JJ AA, 80 LA, 92 E, 115 JB, or 115VW, electronically or before the date of filing the income tax returns.
ITR-5 Plans
All Inclusive Pricing – No Hidden Fee
Income Tax return filing for a tax payer with taxable income less than Rs 10 Lakhs.
Income Tax return filing for a tax payer with taxable income more than Rs 10 Lakhs.
Income Tax return filing for a tax payer with taxable income more than Rs 25 Lakhs.
General questions
Yes, the entity has to give a complete report of the financials for the year.
No, a company cannot file ITR-5 as it is not eligible
By using the tax software utilities everyone can prepare their return and generate the json file and upload it on the income tax portal.
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