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What is ITR 5 Form and How to File ITR 5?

ITR 5 Form is an Income Tax Return form for firms, LLPs, BOI, AOP, Investment Fund and more. Know more about ITR Form 5 here.

  • 47,652 Views | Updated on: Mar 12, 2024

The Income Tax Department has introduced different forms for easy and convenient ITR Filing. It is important for you to know which form is relevant to your source of income. Based on the same, you need to file the form before the last date of return filing as specified by the Income Tax department. ITR 5 is one such form that is ideal for a specific class of taxpayers. Explained ahead are some important details about ITR 5 filing.

What is ITR 5 form and who is eligible for it?

The ITR Form 5 is a form suitable for bodies such as firms, Body of Individuals (BOIs), Limited Liability Partnerships (LLPs), Artificial Juridical Person (AJP), Association of Persons (AOPs), the estate of insolvent, the estate of deceased, investment fund, business trust, local authority, and co-operative society for filing the ITR. Any individual or entity belonging to the aforementioned categories is eligible for ITR 5 filing.

Notable changes in the ITR-5 Form in AY 2021-22

  • The requirement for information on investments in unlisted equity shares, including

the share’s name

the company type

movement in the investment throughout the financial year

your PAN

What is ITR 5 Form and How to File ITR 5?

  • A separate schedule, 112A, to calculate long-term capital gains on the sale of equities of a business trust subject to securities transaction tax (STT)
  • Need to mention details of

Tax on secondary adjustments to transfer price under Section 92CE(2A)

Tax deduction claims against investments or spending made between 1 April 2020 and 30 June 2020 under Chapter VIA of the Income Tax Act, 1961, which includes:

Section 80C (LIC, PPF, NSC, etc)

  • 80D (health insurance)
  • 80G (donations)
  • Deposits in current accounts, foreign travel expenses and electricity bills paid

The requirement to furnish the following data:

  • Recognition from DPIIT as a start-up company
  • Declaration filled in Form-2
  • Partnership firm details
  • Bifurcation of donations through cash and non-cash payment modes Gross GST receipt/ turnover reported

The structure of ITR Form 5

The ITR 5 Form is divided into two parts—Part A and Part B.

In Part A, you need to provide details, which include general information, balance sheet details on the last day of the financial year, manufacturing account details for the financial year, trading account details for the financial year, profit and loss account information for the financial year, and other information. In Part B, you are required to furnish details of the computation of your total income and the calculation of tax liability on your total earnings.

Apart from the aforementioned information, the ITR 5 Form also contains details about important aspects of the business. Some key schedules include:

  • Schedule HP – Information about any earnings from house property
  • Schedule CG – Details about any capital gains
  • Schedule BP – Information regarding the calculation of income from business
  • Schedule DCG – Details about any capital gains earned by selling a depreciable asset
  • Schedule DOA – Information about the depreciation of assets
  • Schedule DPM – Details about the depreciation of machinery and/or plant

How can you file ITR Form 5?

You can file an ITR 5 form online on the website of the Income Tax Department in two ways. The first way is by furnishing the return using your digital signature, electronically. Another way is to transmit the data and then submit the verification of the return using ITR 5 form.

Once the ITR 5 filing is complete, you need to print a set of its copies. You can retain one copy for your records, and sign and send the second copy by post to Post Bag No.1, Electronic City Office, Bengaluru - 560500. Moreover, if your firm’s accounts need to be audited under Section 44AB, you need to furnish the return electronically with a digital signature.

It is important to note that no document should be provided with the return form when you file the ITR 5 Form. If such documents are attached to the ITR Form 5, they will be removed and handed back to you. You must match the amount of tax deducted, paid, or collected by you or on your behalf with the Tax Credit Statement in Form 26AS.

How to fill out the verification document?

1. Input all necessary details.

2. Check if the data furnished is correct, such as:

  • Name
  • Address
  • Contact details
  • PAN
  • Filing status
  • Audit information
  • Income details
  • Debts
  • Tax liability
  • Taxes paid

3. Ensure the document is duly signed or attested.

4. State the designation/ capacity of the person signing/ verifying the return.

How to file income tax returns using the ITR-5 form?

Filing ITR 5 Form Online

1.Visit the Income Tax Department’s official e-filing portal www.incometaxindiaefiling.gov.in.

2.Electronically transfer the data in the return form.

3.Include your digital signature for electronic verification.

4.If you cannot verify electronically, print out two copies of the ITR-V Form.

5.Sign and send one copy to Post Bag No. 1, Electronic City Office, Bengaluru–560500 (Karnataka) for verification.

6.Retain another copy for your ITR record.

Filing ITR Form 5 Offline

1.Submit the bar-coded return

2.Submit a physical paper form against an acknowledgement issued by the Income Tax Department

ITR-5 Form Filing Due Dates

  • FY 2020-21 (Assessment Year 2021-22):
  • 31st December 2021 (Non- Audit Cases)
  • 15th February 2022 (Audit Cases)

Instructions for Filing ITR-5 Form

1. Fill up all the mandatory and applicable fields.

2. Strike out whichever fields do not apply to you/ write “NA”.

3. Write “Nil” to denote zero value.

4.Include “- “(minus sign) before figures to indicate negative values.

5. Round off all figures to the nearest rupee.

6. Likewise, round off total income, profit, and loss values and payable tax amount to the nearest multiple of ten rupees.

7. Take care not to enter incorrect data to avoid prosecution under Section 277 of the ITA.

After the electronic data transmission, you can verify the returns through:

  • Digital signature
  • Authenticating the submission through an electronic verification code (EVC) or Aadhaar OTP
  • Printing out a hard copy of the return verification form ITR-V and sending the duly signed document to the Centralized Processing Centre (CPC) at Bangalore by post

The ITR 5 must reach the CPC within 120 days from the date of e-filing.

However, if your returns need to be audited under Section 44AB, you must verify ITR-5 electronically with a digital signature.

Who cannot file the ITR-5 form?

  • Individual assesses
  • Hindu Undivided Family (HUF)
  • Company
  • Taxpayers who must file tax returns in Form ITR-7, under Sections 139(4A), 139(4B), 139(4C), 139(4D), 139(4E) or 139(4F).

You can easily file your ITR 5 online in a hassle-free manner. Make sure that the return is filed before the last day to avoid any penalty.

- A Consumer Education Initiative series by Kotak Life

Amit Raje
Written By :
Amit Raje

Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.

Amit Raje
Reviewed By :
Prasad Pimple

Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors

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