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

Buy a Life Insurance Plan in a few clicks

Now you can buy life insurance plan online.

Kotak e-Term Plan

Protect Your family’s financial future with Kotak e-Term Plan. Know more

Kotak Assured Savings Plan

A plan that offer guaranteed returns and financial protection for your family. Know more

Kotak Guaranteed Savings Plan

A plan that offers long term savings and insurance in one premium. Know more

Kotak e-Invest

Insurance and investment in one plan with Kotak e-Invest. Know more

Close

Get a Call

Enter your contact details below and we will get in touch with you at the earliest.

  • Select your Query

Thank you

Our representative will get in touch with you at the earliest.

Kotak Assured Savings Plan

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.

  • Nov 28, 2019
  • 28,720 Views

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

  • 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.

Download Brochure

Features

  • Increasing Life Cover*
  • Guaranteed^ Maturity Benefits
  • Enhanced Protection Through Riders
  • Tax Benefits
  • Dual Benefits: Guaranteed^Maturity + Death benefits

Ref. No. KLI/22-23/E-BB/999

T&C

Download Brochure

Features

  • Enhanced Protection Through Riders
  • Life Cover
  • Tax Savings
  • Multiple Premium Payment Terms
  • Guaranteed @ Loyalty Addion
  • Accrued Guaranteed @ Additions

Ref. No. KLI/22-23/E-BB/490

T&C

- A Consumer Education Initiative series by Kotak Life

Similar Articles

धारा 80सी आयकर अधिनियम, 1961

What is the Difference between Assessment Year (AY) and Financial Year (FY)?

How Much Money This Budget 2019 Can Help You Save

How to Check Income Tax Refund Status Online in India

Types of Riders in Insurance Policy

How to File Income Tax Return without Form 16

Have You Considered Term Insurance a Part of Your Tax Planning?

All about TDS Payment Online & Due Dates

What is TDS Slab?

How to Check Income Tax Refund Status Online in India

Types of Income Tax Return (ITR) Forms

Tax Benefits of ULIP Plans Available for NRIs

Section 80E: Tax Exemption on Interest on Education Loan

How to File ITR Online

How To Save Tax Using Life Insurance?

ITR 1: Sahaj Form

What Investment Options Come with Tax Incentives?

How Should I Allocate A Monthly Savings Plan For Long-Term Benefits?

Tax Benefits for Startups in India

ITR-6: Guide to filing ITR-6 Form online

Tax Deductions You MUST Know

A Guide to Life Insurance Policy’s Tax Benefits and Taxability

LTC Cash Voucher Scheme October 2020 – Everything You Need to Know

Interest Imposed Under Sections 234A, 234B and 234C

5 Popular Tax-Saving Schemes in India

Guide for Tax Calculation on your Salary

Difference Between Guaranteed and Assured Returns

What is capital gains tax, and how it works?

Guaranteed Return Plans-Why is it a must for you?

What is a savings plan?

How to Check Income Tax Returns Status Onine?

Income Tax Filing Using Multiple Form 16

Income Tax Benefits for Doctors

Section 44AD of Income Tax Act for AY 2021-22

आयकर रिटर्न (आईटीआर) फॉर्म के प्रकार

Why Tax Planning Should Be an All-year Round Activity

धारा 80डी आयकर अधिनियम, 1961

Income-Tax Liability- The Difference Between Gross Income & Total Income in Calculating Income Tax

Section 10 (10d) of Income Tax Act, 1961 on Payouts of Life Insurance Policy

How to File Income Tax Return for First Time Tax Payers

Save Income Tax by 31st March: Here Is a Checklist

What are Deferred Savings Plans?

How to create wealth through a savings plan?

Penalty For Late Filing TDS Return

What is the Difference Direct Tax and Indirect Tax

Importance of Savings Plan You Need to Know

How to Get Form 16?

8 Things to Help You Select a Savings Investment plan

When Should TDS be Deducted and Who is Liable to Deduct it?

52 Weeks Savings Plan: Daily Savings Plans for a Better Tomorrow

प्रत्यक्ष कर और अप्रत्यक्ष कर में क्या अंतर है?

How to View 26AS and Download Form 26AS Online

Presumptive Taxation for Business and Profession

What is the Maximum Maturity Benefit in Assured Savings Plans?

How to create a savings plan and make good investment choices

What is Form 16B?

How much gold can you keep at home? Limits and income tax rules explained

Income Tax Exemption for Physically Handicapped Dependent

How can I get Form 16B from traces?

आयकर स्लैब 2021-2022

How to Calculate returns on an assured savings plan?

What is indirect tax and its types?

Understanding Tax Exemptions in ULIP (Old and New)

What is Section 80C - Explained in Detail

Insurance and Endowment: Everything You Need to Know!

Tax Exemption and Scope of Coverage

What is Form 26AS - All You Need To Know

What are the Different Types of Taxes in India?

What is the Percentage of Tax Deducted at Source (TDS)?

Income Tax Exemption for Disabled

What is Section 80CCC of the Income Tax Act 1961

Investing Lump Sum Amount

Who Should Invest In Savings Plan

Are Financial Planning and Tax Planning the Same Thing?

How to View 26AS and Download Form 26AS Online?

What is HRA (House Rent Allowance) and How is HRA Exemption Calculated?

What is Section 80C Deduction?

Financial Planning and Best investment options for Housewives

Tax Season is Coming- Know How to Save Tax

What is Tax Evasion and What Are The Penalties For Tax Evasion In India?

How to save tax for salaried person?

Section 80C Deductions as per Income Tax Act, 1961

Section 80G of the Income Tax Act

All You Need To Know About Assured Savings Plan

Should you prefer a Guaranteed Savings plan over monthly income schemes?

What is Section 195 of the Income Tax Act? TDS on Non-Residents of India

Difference Between Guaranteed Savings Plan and Guaranteed Income Plan

Can You Get Term Insurance Without Income Proof?

इनकम टैक्स रिटर्न कैसे फाइल करें?

Income Tax Filing For NRI in India

Tax-Savings Investments and Options in India

Money Saving Tips for Single Women

What is Rule 132 of Income Tax? How Does it Affect You?

How to File Income Tax Return - Everything You Need to Know

Tax-Free Income in India

Income Tax Deductions & Exemptions under Sections 80C, 80D & 80DDB for FY 2021-22 & 2022-23

Union Budget Highlights – 1st February 2022

What is Section 10D of the Income Tax Act?

What is Form 16A?

Income Tax Deductions Under Section 80C

Tax Benefit of Investing in Term Plan

How Do Assured Savings Plans Work and Why You Should Consider One?

Easy ways to make personal savings plans

All about TDS on Salary under Section 192 – Kotak Life

Problems People Face with Tax Returns after a Job Change

What are Direct Taxes? How to Avoid being Overtaxed?

What is ITR & How to File Income Tax Return?

What is the Last ITR Filing Date and Penalty for Late Filing of ITR?

How to file Form 16 online?

How to Download Form 16?

How to File Form 16 for Salaried Employees?

Challan 280 - How to Use Challan 280 to Pay Income Tax

Excess TDS Deduction – Claim TDS Refund

How to Save Income Tax with Insurance

What To Do If Your TDS Is Not Deposited With The Government?

What is the TDS Rate on Salary?

Impact of GST on Life Insurance in India

Saving Income tax in 2017 - 18

Things to Do After Filing Income Tax Returns

Top 8 Tax-Saving Methods in India- Budget Planning

What is Section 80C Deduction Limit?

How To Save Tax Better with 80C

What is TDS Refund Process?

3 Tips to Buy Guaranteed Savings Plan

Sub-sections Under Section 80C of the Income Tax Act, 1961

Tax Saving Tips: Best Ways to Save Income Tax for 2021

All you need to know About Tax on Inheritance

What is Salary Protection Insurance and Why You Need It

Do Beneficiaries Pay Taxes on Life Insurance?

Difference between Section 80C, 80CCC, 80CCD & 80D

Section 16 of the Income Tax Act (ITA), 1961

Tax Planning and Tax Benefits of Life Insurance

Basics of Guaranteed Savings Plan

Is PF Withdrawal Taxable for NRI?

TDS rules on the sale of jointly owned property

How to File Form 10E for Tax Relief on Salary Arrears?

Tax Saving Options other than Section 80C

How To Invest In Guaranteed Return Plans For Higher Returns And Financial Security?

Income Tax Deduction Under Section 80CCC In India

How to Save Tax on Salary Arrears?

Home Investment Plan to Buy Dream Home

What is the difference between TDS and TCS?

How to e file ITR on Income Tax Government Portal

A Complete Guide for Filing ITR 3 Form

Pradhan Mantri Suraksha Bima Yojana

भारत में महिलाओं के लिए सरकारी योजना

Tax Saving Options for Salaried Employees

What is Tax Deduction at Source (TDS)?

A Comprehensive Guide to Understand the ITR 7 Form

Why January Is an Important Month for Saving Tax?

Tax Saving Guide for 2019-20

How to Boost Your Savings with Guaranteed Results

Tips to plan your savings in 2022

Received an Income Tax Notice? Your Guide to Understanding Intimations under Section 143 (1)

What Is Advance Tax and How Is It Calculated?

What is EEE in income tax? 5 tax-free investment options to become crorepat

Post Office Savings Scheme - All You Need to Know

TDS Due Dates of FY 2022-23 For Return Filing

How can NRIs prevent double taxation in India?

How to File TDS Return?

9 Income Tax Myths That Could Cost You Money while Filing returns

What is TDS Exemption Limit?

Income Tax Deductions for Disabled Persons Under Section 80U

What is the Difference between Form 16 and Form 16A?

E-Filing of Income Tax Returns in India

Tax Saving for Self Employed in India

Should one prefer a guaranteed savings plan over monthly income schemes?

ITR 2 Form – Complete Guide

Budget 2019: Impact on the Common Man in India

Best Savings plan for the middle class in India

सुकन्या समृद्धि योजना (SSY) के कर लाभ क्या हैं?

9 Unusual Investments you Didn't Know for Saving Taxes in India

Financial Benefits and Government Schemes Every Woman in India Should Know

How to Pay Advance Tax Online in India

Income Tax Slabs and Rates in India for FY 2021-22/AY 2022-23

Section 80D - Medical and Health Insurance Tax Benefits Under Section 80D

List of Important Income Tax FAQs

Tax Structure in India

All You Need to Know About Section 80C

Why is Form 16 Important?

How to e-Verify your Income Tax Return

Everything You Need to Know About Tax Benefits of National Pension Scheme (NPS)

Investment Proofs You Need Submit To Lower TDS Cut From Your Salary