ITR-5 Form Filing
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ITR-5 Form Filing
ITR 5 form is to be filled by the taxpayers that have registered themselves as firm, LLPs (Limited Liability Partnership), AOPs (Association of Persons) and BOIs (Body of Individuals). Any cooperative society or local authority can file their income tax return using the ITR-5 form.
Who eligible to file ITR-5
- Artificial judicial persons as defined in sec 2(21) (vi) of Income Tax Act 1961
- Persons as defined in section 160(1)(iii)(iv) of income tax act 1961
- Cooperative society
- Local authority
- Limited Liability Partnership(LLPs)
- Association of Persons (AOPs)
- Partnership Firm
- Body of Individuals (BOIs)
Major Changes in ITR-5 for the A.Y 2020-21
- If the taxpayer has made any investment between 1 April 2020 to 30 June 2020, then he has to fill Schedule DI.
- Schedule 112A inserted to report individual scrip wise detail
- 115AD(1) (b)(iii) for non – resident inserted to report individual scrip wise detail
- Selection of bank account is mandatory for refund credit.
Schedule DI
‘Schedule DI’ has been inserted to claim benefit of investment/ deposit/ payments made between 01/04/2020 to 30/06/2020 for the previous year 2019-20.
Section 112A
According to section 112A, long term capital gains arising from transfer of an equity share shall be taxed at 10% of such capital gains. The tax on capital gains shall be levied in excess of Rs. 100000.
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How can Bizlaw India help you ?
Filing your Income Tax Return (ITR) accurately and on time is crucial to stay compliant with tax regulations. At Bizlaw India, we provide expert assistance to ensure a smooth and hassle-free ITR-3 filing process. Here’s how we can help:
Frequently Asked Questions
The ITR-5 Form is an Income Tax Return form used by firms, Limited Liability Partnerships (LLPs), Association of Persons (AOPs), Body of Individuals (BOIs), artificial juridical persons, cooperative societies, and local authorities to report their income and tax computation to the Income Tax Department of India.
The ITR-5 Form should be filed by:
- Firms
- Limited Liability Partnerships (LLPs)
- Association of Persons (AOPs)
- Body of Individuals (BOIs)
- Artificial juridical persons
- Cooperative societies
- Local authorities
The ITR-5 Form can be filed online through the Income Tax Department’s e-filing portal. The form can be filled using the software utility provided by the portal or through a chartered accountant or tax professional.
The documents required for filing ITR-5 include:
- Form 26AS (Tax Credit Statement)
- Bank statements
- Profit and loss statement
- Balance sheet
- Details of investments (if claiming deductions)
- Audit reports (if applicable)
- Aadhaar Card of the authorized signatory
- PAN Card of the entity
- Other relevant documents
The deadline for filing ITR-5 for entities that do not require an audit is usually July 31st of the assessment year. For entities requiring an audit, the deadline is typically September 30th. However, these dates may be extended by the Income Tax Department.
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