ITR-5

ITR-5 is an income tax return form prescribed by the Income Tax Department of India for firms, Limited Liability Partnerships (LLPs), Association of Persons (AOPs), Body of Individuals (BOIs), artificial juridical persons, cooperative societies, and local authorities. It is suitable for taxpayers other than individuals and HUFs who do not qualify to file their tax returns using other ITR forms such as ITR-1 to ITR-4. Here’s an overview of ITR-5:

Eligibility:

• ITR-5 is applicable to firms, LLPs, AOPs, BOIs, artificial juridical persons, cooperative societies, and local authorities.
• It is not applicable to individuals or Hindu Undivided Families (HUFs).

Key Features:

1. Entity Details: Taxpayers need to provide details such as name, address, PAN, and type of entity (firm, LLP, AOP, etc.).
2. Income Details: Taxpayers need to provide details of income earned by the entity, including income from business or profession, capital gains, house property, other sources, etc.
3. Partner/Member Details: For firms and LLPs, details of partners/members need to be provided, including their PAN, share of profit, remuneration, etc.
4. Deductions: Taxpayers can claim deductions under various sections of the Income Tax Act, such as Section 80C (investment in specified instruments), Section 80D (health insurance premium), Section 80G (donations), etc.
5. Bank Account Details: Taxpayers need to provide details of the entity’s bank accounts, including the IFSC code and bank account number, for receiving any refund due.
6. Verification: After filling out the form, the authorized signatory of the entity needs to verify it either electronically (using Digital Signature Certificate or Aadhaar OTP) or by sending a signed physical copy to the Income Tax Department.

Due Date: The due date for filing ITR-5 for most entities is usually July 31st of the assessment year. However, it’s advisable to check the latest due date as announced by the Income Tax Department for each financial year.

Filing income tax returns accurately and timely is essential to avoid penalties and comply with tax regulations. Taxpayers should ensure that all relevant income details, deductions, and other information are correctly reported in the ITR-5 form before submission. Additionally, keeping records of supporting documents and maintaining tax compliance throughout the year can facilitate a smooth filing process.