Income Tax Return-5 (ITR-5)

ITR-5 is an Income Tax Return form specifically designed for firms, Limited Liability Partnerships (LLPs), Association of Persons (AOPs), Body of Individuals (BOIs), Artificial Juridical Person and Co-operative Societies. This form is used by these entities to file their annual income tax returns with the Income Tax Department of India.

The ITR-5 form requires entities to provide details of their income, deductions, taxes paid, and other financial information for the relevant financial year. This information helps the Income Tax Department to assess the taxable income of the entity and to determine the amount of tax payable by them.

Entities filing ITR-5 are required to electronically file their tax returns on the Income Tax Department's e-filing portal. The deadline for filing ITR-5 is usually July 31st of the following financial year, although this deadline can be extended by the government in some cases.

ITR-5 is a comprehensive form that requires detailed information about the entity's income sources, expenses, and other financial transactions. The form consists of various sections, each dealing with different aspects of the entity's financial affairs.

Some of the key sections of the ITR-4 form include:

General Information: This section requires basic details about the entity, such as its name, address, PAN (Permanent Account Number), and status (e.g., whether it is a firm, LLP, AOP, etc.).
Financial Particulars: This section requires details of the entity's income from various sources, such as business or profession, house property, capital gains, and other sources. It also requires information about deductions claimed by the entity.
Tax Computation: This section requires the entity to calculate its total income, deductions, taxable income, and tax liability for the financial year. The entity also has to provide details of any taxes paid or TDS (Tax Deducted at Source) deducted during the year.
Verification: The entity has to verify the information provided in the form and declare that it is true and correct to the best of its knowledge.

ITR-5 can be filed online on the Income Tax Department's e-filing portal or offline by submitting a physical copy of the form to the relevant tax authorities. The deadline for filing the ITR-5 form is typically July 31 of the assessment year for which the return is being filed.

Failure to file the ITR-5 form by the deadline can result in penalties and legal consequences. It is essential for entities to ensure that they file their income tax returns accurately and on time to avoid any issues with the tax authorities.

Applicability of ITR-5

ITR-5 is applicable for the following entities:

• 1. Firms
• 2. Limited Liability Partnerships (LLPs)
• 3. Association of Persons (AOPs)
• 4. Body of Individuals (BOIs)

Fatures Of ITR-5:

• 1. ITR-5 is a comprehensive form that requires detailed information about the income, expenses, assets, and liabilities of the entity filing the return.
• 2. It is important to ensure that all the information provided in ITR-5 is accurate and complete to avoid any penalties or scrutiny from the Income Tax Department.
• 3. ITR-5 can be filed electronically on the Income Tax e-Filing website or offline by submitting a physical copy of the form to the Income Tax Department.
• 4. The form includes various schedules that need to be filled out based on the specific details of the entity filing the return.
• 5. It is mandatory to attach the audited financial statements, audit report, and other relevant documents while filing ITR-5.

In conclusion, ITR-5 is an important income tax return form that is used by firms, LLPs, AOPs, and BOIs to file their income tax returns with the Income Tax Department. It is essential to understand the applicability,