ITR 5 Form

All firms, AOPs, LLPs, cooperative societies, BOIs, local authorities, and artificial judicial persons, apart from taxpayers filing returns under Sections 139(4A), 139(4B), 139(4C), or 139(4D), have to submit the ITR 5 Form for income tax returns.

What is the ITR 5 Form?

The ITR 5 form is an income tax return form to be used by specific parties.

Who should use the ITR 5 Form?

The ITR 5 Forms is to be used by firms, LLPs, Associations of Persons (AOPs), BOIs, Artificial Judicial Persons, Cooperative Societies, and Local Authorities.

Bear in mind that persons who are required to file returns under Sections 139(4A), 139(4B), 139(4C), or 139(4D) need not use this form.

Instructions on How to fill out ITR 5 form

The different parts and schedules in the ITR 5 form are mentioned in the tables below:

Part A of ITR-5 Form

Sections Details
Part A – GEN Details such as personal information, filing status, audit information, partners/members/trust, and nature of business must be mentioned.
Part A – BS Source of funds, application of funds, and no account case details must be mentioned in this section.
Part A – Manufacturing Account Manufacturing Account details for the FY 2019-2020 must be provided.
Part A – Trading Account Trading Account details for the FY 2019-2020 must be given.
Part A – P&L Profit and Loss Account details for the FY 2019-2020
Part A – OI Any other information must be provided here.
Part A – QD Quantitative details must be provided.

ITR-5 Schedules

The different schedules that are mentioned in the form are mentioned in the table below:

Schedules Details
Schedule HP Details of any income that are received from house property.
Schedule BP Any income that has been generated from your profession or business.
Schedule DPM Depreciation on Plant and Machinery details.
Schedule DOA Depreciation on any other assets.
Schedule DEP The summary of all the depreciation of assets.
Schedule DCG Sale of any depreciable assets that are deemed as capital gains.
Schedule ESR Expenditure on Scientific Research that are eligible for deductions under Section 35 or 35CC or 35CCD.
Schedule CG Capital Gains (Details about Short-term and Long-term Capital Gains).
Schedule 112A In case any shares are sold in a company, the details must be mentioned. The details that are paid under Section 112A must be provided as well.
115AD(I)(b)(iii) To be provided by non-residents in case any shares are sold in the company.
Schedule OS Any income that has been generated from other sources.
Schedule CYLA Details of any income after the losses for the current year are set-off.
Schedule BFLA Details of any income after losses of previous years have been brought forward.
Schedule CFL Details of any losses that are being carried forward.
Schedule UD Unabsorbed depreciation and allowance that come under Section 35(4).
Schedule ICDS Income Computation Disclosure Standards effect on the profits.
Schedule 10AA Any deductions that come under Section 10AA
Schedule 80G Any donations that are eligible for deductions under Section 80G
Schedule 80GGA Donation details towards rural development or scientific research must be mentioned.
Schedule RA Details of any donations that are made towards research associations and are eligible for deductions under Section 35 (I)(ii), Section 35 (1)(iia), Section 35 (1)(iii), or Section 35 (2AA).
Schedule 80-IA Details of any deductions that come under Section 80-IA.
Schedule 80-IB Details of any deductions that come under Section 80-IB.
Schedule 80-IC or Schedule 80-IE Details of any deductions that come under Section 80-IC or Section 80-IE
Schedule 80P Details of any deductions that come under Section 80P.
Schedule VI-A Details of any deductions that come under Chapter VI-A.
Schedule AMT The Alternate Minimum Tax that is payable under Section 115JC.
Schedule AMTC Tax credit under Section 115JD
Schedule SI Tax that must be paid under special rates.
Schedule IF Information in regard to a partnership firm that you are a partner at.
Schedule EI Details of any income that is exempt from tax.
Schedule PTI Details of any Pass Through Income from investment funds or business trusts that come under Section 115UA and Section 115UB.
Schedule TPSA Tax details on secondary adjustments that come under Section 92CE (2A).
Schedule FSI Any income that has been generated from outside India. Tax relief details must be mentioned here as well.
Schedule TR Tax relief details that have been claimed for taxes that are paid abroad.
Schedule FA Foreign assets details and any income that are generated from abroad.
Schedule GST Any information in regard to turnover that has been reported for GST.
Schedule DI Investment details

Part B of ITR-5

Sections Details
Part B – TI Computation of the total income.
Part B – TTI Computation of the tax that must be paid on the total income.

Filling out the ITR 5 Form Online

One can fill out the ITR 5 form online by furnishing the return digitally and affixing a digital signature. Two copies of the duly filled out ITR should be printed out by the assessee, one copy should be sent to the following address:

Post Box No.1

Electronic City Office

Bengaluru, 560100

Karnataka, India.

The other copy must be retained by the assessee.

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