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  • ITR – 5 Form

    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:

    1. Part A – General.
    2. The first part of Part A of the form contains details on general information.

      Name: The current name of the firm, LLP, BOI, AOP, AJP, etc. should be filled here. The name should be as it appears on official and registered documents.

      PAN: PAN card number should be filled here.

      Is there any change in the name? If yes, please furnish the old name: If there have been changes in the name of the entity for whatever reason, the old name should be mentioned here.

      LLPIN issued by MCA: The Limited Liability Partnership Identification Number goes here.

      Flat / Door / Block no.: As it appears on official and registered documents and must be filled accurately.

      Name of premises / building / village: As it appears on official and registered documents and must be filled accurately.

      Date of Formation (DDMMYY): Please fill out the date in the prescribed format of DAY/MONTH/YEAR as DD/MM/YY.

      Road / Street / Post Office: As it appears on official and registered documents and must be filled accurately.

      Area / Locality: As it appears on official and registered documents and must be filled accurately.

      Status: The status of the entity:

      1. Firm.

      2. Local Authority.

      3. Cooperative Bank.

      4. Other cooperative society.

      5. LLP.

      6. Private Discretionary Trust.

      7. AOP / BOI.

      8. Artificial Judicial Person.

      Town / City / District: As it appears on official and registered documents and must be filled accurately.

      State:

      Country:

      PIN Code:

      Income Tax Ward / Circle:

      Office Phone Number With STD Code / Mobile Number 1:

      Mobile Number 2:

      Email address 1:

      Email address 2:

      The next part of Part A of the form contains details on Return Filing Status

      (a)

      Return filed: Here, you need to tick the appropriate option depending on your individual case:

      1. On, or before due date – 139(1).

      2. After due date – 139(4).

      3. Revised Return – 139(5).

      4. Modified Return – 92CD.

      5. Under Section 119(2)(b), or in response to notice.

      6. Defective – 139(9).

      7. 142(1).

      8. 148.

      9. 153(A).

      10. 153(C).

      (b)

      If revised/in response to notice for Defective/Modified, then enter Receipt No and Date of filing original return (DD/MM/YYYY)

      Receipt number goes here.

      Date goes here in the DD/MM/YYYY format.

      (c)

      If filed, in response to a notice under section 139(9) / 142(1) / 148 / 153A / 153Cyou must enter date of such notice, or under section 92CD you must enter date of advance pricing agreement.

      Date goes here in the DD/MM/YYYY format.

      (d)

      Residential Status:

      1. Resident.

      2. Non-resident.

      Here, tick the appropriate option.

      (e)

      Whether any transaction has been made with a person located in a jurisdiction notified u/s 94A of the Act?

      1. Yes.

      2. No.

      Here, tick the appropriate option.

      (f)

      In the case of non-resident, is there a permanent establishment (PE) in India

      1. Yes.

      2. No.

      This only applies for non-residents. Here, tick the appropriate option.

      (g)

      Whether you are an FII / FPI?

      1. Yes.

      2. No.

      Here, tick the appropriate option. If “yes”, then you must provide SEBI registration number

      SEBI Registration number goes here.

      (h)

      Whether this return is being filed by a representative assesse?

      1. Yes.

      2. No.

      Here, tick the appropriate option. If “yes”, then you must provide the following information:

       

      1.

      Name of the representative.

       

      2.

      Address of the representative.

       

      3.

      PAN details of the representative.

      The next part of Part A of the form contains details on audit information.

      a.

      Whether liable to maintain accounts as per section 44AA?

      1. Yes.

      2. No.

      Here, tick the appropriate option.

      b.

      Whether liable for audit under section 44AB?

      1. Yes.

      2. No.

      Here, tick the appropriate option.

      c.

      If (b) the above option is Yes, whether the accounts have been audited by an accountant?

      1. Yes.

      2. No.

      Here, tick the appropriate option. If “yes”, then you must furnish the following information:

       

      1.

      Date of furnishing of the audit report: Must be filled in with the DD/MM/YYYY format.

       

      2.

      Name of the auditor signing the tax audit report:

       

      3.

      Membership no. of the auditor:

       

      4.

      Name of the auditor (proprietorship/ firm):

       

      5.

      PAN details of the auditor (proprietorship/ firm):

       

      6.

      Date of audit report:

      d.

      If liable to furnish other audit report, mention the date of furnishing of the audit report:

       

      92E fill with DD/MM/YY format.

      115JC fill with DD/MM/YY format.

      Fill with DD/MM/YY format.

      The next part of Part A of the form deals with information relating to partners / members / trust.

      A.

      Whether there was any change during the previous year in the partners/members of the firm/AOP/BOI:

      1. Yes.

      2. No.

      Here, tick the appropriate option.

      In case of societies and cooperative banks give details of Managing Committee.

      If the option chosen here is “yes”, then the following details must be furnished:

         

      Name of the partner / member

      Admitted / Retired

      Date of Admission / Retirement

      Percentage of share (only if determinate)

       

      1.

             
       

      2.

             

      B.

      Is any member of the AOP/BOI a foreign company?

      1. Yes.

      2. No.

      Here, tick the appropriate option.

      If “yes” then the following information must be furnished:

      C.

      If Yes, mention the percentage of share of the foreign company in the AOP/BOI

      D.

      Whether total income of any member of the AOP/BOI (excluding his share from such association or body) exceeds the maximum amount which is not chargeable to tax in the case of that member?

      1. Yes.

      2. No.

      Here, tick the appropriate option.

      E.

      Particulars of persons who were partners/ members in the firm/AOP/BOI or settlor/trustee/beneficiary in the trust on 31st day of March, 2015

       

      S. No.

      Name & Address

      Percentage of share (only if determinate)

      PAN

      Designated Partner Identification Number (in case partner in LLP)

      Status

      Rate of interest on capital

      Remuneration paid / payable.

                       
                       
                       
                       
                       

      The next part of Part A of the form contains information on the nature of business or profession.

      S. No.

      Code

      Description

      1.

      2.

    3. Part A – Balance Sheet (BS).
    4. In this part of the form, details that appear in the balance sheets of the firms, LLPs, Associations of Persons (AOPs), BOIs, Artificial Judicial Persons, Cooperative Societies, and Local Authorities must be entered according to the prescribed format.

      Items A and B in this form can be filled out in cases where regular books of accounts and balance sheets are maintained, otherwise Item C should be filled out.

      Item A requires details of sources of funds and has provisions to fill out details of partners’ / members’ funds, loan funds, deferred tax liability, and advances.

      Item B requires details of application of funds and has provisions to fill out details of fixed assets, investments, current assets / loans / advances, miscellaneous expenditures written off or adjusted.

      Item C must be filled in case regular books of accounts have not been maintained, and requires 4 details:

      • Amount of total sundry debtors.
      • Amount of total sundry creditors.
      • Amount of total stock-in-trade.
      • Amount of cash balance.
    5. Part A – Profit & Loss account (P&L).
    6. In this part of the form, details that appear in the Profit and Loss Account of the firms, LLPs, Associations of Persons (AOPs), BOIs, Artificial Judicial Persons, Cooperative Societies, and Local Authorities must be entered according to the prescribed format.

      Items 1 to 52 in this form must be filled in cases where regular books of accounts are maintained. In cases where regular books of accounts are not maintained, Item 54 must be filled.

    7. Part A – Other Information (OI).
    8. This is optional in a case not liable for audit under section 44AB.

      This section contains information on:

      • Which method of accounting is being used / was being used and if there is any change in the same.
      • Method of valuation of closing stock as employed in the previous year.
      • Amounts not credited to the P & L Account.
      • Amount and provision for bad / doubtful debts.
      • Amounts debited to the P & L Account to the extent disallowable under Section 36.
      • Amounts debited to the P & L Account to the extent disallowable under Section 37.
      • Amounts debited to the P & L Account to the extent disallowable under Section 40.
      • Amounts debited to the P & L Account to the extent disallowable under Section 40A.
      • Amount of outstanding credit in the accounts for Union Excise duty, service tax, VAT / sales tax, other taxes, etc.
      • Expenditures for family planning among employees, etc.
    9. Part A – Quantitative Details (QD).
    10. This is optional in a case not liable for audit under section 44AB.

      This section contains details of stock purchased, held, and closed with during the year.

    11. Part B – Computation of Total Income (TI).
    12. This section contains information on:

      • Income from House Property.
      • Profits and gains from business or profession.
      • Capital Gains.
      • Income from other sources.
      • Losses for the year to be set off against the total profits / gains.
      • Gross total income.
      • Income chargeable to tax at special rate under section 111A, 112 etc.
      • Etc.
    13. Part B – Computation of Tax Liability on Total Income (TTI).
    14. This section contains information on:

      • Tax payable on total income.
      • Gross tax payable.
      • Tax relief details.
      • Aggregate liability.
      • Taxes paid / payable.
      • Refund if total taxes paid is more than aggregate liability.

    After completely filling out the details above, a verification declaration worded as under must be duly signed and attached to ITR Form 5 along with the schedules mentioned below:

    I, ______(full name in block letters), son/ daughter of ______, holding permanent account number ______________________ solemnly declare that to the best of my knowledge and belief, the information given in the return and the schedules thereto is correct and complete and that the amount of total income and other particulars shown therein are truly stated and are in accordance with the provisions of the Income-tax Act, 1961, in respect of income chargeable to income-tax for the previous year relevant to the assessment year 2015- 16. I further declare that I am making this return in my capacity as ___________ and I am also competent to make this return and verify it. I further declare that the critical assumptions specified in the agreement have been satisfied and all the terms and conditions of the agreement have been complied with. (Applicable, in a case where return is furnished under section 92CD).

    Place (the place in which you filled out the above details).

    Date (the date on which you fill the above).

    Signature (the document needs to be duly affixed with your signature).

    The next part deals with Schedules to the Return Form:

    1. Schedule HP – Details of income from House Property.
    2. All the details of any income from owned house properties including addresses, the share in ownership of the property, annual rent received or receivable, taxes paid, etc.

    3. Schedule BP – Details of income from Business or Profession.
    4. All profits and gains from all businesses and professions, details of business losses set off, income remaining after set off, etc. are to be furnished in this schedule.

    5. Schedule DPM – Details of depreciation on Plant & Machinery (other than assets on which full capital expenditure is allowable as deduction under any other section).
    6. Details of depreciation on the assets Plat & Machinery are to be furnished here. Starting from the written down value as on the first day of the previous year, additions, considerations, depreciation, etc. and the written down value as on the last day of the previous year.

    7. Schedule DOA – Details of depreciation on Other Assets (other than assets on which full capital expenditure is allowable as deduction).
    8. Depreciation on various other groups of assets like building, furniture & fittings, intangible assets, ships, etc. is to be furnished here. Details about additions, depreciation, considerations, etc. are used to determine the written down value on the last day of the previous year.

    9. Schedule DEP – Summary of Depreciation on Assets (other than assets on which full capital expenditure is allowable as deduction under any other section).
    10. A summary of the depreciation claimed on assets like plant and machinery, building, furniture and fittings, intangible assets, and ships is recorded here to arrive at the total depreciation in the previous year.

    11. Schedule DCG – Details of Capital Gains on the sale of depreciable assets.
    12. Details of capital gains on the sale of assets that have undergone depreciation are to be furnished here.

    13. Schedule ESR – Details of Deductions under section 35 or 35CCC or 35CCD.
    14. Details of expenditure of the nature mentioned in Section 35, Section 35CCC, and Section 35CCD are to be furnished here. Amounts under the various sections which are debited to P & L account are deducted from Amount of deductions allowable – in order to arrive at Amount of deduction in excess of the amount debited to P & L account.

    15. Schedule CG – Details of Capital Gains.
    16. All details relating to Short term capital gains, Long term capital gains, Income chargeable under the heading “Capital Gains”, Information about the deduction claimed, a Set-off of the capital losses of the current year with the capital gains of the current year, and information about receipt / accrual of capital gain are to be furnished here.

    17. Schedule OS – Details of Income from Other Sources.
    18. Details of gross income from dividends, interest, rental income, winnings from competitions, gross amount chargeable to tax, income from other sources, horse racing etc. are to be furnished here.

    19. Schedule CYLA – Details of Income after the set-off of current year losses.
    20. Details of the income figure that’s arrived at after setting off losses in the current year under the heads of house property loss, business loss, losses from other sources, etc. is to be furnished in this section.

    21. Schedule BFLA – Details of Income after the set-off of Brought Forward Losses of earlier years.
    22. Income after set off of current year’s losses, brought forward losses set off, brought forward depreciation set off, allowances brought forward under Section 35(4) set off, Current year’s income after set off for house property, business, etc. are to be furnished.

    23. Schedule CFL – Details of Losses to be carried forward.
    24. All losses to be carried forward are summarised and furnished in this form.

    25. Schedule UD – Unabsorbed depreciation and allowances under section 35(4).
    26. Details to be furnished here include the amount of brought forward unabsorbed depreciation, amount of depreciation set off against the current year income, balance to be carried forward to the next year, amount brought forward unabsorbed allowance, amount of allowance set off against the current year’s income, and balance carried forward to the next year.

    27. Schedule 10A – Details of deductions under section 10A.
    28. This is for deductions in respect of units located in SEZs (Special Economic Zones).

    29. Schedule 10AA – Details of deductions under section 10AA.
    30. This is for deductions in respect of units located in SEZs (Special Economic Zones) that are not only manufacturing units.

    31. Schedule 80G – Details of donations entitled for deductions under section 80G.
    32. Details of the PAN of the Donator, amount of donations, amount eligible for deduction, is furnished by the % of donations and eligible deductions.

    33. Schedule 80-IA – Details of deductions under Section 80-IA.
    34. This is for deductions for enterprises as under:

      1. Section 80-IA(4)(i) for Infrastructure facilities.
      2. Section 80-IA(4)(ii) for Telecommunication services.
      3. Section 80-IA(4)(iii) for Industrial Parks and SEZs.
      4. Section 80-IA(4)(iv) for Power.
      5. Section 80-IA(4)(v) for Revival of power generating plant.
      6. Section 80-IA(4)(vi) for Cross-country natural gas distribution network.

    35. Schedule 80-IB – Details of deductions under Section 80-IB.
    36. This is for deductions under Section 80-IB, which includes:

      • Deductions for industrial undertakings in Jammu & Kashmir.
      • Deductions for industrial undertakings in industrially backward states as mentioned in the Eighth Schedule.
      • Deductions for industrial undertakings in industrially backward districts.
      • Deductions for multiplex theatres.
      • Deductions for convention centres.
      • Deductions for industrial undertakings which produce or refine mineral oils.
      • Deductions for industrial undertakings developing and building housing projects.
      • Deductions for industrial undertakings operating a cold chain facility.
      • Deductions for industrial undertakings that process or package fruits, vegetables, meat, poultry, marine, &/or dairy products.
      • Deductions for industrial undertakings that are engaged in the integrated business of handling, storing, and transportation of food grains.
      • Deductions for industrial undertakings that are engaged in the operation of a rural hospital and the maintenance of the same.

    37. Schedule 80-IC or 80-IE – Details of deductions under Section 80-IC or 80-IE.
    38. To be furnished in this section are deductions in respect of undertakings located in:

      • Sikkim.
      • Himachal Pradesh.
      • Uttaranchal.
      • Assam.
      • Arunachal Pradesh.
      • Manipur.
      • Mizoram.
      • Meghalaya.
      • Nagaland.
      • Tripura.

    39. Schedule VI-A – Details of deductions under Chapter VI-A.
    40. This schedule contains deductions in respect of certain payments under 80G, and 80GGC.

    41. Schedule AMT – Computation of Alternate Minimum Tax under section 115JC.
    42. The computation of alternate minimum tax payable must be done in this schedule by furnishing the following information:

      • Tax income as per item 13 of Part-B – TI.
      • Adjustments as per Section 115JC(2).
      • Adjusted total income under Section 115JC(1) (1+2D).
      • Tax payable under Section 115JC.

    43. Schedule AMTC – Computation of Tax Credit under section 115JD.
    44. To be furnished in this schedule are details about:

      • Tax under section 115JC.
      • Tax under other provisions of the act.
      • Amount of tax against which credit is available.
      • Utilization of AMT credit available.
      • Amount of tax credit under 115JD utilized during the year.
      • Amount of AMT liability available for credit in subsequent assessment years.

    45. Schedule SI – Income chargeable to tax at special rates.
    46. Details of incomes that are chargeable at special rates are furnished here.

    47. Schedule EI – Details of Exempt Income.
    48. Exempted income details should be furnished here, like:

      • Interest income.
      • Dividend income.
      • Long-term capital gains on which securities transaction tax has already been paid.
      • Gross agricultural receipts.
      • Share in the income of AOP.

    49. Schedule FSI – Details of income from outside India and tax relief.
    50. Details to be furnished under this schedule include the country code, taxpayer ID number, head of income, income from outside India, tax paid outside India, Tax payable on such income under normal provisions in India, Tax relief available in India, if relief is claimed under Section 90 or 90A – the relevant article of DTAA.

    51. Schedule TR – Summary of tax relief claimed for taxes paid outside India.
    52. This is a summary of the tax relief claimed for taxes paid outside the country.

    53. Schedule FA – Details of foreign assets and income from any source outside India.
    54. This schedule is a summary of the foreign assets and income from any source outside the country, and requires:

      • Details of foreign bank accounts held.
      • Details of financial interest in any entity held.
      • Details of immovable property held.
      • Details of capital assets held.
      • Details of accounts in which the assessee has signing authority.
      • Details of trusts creates under the laws of a country other than India in which the assessee is a trustee, beneficiary, or settlor.
      • Details of any other income derived from any other source outside India.

    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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