Income Tax

ITR-5 Return Filling

Filing Form ITR-5

The taxpayers have to file returns on the basis of the income earned in a financial year and the kind of entity they fall under. Let’s explore in detail the taxpayers who are required to file Form ITR-5 and other relevant instructions pertaining to the same. The various provisions and sections mentioned in this article are of the Income Tax Act, 1961.

Who all are eligible to file Form ITR-5?

The following are eligible for filing Form ITR-5:

  • A Firm;
  • Limited Liability Partnership;
  • Association of Persons (AOP);
  • Body of Individuals (BOI);
  • Artificial Juridical Person (AJP) referred to in Section 2(31)(vii);
  • Local Authority referred to in Section 160(1) (iii) or 160(1)(iv);
    Cooperative Society;
  • Society registered under Societies Registration Act, 1860 or under any State law trust (except trusts eligible for filing Form ITR-7)
  • Estate of Deceased person
  • Estate of an insolvent
  • Business Trust referred to in Section 139(4E)
  • Investment Fund referred to in Section 139(4F)

It is pertinent to mention that a person who is required to file return of income under Section 139(4A)or 139(4B) or 139(4D) cannot use Form ITR-5 for filing return.

What is the process of filing Form ITR-5?

Form ITR-5 may be filed by the taxpayer either offline or online.

Offline filing of the form may be done by:

  • Furnishing bar-coded return
  • Furnishing the return in physical paper form at the time of physical submission of the return, an acknowledgement shall be issued by the Income Tax Department

Online filing of Form ITR-5 can be done by

  • Online furnishing of the return under digital signature
  • Online transmission of the data electronically and submission of verification in Form ITR-V
    It is necessary that Income Tax Return is filed with utmost precision. For assistance with Income Tax Return filing, contact us.