Income Tax Returns-5 Form Filing

What Is Itr 5 Form?

This income tax return is meant for firms, LLPs, AOPs (Association of persons) and BOIs (Body of Individuals).

Who is eligible to file the ITR-5 Form ?

This form can be used a person being a firm, LLPs, AOP, BOI, artificial juridical person referred to in section 2(31)(vii), cooperative society and local authority.
However, a person who is required to file the return of income under section 139(4A) or 139(4B) or 139(4C) or 139(4D) shall not use this form.

What is the

Structure Of The Itr-5 Form?

Part A: General information
Part B: Outline of the total income and tax computation with respect to income chargeable to tax. There are 30 schedules details of which are as under:
Schedule-HP: Computation of income under the head Income from House Property
Schedule-BP: Computation of income under the head “profit and gains from business or profession”
Schedule-DPM: Computation of depreciation on plant and machinery under the Income Tax Act
Schedule DOA: Computation of depreciation on other assets under the Income Tax Act
Schedule DEP: Summary of depreciation on all the assets under the Income-tax Act
Schedule DCG: Computation of deemed capital gains on sale of depreciable assets
Schedule ESR: Deduction under section 35 (expenditure on scientific research)
Schedule-CG: Computation of income under the head Capital gains.
Schedule-OS: Computation of income under the head Income from other sources.
Schedule-CYLA: Statement of income after set off of current year’s losses
Schedule-BFLA: Statement of income after set off of unabsorbed loss brought forward from earlier years.
Schedule- CFL: Statement of losses to be carried forward to future years.
Schedule –UD: Unabsorbed Depreciation

Schedule- 10A: Computation of deduction under section 10A
Schedule- 10AA: Computation of deduction under section 10AA
Schedule- 80G: Details of donation entitled for deduction under section 80G
Schedule- 80IA: Computation of deduction under section 80IA
Schedule- 80IB: Computation of deduction under section 80IB
Schedule- 80IC/ 80-IE: Computation of deduction under section 80IC/ 80-IE.
Schedule-VIA: Statement of deductions (from total income) under Chapter VIA.
Schedule –AMT: Computation of Alternate Minimum Tax payable under section 115JC
Schedule AMTC: Computation of tax credit under section 115JD
Schedule-SI: Statement of income which is chargeable to tax at special rates
Schedule-EI: Statement of Income not included in total income (exempt incomes)
Schedule-IT: Statement of payment of advance-tax and tax on self-assessment.
Schedule-TDS: Statement of tax deducted at source on income other than salary.
Schedule-TCS: Statement of tax collected at source
Schedule FSI: Details of income accruing or arising outside India
Schedule TR: Details of Taxes paid outside India
Schedule FA: Details of Foreign Asset.

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Frequently Asked Questions (FAQ)

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What is ITR 5?

Form ITR 5 is an income tax return form that can be used by following people:

Firm
LLP – Limited Liability Partnership
AOP – Association of Persons
BOI – Body of Individuals
Artificial juridical person (section 2 (21)(vi)
Cooperative/registered society
Local Authority
Persons as per section 160(1)(iii)(iv)

Who is not eligible to file ITR 5 Form?

If a person is required to file tax return u/s 139(4A) or u/s 139(4B) or u/s 139(4C) or u/s 139(4D) or u/s 139(4F), he shall not use form ITR 5. The form should not be used by people if they are:

An individual
Company
HUFs
And for whom ITR 7 is applicable

How to file ITR5 Form?

This Form can be used by a person being a firm, LLPs, AOP, BOI, artificial juridical person referred to in section 2(31)(vii), persons referred to in section 160(1)(iii) or (iv), cooperative society, registered societies and local authority. However, a person who is required to file the return of income under section 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4F) shall not use this form.