ITR- 5 FORM FILING
ITR-5 Form is an income tax return which is filed by companies, limited liability partnerships(LLPs), Artificial Juridical Person (AJP), Association of Persons (AOPs), Body of Individuals (BOIs) estate of insolvent, estate of deceased, investment funds and business trusts.
Our dedicated team of tax experts at ACE ALLIANCE will help an individual easily manage their tax filing needs online through our e-commerce platform. Once an individual subscribes to our services, our team of tax experts will help file all their tax returns.
WHO ARE ELIGIBLE TO FILE ITR-5 FORM
- ITR-5 Form filling eligibility is for the following:
- Limited liability Partnership(LLP)
- Companies or Organizations
- 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 which is 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)
WHO ARE NOT ELIGIBLE TO FILE ITR-5 FORM
Individual taxpayers, Hindu Undivided Family(HUF) organization or persons who must file tax return in Form ITR-7, that is under the following Sections 139(4A), 139(4B), 139(4C), 139(4D), 139(4E) or 139(4F) are nor eligible to file returns under ITR-5 Form.
ITR-5 FORM STRUCTURE
The ITR-5 Form Form is divided into two parts and multiple schedules:
Part A contains general information, balance sheet(BS), manufacturing account, trading account, profit & loss account, other information (OI) and quantitive details (QD).
There are 31 schedules details of which are as under:
- Schedule HP is the computation of income under the heading “Income from House Property”
- Schedule BP is the computation of income under the heading “Profit and gains from business or profession”
- Schedule DPM consists of computation of depreciation on plant and machinery under the Income Tax Act
- Schedule DOA is the computation of depreciation on any other assets under the Income Tax Act
- Schedule DEP is the summary of depreciation on all the eligible assets under the Income-tax Act
- Schedule DCG is the computation of deemed capital gains o the sale of depreciable assets.
- Schedule ESR is the deduction under section 35 (which stands for expenditure incurred on scientific research)
- Schedule CG is the computation of income under the heading “Capital gains”
- Schedule-OS is the computation of income under the heading “Income from other sources”
- Schedule CYLA is the income statement after set off of the current year’s losses
- Schedule BFLA is the income statement after set off of unabsorbed loss which has been brought forward from the earlier years.
- Schedule CFL is the statement of losses to be carried ahead and forward to the coming years
- Schedule UD stands for unabsorbed depreciation
- Schedule ICDS is the effect of income computation disclosure standards on profit
- Schedule-10AA is the computation of deduction under the section 10AA
- Schedule 80G contains information of donation entitled for deduction under section 80G
- Schedule 80GGA contains information of donation for scientific research or rural development
- Schedule RA contains information of donations to research associations etc.
- Schedule 80IA is the computation of deduction under section 80IA
- Schedule 80IB is the computation of deduction under section 80IB
- Schedule- 80IC/ 80-IE is the computation of deduction under section 80IC/ 80-IE
- Schedule 80P is schedule for deductions due under section 80P
- Schedule VIA is the statement of deductions (from total income) under Chapter VIA
- Schedule AMT stands for computation of alternate minimum tax payable under section 115JC
- Schedule AMTC is the computation of tax credit under section 115JD
- Schedule-SI is the statement of income which is chargeable to tax at special rates
- Schedule IF contains information regarding partnership firms in which an individual is a partner
- Schedule EI is a statement of income that is not included in total income (exempt incomes)
- Schedule PTI contains information about pass through income details from business trust or investment fund as per section 115UA, 115UB
- Schedule TPSA is the secondary adjustment to transfer price as per section 92CE(2A)
- Schedule FSI contains details of income from countries outside India and tax relief
- Schedule TR contains information and summary of tax relief claimed for taxes which have been paid outside India
- Schedule FA contains information of Foreign Assets and Income from any other source outside India
- Schedule GST contains information in regards to turnover and gross receipt which has been reported for GST
- Schedule DI is a schedule of tax-saving investments or deposits or payments to claim deduction or exemption in the extended period from 1 April of the said financial year until 30 June of the said financial year
Part B (TI) is a computation of total income
Part B (TTI) is a computation of tax liability on total income
- Contains details of payment of advance-tax and tax on self-assessment tax
- Contains details of tax which has been deducted at source on income other than salary (16A, 16B, 16C)
- Contains details of tax that has been collected at source
EXAMPLE OF FORM ITR-5
PROCESS TO FILE ITR-5
- The ITR-5 form can be filed by the taxpayer either offline or online. The offline filing of the form can be done on presenting a bar coded income tax return while physically submitting the return.
- The Income Tax department then issues an acknowledgment on receipt of the submission.
- The online filing of Form ITR-5 can be done by presenting the return under the digital signature option.
- Then there is an online transmission of data electronically and submissions of verification in ITR-5.
- Online furnishing of the return under digital signature.
- Online transmission of the data electronically and submission of verification in Form ITR-V
DUE DATE TO FILE THE ITR-5 FORM
The due date to file the ITR-5 Form is 31st August of said financial year.
The three different packages that Ace Alliance offers for Taxpayers are as follows.
- Basic Package: Income tax return filing for a taxpayer with taxable income of less than Rs.10 lakhs.
- Standard Package: Income tax return filing for a taxpayer with taxable income of more than Rs.10 lakhs.
- Premium Package: Income tax return filing for a taxpayer with taxable income of more than Rs.25 lakhs.