ITR-5 Form

A comprehensive guide to understanding the ITR-5 Form

What is the ITR-5 Form?

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

E-filing audit reports

From AY 2013-14 onwards in case an assessee who is required to furnish a report of audit under sections 10(23C)(iv), 10(23C)(v), 10(23C)(vi), 10(23C)(via), 10A, 10AA, 12A(1)(b), 44AB, 44DA, 50B, 80-IA, 80-IB, 80-IC, 80-ID, 80JJAA, 80LA, 92E, 115JB or 115VW he shall file the report electronically on or before the date of filing the return of income.

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?

The Form has been divided into two parts and several schedules:

• 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 Assets

How do I fill out the ITR-5 Form?

Instructions for filling out ITR-5

• If any schedule is not applicable score across as “—NA—“.
• If any item is inapplicable, write “NA” against that item.
• Write “Nil” to denote nil figures.
• Except as provided in the form, for a negative figure/ figure of loss, write “-” before such figure.
• All figures should be rounded off to the nearest one rupee. However, the figures for total income/ loss and tax payable be finally rounded off to the nearest multiple of ten rupees.

Sequence for filling out parts and schedules

The Income Tax Department recommends assesses to follow the sequence mentioned below while filling out the income tax return.

• Part A
• Schedules
• Part B
• Part C
• Verification

How do I file my ITR-5 Form?

This return form can be filed with the Income Tax Department in the following ways:

Offline:

• by furnishing the return in a paper form
• by furnishing a bar-coded return

Online:

• by furnishing the return electronically under digital signature
• by transmitting the data in the return electronically and thereafter submitting the verification of the return in Return Form ITR-V

When the return is filed online, the assessee should print out two copies of ITR-V Form. One copy of ITR-V, duly signed by the assessee, has to be sent by ordinary post to Post Bag No. 1, Electronic City Office, Bengaluru–560100 (Karnataka). The other copy may be retained by the assessee for his record.

A firm whose accounts are liable to audit under section 44AB must compulsorily furnish the return electronically under digital signature.

Note that when the return filed on paper, the acknowledgement slip attached with the return form should be duly filled.

No annexures required

No document (including TDS certificate) should be attached with this return form while filing ITR-5. All such documents enclosed with this Return Form will be detached and returned to the person filing the return. Taxpayers are advised to match the taxes deducted/collected/paid by or on behalf of them with their Tax Credit Statement Form 26AS.

How to fill out the verification document?

Fill up the required information in the verification document. Strike out whatever is not applicable. Please ensure that the verification has been signed before furnishing the return. Write the designation of the person signing the return.

Please note that any person making a false statement in the return or the accompanying schedules shall be liable to be prosecuted under section 277 of the Income-tax Act, 1961 and on conviction be punishable under that section with rigorous imprisonment and with fine.