Home / ITR-5 Return Filing
What is ITR-5 Return Filing ?

ITR 5 is an income tax return form that is to be filed by a specific section of taxpayers, as mandated by the Income Tax Act. This income tax return is meant for firms, LLPs, AOPs (Association of persons) and BOIs (Body of Individuals), Artificial Juridical Person (AJP), Estate of deceased, Estate of insolvent, Business trust and investment fund.

Who is eligible to use this Return Form?

ITR 5 Form can be used by Firms, Limited Liability Partnerships (LLPs), Association of Persons(AOP) and Body of Individuals (BOIS), Artificial Juridical Person, Cooperative society and Loc, subject to the condition that they do not need to file the return of income under section 139(4A) or 139(4B) or 139(4C) or 139(4D) (i.e., Trusts, Political party, Institutions, Colleges, etc.). Individuals, HUFs (Hindu Undivided Families), Companies are not eligible to use the ITR 5 Form.

Who is not eligible to use this Return Form?

Below mentioned section of taxpayers/ assesses cannot file ITR 5 form:

  • Individual taxpayers
  • HUF
  • Company
  • Persons obligated to file tax return under section 139(4A), 139(4B), 139(4C), 139(4D), 139(4E) or 139(4F) i.e. ITR 7 form.
Structure of the ITR-5 Form

Form ITR-5 is an elaborate form that has primarily two parts. There are also multiple schedules in the Form:

  • Part A:- General information
  • Part A-BS:- Balance Sheet as on 31st March 2019
  • Part A:- Manufacturing Account for the financial year 2018-19
  • Part A:- Trading Account for the financial year 2018-19
  • Part A-P&L:- Profit and Loss Account for the financial year 2018-19
  • Part A-OI:- Other information
  • Part A-QD:-Quantitative details
  • 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:-Computing depreciation on Plant & Machinery in accordance with 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 ICDS:-Effect of income computation disclosure standards on profit
  • Schedule- 10AA:- Computation of deduction under section 10AA
  • Schedule- 80G:- Details of donation entitled for deduction under section 80G
  • Schedule- 80GGA:- Details of donation for scientific research or rural development
  • Schedule- RA:-Details of donations to research associations etc.
  • 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 80P: Deductions under section 80P
  • 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 IF:- Information regarding partnership firms in which you are partner
  • Schedule-EI:- Statement of Income not included in total income (exempt incomes)
  • Schedule PTI:- Pass Through Income details from business trust or investment fund as per section 115UA, 115UB
  • Schedule TPSA:-Secondary adjustment to transfer price as per section 92CE(2A)
  • Schedule FSI:-Details of Income from outside India and tax relief
  • Schedule TR:- Details Summary of tax relief claimed for taxes paid outside India
  • Schedule FA:-Details of Foreign Assets and Income from any source outside India
  • Schedule GST:-Information regarding turnover/gross receipt reported for GST
  • Schedule DI:-Schedule of tax-saving investments or deposits or payments to claim deduction or exemption in the extended period from 1 April 2020 until 30 June 2020
  • Part B – TI:-Computation of total income
  • Part B – TTI:-Computation of tax liability on total income Tax payments: Advance Tax, Tax Deducted at Source and Self-assessment tax
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