ITR-5 form should be filled by the LLPs, Association of persons and Body of Individuals, Estate of Insolvent, Business trust and investment fund and Artificial Juridicial person.

Who is eligible to file the ITR-5 Form?

Income Tax Return Form 5 is required to be filed by the following persons and taxpaying entities:

  • Limited Liability Partnerships,
  • Association of persons,
  • Body of Individuals,
  • Artificial Juridical Person,
  • Estate of deceased,
  • Estate of insolvent,
  • Business trusts,
  • Investment fund,
  • cooperative society, and
  • Local authority.

Who is not eligible to file the ITR-5 Form?

Any person who is filing his ITR under section 139(4A) or 139(4B) or 139(4C) or 139(4D) of the Income Tax Act i.e., Trusts, Political party, Institutions, Colleges, etc. is not eligible to file this return of income. Apart from such assesses, Individuals, HUFs and companies are also not allowed to file ITR form-5.

Due date to file ITR 5:

For the assessment year 2019-20, ITR-5 must be filed by an assessee on or before 31st August 2019.

Format of ITR-5:                                    

ITR-5 form has 2 parts and 36 schedules that contain key details about the business of an assessee.

Part A of the form requires basic information regarding personal details, balance sheet, income and loss statement, and trading account of the assessee, etc.

Part B is to be filled with the details related to the total income of the taxpayer and tax to be paid on such income.

The 36 schedules of the form require all the information regarding bank account and sources and amount of income of the assessee in a detailed manner.

How to file ITR-5?

This form of return can be filed by an assessee online on the official website of the Income Tax Department by any of the following methods:

  • By filing the return electronically and verifying it with a digital signature.
  • By transmitting the data in the return electronically and authenticating via electronic verification code (EVC) or through Aadhaar card or bank account details. In EVC, a 10 digit code will be sent to the registered mobile number and e-mail id of the assessee.
  • By filing the return online and sending the duly signed paper Form ITR-V (Acknowledgment) by post to the Income Tax Office. The Form ITR-V must reach the place of address before the expiry of 120 days from the date of e-filing the return.
  • 2 copies of ITR-V must be printed by the assessee, one of which should be kept and retained by the assessee for the maintenance of his records and another copy, duly signed by the assessee shall be sent to the Income Tax Office.
  • However, for such assesses who are liable to audit their accounts under section 44AB of the Income Tax Act, ITR-5 must be furnished by them electronically with a digital signature.

Annexure-free form:

ITR-5 is an annexure-free form, therefore, the assessees are not required to attach any document, including the TDS certificate while filing his ITR-5 form and sending it to the Income Tax Department. But in order to file ITR form-5 online, the assessee must be registered at the e-filing portal.

 
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An MBA in finance, I like to cover the wide range of topics related to Taxation, SEBI, Finance and anything that is Public Helpful. The motive is always to make it simpler for the taxpayers understand the system better and take informed decisions.

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