The taxpayers are supposed to file the Income Tax returns based on the income that is earned by them in the financial year and the kind of entity that it falls under. ITR 5 Form filing is to be done by the Association of Persons, Limited Liability Partnerships, Body of Individuals, Estates of the deceased, Artificial judicial person, business trust, estates of the insolvent, business trust, and investment fund.
ITR 5 can be filed by the following people :
A firm
A Limited Liability Partnership
Association of Persons
Body of Individuals
Artificial Judicial Persons that are referred to in Section 2 (31) (vii)
Societies that are registered under Societies Registration Act, 1860 or under any state law trust ( except the trusts that are eligible for ITR 7 Form Filing)
Estate of the deceased person
Business trust referred to in Section 139 (4E)
Investment fund referred to in Section 139 (4F)
ITR 5 Form can be filed either offline or online:
Offline: The Form can be filed offline by furnishing the return in a paper form or by furnishing the bar-coded return. When the return is filed on paper an acknowledgment slip is paired along with the return form that is to be filed properly.
Online: ITR 5 Form can be filed online by furnishing the return electronically using the Digital Signature Certificate.
| Monthly Purchase Bill |
| Monthly Sales Bill |
| Sales Return Details |
| Purchase Return Details |
| Tax Paid Challans for GST |
| Day to day Administration expenses and General expenses details |
| Proof of Source of Cash In-flow and Cash Out - flowk |
| Loan details from Bank or Third Party |
1. Is the balance sheet mandatory for ITR 5 Filing?
The reported figures of the balance sheet should match with the audited balance sheet in case the account was required to be audited. Any other activity that is not being accounted for in the book of accounts need not be included in the balance sheet.
2. What is ITR 5?
ITR 5 Form is for firms LLPs, AOPs, BOIs, AJPs, estates of deceased, the estate of insolvent, business trust, and the investment fund.
3. How to file ITR 5 online?
For the online filing of ITR 5, the assessee needs to print two copies of the ITR V form. One copy of the ITR V should be duly signed by the assessee and has to be sent to Post Bag No.1, Electronic City Office, Bengaluru – 560100 via ordinary post. Another copy should be kept with the assessee himself as a record.
4. Is it possible to shift from ITR 3 to ITR 4?
Switching from ITR 3 to ITR 4 is not possible unless the sales are declared in 44AD. Also, if the individual gets income from two residential houses he needs to choose ITR3.
5. Is ITR 5 an annexure less form?
No documents are to attached with the ITR 5 which also includes the TDS certificate. The documents enclosed with this return form will be detached and returned to the person filing the return.
