In India, every taxpayer must file their income tax returns mandatorily. There are various types of ITR forms for different sections of Taxpayers or Assesses, like ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6, ITR 7. In the below read we will understand in detail about -
  • What is the ITR 5 form?
  • Who is eligible to file ITR 5?
  • How to file ITR 5?

What Is ITR 5?

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.

Who Is Eligible To File The ITR-5 Form?

Following section of taxpayers can file the ITR 5 form:
  • Firms
  • Local authorities
  • LLPs, i.e. Limited Liability Partnerships
  • Registered or cooperative society
  • BOI, i.e. Body of Individuals
  • Association of Persons
  • A business trust
  • Estate of deceased
  • Estate of insolvent
  • Artificial Juridical person as mentioned in section 2(21)(vi) of the Income Tax Act, 1961
  • Persons as defined in section 160(1)(iii)(iv) of Income Tax Act, 1961

ITR 5 must include all types of income other than that of income mentioned in Section 11 of the Indian Income Tax Act. The act has laid down provisions for income related to religious or charitable property. Such purposes do not form part of the total income in the ITR 5 form.

Who Cannot File The Return With The ITR 5 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

How To File An Income Tax Return Using ITR 5 Form?

You can file an income tax return with ITR 5 form online in a simple and hassle-free manner. Here is the process.
  • Visit the e-filing website of the Income Tax department, which is www.incometaxindiaefiling.gov.in
  • Transfer the data in the return form and digitally sign the document if you wish to submit the verification electronically.
  • For the purpose of verification of electronically filed ITR 5 form, it is mandatory to sign the document digitally.
  • In case the verification is not done electronically, the assessee should print two copies of ITR-V form. Send one copy to the below address for verification:

Post Bag No. 1, Electronic City Office, Bengaluru–560500 (Karnataka).
  • The assessee should keep the other ITR-V copy for their personal record.
  • You are not required to attach any document while filing ITR-5. Any such document including TDS certificate will be returned to the person submitting the return.
  • Audit liability under Section 44AB makes it compulsory for firms to file ITR 5 electronically with a digital signature.

Click here to visit our personalized online advisor that gives you the financial expertise you need.

DISCLAIMER

The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.



Trending Articles

Article Links

How to Calculate Income Tax

Income Tax Benefit

Tax Saving Investment

Tax Saving Investments Under 80C

What is Tax

Latest Articles

abc-of-taxes
abc-of-taxes

Income Tax Slab for Senior Citizen: Rates and Exemptions

Read More
Posted on 24 March 2020
abc-of-taxes
abc-of-taxes

How to Get Tax Rebate in India?

Read More
Posted on 24 March 2020
abc-of-taxes
abc-of-taxes

Section 80D Of The Income Tax Act For Health Insurance

Read More
Posted on 24 March 2020

Featured Articles

image abc-of-personal-money
abc-of-personal-money

Are Millennials Any Different When It Comes To Planning Financials?

Read More
Posted on 05 February 2020

Relevant Articles

image abc-of-personal-money
abc-of-personal-money

Is Any Dream Too Big If It Is Born Out of Passion and Ambition?

Read More
Posted on 30 March 2020
image abc-of-personal-money
abc-of-personal-money

Free Access to some Amazing Content Online

Read More
Posted on 30 March 2020
image abc-of-personal-money
abc-of-personal-money

Free Access to Online Music

Read More
Posted on 30 March 2020