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Income Tax efiling in India for FY 2023-24 (AY 2024-25)

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ITR5 Form,A comprehensive guide to understanding the ITR-5 Form

Budget 2021 update

The 'Tax Audit' limit under Section 44AB has increased from Rs.10 crores to Rs.5 crores where 95% of business transactions are done in digital mode.

Taxpayers are required to pay tax in advance on a separate income only after the declaration or payment of a divorce.

What is the ITR-5 Form

This income tax return is for firms, LLPs, AOPs (People's Organization) and BOIs (Individual Body), Artificial Juridical Person (AJP), Estate of the deceased, Estate of insolvent, Business trust and investment fund.Click here to view the latest ITR-5 form from the Income Tax Department.

E-filing audit reports

From AY 2013-14 onwards in the event that the observer is required to submit an audit report under section 10 (23C) (iv), 10 (23C) (v), 10 (23C) (vi), 10 (23C) (by ), 10A, 10AA, 12A (1) (b), 44AB, 44DA, 50B, 80-IA, 80-IB, 80-IC, 80-ID, 80JJAA, 80LA, 92E, 115JB or 115VW file will report electronically on or before the date to complete the refund.

Who is eligible to file the ITR-5 Form

This form can be used as a firm, LLPs, AOP, BOI, legal transaction person referred to in section 2 (31) (vii), the estate of the deceased, the estate of insolvent, business fund and investment fund, co-operative society, and local authority. However, a person who is required to file a refund under section 139 (4A) or 139 (4B) or 139 (4C) or 139 (4D) will not use this form. Not sure which form of ITR you need to use? Read our guide for help.

Key changes in the ITR-5 Form in AY 2020-21

The key changes in the ITR-6 Form in AY 2020-21 are summarised below:

  1. For details of investing in unregistered shares, name, type of company, PAN, mass movement and investment throughout the financial year must be provided.
  2. A separate 112A schedule for the calculation of long-term capital gains in the sale of equity shares or business trust units to be paid to STT.
  3. Details of the tax on the second amendment to the transfer of price under section 92CE (2A).
  4. Details of investment tax deduction applications or payments or expenses incurred between 1 April 2020 and 30 June 2020.

Key changes in the ITR-5 Form in AY 2019-20

The key changes in the ITR-6 Form in AY 2019-20 are summarised below:

  1. Details of acceptance as a starting point for DPIIT.
  2. Details of the announcement included in Form 2.
  3. Details about co-operatives where you are a partner.
  4. The division of donations into cash and non-cash.
  5. Details of total profit / receipt reported to GST.

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 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

There are 31 schedules details of which are as under:

  • Program-HP: Head Income Calculation Income from House Buildings
  • Schedule-BP: Calculation of income under the heading “profit and acquisition from a business or profession”
  • Schedule-DPM: Calculation of depreciation of machinery and equipment under the Income Tax Act
  • Schedule DOA: Calculation of depreciation of certain assets under the Income Tax Act
  • Schedule DEP: Summary of depreciation of all assets under the Income Tax Act
  • Schedule DCG: Calculation of revenue recognized as the sale of a declining asset
  • Schedule ESR: Drawing under section 35 (costs in scientific research)
  • Program-CG: Calculation of income under Capital capital gains.
  • OS-OS: Head Income Calculation Revenue from other sources.
  • Program-CYLA: Statement of income after the current set of losses
  • Program-BFLA: Statement of income after the setting of unauthorized losses submitted in previous years.
  • Program - CFL: Statement of losses to be continued for years to come.
  • Program -UD: Unauthorized Depreciation
  • Set ICDS: Results of disclosure revenue disclosure rates
  • Schedule- 10AA: Calculation of deductions under section 10AA
  • Program- 80G: Details of donations entitled to deductions under section 80G
  • Program- 80GGA: Details of contribution to scientific research or rural development
  • Schedule- RA: Details of donations to research organizations etc.
  • Schedule- 80IA: Calculation of deductions under section 80IA
  • Schedule- 80IB: Calculation of deductions under section 80IB
  • System- 80IC / 80-IE: Calculation of deductions under section 80IC / 80-IE.
  • Schedule 80P: Deductions under section 80P
  • Schedule-VIA: Statement of deduction (from gross salary) under Chapter VIA.
  • Program –AMT: Calculation of the Minimum Tax payable under section 115JC
  • Schedule AMTC: Calculation of tax debt under section 115JD
  • Schedule-SI: Statement of taxable income at special rates
  • Schedule IF: Details of co-operative firms where you are a partner
  • Schedule-EI: Income Statement not included in total income (exempt)
  • Schedule PTI: Pass with Details of income from a business fund or investment fund in terms of section 115UA, 115UB
  • Schedule TPSA: Second Amendment Adjustment in terms of section 92CE (2A)
  • FSI program: Income details from outside India and tax assistance
  • Schedule TR: Details Summary of taxable income tax paid outside India
  • FA Program: Export Details and Revenue from any source outside India
  • Edit GST: Details of total profit / receipt reported for GST
  • Schedule DI: Schedule of investment savings or deposits or payments for a reduction or release for an extended period from 1 April 2020 to 30 June 2020
  • Part B - TI: Complete accounting
  • Part B - TTI: Calculation of tax debt in gross salary
  • Tax payments:
    • Details of prepaid tax and self-assessment tax
    • Details of source tax deductions on income other than salary (16A, 16B, 16C)
    • Details collected from the source

Sequence of completing sections and schedules The Income Tax Department recommends testing to follow the order outlined below when completing the income tax return form.

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

How do I file my ITR-5 Form

This return form must be submitted online to the Department of Taxation in the following ways:

  • by providing a computerized return under a digital signature
  • by forwarding the details to the electronic return and then submitting the return confirmation in the ITR-V return form

When the return form is submitted online, the applicant must print two copies of the ITR-V form. One copy of ITR-V, duly signed by the observer, must be sent by regular mail to Post Bag No. 1, Electronic City Office, Bengaluru - 560500 (Karnataka). One copy may be retained by an observer with his or her own record. A firm with accounting accounts under section 44AB must forcibly reimburse electronic funds under a digital signature.

No annexure required

No text (including TDS certificate) should be attached to this return form when you submit ITR-5. All documents filed with this Return Form will be deleted and returned to the applicant. Taxpayers are advised to match their deducted/collected / paid taxes with their own Form 26AS of their Tax Credit Statement.

How to fill out the verification document

  • Fill in the required details in the verification document.
  • Hit anything that doesn't work. Please make sure the verification is signed before submitting a refund.
  • Select the position / capacity of the person signing the form.
  • Please note that any person who makes a false statement in the penalties or schedules in connection with this shall be liable to prosecution under section 277 of the Taxation Act, 1961 and shall be liable to imprisonment and imprisonment on conviction.

Frequently asked questions

ITR 5 is a form submitted as a refund of income tax to various entities specified in the 1961 tax law.

    The entities who needs to file an income tax return with form 5 are :

  • Firms
  • Association of persons (AOPs)
  • Body of Individuals (BOIs)
  • Artificial Juridical Person (AJP)
  • Estate of deceased
  • Estate of insolvent
  • Business trust and investment fund
  • LLPs (Limited Liability Partnerships)
  • Cooperative societies
  • Local authority

The ITR-5 form has not been submitted by the person, company, HUF, and those who submit the income tax form with the new ITR Form 7.

Yes, to submit income tax returns a person must complete an ITR form stating the details of the taxpayer and his or her tax and deductions.

Krishna Gopal Varshney

Krishna Gopal Varshney co-founder & CEO of Myitronline is amongst the top emerging startups of Asia and authorized ERI by the Income Tax Department. A dedicated and tireless Expert Service Provider for the clients seeking tax filing assistance and all other essential requirements associated with Business/Professional establishment. Connect to us and let us give the Best Support to make you a Success. ”

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