Every registered taxpayer under GST is required to file details about their transactions to the income tax department through Income Tax Return (ITR) form. There are 7 different forms including ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6, and ITR 7. Every business owner registered under GST is required to file ITR before the stated due date. Failing which a late fee is incurred from the defaulter. The ITR form application depends on the source of income of the taxpayer, the amount of transactions made, the category to which the taxpayer belongs including individual, HUF or firm, etc. This tax return is intended for partnership firms like Personal Association AOPs, LLPs, Personal Association BOIs, Artificial Juridical Individual (AJP), Insolvent Assets, Deceased Assets, Investment Fund and Corporate Trust, etc. Eligibility to file ITR-5 form is based? The ITR-5 form can be used by registered firms, AOP, BOI, LLPs, artificial juridical persons under section 2(31)(vii), insolvent estate, deceased state, investment fund and corporate trust and co-operative society and local authorities, etc. A person or a firm that are required to file the returns in accordance with section 139(4A), 139(4B), 139(4C) or 139(4D) shall not use the form.
Types of taxpayers who are liable to file returns through ITR 5 form:
Firm
Body of Individuals (BOI)
Local Authorities
Association of Persons (AOP)
Society Registered under Societies Registration Act 1860
Co-operative society
Co-operative bank
Limited Liability Partnerships (LLPs)
Trusts eligible to file Form ITR-7
Estate of deceased
Estate of Insolvent
Investment fund referred in section 139(4F)
Representative assessee defined under section 160(1)(iii) or (iv) of IT Act, 1961
Artificial Juridical Person defined under section 2(21)(vi) of IT Act, 1961
Firms or business owners are required to fill all income forms in the ITR 5 except those provided in Section 11 of the Income Tax Act.
Non-liability to file ITR-5 form
Taxpayers/assessee who are not liable for filing ITR-5 form:
Individual taxpayers
HUF
Company
Persons liable to file tax returns under forms 139(4A) to 139(4F)
How to file an Income Tax Return (ITR) using ITR-5 form?
Visit the official e-filing website of the Income Tax Department which is http://www.incometaxindiaefiling.gov.in/
Digitally sign the ITR 5 form if you which to submit the verification electronically
Two copies of ITR-V are need to be printed by the assess as electronic verification fails, you need to send one copy to the below mentioned Verification Address: “Centralised Processing Center, Income Tax Department, Bengaluru (Karnataka) 560500
The assessee need to keep one copy of the form for their personal record
No document is required to be attached while filing the ITR-5 form. Any document including the TDS certificate would be returned to the assessee
The audit liability of the assessee to file ITR-5 is mandatory under section 44B using the digital signature
How to complete the ITR-5 form
The right sequence for filling the form
Part A - General, balance sheet, loss account, trading & profit, manufacturing, etc
Part B - TI & Part B - TTI (Computation part is needed to be auto-filled by the software/utility, bank account details, etc
Schedule IT, Schedule TDS or Schedule TCS
Verification https://bthawk.com/