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ITR-5 Return Filing

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File your business tax returns and maintain compliance seamlessly through bmcsindia.com. Get a Dedicated Accountant and LEDGERS compliance platform for your business

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ITR-5 Return Filing

The Income Tax Department has introduced various forms for different taxpayers. An assessee should choose the appropriate ITR form based on their source of income. ITR 5 is a specific Income Tax Return (ITR) form designed for firms, Associations of Persons (AOP), and Bodies of Individuals (BOI) that do not have a corporate structure but are required to report their income and taxes to the Indian Income Tax Department. If you fall into this category, you can rely on Bmcs for a hassle-free and efficient ITR-5 filing service. We have tailored our ITR-5 service to meet the unique needs of firms, AOPs, and BOIs, ensuring a seamless income tax return filing process. With our user-friendly platform, expert assistance, and competitive pricing, we make ITR-5 filing a straightforward task for you.

Who is eligible to file the ITR-5 Form?

The following entities can use the ITR-5 Form:

  • Firm
  • Limited Liability Partnership (LLP)
  • Body of Individuals (BOI)
  • Association of Persons (AOP)
  • Estate of deceased individuals
  • Artificial Juridical Person referred to in section 2(31)(vii)
  • Business trusts and investment funds
  • Estate of insolvent individuals
  • Cooperative society
  • Local authority

However, it's important to note that a person who is required to file the return of income under sections 139(4A), 139(4C),139(4B), or 139(4D) shall not use this form.

Due Date for Filing ITR-5 Form

The due date for filing the ITR-5 Form depends on whether the taxpayer's accounts need to be audited under the Income-Tax Act and whether they must furnish a report in Form No. 3CEB. Here are the different due dates:

  • When accounts are to be audited under the Income-Tax Act: The due date for filing ITR-5, in this case, is 31st October of the assessment year.
  • When a report in Form No. 3CEB is to be furnished: If the taxpayer is needed to furnish a report in Form No. 3CEB, the due date for filing ITR-5 is 30th November of the assessment year.
  • In other cases (where accounts need not be audited): For taxpayers where accounts do not need to be audited under the Income-Tax Act, the due date for filing ITR-5 is 31st July of the assessment year.

Who Cannot File the ITR-5 Form?

The ITR-5 Form is not meant for the following categories of taxpayers:

  • Individual assesses: Individuals should use the appropriate ITR form based on their sources of income. For example, most individual taxpayers use ITR-1, ITR-2, or other forms as applicable.
  • Hindu Undivided Family (HUF): HUFs must also use the relevant ITR form based on their income sources. Typically, they use ITR-2 or other applicable forms.
  • Company: Companies have their own set of ITR forms, such as ITR-6, for companies other than those claiming exemption under section 11.
  • Taxpayers who using Form ITR-7: Individuals or entities falling under Sections 139(4A), 139(4B), 139(4C), 139(4D), 139(4E), or 139(4F) are required to use Form ITR-7 for filing their income tax returns. These sections cover charitable trusts, political parties, educational institutions, etc.

No Documents Required

It's important to note that there is no requirement to attach documents with the ITR-5 form.

Structure of the ITR-5 Form

The ITR-5 Form is structured into several parts and schedules to facilitate the comprehensive reporting of income, deductions, and tax liability. Below is an overview of the structure of the ITR-5 Form:

Part A: General Information

This section gathers essential information about the taxpayer, such as name, PAN (Permanent Account Number), address, and contact details.

Part A-BS: Balance Sheet

This part is dedicated to reporting the entity's financial position with a balance sheet as of the specified date.

Part A-Manufacturing Account

Here, details related to the manufacturing account for the fiscal year are recorded.

Part A-Trading Account

This section captures information regarding the trading account for the fiscal year.

Part A and L: Profit and Loss Account

Here, you report the profit and loss account for the financial year.

Part A-OI: Other information

This section covers additional financial information relevant to the taxpayer's income.

Part A-QD: Quantitative details

Quantitative details related to various aspects of income are provided here.

Part B

Part B is a pivotal section where taxpayers calculate and report their total income and tax liability.

Schedules

The ITR-5 Form in India encompasses 31 schedules, sections, or categories designed to collect specific details and computations relevant to the taxpayer's income and tax obligations. These schedules cover various aspects, including income from diverse sources, deductions, depreciation calculations, capital gains, and foreign income. Taxpayers are required to complete the relevant schedules based on their financial circumstances to present a comprehensive overview of their income and tax liability when filing their income tax returns. Each schedule serves a distinct purpose in facilitating the organization and reporting of financial information to the Indian Income Tax Department.

Part B – TI: Computation of Total Income

In this section, the taxpayer calculates their total income based on the information provided in the schedules.

Part B – TTI: Computation of Tax Liability on Total Income

This part focuses on determining the tax liability based on the computed total income.

Tax Payments:

This section includes details of payments made towards advance tax and self-assessment tax.

  • It also includes details of tax deducted at source on income other than salary (16A, 16B, 16C).
  • Additionally, it captures details of tax collected at the source.
  • Sequence for Filling Out Parts and Schedules.

The Income Tax Department recommends taxpayers follow the following sequence while filling out the income tax return:

  • Part A
  • Schedules
  • Part B
  • Verification

Why Choose Bmcsindia for ITR-5 Form Filing?

Bmcs is your preferred choice for filing your ITR-5 form, offering a range of benefits that make the process easy, accurate, and hassle-free. Here's why you should choose Bmcs for your ITR-5 filing needs:

Expert Guidance

Our expert team of experienced tax professionals provides expert guidance throughout the filing process. We ensure that your ITR-5 is filed accurately and complies with tax regulations.

Deduction Optimization

Our experts are here to help you optimize deductions, ensuring you make the most of available tax benefits, which, in turn, reduces your overall tax liability.

Review and Verification

Before filing, our dedicated team carefully reviews your ITR-5 form to guarantee its accuracy and completeness. This critical step ensures that your return is free from errors and ready for submission.

Secure Filing

We prioritize the security of your financial data. By using the latest encryption technology, we ensure that your information remains safe throughout the filing process.

Timely Reminders

Bmcsindia offers timely reminders for important tax deadlines, ensuring you're always aware and never miss a filing date.

Post-Filing Support

Our knowledgeable support team is readily available to address any questions or concerns you may have during or after the filing process.

Allow Bmcs to assist you in filing your ITR-5 form, giving you the freedom to focus on your business and financial well-being. Get in touch with us today for expert guidance in meeting your tax obligations, ensuring a seamless filing experience. With Bmcs, you can have confidence that your ITR-5 will be filed accurately and on time, providing peace of mind and ensuring full compliance with tax regulations.

Frequently Asked Questions

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