ITR-5 Return Filing

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About ITR-5 Return Filing

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. 

Who is eligible to file ITR 5 Form?

  • A firm
  • A Limited Liability Partnership
  • Association of Persons
  • Body of Individuals
  • Artificial Judicial Persons that are referred to in Section 2 (31) (vii)
  • The local authority that is referred to in Section 160(1) (ii) or 160 (1) (iv)
  • Cooperative Society
  • 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)

Who is not eligible to file Form ITR 5?

An individual who has to file income tax returns under the Section 139 (4A) or 139 (4D) cannot file ITR 5 Form.

Documents Required For ITR-5 Return Filing

  • Monthly Sales Bill

  • Monthly Purchase Bill

  • Sales Return Details
  • Purchase Return Details
  • Tax Paid Challans for GST
  • From 26AS
  • Day to day Administration expenses and General expenses details
  • Rental Agreement (if applicable)
  • Fixed Assets Invoice Copy (if Applicable)
  • Investment details made by Cash
  • Investment details made through Bank
  • Proof of Source of Cash In-flow and Cash Out-flow
  • Loan details from Bank or Third Party
  • Outstanding receivables and payables
  • Company’s Pan and two DSCs
  • Details of Bank used for business transactions (Acct No, IFSC Code)
  • Statement from Bank used for business transactions
  • Break-up of statement from Bank used for business transactions

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ITR-5 Return Filing FAQ's

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.

 
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.

 

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