ITR-5 Return Filing
ITR-5 Return Filing
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ITR 5 Form 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.

This article is a comprehensive guide you can refer to while filing the Income Tax returns in Form 5.

Who is eligible to file ITR 5 Form?

ITR 5 can be filed by the following people :
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)
Co-operative 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.

Instructions to be followed while ITR 5 Form

If the schedule is not applicable, Not Applicable has to be mentioned.
If the item is inappropriate write “NA” against the item.
The “Nil” stands for nil figures which identify the figures of zero value.
For a negative figure denote it with "-" before the figure other than which is provided in the Form.
All the figures are denoted in the round-off manner to the nearest one rupee.
Similarly, the figures for the total income and the payable tax should be rounded off to the nearest multiple of ten rupees.

How to File ITR 5 Form?

The ITR 5 Form can be filed with the Income Tax Department either online or offline.

Offline Filing: The Form can be filed offline by furnishing the return in a paper form or by furnishing the bar-coded return. When the return is filed on paper an acknowledgment slip is paired along with the return form that is to be filed properly

Online Filing: ITR 5 Form can be filed online by furnishing the return electronically using the Digital Signature Certificate.

Documents Required For ITR-5 Return Filing

Monthly purchase bill
Monthly sales bill
Sales return details
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