ITR 5 Form - What is ITR-5 Form, Structure and How to File ITR-5

The Income Tax Department has introduced various forms for different taxpayers. An assessee should choose the appropriate form based on the source of income. One such Income Tax Return (ITR) is ITR 5 Form a specific class of taxpayers, such as a Firm, LLP, AOP, etc. In this article, we will discuss in detail about ITR-5.

What is ITR-5 Form Used for?

The ITR-5 form is used for filing ITR by firms,  LLPs (Limited liability partnership), AOPs (Association of persons) and BOIs (Body of Individuals), AJP (Artificial Juridical Person), Estate of deceased, Estate of insolvent, Business trust and investment fund. Click here to view the latest ITR-5 form from the Income Tax Department.

Who is Eligible to File the ITR-5 Form?

This form can be used by the following persons 

1. Firm
2. Limited Liability Partnership (LLP)
3. Association of Persons (AOP)
4. Body of Individuals (BOI)
5. Artificial Juridical Person (AJP) referred to in clause (vii) of Section 2(31)
6. Local Authority referred to in clause (vi) of Section 2(31)
7. Representative Assessee referred to in Section 160(1)(iii) or (iv)
8. Cooperative Society 
9. Society registered under Societies Registration Act, 1860 or under any other law of any State
10. Trust other than Trusts eligible to file Form ITR-7
11. Estate of Deceased Person
12. Estate of an Insolvent
13. Business Trust referred to in Section 139(4E) 
14. Investments Fund referred to in Section 139(4F)

However, a person who is required to file the return of income under section 139(4A) or 139(4B) or 139(4D) shall not use this form. Not sure which ITR form you need to use? Read our guide for help.

E-filing Audit Reports

In case an assessee who is required to furnish a report of audit under sections 10(23C)(iv), 10(23C)(v), 10(23C)(vi), 10(23C)(via), 10A, 10AA, 12A(1)(b), 44AB, 44DA, 50B, 80-IA, 80-IB, 80-IC, 80-ID, 80JJAA, 80LA, 92E, 115JB or 115VW he shall file the report electronically on or before the date of filing the return of income.

Key Changes in the ITR-5 Form in AY 2025-26

Schedule - Capital Gain Split (Before/After 23rd July 2024)

• Capital gains will now be split based on the Finance Act, 2024, changes that affect gains before and after 23rd July 2024. This will require taxpayers to categorise their gains and calculate tax accordingly.
• The change aims to streamline capital gain reporting by specifying the timeframes impacted by the Finance Act amendments, ensuring clearer tax treatment.

Capital Loss on Share Buyback (After 01.10.2024)

• As per the new provisions, capital losses on share buybacks will be allowed if the corresponding dividend income is reported under "Income from Other Sources." This change applies from 01.10.2024 onwards, adding clarity to the treatment of capital losses related to buybacks.
• Taxpayers must ensure that dividend income is reported correctly to claim the loss under capital gains.

Addition of Section 44BBC (Cruise Business)

• The ITR-3 form has been updated to include the presumptive taxation provisions under Section 44BBC, as introduced in the Budget 2024 for cruise business operators. This section deems 20% of passenger carriage receipts as taxable profits for non-resident cruise operators.
• Including this reference in the ITR-3 form clarifies the reporting requirements for cruise businesses, ensuring they understand the specific tax provisions applicable to their operations and comply more effectively with the new taxation structure.

TDS Section Code Reporting in Schedule-TDS

• A new requirement has been introduced: taxpayers need to report the TDS section code in the Schedule-TDS section of the ITR-3 form. This will enable better tracking of tax deducted at source and simplify the reconciliation process for both taxpayers and tax authorities.

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 2024
• Part A-Manufacturing Account for the financial year 2023-24
• Part A-Trading Account for the financial year 2023-24
• Part A-P and L: Profit and Loss Account for the financial year 2023-24
• Part A-OI: Other information
• Part A-QD: Quantitative details
• Part B

There are 40 schedules details of which are as under:

• Schedule-HP: Computation of income under the head Income from House Property
• Schedule-BP: Computation of income under the head “profit and gains from business or profession”
• Schedule-DPM: Computation of depreciation on plant and machinery under the Income Tax Act
• Schedule DOA: Computation of depreciation on other assets under the Income Tax Act
• Schedule DEP: Summary of depreciation on all the assets under the Income-tax Act
• Schedule DCG: Computation of deemed capital gains on sale of depreciable assets
• Schedule ESR: Deduction under section 35 (expenditure on scientific research)
• Schedule-CG: Computation of income under the head Capital gains.
• Schedule 112A: Sale of equity shares in a company or unit of equity-oriented fund on which STT is paid under Section 112A
• Schedule VDA - Income from transfer of Virtual Digital Assets
• Schedule-OS: Computation of income under the head Income from other sources.
• Schedule-CYLA: Statement of income after set off of current year’s losses
• Schedule-BFLA: Statement of income after set off of unabsorbed loss brought forward from earlier years.
• Schedule- CFL: Statement of losses to be carried forward to future years.
• Schedule - UD: Unabsorbed Depreciation
• Schedule ICDS: Effect of income computation disclosure standards on profit
• Schedule- 10AA: Computation of deduction under section 10AA
• Schedule- 80G: Details of donation entitled for deduction under section 80G
• Schedule- 80GGA: Details of donation for scientific research or rural development
• Schedule 80GGC: Details of contributions made to political parties
• Schedule 80IAC: Deduction in respect of eligible start-up
• Schedule 80LA: Deduction in respect of offshore banking unit or IFSC
• Schedule- RA: Details of donations to research associations etc.
• Schedule- 80IA: Computation of deduction under section 80IA
• Schedule- 80IB: Computation of deduction under section 80IB
• Schedule- 80IC/ 80-IE: Computation of deduction under section 80IC/ 80-IE.
• Schedule 80P: Deductions under section 80P
• Schedule-VIA: Statement of deductions (from total income) under Chapter VIA.
• Schedule –AMT: Computation of Alternate Minimum Tax payable under section 115JC
• Schedule AMTC: Computation of tax credit under section 115JD
• Schedule-SI: Statement of income which is chargeable to tax at special rates
• Schedule IF: Information regarding partnership firms in which you are partner
• Schedule-EI: Statement of Income not included in total income (exempt incomes)
• Schedule PTI: Pass Through Income details from business trust or investment fund as per section 115UA, 115UB
• Schedule TPSA: Secondary adjustment to transfer price as per section 92CE(2A)
• Schedule 115TD: Accreted Income under section 115TD
• Schedule FSI: Details of Income from outside India and tax relief
• Schedule TR: Details Summary of tax relief claimed for taxes paid outside India
• Schedule FA: Details of Foreign Assets and Income from any source outside India
• Schedule GST: Information regarding turnover/gross receipt reported for GST
• Part B – TI: Computation of total income
• Part B – TTI: Computation of tax liability on total income
• Tax payments:
  1. Details of payment of advance tax and tax on self-assessment tax 
  2. Details of tax deducted at source on income other than salary (16A, 16B, 16C) 
  3. Details of collected at source

Sequence for filling out parts and schedules The Income Tax Department recommends assesses to follow the sequence mentioned below while filling out the income tax return.

• Part A
• Schedules
• Part B
• Verification

How Do I File My ITR-5 Form?

This return form has to be filed online with the Income Tax Department on e-Filing portal in the following ways:

• by furnishing the return electronically under digital signature
• by transmitting the data in the return electronically and thereafter submitting the verification of the return in Return Form ITR-V

When the return is filed online, the assessee should print out two copies of ITR-V Form. One copy of ITR-V, duly signed by the assessee, has to be sent by ordinary post to Post Bag No. 1, Electronic City Office, Bengaluru–560500 (Karnataka). 

The other copy may be retained by the assessee for his record. A firm whose accounts are liable to audit under section 44AB must compulsorily furnish the return electronically under digital signature.

It can also be filed offline by furnishing the Form 5 in a paper form or by furnishing the bar-coded return. When it is filed on paper an acknowledgment slip is paired along with the return that is to be filed.

No annexure required

No document (including TDS certificate) should be attached with this return form while filing ITR-5. All such documents enclosed with this Return Form will be detached and returned to the person filing the return. Taxpayers are advised to match the taxes deducted/collected/paid by or on behalf of them with their Tax Credit Statement Form 26AS.

Due Date for Filing ITR-5 Form

• When accounts are to be audited under the Income-Tax Act - 31 October of the assessment year
• When report in Form No. 3CEB is to be furnished - 30 November of the assessment year
• In other cases (where accounts need not be audited) - 15 September 2025 (For FY 2024-25) of the assessment year

Who Cannot File the ITR-5 Form?

• Individual assesses
• Hindu Undivided Family (HUF)
• Company
• Taxpayers who must file tax returns in Form ITR-7, under Sections 139(4A), 139(4B), 139(4C), 139(4D), 139(4E) or 139(4F)

How to Fill out the Verification Document?

• Fill up the required information in the verification document.
• Strike out whatever is not applicable. Please ensure that the verification has been signed before furnishing the return.
• Choose the designation/capacity of the person signing the return.
• Please note that any person making a false statement in the return or the accompanying schedules shall be liable to be prosecuted under section 277 of the Income-tax Act, 1961 and on conviction be punishable under that section with rigorous imprisonment and with fine.

Key Changes in the ITR-5 Form in AY 2024-25

• Provide the acknowledgement number for the Audit Report and UDIN 
• Show the sum subjected to be paid to MSME beyond the mentioned time limit 
• Comprehensive data related to the utilisation of capital gains accounts scheme 
• Under Schedule 80GGC, the information for the contribution to political parties is sought in detail.  
• Schedule OS included the declaration of bonus payment under LIC policies, receipt information of dividends from IFSC units 
• Startups under Section 80-IAC- The schedule asks for the information date of incorporation, nature of business, certificate number obtained from Inter-Ministerial Board, First AY - when deduction claimed, and amount of deduction availed for current AY 
• MSME particulars are needed, such as registration status and registration number as allotted MSME 

How do you send your ITR-V to the CPC Office

We have a guide to help you print and send your ITR-V to the CPC office.  Read our Guide →

Also read about:
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2. How to file ITR Online
3. How to file ITR-1 (SAHAJ) Online
3. What is ITR 2 Form & How to File ITR-2
4. What is ITR 3 Form & How to File ITR-3 
5. Who and How to File ITR 4 
6. ITR 6
7. How to File and Download ITR-7 Form
8. ITR 3 vs ITR 4
9. ITR 1 vs ITR 4
10. How to File ITR-2 for Income from Capital Gains FY 2022-23