A comprehensive guide to understanding the ITR-5 Form
This income tax return is meant for firms, LLPs, AOPs (Association of persons) and BOIs (Body of Individuals), Artificial Juridical Person (AJP), 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.
From AY 2013-14 onwards 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.
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This form can be used a person being a firm, LLPs, AOP, BOI, artificial juridical person referred to in section 2(31)(vii),estate of deceased, estate of insolvent, business trust and investment fund, cooperative society and local authority.
However, a person who is required to file the return of income under section 139(4A) or 139(4B) or 139(4C) or 139(4D) shall not use this form.
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The key changes in the ITR-6 Form in AY 2020-21 are summarised below:
1. In the details of investments in unlisted equity shares, the name, type of company, PAN, movement in the quantity and investment throughout the financial year should be provided.
2. A separate schedule 112A for the calculation of the long-term capital gains on the sale of equity shares or units of a business trust which are liable to STT.
3. The details of tax on secondary adjustments to transfer price under section 92CE(2A).
4. The details of tax deduction claims for investments or payments or expenditure made between 1 April 2020 until 30 June 2020.
The key changes in the ITR-6 Form in AY 2019-20 are summarised below:
1.Details of recognition as a start-up by DPIIT.
2.Details of declaration filed in Form-2.
3.Information about partnership firms in which you are partner.
4.Bifurcation of donations into cash and non-cash mode of payment.
5.Information on turnover/gross receipt reported for GST.
The Form has been divided into two parts and several schedules:
There are 31 schedules details of which are as under:
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.
This return form has to be filed online with the Income Tax Department in the following ways:
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.
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.
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.
We have a guide to help you print and send your ITR-V to the CPC office.