It’s a category specific income tax return form and applicable to the certain category of taxpayers only. This page describes the use of ITR-V form including filing instructions and related terminologies. This is a comprehensive guideline for filing and uses this form.
This form is used by the firms, LLPs, Association of persons (AOPs), Body of Individuals (BOIs), Cooperative Societies, Artificial Judicial Persons, and Local Authorities. But the taxpayer who falls under the category described in Sections 139(4A), 139(4B), 139(4C), or 139(4D) do not need to use this form to file income tax return.
Those who need to file audit reports 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, must file it online before the filing date of ITR form.
Any person who owns a firm or LLPs or are a person of OP, BOI, co-operative society, local authority and the artificial juridical person described in section 2(31)(vii) can use this form to file income tax return.
ITR-5 form is divided into two parts and 30 schedules
The parts are:
The 30 schedules are:
Filling Sequence for parts and schedules
The best sequence for filing ITR as recommended by the Income Tax Department is:
Filling instructions for ITR-5:
ITR-5 can be filed through online and offline mode according to your choice.
In the case of physical filing, an acknowledgment will be issued to you in paper form at the time of submitting ITR-4.
Two copies of the ITR-V should be printed and one need to be signed accordingly and sent to the CPC office in Bangalore. You must keep the other one for records.
No Annexures Required
ITR-5 requires no document to be attached with it while submitting it online or offline mode. The income tax department advises the taxpayers to cross-check all the details with their Tax Credit Statement Form 26A.