Expert Assistance for ITR-5 Form Filing

The ITR-5 Form is specifically designed for firms, Limited Liability Partnerships (LLPs), Associations of Persons (AOPs), and Bodies of Individuals (BOIs) that are not required to file returns as companies. This form allows such entities to report their income and taxes to the Indian Income Tax Department efficiently. At Taxation Point India, we provide professional assistance to ensure seamless and accurate ITR-5 filing.

Who is Eligible to File ITR-5?

The following entities can file their income tax returns using ITR-5:

• Firms
• Limited Liability Partnerships (LLPs)
• Association of Persons (AOPs)
• Body of Individuals (BOIs)
• Estate of deceased individuals
• Artificial Juridical Persons (as per Section 2(31)(vii))
• Business trusts and investment funds
• Estate of insolvent individuals
• Cooperative societies
• Local authorities

Note: Entities required to file under Sections 139(4A), 139(4B), 139(4C), or 139(4D) are not eligible to use this form.

Due Dates for Filing ITR-5

• For audited accounts under the Income Tax Act: 31st October of the assessment year.
• If a report in Form No. 3CEB is required: 30th November of the assessment year.
• For non-audit cases: 31st July of the assessment year.

Who Cannot File ITR-5?

• Individual taxpayers (should use ITR-1, ITR-2, or other applicable forms)
• Hindu Undivided Families (HUFs)
• Companies (should use ITR-6 or other relevant forms)
• Entities required to file ITR-7 under Sections 139(4A), 139(4B), 139(4C), 139(4D), 139(4E), or 139(4F)

Documents Required for ITR-5 Filing

ITR-5 filing does not require submission of supporting documents with the form. However, taxpayers should maintain proper records, such as bank statements, invoices, accounting books, TDS/TCS statements, and audit reports, for verification if requested by the Income Tax Department.

Structure of ITR-5 Form

The ITR-5 Form is divided into multiple parts and schedules to comprehensively report income, deductions, and taxes:

• Part A – General Information: Entity details including name, PAN, address, and contact information.
• Part A-BS: Balance Sheet reporting the financial position of the entity.
• Part A-Manufacturing Account: Details of manufacturing operations for the fiscal year.
• Part A-Trading Account: Details of trading activities for the fiscal year.
• Part A and L: Profit and Loss Account for the financial year.
• Part A-OI: Other relevant financial information.
• Part A-QD: Quantitative details as required.
• Part B: Computation of Total Income and Tax Liability.

Schedules in ITR-5

ITR-5 includes 31 schedules covering income from various sources, deductions, depreciation, capital gains, foreign income, taxes paid, TDS, TCS, and other relevant financial information. Taxpayers must complete applicable schedules to provide a comprehensive representation of their income and tax obligations.

Filing Sequence

• Part A – General Information
• Schedules
• Part B – Total Income and Tax Computation
• Verification and Submission

Why Choose Taxation Point India for ITR-5 Filing?

• Expert Guidance: Our professionals ensure accurate filing and verify ITR-5 applicability.
• Deduction Optimization: Maximize available deductions and minimize tax liability.
• Review and Verification: Our team ensures the form is error-free before submission.
• Secure Filing: Advanced encryption ensures the safety of your financial data.
• Timely Reminders: Never miss filing deadlines with our proactive notifications.
• Post-Filing Support: Assistance available for any queries or follow-ups after submission.

✅ File your ITR-5 with Taxation Point India for accurate, timely, and hassle-free compliance.
📞 Contact us today to receive professional assistance at every step.