ITR-5 Form - What is ITR-5 Form, Eligibility and Structure

• Web Online CA 457

Filing income tax return is not easy unless you have complete knowledge about it. Many people think that filing ITR is the same for everyone, but it is not so. It is mandatory for all taxpayers to know which itr form is relevant to your source of income. here are 7 types of income tax return forms, in this blog you will know what is ITR-5 form and who is eligible to file it.

What is ITR-5 Form?

ITR-5 form issued by the Income Tax Department is used to file income tax returns by entities like Firms, LLP (Limited Liability Partnership), Association of Persons (AOP), Body of Individuals (BOI), Artificial Juridical Persons. , (AJP), estates of deceased persons, estates of insolvent persons, business trusts and investment funds.

Eligibility to file ITR-5 form

Here is the list of entities eligible to file ITR-5 form:

Firms

Limited Liability Partnership (LLP)

Association of Persons (AOP)

Body of Individuals (BOI)

Artificial Juridical Persons (AJP)

Estates of deceased

Estates of insolvent

Business trusts

Local authority

An artificial juridical person mentioned in section 2(31)(vii)

Co-Operative Societies

Who is not eligible to file ITR-5 form?

Here is the list of entities that are not eligible to file ITR-5 form:

Hindu Undivided Family (HUF)

Company

Taxpayers Who required to file tax returns using Form ITR-7 under Sections 139(4A), 139(4B), 139(4C), 139(4D), 139(4E), or 139(4F) cannot file ITR-5 form. 

Individual assesses

Structure of ITR-5 Form

The structure of the ITR-5 form is organized into several parts and schedules.

Part A : General Information

Part A-BS : Balance Sheet

Part A-PL : Profit and Loss Account

Part A-OI : Other Information

Part A-QD : Quantitative Details

Part B-TI : Computation of Total Income

Part B-TTI : Computation of Tax Liability on Total Income.

The main schedules in ITR 5 form include:

Schedule HP : Details of Income from House Property.

Schedule BP : Computation of Income from Business or Profession.

Schedule DPM : Depreciation on plant and machinery as per Income Tax Act.

Schedule DOA : Depreciation on Other Assets as per Income Tax Act.

Schedule DCG : Depreciation on all assets under Income Tax Act.

Schedule CG : Computation, under the head Capital gains.

Schedule-OS : Computation of earnings under the category Income from other sources.