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What is ITR 5 Form? A Detailed Guide on How to File ITR

Filing your Income Tax* Returns (ITR) can be stressful if you don't understand its basics. Many first-time taxpayers believe that submitting a tax return is the same for everyone, regardless of whether they are individuals, Limited Liability Partnerships (LLPs), or Hindu Undivided Families (HUFs). But the fact is quite different. There are different types of ITR forms for different types of entities. And one such form is income tax ITR 5

Let's take a comprehensive look at this form.

Who Can File ITR 5?

ITR 5 income tax return form is suitable for specific classes. The following types of taxpayers fall into this category:

  • Firms
  • Limited Liability Partnerships
  • Association of Persons
  • Body of Individuals
  • Artificial Juridical Person, whose reference is in section 2(31)(vii)
  • Co-operative society

In addition to the above, business trusts, insolvent/deceased estates, local authorities, and investment funds must file their tax* returns using ITR 5.

ITR 5 Form in AY 2022-23

  • Provide accurate information about your unlisted equity stock investment. Do include the company's name and business nature, your PAN information, and investment movement for the financial year.
  • Section 92CE(2A) requires the detailing of tax* on secondary adjustments to transfer price.
  • You must furnish the details of tax* benefits on certain investments and payments made between 1st April 2022 and 30th June 2022. One of these investments is life cover insurance. Our plans have customisable, comprehensive solutions for every policyholder's benefit to ensure maximum protection and enhanced financial assistance with tax* benefits.

Components of ITR Form 5 

 

There are two parts (Part A & B) and 31 schedules in the form, as given below:

Part A details:

  • Part A: This section requires general information, such as personal and business partner information, business type, audit details, and so on.

  • Part A-BS: This section requires your balance sheet information.

  • Part A-Manufacturing Account: You must share details of your manufacturing account.

  • Part A-Trading Account: You must disclose information about your trading account.

  • Part A-P&L: Share details regarding your entity's profit and loss statement.

  • Part A-OI:  Mention any other essential information.

  • Part A-QD: Share quantitative details of your entity.

List of schedules of ITR 5

  • Schedule HP: Any income from a house property should be included in this section.

  • Schedule BP: Information about your business or profession's earnings.

  • Schedule DPM: Details of plant and machinery depreciation.

  • Schedule DOA: Details of depreciation of assets other than plant & machinery.

  • Schedule DCG: Any capital gains earned from the sale of depreciable assets.

  • Schedule ESR: Scientific or research expenses that are subject to deduction under Section 35, 35CC, or 35CCD of the IT (Income Tax) Act of 1961.

  • Schedule CG: Details of any short and long-term capital gains.

  • Schedule OS: Mention any income earned from other sources.

  • Schedule CYLA: Details of income after deducting the current year's losses.

  • Schedule BFLA: Details of income after carrying forward the previous year's losses.

  • Schedule CFL: Details of losses that have been carried forward.

  • Schedule UD: Information on unabsorbed depreciation, classified under Section 35(4).

  • Schedule ICDS: Here, you need to mention income computation disclosure standards' impact on your profit.

  • Schedule 80G: Donations eligible for deduction under section 80G.

  • Schedule 80GGA: Donations made towards scientific research or rural development.

  • Schedule RA: Research associations that qualify for deduction under Section 35 (2AA), Section 35 (I)(ii), Section 35 (1) (iia), or Section 35 (1)(iii).

  • Schedule 10AA/ 80-IA/ 80-IB/ 80-IC/ 80-IE/ 80P/ VI-A: Any deductions that fall under the list of sections/chapters suffixed above.

  • Schedule AMT: Amount payable under section 115JD

  • Schedule AMTC: You must mention the tax credit details available under section 115JD in this schedule.

  • Schedule SI: Specific taxes that qualify for a special rate.

  • Schedule IF: Details related to the partnership firm in which you are a partner.

  • Schedule EI: Mention details of exempted income.

  • Schedule PTI: Details of income that fall under sections 115UA and 115UB.

  • Schedule TPSA: Details of taxation that fall under Section 92CE (2A).

  • Schedule FSI: Income that you have earned from outside India.

  • Schedule TR: Mention any tax relief you are looking for on income on which taxes have already been paid abroad.

  • Schedule FA: Income from your assets abroad.

  • Schedule GST: Details about the turnover that is reported on the GST return.

  • Schedule DI: Investment details 

Part B details:

  • Part B- TI: Total income.

  • Part B- TTI: Total tax payable on your entire income.

 

Submitting a Return Using Income Tax e-filing ITR 5

The IT department allows taxpayers to submit their ITR 5 form online or offline. Here are the steps for the same:

  • Visit the official income tax e-filing portal.
  • Transfer your data electronically in the return form.
  • Share your digital signature for electronic verification.

If you are experiencing difficulty validating your data electronically, you can print two ITR 5 copies. Keep one copy for yourself and mail the other.

If you want to fill offline ITR 5, you can do so by filing a bar-coded return. After you have submitted your return, you will receive an acknowledgement receipt from the IT Department, which you must keep for future reference.

How to Complete the Verification Form?

  • Share all the essential details required on the verification form.
  • Strikeout/ choose N/A for the columns and schedules that are not applicable. 
  • Before submitting the return, make sure the verification form is duly signed.
  • Choose the designation of the return form's signatory.
  • Make sure that all of the information is correct. Sharing incorrect details will attract a penalty/ imprisonment under section 277 of the IT Act. 

Key Points to Consider:

  • When filing ITR 5, you must follow the steps in the correct order. Part A - Schedules - Part B - Part C – Verification will be the sequence of the filing.
  • If your firm is subject to audit under section 44AB, e-filing under digital signature is mandatory for you. 
  • You don't need to attach any document supporting deduction, exemption, etc. Simply match the details by yourself with a tax credit statement Form 26AS.

Who is Not Eligible for ITR 5?

ITR 5 does not apply to the individual assesses, HUFs, or to the taxpayers who file ITR 7. In addition, individuals who file a return under sections 139(4A), 139(4B), 139(4C), or 139(4D) cannot utilise this form. 

Conclusion

Now that you have all the information regarding ITR 5 form, it is essential that you remember this while you file your ITR. It is also important to know any tax* deductions and benefits that you can avail of at the time of filing your ITR.

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Tata AIA Life Insurance

A joint venture between Tata Sons Pvt. Ltd. and AIA Group Ltd. (AIA),  Tata AIA Life Insurance  is one of the leading life insurance providers in India. We post everything you need to know about life insurance, tax savings and a variety of lateral topics such as savings and investments in this space. You can access and read a host of different blogs, articles and pages at the Tata AIA Life Insurance Knowledge Center or get in touch with us with any queries or questions!

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Disclaimer

  • Insurance cover is available under the product.
  •  The products are underwritten by Tata AIA Life Insurance Company Ltd.
  • The plans are not a guaranteed issuance plan, and it will be subject to Company’s underwriting and acceptance.
  • For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale.
  • This blog is for information and illustrative purposes only and does not purport to any financial or investment services and do not offer or form part of any offer or recommendation. The information is not and should not be regarded as investment advice or as a recommendation regarding any particular security or course of action.
  • Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document issued by the insurance company.
  • Every effort is made to ensure that all information contained in this blog is accurate at the date of publication, however, the Tata AIA Life shall not have any liability for any damages of any kind (including but not limited to errors and omissions) whatsoever relating to this material.
  • *Income tax benefits would be available as per the prevailing income tax laws, subject to fulfilment of conditions stipulated therein. Income tax laws are subject to change from time to time. Tata AIA Life Insurance Company Ltd. does not assume responsibility on tax implications mentioned anywhere in this document. Please consult your own tax consultant to know the tax benefits available to you.