ITR-5 Return Filing

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Income tax return filing for a taxpayer with taxable income of more than Rs.10 lakhs.

All inclusive price

Income tax return filing for a taxpayer with taxable income of more than Rs.25 lakhs.

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Income tax returns are made based on an individual’s income in the financial year and also it focuses on the organization it falls under. This is an annexure-less form, while filing ITR 5 it should be attached to the return form. Documents that are confined to the form will be separated and given back to the taxpayer. He/she is advised to meet the taxes that have been deducted, collected, paid by, or on behalf of them with the Tax Credit Statement Form 26AS. Association of Persons, Limited Liability Partnerships, Body of Individuals, Estates of the deceased, Artificial judicial person, business trust, estates of the insolvent, business trust, and investment fund are the ones asked to file ITR 5.

Points to note:

  1. In the schedule, “Not Applicable” has to be mentioned if it’s not applicable.
  2. “NA” against the inappropriate item.
  3. “Nil” to represent the zero value.
  4. Preceding with a “- “sign to denote the negative value.
  5. Figures are rounded to the value of the nearest one rupee.
  6. To represent the payable tax or total income, it should be rounded to the nearest multiple of ten.

Body of ITR 5

  1. Part A-GEN- General information
  2. Part A-BS- Balance sheet as on the last day of the previous year
  3. Part A – Manufacturing Account- Manufacturing Account for the previous financial year
  4. Part A – Trading Account- Trading Account for the previous financial year
  5. Part A – P&L- Profit and Loss for the previous financial year
  6. Part A – OI- Other Information (this is optional in case the assessee is not liable for audit under Section 44AB)
  7. Part A – QD- Quantitative Details (this is optional in case the assessee is not liable for audit under Section 44AB)
  8. Schedule- HP- Income computation under the head House Property
  9. Schedule – BP- Income computation under the head – Business or Profession
  10. Schedule DPM- Computing depreciation on Plant & Machinery under the Income Tax Act
  11. Schedule DOA- Computation of Depreciation on other assets as per the Income Tax Act
  12. Schedule DEP- Summary of depreciation on all assets as per the Income Tax Act
  13. Schedule DCG- A computing of deemed capital gains on the sale of depreciable assets
  14. Schedule ESR- Making deduction under Section 35
  15. Schedule- CG- Computing income under the head Capital Gains
  16. Schedule- OS- Computing income under the heading Income from other sources
  17. Schedule CYLA- Income statement after setting-off losses for the current year
  18. Schedule BFLA- Income statement after setting off the unabsorbed losses of the previous year(s)
  19. Schedule CFL- Statement of losses which is to be carried forward to the future years
  20. Schedule UD- Statement regarding unabsorbed depreciation
  21. Schedule ICDS
  22. Schedule 10AA- Computing the deduction under Section 10AA
  23. Schedule 80G- Statement about donations which are entitled to deduction under Section 80G
  24. Schedule RA- Statement of donations made to research associations etc. which are entitled to deduction under Sections 35(1)(ii), 35 (1)( iia ), 35(1)(iii) or 35(2AA)
  25. Schedule 80IA- Computing deduction to be made under Section 80IA
  26. Schedule 80IB- Computing deduction under Section 80IB
  27. Schedule 80IC/80IE- Computing deduction under Section 80IC/80IE
  28. Schedule 80P- Deductions under Section 80P
  29. Schedule VIA- Deductions statement under Chapter VIA
  30. Schedule AMT- Computing Alternate Minimum Tax under Section 115JC of the Income Tax Act
  31. Schedule AMTC- Calculation of tax credit under Section 115JD
  32. Schedule SPI- Statement of income that arises to minor child/spouse/son’s wife or any other person or AOP that is to be included in the income of the assessee in Schedules HP, CG, OS
  33. Schedule SI- Statement of income which is subject to chargeability at special tax rates
  34. Schedule IF- Details of partnership firms in which assessee is a partner
  35. Schedule EI- Exempt Income Details
  36. Schedule PTI- Details of pass-through income from an investment fund or business trust under Section 115UA, 115UB
  37. Schedule FSI- Details of income that accrues or arises out of India
  38. Schedule TR- Details of any taxes that have been paid outside India
  39. Schedule FA- Details of any Foreign assets or income from a source outside India
  40. Schedule GST- Details of turnover/gross receipts reported for GST
  41. Part B-TI- Summary of total income and tax computation based on the income that is chargeable to tax
  42. Part B – TTI- Computing the tax liability on total income
  43. Tax Payments- Advance Tax, Tax Deducted at Source and Self-assessment tax

You are eligible if:

  1. A firm
  2. A Limited Liability Partnership
  3. Association of Persons
  4. Body of Individuals
  5. Artificial Judicial Persons that are referred under Section 2 (31) (vii)
  6. The local authority that is referred to under Section 160(1) (ii) or 160 (1) (iv)
  7. Cooperative Society
  8. Registrations made by the societies under the Societies Registration Act, 1860 or under any state law trust (this doesn’t include the trusts that are eligible for ITR 7 Form Filing)
  9. Estate of the deceased person
  10. Business trust referred under Section 139 (4E)
  11. Investment fund referred under Section 139 (4F)

You aren’t eligible if:

ITR 5 form cannot be filed by an individual who has to file income tax returns under the Section 139 (4A) or 139 (4D) cannot file ITR 5 Form.

To fill the verification document

  1. Very basic to strike out the unapplicable, it should be signed before processing.
  2. The designation or the position of the person signing should be chosen.
  3. Under Section 277, of the Income Tax Act,1961, an individual is punishable for making a false statement in the return filing with strict imprisonment and fine.

Steps to file

The procedure can be either offline or online. The due date to file ITR 5 for the AY 21-22 is the 31rst of July 2021 and the 31rst of October 2021.

It is done in the physical paper format, by the bar-coded return. After the process, an acknowledgment will be shared which in turn should be attached with the form for submission.

The return can be filed using the Digital Signature Certificate.
Or this can be done electronically by submitting the return verification in the ITR V form.
The taxpayer should take the copies of the ITR V form, one to be kept with themselves as a record and other copy should be sent to the address;

Post Bag No. 1,
Electronic City Office,
(Karnataka). via ordinary post.
Under section 4AB, it is mandatory to file the return electronically using the Digital Signature Certificate of the accounts responsible for the audit.

What is the Price I Need to Pay for ITR-5 Return Filing?



all inclusive fees

Income tax return filing for a taxpayer with taxable income of more than Rs.10 lakhs.



all inclusive fees

Income tax return filing for a taxpayer with taxable income of more than Rs.25 lakhs.

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