ITR FOR BUSINESS INCOME
BASIC PLAN
ELIGIBILITY FOR ITR-5 FORM
ITR-5 can be filed by persons being a –
o Firm,
o Limited Limited Liability Partnership (LLP),
o Association of Persons (AOP),
o Body of Individuals (BOI),
o Artificial Juridical Person (AJP) referred to in clause (vii) of section 2(31), etc.
Get Free Expert Consultation: Submit Your Details
Affordable Pricing Options: Find the Perfect Plan for Your Needs
FILE ITR-5 FORM FOR:
» Partnership Firm/ LLP.
» Preparation of:
- Balance sheet.
- Profit and Loss statement.
» Income Tax Return Filing.
Rs 2,499/-
ITR FOR BUSINESS INCOME
STANDARD PLAN
FILE ITR-5 FORM FOR:
» Partnership Firm/ LLP.
» Preparation of:
- Balance sheet.
- Profit and Loss statement.
» Income Tax Return Filing.
Rs 4,999/-
ITR FOR BUSINESS INCOME
PREMIUM PLAN
FILE ITR-5 FORM FOR:
» Partnership Firm/ LLP.
» Preparation of:
- Balance sheet.
- Profit and Loss statement.
» Income Tax Return Filing.
Rs 7,499/-
Get Free Expert Consultation: Submit Your Details
File ITR-5 Form Online
ELIGIBILITY FOR ITR-5 FORM
ITR-5 Form can be filed by the following peoples:
- A Firm.
- A Limited Liability Partnership.
- Association of Persons.
- Body of Individuals.
- Artificial Judicial Persons that are referred to in Section 2 (31) (vii).
- The local authority that is referred to in Section 160(1) (ii) or 160 (1) (iv).
- Cooperative Society.
- Societies that are registered under Societies Registration Act, 1860 or under any state law trust ( except the trusts that are eligible for ITR 7 Form Filing).
- Estate of the deceased person.
- Business trust referred to in Section 139 (4E).
- Investment fund referred to in Section 139 (4F).
WHO IS NOT ELIGIBLE TO FILE ITR-5 Form?
- Individual assesses
- Hindu Undivided Family (HUF)
- Company
- Taxpayers who must file tax returns in Form ITR-7, under Sections 139(4A), 139(4B), 139(4C), 139(4D), 139(4E) or 139(4F).
DOCUMENTS REQUIRED TO FILE ITR-5 FORM
- Monthly Purchase Bill.
- Monthly Sales Bill.
- Sales Return Details.
- Purchase Return Details.
- Tax Paid Challans for GST.
- From 26AS.
- Day to day Administration expenses and General expenses details.
- Rental Agreement (if applicable).
- Fixed Assets Invoice Copy (if Applicable).
- Investment details made by Cash.
- Investment details made through Bank.
- Proof of Source of Cash In-flow and Cash Out-flow.
- Loan details from Bank or Third Party
INSTRUCTIONS FOR FILING ITR-5 FORM
» If the schedule is not applicable, Not Applicable has to be mentioned.
» If the item is inappropriate write “NA” against the item.
» The “Nil” stands for nil figures which identify the figures of zero value.
» For a negative figure denote it with “-” before the figure other than which is provided in the Form.
» All the figures are denoted in the round-off manner to the nearest one rupee.
» Similarly, the figures for the total income and the payable tax should be rounded off to the nearest multiple of ten rupees.
PROCEDURE FOR FILING ITR-5 FORM
Filing ITR 5 Form Online.
1. Visit the Income Tax Department’s official e-filing portal – www.eportal.incometax.gov.in
2. Electronically transfer the data in the return form.
3. Include your digital signature for electronic verification.
4. If you cannot verify electronically, print out two copies of the ITR-V Form.
5. Sign and send one copy to Post Bag No. 1, Electronic City Office, Bengaluru–560500 (Karnataka) for verification.
6. Retain another copy for your ITR record.
Filing ITR Form 5 Offline.
1. Submit the bar-coded return.
2. Submit a physical paper form against an acknowledgement issued by the Income Tax Department.
STRUCTURE OF ITR-5 FORM
The ITR 5 Form is divided into two parts—Part A and Part B.
Part A:
You need to provide following details which include:
» General information.
» Balance sheet details on the last day of the financial year.
» Manufacturing account details for the financial year.
» Trading account details for the financial year.
» Profit and Loss account information for the financial year, and other information.
Part B:
You are required to furnish details of the following:
» Computation of your total income.
» Calculation of tax liability on your total earnings.
Apart from the aforementioned information, the ITR 5 Form also contains details about important aspects of the business. Some key schedules include:
» Schedule HP – Information about any earnings from house property.
» Schedule CG – Details about any capital gains.
» Schedule BP – Information regarding the calculation of income from business.
» Schedule DCG – Details about any capital gains earned by selling a depreciable asset.
» Schedule DOA – Information about the depreciation of assets.
» Schedule DPM – Details about the depreciation of machinery and/or plant
FREQUENTLY ASKED QUESTION - FAQ.
What is ITR-5?
ITR-5 Form is for firms LLPs, AOPs, BOIs, AJPs, estates of deceased, the estate of insolvent, business trust, and the investment fund.
Is ITR-5 an Annexure less Form?
- ITR-5 Form is an annexure-less form and it should be attached with the return form while filing ITR-5.
- All the documents that are enclosed with this Form will be detached and returned to the person that is filing the returns.
- The taxpayers are advised to match the taxes that are deducted/ collected /paid by or on behalf of them with their Tax Credit Statement Form 26AS.
How to fill the verification document?
- Fill up the required information in the verification document.
- It is necessary to strike out whatever is not applicable. Please ensure that the verification has been signed before furnishing the return.
- Choose the designation or the capacity of the person who is signing the return.
- Any person making a false statement in the return or the accompanying schedules will be liable to be prosecuted under Section 277 of the Income Tax Act,1961, and on Conviction, it is punishable under that section with rigorous imprisonment and with fine.
Is the balance sheet mandatory for ITR-5 filing?
- The reported figures of the balance sheet should match with the audited balance sheet in case the account was required to be audited.
- Any other activity that is not being accounted for in the book of accounts need not be included in the balance sheet.
CHOOSE