ITR-5 Return Filing

How’s the ITR 5 Form’s Structure

There are multiple schedules and two portions to the ITR 5 form:

• Part A: Provides background information
• The balance sheet of the present year is part of Part A.
• Trading Account for present FY, Part A
• Manufacturing Account for FY , Part A
• Part A – P&L: Present FY Profit and Loss Account
• Quantitative information is in Part A.
• OI: Other Information (Part A)

Below are the 31 schedules included with these parts:

• Schedule HP: Income calculation for the primary source of income, real estate.
• Schedule DPM: Calculation of depreciation for machinery and plant under the Income Tax Act.
• Income calculations in Schedule BP’s “profit and gains from business or profession” section.
• Schedule DOA: The Income Tax Act’s computation of depreciation over other assets.
• Schedule DCG: Calculating deemed capital gains upon the sale of depreciable property.
• Schedule DEP: A depreciation summary for all assets following the Income Tax Act.
• ESR Schedule: Section 35 deduction (expenditure over scientific research).
• Schedule OS: The income calculation under the heading “other sources of income.”
• Schedule CG: The computation of income under the heading of revenue for capital gains.
• Schedule CYLA: The income statement after deducting all current-year losses.
• Schedule CFL: The declaration of losses carried forward to subsequent years.
• Schedule BFLA: The income statement after deducting all carried-over unabsorbed losses from prior years.
• Unabsorbed depreciation is shown on Schedule UD.
• Schedule 10AA: Calculation of the deduction under 10AA
• Schedule ICDS: Effect of profit over income computation disclosure standards.
• Schedule 80G: According to section 80G of the IT Act, this schedule contains information about donations that are eligible for deductions.
• Schedule RA: Research associations, etc., received information regarding donations.
• Schedule 80GGA: Information about donations made towards scientific or rural development.
• Calculation of deductions under Schedule 80IA.
• Calculation of deductions under Schedule 80IB.
• Schedule 80P: A list of all the deductions covered by 80P.
• Calculation of deductions under Schedules 80IE or 80IC.
• Schedule VIA: Statement of deductions from gross income following Chapter VIA.
• Tax credit computation according to Schedule 115JD.
• Schedule AMT: Calculation of the alternative minimum tax due under Section 115JC.
• Statement of Income Chargeable for Tax at a Special Price, Schedule SI.
• Schedule EI: Statement of Exempt Income, or Income Not Included in Total Income.
• Schedule IF: A list of all the details of partnerships that an individual is a partner.
• Schedule PTI: Information on Pass-Through Income from a Business Trust or Investment Fund under Sections 115UB and 115UA.
• Schedule TR: A thorough breakdown of the tax relief claims made for taxes paid outside India.
• Schedule ESI: Information on income from sources outside of India and all tax breaks.
• Schedule GST: Details about the reported gross receipts and turnover for GST.
• Schedule FA: Information on foreign assets and earnings from any source derived outside of India
• Calculating the total income tax owed is covered in Part B.
• Calculating total revenue is covered in Part B.
• Tax Payments: Information on self-assessment and advance tax payments.
• Information gathered at the source.
• Information on tax deductions made at the source on other types of income besides salaries (16B, 26A, 16C).

Process of filing ITR Form 5?

ITR 5 forms can be submitted online through the Income Tax Department’s website in two ways. In the first method, you submit the return electronically with your digital signature, while in the second method, you send the information and then submit the ITR-5 form.

ITR 5 must be printed once it has been filed. Once you have kept one copy for your records, you can sign and mail the second copy to Post Bag No.1, Electronic City Office, Bengaluru – 560500. Moreover, if Section 44AB requires an audit of your company’s accounts, you must submit the return electronically with a digital signature.

It is important to keep in mind that no documents should be attached to the ITR 5 Form. We will take such papers and return them to you if they are included with the ITR Form 5. You or someone on your behalf must match the amount of tax withheld, paid, or collected on Form 26AS.

How to complete the paperwork for verification

• Include the required and necessary information in the paperwork
• Make sure to remove the irrelevant information before submitting and check if the verification has been signed
• The role and designation of the signing individual must be selected
• Warning: One can face harsh charges, hefty fines and even jail time if found guilty of filing a fraudulent return or accompanying schedules is subject to prosecution under Section 277 of the Income-tax Act of 1961.

Note: Annexe is unnecessary

Attachments, including TDS certificates, should not be attached to ITR-5 when submitting. If any paper is attached to this Return Form, then it will be removed and returned to the return filer. The IRS advises taxpayers to crosscheck for matching information regarding their taxes deducted, collected, and paid on their behalf with their Tax Credit Statement Form 26AS.

The following candidates are not required to file ITR-5 

• Individuals
• Hindu Undivided Family (HUF)
• Company
• Taxpayers required to file Form ITR-7 tax returns pursuant to Sections 139(4A), 139(4B), 139(4C), 139(4D), or 139(4E) (4F).

Frequently Asked Questions