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ITR stands for Income Tax Return. There are different ITR Forms that taxpayers should file. The applicability of ITR forms depends upon the income sources of the taxpayer, income earned and the category of the taxpayer. The Income Tax Act of 1961[1] governs all kinds of ITR forms. In this article, we shall discuss ITR 5 Form.
This is an income tax return form that should be filed by specific parties. This form should be submitted by all firms, Association of Persons, LLPs, co-operative societies, Body of Individuals, Artificial Juridical Persons.
This form can be used by a person being a firm, LLP, AOP, BOI, artificial juridical person mentioned in section 2(31) (vii), estate of deceased/solvent, business trust and investment fund, co-operative society and local authority. However, it may be noted that a person who must file the return of income under sections 139 (4A) or 139 (4B) or 139 (4C) or 139 (4D) shall not use the form.
This form is divided into two parts and several schedules.
There are 31 schedules that are mentioned in the form. They are as follows:
Part B of ITR 5 Form
This form can be filed online with the department of the Income tax in the following manner:
Two copies of the duly filed form should be printed, and one copy should be sent to the address- PB No. 1, Electronic City Office, Bangalore, Karnataka.
No document is to be attached with return form while filing ITR 5 Form. All such documents enclosed will be detached and returned to the person who files the return. In case you have a query pertaining to filing this return form, then contact a professional.
Read our article: All you need to know about ITR 7 Form
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