Income Tax

Everything you need to know about ITR 5 Form

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.

What is 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.

Who is eligible to file this form?

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.

Components of the ITR 5 Form

This form is divided into two parts and several schedules.

• Part A: General Information-
• Part A-BS: Balance sheet as on 2019 March 31;
• Part A: Manufacturing account for the FY 2018-19;
• Part A: Trading account for the FY 2018-19;
• Part A-P&L: Profit and loss account for FY 2018-19;
• Part A-OI: Other Information;
• Part A-QD: Quantitative details.

There are 31 schedules that are mentioned in the form. They are as follows:

• Schedule HP: Income computation under the head-Income from house property;
• Schedule BP: Income computation under the head profit and gains from business or profession;
• Schedule DPM: Computation of depreciation on plant and machinery under the IT Act;
•  Schedule DOA: Computation of the depreciation on other assets under the IT Act;
• Schedule DEP: Depreciation summary on all assets under the IT Act;
• Schedule DCG: Computation of the deemed capital gains on the sale of the depreciable assets;
• Schedule ESR: The Deduction under section 35 (expenditure on the scientific research);
• Schedule CG: Income computation under the head capital gains;
• Schedule OS: Income computation under the head income from other sources;
• Schedule CYLA: Income statement after set off of current years’ loss;
• Schedule BFLA: Income statement after set off of unabsorbed loss brought from earlier years;
• Schedule CFL: Statement of losses to be carried to the future years;
•  Schedule UD: Unabsorbed depreciation;
• Schedule ICDS: Effect of the income computation disclosure standards on profit;
• Schedule 10AA: deduction computation under Section 10AA;
• Schedule 80G: Donation details entitled for deduction under Section 80G;
• Schedule 80 GGA: Donation details for scientific research or rural development;
• Schedule RA: Donations details to research associations etc.;
• Schedule 80IA: Deduction computation under Section 80IA;
• Schedule 80IB: Deduction computation under Section 80IB;
• Schedule 80IC/80IE: Deduction computation under Section 80IC/80IE;
• Schedule 80P: Deduction under Section 80P;
• Schedule VIA: The Statement of deductions (from total income) under the Chapter VIA;
• Schedule AMT: Computation of the Alternate Minimum Tax payable under section 115 JC;
• Schedule AMTC: tax credit computation under Section 115 JD;
• Schedule SI: Income statement which is chargeable to tax at special rates;
• Schedule IF: Information about partnership firms;
• Schedule EI: Income statement not included in total income (exempt incomes);
• Schedule PTI: Pass-through income details from the business trust investment fund according to section 115 UA 115 UB;
• Schedule TPSA: Secondary adjustment to transfer price according to Section 92CE (2A);
• Schedule FSI: Income details from outside of India and tax relief;
• Schedule TR: Details regarding summary of tax relief claimed for taxes paid outside India;
• Schedule FA: Foreign assets details and income from source outside India;
• Schedule GST: Information about turnover/gross receipt reported for GST.

Part B of ITR 5 Form

• Part B-TI: Computation of the total income;
• Part B-TTI: Computation of the tax that should be paid on the total income.

How to file ITR 5 Form?

This form can be filed online with the department of the Income tax in the following manner:

• By furnishing return electronically under digital signature;
• By transmitting data in return electronically and submitting the verification of the return in Form ITR V.

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.

Conclusion

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.

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