What is the Structure of ITR Form 5?

While knowing the meaning of ITR 5 in detail, you must know that ITR 5 form is divided into two parts and 31 schedules, as defined below:

Part A – General Information About the Taxpayer

1. Part A – BS: This part of ITR 5 form covers the balance sheet of the taxpayer as on March 31 of the financial year 2021-22.

2. Part A – P&L: It defines the profit and loss statement for the tax Assesse for the last fiscal year.

3. Part A – QD: This section of ITR 5 form contains quantitative details about stock held or turnover details for the financial year 2021-22.

4. Part A: Manufacturing account for the fiscal year 2021-22.

5. Part A: Trading account for the financial year 2021-22.

6. Part A – OI: This subpart of ITR 5 form includes other information related to the taxpayer.

Part B

1. Part B – TI: This section of ITR 5 form includes the details of total income calculations.

2. Part B – TTI: It contains details of tax calculated on the total income chargeable for tax.

Schedules of ITR 5 Form

You can file ITR 5 form online with the Income Tax department in any of these two ways:

Here are some of the most critical schedules of ITR 5 form:

1)Schedule HP: This schedule of the ITR 5 form includes the computation of income from house property .

2) Schedule BP: This schedule covers the computation of income from profits and gains from business or profession.

3) Schedule DOA: Under this schedule of ITR 5 form, comes the information on the depreciation of ‘other assets’ as defined under the Income Tax Act. The assets under this schedule of ITR 5 means the ones on which total capital expense exemption is no allowed.

4) Schedule DCG: This schedule covers details of deemed capital gains when the depreciable assets are sold.

5) Schedule CG: In this schedule, there are details of both short-term and long-term capital gains.

6) Schedule DPM: This schedule of ITR 5 form covers the information about the depreciation on plant and machinery as covered under the Income Tax Act.

7) Schedule CYLA: It covers the details of the income statement after setting off the losses of the current year.

8) Schedule BFLA: This ITR 5 form schedule talks about the statement of income after setting off unabsorbed losses brought forward from the previous years.

9) Schedule CFL: In this schedule of ITR 5 form, you get the details of the statement of losses to be carried forward to the financial years ahead.

10) Schedule ICDS: This schedule gives information about the impact of income calculation disclosure standard on the earned profits.

11) Schedule AMT: Under this schedule of ITR 5 form, comes the computation details of alternate minimum tax to be paid under Section 115JC.