Income Tax Return-5

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What is ITR 5?

This ITR is meant for Association of Persons (AOPs), LLPs, partnership firms, Body of Individuals (BOIs), Estate of deceased, Artificial Juridical Person (AJP), Business Trust, Estate of Insolvent, and Investment Fund. However, a person who is required to file the return of income under section 139(4A) or 139(4B) or 139(4C) or 139(4D) shall not use this form.

How do I file my ITR-5 Form?

This return form has to be filed online with the Income Tax Department in the following ways:

by furnishing the return electronically under digital signature.
by transmitting the data in the return electronically and thereafter submitting the verification of the return in Return Form ITR-V.

When the return is filed online, the assessee should print out two copies of ITR-V Form. One copy of ITR-V, duly signed by the assessee, has to be sent by ordinary post to Post Bag No. 1, Electronic City Office, Bengaluru–560500 (Karnataka).
The other copy may be retained by the assessee for his record. A firm whose accounts are liable to audit under section 44AB must compulsorily furnish the return electronically under digital signature.

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.