This form is used by the firms, LLPs, Association of persons (AOPs), Body of Individuals (BOIs), Cooperative Societies, Artificial Judicial Persons, and Local Authorities. But the taxpayer who falls under the category described in Sections 139(4A), 139(4B), 139(4C), or 139(4D) do not need to use this form to file income tax return.
Those who need to file audit reports under sections 10(23C)(iv), 10(23C)(v), 10(23C)(vi), 10(23C)(via), 10A, 10AA, 12A(1)(b), 44AB, 44DA, 50B, 80-IA, 80-IB, 80-IC, 80-ID, 80JJAA, 80LA, 92E, 115JB or 115VW, must file it online before the filing date of ITR form. ITR 5 Form can be used by Firms, Limited Liability Partnerships (LLPs), Association of Persons (AOP) and Body of Individuals (BOIS), Artificial Juridical Person, Cooperative society and Loc, subject to the condition that they do not need to file the return of income under section 139(4A) or 139(4B) or 139(4C) or 139(4D) (i.e., Trusts, Political party, Institutions, Colleges,etc.). Individuals, HUFs (Hindu Undivided Families), Companies are not eligible to use the ITR 5 Form.for the Best consultants in income tax and gst return filing in Bangalore, Delhi & Chennai. • Any schedules that are not applicable to you, write “---NA---" against them • Any items that are not applicable to you, write “NA" for them • For the nil value figures, write “NIL” behind them • Use “-" sign for the negative figures. • All figures must be rounded off to the nearest one rupee figure except for the total income / loss and tax payable, which need to be rounded off to the nearest multiple of ten rupees.for the Best consultants in income tax and gst return filing in Bangalore, Delhi & Chennai. ITR-5 can be filed through online and offline mode: • File income tax return with a physical paper form • File a bar-coded income tax return • In the case of physical filing, an acknowledgment will be issued to you in paper form at the time of submitting ITR-4. Two copies of the ITR-V should be printed and one need to be signed accordingly and sent to the CPC office in Bangalore. You must keep the other one for records. • Online / Electronically: • By filing online return using digital signature. • By electronically transmitting the data. • By electronically transmitting the data. • Sending the Form ITR-V to CPC Bangalore. Note: It is mandatory for a firm to furnish the return electronically under digital signature, whose accounts are liable to audit under section 44AB.
In the online filing, the assessee needs to print out two copies of the ITR V Form. One copy of ITR V, duly signed by the assessee, has to be sent to Post Bag No. 1, Electronic City Office, Bengaluru–560100 (Karnataka) via ordinary post. The other copy should be kept by the assessee with himself as a record.
No document (including TDS certificate) should be attached with this return form while filing ITR-5. Taxpayers are advised to match the taxes deducted/collected/paid by or on behalf of them with their Tax Credit Statement Form 26AS.for the Best consultants in income tax and gst return filing in Bangalore, Delhi & Chennai.
Who can File the ITR 5 Form?
Filling instructions for ITR-5:
How do I File My ITR 5 Form?
Offline:
Fill up the required information in the verification document. Strike out whatever is not applicable. Please ensure that the verification has been signed before furnishing the return. Choose the designation of the person signing the return.
Please note that any person making a false statement in the return or the accompanying schedules shall be liable to be prosecuted under section 277 of the Income-tax Act, 1961 and on conviction be punishable under that section with rigorous imprisonment and with fine
for the Best consultants in income tax and gst return filing in Bangalore, Delhi & Chennai.
The best sequence for filing ITR as recommended by the Income Tax Department is:
• Part A
• All the schedules
• Part B
• Verification
• ITR-5 form is divided into two parts and 30 schedules
• The parts are:
• Part A: information of the taxpayer and earnings
• Part B: details of total income, taxable income and tax calculation.for the Best consultants in income tax and gst return filing in Bangalore, Delhi & Chennai.
• Nature of Business:
Please enter the name of business, business Code and description of business. The applicable business code can be selected from the list provided at the end of this instruction. If you were engaged in more than one business or profession during the previous year, indicate the three main activities or products. However, in case you are declaring income from business or profession on presumptive basis, please fill up the details of nature of business at column 62 or column 63 or column 64 of Part A- P&L (as applicable) instead of this column.
• Part-A BS
In this part, please fill up the details of the Balance Sheet items as on 31st March, 2019, or as on the date of dissolution, as per the given format, in respect of the business or profession carried out during the financial year 2018-19.
The reported figures of the balance sheet should match with the audited balance sheet, in case the accounts were required to be audited. Any other activity not being accounted in the books of accounts of business or profession, need not be included in this balance sheet. However, in case you were not required to maintain regular books of account of the business or profession, please fill up only the summary details sought at item No. C (No Account Case) of this part and leave out other items.
• Part-A Manufacturing Account:
In this part, please fill up the details of Manufacturing Account for the financial year 2018-19 such as the opening inventory, purchases, direct wages, direct expenses, factory overheads and closing stock. At item No. 3 of this part, the cost of goods produced is computed on the basis of figures reported for opening inventory etc. which is then transferred to item No. 11 of trading account. However, in case you were not required to maintain regular books of account of the business or profession, please fill up only the details sought at item No. 62 or 63 or 64 or 65 of Part A – P&L, whichever is applicable, and leave out this part.
• Part-A Trading Account: In this part, please fill up the details of Trading Account for the financial year 2018-19 such as Sales/Gross receipts of business/profession, duties, taxes and cess etc. in respect of supplies, closing stock and opening stock of finished goods, purchases, direct expenses, duties/taxes etc. in respect of purchases. At item No. 12 of this part, the gross profit from business/profession is computed on the basis of figures reported for sales etc. which is then transferred to item No. 13 of profit and loss account. However, in case you were not required to maintain regular books of account of the business or profession, please fill up only the details sought at item No. 62 or 63 or 64 or 65 of Part A – P&L, whichever is applicable, and leave out this part.
• Part-A P&L
In this part, please fill up the details of the profit and loss account for the financial year 2018-19 as per the given format, in respect of the business or profession carried out during the financial year 2018-19. In case you were required to maintain regular books of accounts for the business or profession, please fill up details at item No. 13 to 61. In case you are not required to maintain regular books of accounts, please fill up details at item No. 62 or 63 or 64 or 65 of this part, whichever is applicable, and leave out other items. The reported figures of the profit and loss account should match with the audited profit and loss account, in case the accounts were required to be audited. Any other activity not being accounted in the books of accounts of business or profession need not be included in this profit and loss account.
• Please fill up item No. 62 only in case you are a partnership firm (other than LLP), resident in India, and declaring income from any business activity on presumptive basis as per section 44AD. Please also ensure that the receipts/income from such business activity should not be included in the receipts/income from business or profession being reported at item Nos. 1 to 61. In the table, please enter the name of business, business code and description of business. The applicable business code can be selected from the list provided at the end of this instruction. The gross turnover or receipts from the business during the financial year should be reported at column 62(i). The break-up of total turnover in terms of turnover realised through digital modes and turnover realised through other modes (cash etc.) should also be furnished at columns 62(ia) and 62(ib) respectively.
• The presumptive income from the business should be reported at column 62(ii), which is required to be computed @ 6% in respect of turnover realised through digital modes and @ 8% in respect of turnover realised through other modes
• However, if the income being declared is less than the specified percentage of turnover, it is mandatory to maintain books of accounts and get the same audited under section 44AB. In such case, the details of tax audit have to be mentioned in Part-A (General) - Audit information and the details of income etc. have to be reported in the regular columns i.e. item No. 1 to 61.
• Schedule-HP: Calculation of income generated from House Property.
• Schedule-BP: Details of income generated from profit and gains.
• Schedule-DPM: Calculation of depreciation of plant and
• Schedule-DOA: Calculation of depreciation applicable to other assets.
• Schedule-DEP: Brief of depreciation applicable to all the assets
• Schedule-DCG: Calculation of deemed capital gains generated on depreciable assets sale:
• Schedule-ESR: Deductions applicable under section 35 for expenditure on scientific research
• Schedule-CG: Calculation of income from Capital gains.
• Schedule-OS: Calculation of income from other sources.
• Schedule-CYLA: Details of income after setting off all losses occurred in present year
• Schedule-BFLA: Details of income after setting off the unabsorbed loss brought forwarded from earlier years
• Schedule-CFL: Details of losses that will be carry forwarded to future years
• Schedule-UD: Details of unabsorbed Depreciation
• Schedule-10A: Detailed calculation of deductions claimed under section 10A
• Schedule-10AA: Calculation of deductions under section 10AA
• Schedule-80G: Details of donations made that are eligible for deduction under section 80G
• Schedule-80IA: Calculation of deductions applicable under section 80IA
• Schedule-80IB: Calculation of deductions applicable under section 80IB
• Schedule-80IC/ 80-IE: Calculation of deductions applicable under section 80IC / 80-IE.
• Schedule-VIA: Details of deductions claimed against from total incomeSchedule TCS: Details of Tax Collected at Source [As per Form 27D issued by the Collector(s)]
• Schedule-AMT: Calculation of Alternate Minimum Tax payable u/s 115JC
• Schedule-AMTC: Calculation of tax credit under section 115JD
• Schedule-SI: Details of income taxable at special rates
• Schedule-EI: Details of exempted income other than total income
• Schedule-IT: Details of advance-tax and self-assessment payment
• Schedule-TDS: Details of TDS deducted on other income
• Schedule-TCS: Details of TCS applicable
• Schedule-FSI: Details of income generated in abroad
• Schedule-TR: Details of tax paid in abroad
• Schedule-TR: Details of tax paid in abroad
• Schedule-FA: Details of assets situated in foreign.for the Best consultants in income tax and gst return filing in Bangalore, Delhi & Chennai.
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