Income Tax Return (ITR) 5 Filing Form

All the taxpayers are supposed to file the returns based on the income earned by them in the financial year and the kind of entity they fall under.

ITR-5 Form is to be filed by associations of person, LLPs, Body of Individuals, Estates of the deceased, Artificial judicial person, business trust, Estate of Insolvent and investment.

Here, we will have a detailed look at the relevant instructions a taxpayer needs to carry while filing ITR Form 5.

BASIC

iNR 10,299

Income tax return filing for a taxpayer with taxable income of less than Rs.10 lakhs.

STANDARD

iNR 12,299

Income tax return filing for a taxpayer with taxable income of more than Rs.10 lakhs.

PREMIUM

iNR 14,299

Income tax return filing for a taxpayer with taxable income of more than Rs.25 lakhs.

Instructions for Filing ITR 5 Form

  • If a schedule is not applicable, mention it as NA
  • If the item is inappropriate write NA against the item
  • Nil stands for nil figures which identify the figures of zero value
  • For a negative figure denote it with “-” before such figure other than provided in the form.
  • All the figures are denoted in the round-off manner to the nearest one rupee.
  • Similarly, the figures for total income and the payable tax should be rounded off to the nearest multiple of rupees ten.

Who is Eligible to File ITR 5 for Fy 2021-22?

Who can File from ITR-5?

The following people can file Form ITR-5 :

  • A firm
  • A Limited Liability Partnership
  • Associations of Persons
  • Body of Individuals
  • Artificial Juridical Person referred to in Section 2 (31) (vii)
  • Local authority referred to in Section 160 (1) (ii) or 160 (1) (iv)
  • Cooperative Society
  • Society registered under Societies Registration Act,1860 or under any state law trust (except trusts that are eligible for ITR-7 Form filing)
  • Estate of a deceased person
  • Business trust referred to in Section 139 (4E)
  • Investment fund referred to in Section 139 (4F)

However, an individual who has to file the income tax returns under Section 139(4A) or 139 (4D) cannot use Form ITR-5 for return filing.

How do I File My ITR 5 Form?

  • The ITR-5 Form can be filed with the Income Tax Department either online or offline.
  • The Form can be filed offline by furnishing the return in a paper form or by furnishing a bar-coded return. When the return is filed on paper an acknowledgment slip is paired with the return form is to be filed properly.
  • While filing ITR-5 Form online it can be filed by furnishing the return electronically under the digita signature or
  • By transmitting the data in the returns electronically followed by the submission of the return verification in the ITR Form V
  • While online filing the assessee needs to print out two copies of the ITR V Form. One copy of ITR V must be 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.
  • A firm should mandatorily furnish the return electronically under the digital signature of whose accounts are liable to audit under section 44AB.

Updated on 18/07/2021