ITR-5 Form: How to File & Download ITR-5?

The Income Tax Department of India offers various forms to its taxpayers to file income tax returns. These forms are easy to fill and can be submitted online. One such income tax return form is ITR-5 Form. The ITR 5 Form is ideal for a specific class of taxpayers and it needs to filed before the last date of return filing as processed by the Income Tax Department.

What is ITR 5 Form?

The ITR-5 Form is applicable to a special class of taxpayers including Firms, Body of Individuals, Limited Liability Partnerships, Artificial Juridicial Person, Association of Persons, Estate of Insolvent, Estate of Deceased, Investment Fund, Business Trust, Co-Operative Societies and so on.

Who is Eligible to File ITR for AY 2022-23?

The ITR Form 5 can be used by firms, BOIs, LLPs, AJPs, local authorities, estate of deceased and so on. In addition to this, a person who is required to file the return under section 139(4A), 139(4B), 139(4C) and 139(4D) should not use this form for filing returns.

Components of ITR-5 Form

The Form ITR-5 consists of various parts and schedule as mentioned below-

Part A: General information

Part A-BS: Balance Sheet as on 31st March 2019

Part A-Manufacturing Account for the financial year 2018-19

Part A-Trading Account for the financial year 2018-19

Part A-P&L: Profit and Loss Account for the financial year 2018-19

Part A-OI: Other information

Part A-QD: Quantitative details

Schedule-HP: Computation of income under the head Income from House Property

Schedule-BP: Computation of income under the head “profit and gains from business or profession”

Schedule-DPM: Computation of depreciation on plant and machinery under the Income Tax Act

Schedule DOA: Computation of depreciation on other assets under the Income Tax Act

Schedule DEP: Summary of depreciation on all the assets under the Income-tax Act

Schedule DCG: Computation of deemed capital gains on sale of depreciable assets

Schedule ESR: Deduction under section 35 (expenditure on scientific research)

Schedule-CG: Computation of income under the head Capital gains.

Schedule-OS: Computation of income under the head Income from other sources.

Schedule-CYLA: Statement of income after set off of current year’s losses

Schedule-BFLA: Statement of income after set off of unabsorbed loss brought forward from earlier years.

Schedule- CFL: Statement of losses to be carried forward to future years.

Schedule –UD: Unabsorbed Depreciation

Schedule ICDS: Effect of income computation disclosure standards on profit

Schedule- 10AA: Computation of deduction under section 10AA

Schedule- 80G: Details of donation entitled for deduction under section 80G

Schedule- 80GGA: Details of donation for scientific research or rural development

Schedule- RA: Details of donations to research associations etc.

Schedule- 80IA: Computation of deduction under section 80IA

Schedule- 80IB: Computation of deduction under section 80IB

Schedule- 80IC/ 80-IE: Computation of deduction under section 80IC/ 80-IE.

Schedule 80P: Deductions under section 80P

Schedule-VIA: Statement of deductions (from total income) under Chapter VIA.

Schedule –AMT: Computation of Alternate Minimum Tax payable under section 115JC

Schedule AMTC: Computation of tax credit under section 115JD

Schedule-SI: Statement of income which is chargeable to tax at special rates

Schedule IF: Information regarding partnership firms in which you are partner

Schedule-EI: Statement of Income not included in total income (exempt incomes)

Schedule PTI: Pass Through Income details from business trust or investment fund as per section 115UA, 115UB

Schedule TPSA: Secondary adjustment to transfer price as per section 92CE(2A)

Schedule FSI: Details of Income from outside India and tax relief

Schedule TR: Details Summary of tax relief claimed for taxes paid outside India

Schedule FA: Details of Foreign Assets and Income from any source outside India

Schedule GST: Information regarding turnover/gross receipt reported for GST

Schedule DI: Schedule of tax-saving investments or deposits or payments to claim deduction or exemption in the extended period from 1 April 2020 until 30 June 2020

Part B – TI: Computation of total income

Part B – TTI: Computation of tax liability on total income

Tax payments:

• Payment details of self-assessment tax and advance tax
• Collected details at the source
• Tax deduction details at the source on the income that is other than the salary (16B, 26A, 16C)

How to Download ITR-5 Form?

The Income Tax Department offers easy way for individuals and HUFs to download ITR-5 Form. Follow the below mentioned steps to do so-

Step 1: Visit the Income Tax Department website at- https://www.incometax.gov.in/iec/foportal 

Step 2: On the right-hand side, you will find ‘Downloads’ tab. Click it.

Step 3: Click ‘Income Tax Return’ available on the left hand side of the screen.

Step 4: Find ITR-5 and then click ‘ITR 5 Notified Form_AY 2022-23’

Step 5: Now you can download the ITR-5 Form in the PDF format.

How to File ITR-5 Online?

Individuals can file ITR 5 through online mode at the official website of Income Tax Department. There are two ways to file ITR 5-

• By filing an electronic return under digital signature
• By transmitting the data in the return electronically and then submitting the verification of the return using the ITR-5 form

After the return is filed, the assessee is required to printout two copies of ITR-5 Form. One copy of the form should be duly signed by the assessee and needs to be sent by ordinary post to Post Bag No.1, Electronic City Office, Bengaluru-560500 (Karnataka).

While the other copy must be retained by the assessee for his/her record.

Any firm who needs to be audited under section 44AB should furnish the Income Tax Return electronically with a digital signature.

ITR-5 Form: FAQs