ITR 5 Form Filing in Delhi

ITR 5 Form Filing in Delhi

The Income Tax Department has introduced 7 ITR forms, out of which ITR-5 is one such form. This form is used by a person being a firm, LLPs, AOP, BOI, and an artificial juridical person referred to in Section 2(31)(vii), persons referred to in Section 160(1)(iii) or (iv), cooperative society, registered societies, and local authority. In this article, we will provide complete insights on how to file the ITR-5 form in Delhi and its related documents, deadlines, and the latest updates regarding the ITR-5 form.

What is the ITR-5 form?

ITR-5 is a form that is used to file the taxes on income by taxpayers. This form can be used by a person being a firm, LLPs, AOP, BOI, an artificial juridical person referred to in section 2(31)(vii), persons referred to in Section 160(1)(iii) or (iv), cooperative society, registered societies, and local authority. However, a person who is required to file the return of income under sections 139(4A), 139(4B), 139(4C), 139(4D), or 139(4F) shall not use this form.

Who Can File the ITR-5 Form in Delhi?

Following is the list of who can file ITR-5 Form in Delhi:

• Firm & Limited Liability Partnership (LLP)
• Association of Persons (AOP) & Body of Individuals (BOI) (Including Trusts like Private Trusts, Private Discretionary Trust / Gratuity Trust / PF Trust which are not eligible to file Form ITR-7)
• An artificial juridical person referred to in section 2(31)(vii)
• Local Authority
• Cooperative society (Including Primary Agricultural Credit Societies, Cooperative Banks, Co-operative Bank other than Primary agricultural credit society or a primary co-operative agricultural and rural development bank)
• Estate of deceased or Estate of insolvent
• Business Trust and Investment fund

However, individuals or entities required to file returns under sections 139(4A), 139(4B), or 139(4D) cannot use this form.

Who is Not Eligible to File the ITR-5 Form in Delhi?

To file the ITR-5 Form in Delhi, the following people cannot file this form:

• Any Individual assessee
• Any Hindu Undivided Families (HUFs)
• Companies
• Taxpayers required to file returns under Form ITR-7, or under Sections 139(4A), 139(4B), 139(4C), 139(4D), 139(4E), or 139(4F)

Important Updates in the ITR-5 Form for AY 2024-25

Here is the list of additional information requirements for the ITR-5 Form as per the Income Tax Department:

• Legal Entity Identifier (LEI) details (if applicable)
• Acknowledgment number for the Audit Report and Unique Document Identification Number (UDIN) (for audited cases)
• Disclosures related to cash receipts (to claim the enhanced turnover limit)
• Details about delayed payments to MSMEs (Micro, Small, and Medium Enterprises) beyond the prescribed time limit
• Information on contributions made to political parties under Schedule 80GGC

How is ITR-5 Structured?

The ITR-5 Form is structured into two main parts and several detailed schedules:

Part A:

• General Information
• Part A-BS: Balance Sheet as of 31st March 2024
• Part A: Manufacturing Account: For the financial year 2023-24
• Part A: Trading Account: For the financial year 2023-24
• Part A-P&L: Profit and Loss Account for the financial year 2023-24
• Part A-OI: Other Information
• Part A-QD: Quantitative Details

Part B:

There are 40 schedules, including (but not limited to):

• Schedule-HP: Income from House Property
• Schedule-BP: Income from Business or Profession
• Schedule-DPM: Depreciation on Plant and Machinery
• Schedule-DOA: Depreciation on Other Assets
• Schedule-DEP: Summary of Depreciation on all Assets
• Schedule-DCG: Deemed Capital Gains on Sale of Depreciable Assets
• Schedule-ESR: Deduction under Section 35 (Scientific Research Expenditure)
• Schedule-CG: Capital Gains
• Schedule 112A: Sale of Equity Shares or Equity-Oriented Fund Units (STT Paid)
• Schedule-VDA: Income from Virtual Digital Assets
• Schedule-OS: Income from Other Sources
• Schedule-CYLA: Income After Set-Off of Current Year’s Losses
• Schedule-BFLA: Income After Set-Off of Unabsorbed Losses Brought Forward
• Schedule-CFL: Losses to be Carried Forward
• Schedule-UD: Unabsorbed Depreciation
• Schedule-ICDS: Income Computation Disclosure Standards
• Schedule-10AA: Deduction under Section 10AA
• Schedule-80G: Donation Entitled for Deduction under Section 80G
• Schedule-80GGA: Donations for Scientific Research or Rural Development
• Schedule-80GGC: Contributions to Political Parties
• Schedule-80 IAC: Deduction for Eligible Startups under Section 80-IAC
• Schedule-80LA: Deduction for Offshore Banking Units or IFSC under Section 80LA
• Schedule-RA: Donations to Research Associations
• Schedule-80 IA: Deduction under Section 80IA
• Schedule-80IB: Deduction under Section 80IB
• Schedule-80IC/80-IE: Deduction under Sections 80IC/80-IE
• Schedule-80P: Deductions under Section 80P
• Schedule-VIA: Deductions under Chapter VIA
• Schedule-AMT: Computation of Alternate Minimum Tax (AMT) under Section 115JC
• Schedule-AMTC: Tax Credit under Section 115JD
• Schedule-SI: Income Chargeable to Tax at Special Rates
• Schedule-IF: Information about Partnership Firms
• Schedule-EI: Exempt Incomes
• Schedule-PTI: Pass-Through Income from Business Trust or Investment Fund
• Schedule-TPSA: Secondary Adjustment to Transfer Pricing
• Schedule-115TD: Accreted Income under Section 115TD
• Schedule-FSI: Income from Outside India and Tax Relief
• Schedule-TR: Summary of Tax Relief Claimed for Taxes Paid Outside India
• Schedule-FA: Foreign Assets and Income from Foreign Sources
• Schedule-GST: Information on GST Reported Turnover/Gross Receipts

Additionally, the form includes sections for the computation of total income and tax liability along with provisions for tax payments.

How to File ITR-5 Form in Delhi?

Filing ITR-5 involves several steps, and it can be done online via the Income Tax Department’s e-filing portal. Here's a step-by-step guide:

Step 1: Visit the Income Tax Portal: For filing ITR-5, it is important to visit the income tax portal https://www.incometaxindiaefiling.gov.in/home.

Step 2: Select Income Tax Preparation Utilities: On visiting the above link, click on the Download Tab and select “Offline Utilities.” Then select the Income Tax Preparation Utilities.

Step 3: Select Excel Utility under the ITR-5 Column: After clicking on the Income Tax Preparation Utilities, choose the relevant Assessment Year and then click on the Excel Utility under the ITR-5 Column to fill in the details manually.

Step 4: Download the File: Once all previous steps are completed, download the file that reflects the ITR-5 for the concerned Assessment Year.

Deadline for Filing the ITR-5 Form

The due dates for filing the ITR-5 form are as follows:

• When accounts are required to be audited under the Income Tax Act: 31st October of the assessment year.
• When the report in Form No. 3CEB is to be submitted: 30th November of the assessment year.
• In cases where accounts do not need to be audited: 31st July of the assessment year.

E-filing of Audit Reports

If an assessee is required to submit an audit report 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, they must electronically file the report on or before the due date for filing the income tax return.

Why Bizfoc?

Bizfoc is one of the leading accounting firms and has a professional and experienced team in the field of ITR filing. We provide a seamless process for ITR filing to our clients. We make sure to file everything accurately and in a minimal time period. We guide you at every step related to your filings and the latest ITR updates.

Conclusion

ITR-5 is an important form that is used to reflect the individual’s income earning and taxation on the accounts as per their earning generation. The process of filing the ITR may seem complex, but it is now easy as it is now simplified for entities like partnership firms, LLPs, AOPs, BOIs, cooperative societies, and trusts.

Frequently Asked Questions? (FAQs)