ITR5: How Can I File ITR5 Online?

Now that you know what the ITR5 form is, its eligibility criteria, and more, let's move forward. To ensure you fill the form properly, it is better to understand its basic structure.

Well, the ITR5 form is generally classified into three parts, Part A and Part B with 40 schedules.

Part A has details like general information, balance sheet, manufacturing account, trading account, quantitative details, and so on.

Schedules include information like income computation under the head income from house property, income from profit and gains from a certain profession or business, and so on.

Part B includes details like the computation of total income and tax liability on total income.

In addition to all this, there is another section, Part C, which includes tax payment details advance tax payment, tax collected at source, etc.¹

How to Fill Your ITR5 Online?

Now, let's come to one of the most frequently asked questions: how do you fill ITR5? You may file these returns in online mode. This can be done on the official e-filing portal of the income tax department in these two ways.¹

1. You may file a return electronically. Here, you may use an electronic signature.
2. You may transmit the data in your records electronically and, after that, submit the verification of this return in the ITR5 return form.

Also, it is important to note that when you're filling out your returns online, make sure to take out two printouts of your ITR5 form. Now, make sure to safely keep one of these copies to yourself for future records. Now, the other copy has to be signed by the assessee and sent to the following address. Post Bag No. 1, Electronic City Office, Bengaluru–560500, Karnataka.²

Also, you must know that you need not attach any additional documents to your returns when filing them with the ITR5 form. In case you attach any additional documents, the same will be detached and sent back to you. However, make sure to match your tax deductions, paid or collected with your tax credit statement form 26AS.²

Conclusion

Filing your tax returns on your own can seem overwhelming at the start. Therefore, you need to understand different types of ITR forms, their significance, and their purpose. By being aware of who these ITR forms are for, who is eligible, what is the procedure for their online filing, and more, you ensure to properly file your tax returns easily and in an informed manner.

Additionally, you should keep an eye out if there have been any changes in these forms. By filing your returns on time and in the correct manner, you avoid the chances of penalties and maintain legal adherence. Thinking of filing your ITR5, keep this guide in handy to ensure you do everything smoothly.

FAQs

1. What is the meaning of the ITR5 form?

   ITR5 can be simply understood as a type of IT return form that is designed for entities like Association of Persons, Limited Liability Partnerships, Body of Individuals, etc.^¹

2. Who can file the ITR5 form?

   ITR5 forms can be filled by taxpayers who align with the eligibility criteria. Here is the list of such entities.¹

   • LLPs or Limited Liability Partnerships

   • Association of Persons

   • Firms

   • Estate of Insolvent

   • BOI or Body of Individuals

   • Artificial Juridical Person

   • Estate of Deceased

   • Business Trust and Investment Funds

   • Cooperative Societies

   • Local Authorities states in clause (vi), section 2(31)

   • Business Trusts stated in section 139(4E)

   • Trusts expect trusts eligible for filing ITR7

   • Societies registered under the Societies Registration Act, 1960.

3. Do you need to have any other documents while filing the ITR5 form?

   No, you do not need to attach any other documents when filing your income tax returns using the ITR5 form. In fact, in cases where an individual attaches any additional documents, the same will be detached and returned back to the filing individual.¹