Claim Settlement Ratio of 99.23%~

Close Button Close Button
X
NRI Services Helpline

Calling FromPhone Number (Toll Free)
AUSTRALIA80037371371
CANADA
HONG KONG
ISRAEL
MALAYSIA
NEW ZEALAND
PHILIPPINES
SINGAPORE
THAILAND
UNITED KINGDOM
BRUNEI8014605
INDONESIA0018030160202
JORDAN080023194
OMAN80074363
TURKEY00800142030059
VIETNAM1800400070
UNITED STATES18339680951
Calling us from INDIA18002097272
Rest of the World+912067871700
(Call charges apply)

ITR5: How Can I File ITR5 Online?

As per the Income Tax Act of 1961, filling your income tax returns is a must for earning individuals.1Not only is it just mandatory and makes you a responsible citizen, but it also helps you comply with tax regulations. You also enjoy certain benefits from these tax filings, like TDS returns, moral satisfaction, etc. To ensure you fill your ITR accurately, the tax department has a variety of ITR forms. It is important to choose the right form and fill it properly to avoid any legal hassle.

ITR5 is one such form that is applicable for taxpayers like firms, Association of Persons (AOPs), LLPs or Limited Liability Partnerships, and so on.¹ Here, we help you explore more about this ITR form, its eligibility criteria, how to fill out the application, and much more.

Investment Plans
I agree and consent to the Terms & Conditions, Privacy Policy

Get Your Life Goals, Done!

Tailored Life Insurance Solutions for your long-term Life Goals.

Written ByShruti gujarathi
AboutShruti gujarathi
LinkedIn Icon
Shruti gujarathi has 5 years of experience in the BFSI sector, and as Manager- Digital Marketing at Bajaj Allianz Life Insurance, manages digital and content marketing. She has had hands-on experience in content strategy, performance marketing and Strategic Alliances over a career spanning 10 years.
Reviewed ByRituraj Singh
AboutRituraj Singh
LinkedIn Icon
Rituraj Singh,With over 6.5 years of experience in the insurance industry, Rituraj Singh, Manager- Product & Brand Marketing at Bajaj Allianz Life Insurance overlooks new product launches, compliance, and brand projects, leveraging artificial intelligence and technology to enhance outcomes.
Written on: 31st March 2025
Modified on: 2nd April 2025
Reading Time: 14 Mins
Share

What is the ITR5 Form?

ITR5 form is a type of income tax form that is specifically tailored for a category of taxpayers like Body of Individuals or BOI, Limited Liability Partnerships or LLPs, Business Trusts, Association of Persons or AOPs, and more.¹

Also, it is important to note that companies, individuals, or HFUs and those who file their returns under the new ITR7 are not supposed to fill out this ITR5 form. In addition to this any person who files a return of income tax under sections 139(4A) or 139(4B) or 139(4C), or 139(4D) cannot use ITR-5 form.¹

Who Is It For?

Now, one of the most important questions while choosing an ITR form is, who is it for? Who are the eligible candidates?

Well, here are some taxpayers who may file ITR5 form:1

  1. AOP or Association of Persons

  2. AJP or Artificial Juridical Person

  3. Firms

  4. Estate of Insolvent

  5. LLPs or Limited Liability Partnerships

  6. Business Trusts and Investment Funds

  7. BOI or Body of Individuals

  8. Estate of Deceased

  9. Trusts expect trusts eligible for filing ITR7

  10. Cooperative Societies

  11. Society registered under Society Registration Act, 1960

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

  13. Business Trusts stated in section 139(4E)

Who is Ineligible to File the ITR5 Form?

Here is a list of people who cannot file or are non-eligible to file the ITR5 form.¹

  1. Company

  2. Hindu Undivided Familie s or HUF

  3. Individual Assessees

  4. Taxpayers who are already filing under ITR7


Basic Structure of ITR5 Form?

2

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

 

References:

1.https://tax2win.in/guide/itr5

2.https://cleartax.in/s/itr5

Life Insurance Guide -Tax Related Articles

Long term investment plans - What Are Their Benefits?

A suitable financial plan may be defined by its components. Amongst other things, one aspect, it may be incomplete without, is a steady amount of investment.

Read More
Long term investment plans - What Are Their Benefits?

A suitable financial plan may be defined by its components. Amongst other things, one aspect, it may be incomplete without, is a steady amount of investment.

Read More
Long term investment plans - What Are Their Benefits?

A suitable financial plan may be defined by its components. Amongst other things, one aspect, it may be incomplete without, is a steady amount of investment.

Read More
Long term investment plans - What Are Their Benefits?

A suitable financial plan may be defined by its components. Amongst other things, one aspect, it may be incomplete without, is a steady amount of investment.

Read More
Disclaimers:
Plus Symbol
Minus Symbol

The views expressed in this article is not to be construed as professional advice and users are advised to seek independent professional/expert advice before making any decisions based on the same. Bajaj Allianz Life Insurance Company Ltd., Regd. office Address: Bajaj Allianz House, Airport Road, Yerawada, Pune - 411006, Reg. No.: 116, CIN: U66010PN2001PLC015959, Call us on toll free No.: 1800 209 7272, Mail us: customercare@bajajallianz.co.in

 

BJAZ-WEB-ECNF-13689/25

X
Disclaimer

*Tax benefits as per prevailing Section 10(10D) and Section 80C of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy.

~Individual Death Claim Settlement Ratio for FY 2023-2024

1Premium Holiday has to be selected at inception to avail this benefit and also depends on other policy terms & conditions


Bajaj Allianz Life Insurance Co. Ltd. | IRDAI Reg. No. 116

X
Terms & Conditions

I hereby authorize Bajaj Allianz Life Insurance Co. Ltd. to call me on the contact number made available by me on the website with a specific request to call back. I further declare that, irrespective of my contact number being registered on National Customer Preference Register (NCPR) or on National Do Not Call Registry (NDNC), any call made, SMS or WhatsApp sent in response to my request shall not be construed as an Unsolicited Commercial Communication even though the content of the call may be for the purposes of explaining various insurance products and services or solicitation and procurement of insurance business

 

Please refer to BALIC Privacy Policy

X
Disclaimer

%%Above illustration is for Bajaj Allianz Life eTouch- A Non Linked, Non-Participating, Individual Life Insurance Term Plan (UIN: 116N172V03) considering Male aged 25 years | Non-Smoker | Policy Term (PT)– 30 years | Premium Payment Term (PPT) – 30 years | Sum Assured opted is Rs. 1,00,00,000 | Online Channel | Standard Life | 1st Year Premium is Rs. 6,238. 2nd Year onwards premium is Rs. 6,659. Total Premium Paid is Rs. 1,99,349 | Medical Rates | Yearly Premium Payment Mode | Death benefit opted is lumpsum payout and monthly installments (Lumpsum Payout Percentage : 45, Income Payout Percentage : 55) | Premium shown above is exclusive of Goods & Service Tax/any other applicable tax levied, subject to changes in tax laws, and any extra premium and is for illustrative purpose only. This is inclusive of all the discounts mentioned above.

##Tax benefits as per prevailing Section 10(10D) and Section 80C of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy.Above Tax benefit is calculated considering deduction of Rs. 150,000 and applicable tax rate of 31.20%.

@Term Insurance plan bought online directly from Bajaj Allianz Life Insurance has no commissions involved.

^^The Return of Premium amount is total of all the premiums received, exclusive of extra premium, rider premium and GST & /any other applicable tax levied, subject to changes in tax laws
Bajaj Allianz Life Insurance Co. Ltd. | IRDAI Reg. No. 116

X
Disclaimer

Bajaj Allianz Life eTouch- A Non Linked, Non-Participating, Individual Life Insurance Term Plan (UIN: 116N172V04)

*Tax benefits as per prevailing Section 10(10D) and Section 80C of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy.Above Tax benefit is calculated considering deduction of Rs. 150,000 and applicable tax rate of 31.20%.

~Individual Death Claim Settlement Ratio for FY 2023-2024

1Premium Holiday has to be selected at inception to avail this benefit and also depends on other policy terms & conditions


Bajaj Allianz Life Insurance Co. Ltd. | IRDAI Reg. No. 116


close
Ask for an Agent
Sign up for personal visit and tailored advice from our expert agents