ITR 5 Form Filing

The taxpayers are supposed to file the Income Tax returns based on the income that is earned by them in the financial year and the kind of entity that it falls under. ITR 5 Form filing is to be done by the Association of Persons, Limited Liability Partnerships, Body of Individuals, Estates of the deceased, Artificial judicial person, business trust, estates of the insolvent, business trust, and investment fund.

This article is a comprehensive guide you can refer to while filing the Income Tax returns in Form 5.

• Details of recognition as a start-up by DPIIT
• Declaration Details filed in Form-2
• Information about the partnership firms where an individual is a partner
• Bifurcation of donations into cash and non-cash mode of payment.
• Information on turnover and the gross receipts reported for GST.

Who is Eligible to file ITR 5 Form?

ITR 5 can be filed by the following people :

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

Who is not eligible to file Form ITR 5?

An individual who has to file income tax returns under the Section 139 (4A) or 139 (4D) cannot file ITR 5 Form.