Income Tax

ITR 5 Return Filling

ITR-5 Form is to be filed by associations of person, LLPs, Body of Individuals, Estates of the deceased, Artificial judicial person, business trust, Estate of Insolvent and investment.

Who can File from ITR-5?
The following people can file Form ITR-5 :

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

However, an individual who has to file the income tax returns under Section 139(4A) or 139 (4D) cannot use Form ITR-5 for return filing.

Process of Registration

The ITR-5 Form can be filed with the Income Tax Department either online or offline.

Online:
The Form can be filed offline by furnishing the return in a paper form or by furnishing a bar-coded return. When the return is filed on paper an acknowledgment slip is paired with the return form is to be filed properly.
While filing ITR-5 Form online it can be filed by furnishing the return electronically under the digital signature
By transmitting the data in the returns electronically followed by the submission of the return verification in the ITR Form V
While online filing the assessee needs to print out two copies of the ITR V Form. One copy of ITR V must be duly signed by the assessee has to be sent to
Post Bag No. 1,
Electronic City Office,
Bengaluru–560100,
(Karnataka). via ordinary post.
The other copy should be kept by the assessee with himself as a record.
A firm should mandatorily furnish the return electronically under the digital signature of whose accounts are liable to audit under section 44AB.