ITR-5 Return Filing

ITR 5 RETURN FILING

Income tax returns are made based on an individual’s income in the financial year and also it focuses on the organization it falls under. This is an annexure-less form, while filing ITR 5 it should be attached to the return form. Documents that are confined to the form will be separated and given back to the taxpayer. He/she is advised to meet the taxes that have been deducted, collected, paid by, or on behalf of them with the Tax Credit Statement Form 26AS. 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 are the ones asked to file ITR 5.

Points to note:

1. In the schedule, “Not Applicable” has to be mentioned if it’s not applicable.
2. “NA” against the inappropriate item.
3. “Nil” to represent the zero value.
4. Preceding with a “- “sign to denote the negative value.
5. Figures are rounded to the value of the nearest one rupee.
6. To represent the payable tax or total income, it should be rounded to the nearest multiple of ten.

Body of ITR 5

1. Part A-GEN- General information
2. Part A-BS- Balance sheet as on the last day of the previous year
3. Part A – Manufacturing Account- Manufacturing Account for the previous financial year
4. Part A – Trading Account- Trading Account for the previous financial year
5. Part A – P&L- Profit and Loss for the previous financial year
6. Part A – OI- Other Information (this is optional in case the assessee is not liable for audit under Section 44AB)
7. Part A – QD- Quantitative Details (this is optional in case the assessee is not liable for audit under Section 44AB)
8. Schedule- HP- Income computation under the head House Property
9. Schedule – BP- Income computation under the head – Business or Profession
10. Schedule DPM- Computing depreciation on Plant & Machinery under the Income Tax Act
11. Schedule DOA- Computation of Depreciation on other assets as per the Income Tax Act
12. Schedule DEP- Summary of depreciation on all assets as per the Income Tax Act
13. Schedule DCG- A computing of deemed capital gains on the sale of depreciable assets
14. Schedule ESR- Making deduction under Section 35
15. Schedule- CG- Computing income under the head Capital Gains
16. Schedule- OS- Computing income under the heading Income from other sources
17. Schedule CYLA- Income statement after setting-off losses for the current year
18. Schedule BFLA- Income statement after setting off the unabsorbed losses of the previous year(s)
19. Schedule CFL- Statement of losses which is to be carried forward to the future years
20. Schedule UD- Statement regarding unabsorbed depreciation
21. Schedule ICDS
22. Schedule 10AA- Computing the deduction under Section 10AA
23. Schedule 80G- Statement about donations which are entitled to deduction under Section 80G
24. Schedule RA- Statement of donations made to research associations etc. which are entitled to deduction under Sections 35(1)(ii), 35 (1)( iia ), 35(1)(iii) or 35(2AA)
25. Schedule 80IA- Computing deduction to be made under Section 80IA
26. Schedule 80IB- Computing deduction under Section 80IB
27. Schedule 80IC/80IE- Computing deduction under Section 80IC/80IE
28. Schedule 80P- Deductions under Section 80P
29. Schedule VIA- Deductions statement under Chapter VIA
30. Schedule AMT- Computing Alternate Minimum Tax under Section 115JC of the Income Tax Act
31. Schedule AMTC- Calculation of tax credit under Section 115JD
32. Schedule SPI- Statement of income that arises to minor child/spouse/son’s wife or any other person or AOP that is to be included in the income of the assessee in Schedules HP, CG, OS
33. Schedule SI- Statement of income which is subject to chargeability at special tax rates
34. Schedule IF- Details of partnership firms in which assessee is a partner
35. Schedule EI- Exempt Income Details
36. Schedule PTI- Details of pass-through income from an investment fund or business trust under Section 115UA, 115UB
37. Schedule FSI- Details of income that accrues or arises out of India
38. Schedule TR- Details of any taxes that have been paid outside India
39. Schedule FA- Details of any Foreign assets or income from a source outside India
40. Schedule GST- Details of turnover/gross receipts reported for GST
41. Part B-TI- Summary of total income and tax computation based on the income that is chargeable to tax
42. Part B – TTI- Computing the tax liability on total income
43. Tax Payments- Advance Tax, Tax Deducted at Source and Self-assessment tax