ITR-5 Return Filing

ITR-5 is an Income Tax Return form designed for entities other than companies, including partnerships, LLPs, AOPs, BOIs, cooperative societies, and others, to report their income and taxes to the Indian Income Tax Department. This form is not applicable for individual taxpayers, HUFs, and entities required to file returns using ITR-6 or ITR-7.
Accountants Factory simplifies ITR-5 filing for firms, LLPs, AOPs, BOIs, and other eligible entities. With expert guidance, we ensure accurate income reporting, seamless documentation, and compliance with tax laws. Our efficient and user-friendly approach saves you time, making ITR-5 filing hassle-free and reliable.

Very useful to get accounting work done. Startup services like company registration, LLP creation etc are well handled by the team, also they handled income tax returns and guided us with an appropriate investment strategy. They were available all the time for our queries and guided us.

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Who is Eligible to File ITR-5?

Entities eligible to file ITR-5 include:

1. Firms: Partnership firms, excluding sole proprietorships.
2. Limited Liability Partnerships (LLPs): Entities formed under the LLP Act.
3. Body of Individuals (BOI): A group of individuals earning income collectively.
4. Association of Persons (AOP): Associations created for a common purpose earning income.
5. Estate of Deceased Individuals: Estates managing the income of a deceased taxpayer.
6. Artificial Juridical Person: As defined under Section 2(31)(vii) of the Income Tax Act.
7. Business Trusts and Investment Funds: Trusts like REITs and Infrastructure Investment Trusts.
8. Estate of Insolvent Individuals: Estates managing the income of insolvent individuals.
9. Cooperative Societies: Societies formed under the Cooperative Societies Act.
10. Local Authorities: Municipal bodies and similar entities.

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Structure of the ITR-5 Form

The ITR-5 Form is structured into several parts and schedules to facilitate the comprehensive reporting of income, deductions, and tax liability. Below is an overview of the structure of the ITR-5 Form:

Part A: General Information

Captures basic details like name, PAN, address, and nature of the business.

Part A-BS: Balance Sheet

Summarizes the entity's financial position at the end of the fiscal year.

Part A-Manufacturing Account

Provides details of manufacturing costs and outputs.

Part A-Trading Account

Contains details of trading activities for the fiscal year.

Part A-PL: Profit and Loss Account

Reports income and expenses for the financial year.

Part A-OI: Other Information

Includes additional financial details relevant to income computation.

Part A-QD: Quantitative Details

Quantitative data about goods produced, traded, or consumed.

Part B: Computation of Total Income

Calculates total taxable income.

Part B-TTI: Computation of Tax Liability

Determines tax liability based on total income.

Schedules

There are 31 schedules to comprehensively report income, deductions, and taxes, including:

Schedule HP: Income from house property.
Schedule BP: Business or professional income.
Schedule CG: Capital gains.
Schedule OS: Income from other sources.
Schedule VI-A: Deductions under Chapter VI-A.

Tax Payments Section

Details of advance tax, self-assessment tax, TDS (Tax Deducted at Source), and TCS (Tax Collected at Source).

Verification

Requires the taxpayer to sign and confirm the accuracy of the return.

Accountants Factory Assistance for ITR-5 Filing

Accountants Factory provides seamless and efficient assistance for filing ITR-5, catering to the unique needs of firms, LLPs, AOPs, BOIs, and other eligible entities. With a team of experienced professionals, they ensure accurate computation of income, proper documentation, and adherence to compliance requirements. From preparing balance sheets and profit-and-loss accounts to optimizing deductions under applicable sections, their comprehensive services streamline the entire filing process. Accountants Factory leverages cutting-edge technology and expert guidance to minimize errors, maximize tax efficiency, and ensure timely filing, giving businesses peace of mind and the freedom to focus on growth.