ITR-5 form can be used for filing income tax return of partnership firms, LLPs and AOPs. ITR-5 return may require tax audit based on turnover of the business.
Penalty
Penalty upto Rs.10000/- will be levied, if not filed on due date
Documents Required For ITR-5 Filing
- Form-16
- Salary Slips
- Interest certificates from Post Offices & Banks
- Form 16A/16B/16C
- Form 26AS
- Tax-Savings Investment Proofs
- Deductions under Section 80D to 80U
- Home Loan statement from NBFC/Bank
- Capital Gains
- Aadhar Card
All About Form ITR-5 Income Tax Return
ITR-5 Form can be used by Firms, Limited Liability Partnerships(LLPs), Association of persons(AOPs) and Body of Individuals(BOIs), Artificial Juridical Person, Cooperative society and Local authority, provided they are not required to file the return of income under section 139(4A) or 139(4B) or 139(4C) or 139(4D) (i.e., Trusts, Political party, Institutions, Colleges, etc.).
Individuals, HUFs (Hindu Undivided Families), Companies cannot use the ITR-5 Form.
Who can use Form ITR-5?
ITR-5 must be filed by firms, LLPs (Limited Liability Partnerships), AOPs (Association of persons) and BOIs (Body of Individuals), artificial juridical person, cooperative society and local authority
Who all cannot file Form ITR-5?
ITR-5 cannot be filed by Taxpayers who fall under the below category :
- Assessees who are required to file the return of income under section 139(4A) or 139(4B) or 139(4C) or 139(4D) (i.e., Trusts, Political party, Institutions, Colleges, etc.)
- Individuals, HUFs (Hindu Undivided Families), Companies
Pay As You Widen Pricing
(ALL INCLUSIVE PRICING)
Basic
Rs.9899
Income tax return filling for an individual with salary income of less than Rs.5 lakhs.
Regular
Rs.11899
Income tax return filling for an individual with salary income of less than Rs.10 lakhs
Privilege
Rs.13899
Income tax return filling for an individual with salary income of more than Rs.10 lakhs.