ITR 5 form can be used by a Person being a:
1. Partnership Firm
2. Limited Liability Partnership (LLP)
3. Association of Persons (AOP)
4. Body of Individuals (BOI)
5. Artificial Juridical Person (AJP) referred to in clause (vii) of Section 2(31)
6. Local Authority referred to in clause (vi) of Section 2(31)
7. Representative Assessee referred to in Section 160(1)(iii) or (iv)
8. Cooperative Society
9. Society registered under Societies Registration Act, 1860 or under any other law of any State
10. Trust other than Trusts eligible to file Form ITR-7
11. Estate of Deceased Person
12. Estate of an Insolvent
13. Business Trust referred to in Section 139(4E)
14. Investments Fund referred to in Section 139(4F)
Key changes in the ITR-5 Form in AY 2022-23
The key changes in the ITR-5 Form in AY 2022-23 are summarized below:
- Necessary changes in the ITR form for the increase in the Tax Audit limit to Rs 10 crores (where cash transactions are less than 5% of the total transactions) from 5 crores are
- From AY 2021-22, dividend received is taxable in the hands of the receiver. Necessary changes for the same are made in the ITR
- TDS deduction for cash withdrawals under Section 194N are not allowed to be carried forward to subsequent The ITR-5 form has been changed as per the amendments accordingly.
What is the structure of the ITR-5 Form?
The Form has been divided into two parts and several schedules:
Part A: General information
Part A-BS: Balance Sheet as on 31st March 2022
Part A-Manufacturing Account for the financial year 2021-22 Part A-Trading Account for the financial year 2021-22
Part A-P&L: Profit and Loss Account for the financial year 2021-22 Part A-OI: Other information
Part A-QD: Quantitative details
There are 31 schedules details of which are as under:
Schedule-HP: Computation of income under the head Income from House Property
Schedule-BP: Computation of income under the head “profit and gains from business or profession” Schedule-DPM: Computation of depreciation on plant and machinery under the Income Tax Act Schedule DOA: Computation of depreciation on other assets under the Income Tax Act
Schedule DEP: Summary of depreciation on all the assets under the Income-tax Act Schedule DCG: Computation of deemed capital gains on sale of depreciable assets Schedule ESR: Deduction under section 35 (expenditure on scientific research) Schedule-CG: Computation of income under the head Capital gains.
Schedule-OS: Computation of income under the head Income from other sources.
Schedule-CYLA: Statement of income after set off of current year’s losses
Schedule-BFLA: Statement of income after set off of unabsorbed loss brought forward from earlier years.
Schedule- CFL: Statement of losses to be carried forward to future years. Schedule –UD: Unabsorbed Depreciation
Schedule ICDS: Effect of income computation disclosure standards on profit Schedule- 10AA: Computation of deduction under section 10AA
Schedule- 80G: Details of donation entitled for deduction under section 80G Schedule- 80GGA: Details of donation for scientific research or rural development Schedule- RA: Details of donations to research associations etc.
Schedule- 80IA: Computation of deduction under section 80IA Schedule- 80IB: Computation of deduction under section 80IB
Schedule- 80IC/ 80-IE: Computation of deduction under section 80IC/ 80-IE. Schedule 80P: Deductions under section 80P
Schedule-VIA: Statement of deductions (from total income) under Chapter VIA. Schedule –AMT: Computation of Alternate Minimum Tax payable under section 115JC Schedule AMTC: Computation of tax credit under section 115JD
Schedule-SI: Statement of income which is chargeable to tax at special rates Schedule IF: Information regarding partnership firms in which you are partner Schedule-EI: Statement of Income not included in total income (exempt incomes)
Schedule PTI: Pass Through Income details from business trust or investment fund as per section 115UA, 115UB
Schedule TPSA: Secondary adjustment to transfer price as per section 92CE(2A) Schedule FSI: Details of Income from outside India and tax relief
Schedule TR: Details Summary of tax relief claimed for taxes paid outside India Schedule FA: Details of Foreign Assets and Income from any source outside India Schedule GST: Information regarding turnover/gross receipt reported for GST
Schedule DI: Schedule of tax-saving investments or deposits or payments to claim deduction or exemption in the extended period from 1 April 2020 until 30 June 2020
Part B – TI: Computation of total income
Part B – TTI: Computation of tax liability on total income
Tax payments:
1. Details of payment of advance-tax and tax on self-assessment tax
2. Details of tax deducted at source on income other than salary (16A, 16B, 16C) Details of collected at source
Sequence for filling out parts and schedules
The Income Tax Department recommends assesses to follow the sequence mentioned below while filling out the income tax return.
- Part A
- Schedules
- Part B
- Part C
- Verification
How do one can file ITR-5 Form
This return form has to be filed online with the Income Tax Department in the following ways:
- by furnishing the return electronically under digital signature
- by transmitting the data in the return electronically and thereafter submitting the verification of the return in Return Form ITR-V
When the return is filed online, the assessee should print out two copies of ITR-V Form. One copy of ITR-V, duly signed by the assessee, has to be sent by ordinary post to Post Bag No. 1, Electronic City Office, Bengaluru–560500 (Karnataka).
The other copy may be retained by the assessee for his record. A firm whose accounts are liable to audit under section 44AB must compulsorily furnish the return electronically under digital signature.
No annexure required
No document (including TDS certificate) should be attached with this return form while filing ITR-5. All such documents enclosed with this Return Form will be detached and returned to the person filing the return. Taxpayers are advised to match the taxes deducted/collected/paid by or on behalf of them with their Tax Credit Statement Form 26AS.
How to fill out the verification document :
- Fill up the required information in the verification
- Strike out whatever is not applicable. Please ensure that the verification has been signed before furnishing the
- Choose the designation / capacity of the person signing the
- Please note that any person making a false statement in the return or the accompanying schedules shall be liable to be prosecuted under section 277 of the Income-tax Act, 1961 and on conviction be punishable under that section with rigorous imprisonment and with
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