Instructions for filling out FORM ITR-5 for Financial Year (FY) 2017-18 / Assessment Year (AY) 2018-19
These instructions are guidelines for filling the particulars in this Return Form. In case of any doubt, please refer to relevant provisions of the Income-tax Act, 1961 and the Income-tax Rules, 1962.
Page Contents
- 1. Assessment Year for which Income Tax Return Form ITR-5 Form is applicable
- 2. Who can use Income Tax Return Form ITR-5?
- 3. Annexure-less Income Tax Return Form ITR-5
- 4. Manner of filing Income Tax Return Form ITR-5
- 5. Filling out the acknowledgement of Income Tax Return Form ITR-5
- 8. Brief Scheme of the Law Related To Income Tax Return Form ITR-5
- 9. Scheme of the Income Tax Return Form ITR-5
- 10. Guidance For Filling Out Parts And Schedules of Income Tax Return Form ITR-5
- 11. PART A-GEN
- 12. PART A-BS AND PART A-P&L
- 13. PART A- OI AND PART A-QD
- 14. SCHEDULES
- 15. PART B-TI-COMPUTATION OF TOTAL INCOME
- 16. PART B-TTI- COMPUTATION OF TAX LIABILITY ON TOTAL INCOME
- 17. VERIFICATION
- 17. TAX PAYMENTS
1. Assessment Year for which Income Tax Return Form ITR-5 Form is applicable
This Return Form is applicable for assessment year 2018-19 only, i.e., it relates to income earned in Financial Year 2017-18.
2. Who can use Income Tax Return Form ITR-5?
This Form can be used by a person being a firm, LLPs, AOP, BOI, artificial juridical person referred to in section 2(31)(vii), persons referred to in section 160(1)(iii) or (iv), cooperative society, registered societies and local authority. However, a person who is required to file the return of income under section 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4F) shall not use this form.
3. Annexure-less Income Tax Return Form ITR-5
Tax-payers are advised to match the taxes deducted/collected/paid by or on behalf of them with their Tax Credit Statement (Form 26AS). (Please refer to www.incometaxindia.gov.in)
Also Read-
Instructions for filing Sahaj (ITR-1) for A.Y. 2018-19
All about ITR-2 as applicable for A.Y. 2018-19
All about Income Tax Return Form ITR-3 (A.Y. 2018-19)
Instructions for filing ITR-4-SUGAM for A.Y. 2018-19
4. Manner of filing Income Tax Return Form ITR-5
This Return Form can be filed with the Income-tax Department in any of the following ways, –
(i) by furnishing the return electronically under digital signature;
(ii) by transmitting the data in the return electronically under electronic verification code;
(iii) by transmitting the data in the return electronically and thereafter submitting the verification of the return in Return Form ITR-V;
However, a firm whose accounts are liable to audit under section 44AB shall compulsorily furnish the return in the manner mentioned at (i) above.
In case an assessee who is required to furnish a report of audit under sections 10AA, 44AB, 44DA, 50B, 80-IA, 80-IB, 80-IC, 80-ID, 80JJAA, 80LA, 92E, 115JB or 115JC he shall file the report electronically on or before the date of filing the return of income.
5. Filling out the acknowledgement of Income Tax Return Form ITR-5
Where the Return Form is furnished in the manner mentioned at 4(iii), the assessee should print out two copies of Form ITR-V. 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.
6. Codes for filling Income Tax Return Form ITR-5
(i) Under the heading „Filing Status‟ in the Return Form the relevant box needs to be checked regarding section under which the return is being filed on the basis of following.
| How the return is filed | Check Box No. |
| Voluntarily on or before the due date under section 139(1) | 1 |
| Voluntarily after the due date under section 139(4) | 2 |
| Revised return under section 139(5) | 3 |
| Modified return under section 92CD | 4 |
| Under section 119(2)(b) on an application to be made separately before the Income-tax authority.
(The return shall be treated as valid only after the application/ claim/ relief under section 119(2)(b) has been admitted by the Income-tax Authority) |
5 |
| In response to notice under section 139(9) | 6 |
| In response to notice under section 142(1) | 7 |
| In response to notice under section 148 | 8 |
| In response to notice under section 153A/ 153C | 9 |
In case of a revised/defective/modified return, please enter the receipt number of Original return and Date of filing of Original Return. This field is mandatory otherwise the revised return will not be accepted by Income-tax Department. If the return is being filed in response to notice by the Income-tax Department under section 139(9)/142(1)/148/153A/153C, please provide the date of such notice. If this is a modified return under section 92CD, please provide the date of advance pricing agreement.
(ii) Under the head Audit Information, if the assessee is liable for Audit u/s 44AB and the accounts have been audited by an accountant, the details of such audit report along with the date of furnishing it (if filed before the return) to the department has to be filled. Further, if the assessee is liable to furnish other audit report the section under which such audit is required and the date of furnishing it to the department (if audit has been carried out under that section) has to be filled. It is mandatory to furnish audit reports (if the audit has been carried out) under the following sections electronically on or before the date of filing the return of income.
| Section under which Audit report is mandatorily to be filed electronically (if the audit has been carried out) on or before the date of furnishing the return of income | |||
| Sl. | Section | Sl. | Section |
| 1. | 10AA | 8. | 80-ID |
| 2. | 44AB | 9. | 80JJAA |
| 3. | 44DA | 10. | 80LA |
| 4. | 50B | 11. | 92E |
| 5. | 80-IA | 12. | 115JB |
| 6. | 80-IB | 13. | 115JC |
| 7. | 80-IC | ||
Under the head Audit Information, if assessee is liable to audit under any Act other than the Income-tax Act, please fill up, in item (e), name of the Act, Section and date of furnishing audit report.
(iii) Under the head of Partners/Members/Trust information, in item E, in case of a firm/AOP/BOI, information about partners/members is to be filled up, and in case of a trust, information about settlor, trustee and beneficiary is to be filled up. In the column for Status, the status should be filled up as applicable.
| Sl. No. | Status to be filled |
| 1 | Individual |
| 2 | HUF |
| 3 | Firm |
| 4 | LLP |
| 5 | Domestic Company |
| 6 | Foreign Company |
| 7 | Co-Operative Society |
| 8 | Local Authority |
| 9 | Trust |
| 10 | AOP/BOI |
| 11 | Any other Artificial Juridical Person |
| 12 | Settlor (in case of a trust) |
| 13 | Trustee (in case of a trust) |
| 14 | Beneficiary (in case of a trust) |
7. Instructions for filling out this Form
(i) The codes for nature of business to be filled in „Part-A- Nature of business‟ are as under-
| Sector | Sub-Sector | Code | ||
| AGRICULTURE, ANIMAL HUSBANDRY & FORESTRY |
Growing and manufacturing of tea | 01001 | ||
| Growing and manufacturing of coffee | 01002 | |||
| Growing and manufacturing of rubber | 01003 | |||
| Market gardening and horticulture specialties | 01004 | |||
| Raising of silk worms and production of silk | 01005 | |||
| Raising of bees and production of honey | 01006 | |||
| Raising of poultry and production of eggs | 01007 | |||
| Rearing of sheep and production of wool | 01008 | |||
| Rearing of animals and production of animal products | 01009 | |||
| Agricultural and animal husbandry services | 01010 | |||
| Soil conservation, soil testing and soil desalination services | 01011 | |||
| Hunting, trapping and game propagation services | 01012 | |||
| Growing of timber, plantation, operation of tree nurseries and conserving of forest | 01013 | |||
| Gathering of tendu leaves | 01014 | |||
| Gathering of other wild growing materials | 01015 | |||
| Forestry service activities, timber cruising, afforestation and reforestation | 01016 | |||
| Logging service activities, transport of logs within the forest | 01017 | |||
| Other agriculture, animal husbandry or forestry activity n.e.c | 01018 | |||
| FISH FARMING | Fishing on commercial basis in inland waters | 02001 | ||
| Fishing on commercial basis in ocean and coastal areas | 02002 | |||
| Fish farming | 02003 | |||
| Gathering of marine materials such as natural pearls, sponges, coral etc. | 02004 | |||
| Services related to marine and fresh water fisheries, fish hatcheries and fish farms | 02005 | |||
| Other Fish farming activity n.e.c | 02006 | |||
| MINING AND QUARRYING | Mining and agglomeration of hard coal | 03001 | ||
| Mining and agglomeration of lignite | 03002 | |||
| Extraction and agglomeration of peat | 03003 | |||
| Extraction of crude petroleum and natural gas | 03004 | |||
| Service activities incidental to oil and gas extraction excluding surveying | 03005 | |||
| Mining of uranium and thorium ores | 03006 | |||
| Mining of iron ores | 03007 | |||
| Mining of non-ferrous metal ores, except uranium and thorium ores | 03008 | |||
| Mining of gemstones | 03009 | |||
| Mining of chemical and fertilizer minerals | 03010 | |||
| Mining of quarrying of abrasive materials | 03011 | |||
| Mining of mica, graphite and asbestos | 03012 | |||
| Quarrying of stones (marble/granite/dolomite), sand and clay | 03013 | |||
| Other mining and quarrying | 03014 | |||
| Mining and production of salt | 03015 | |||
| Other mining and quarrying n.e.c | 03016 | |||
| MANUFACTURING | Production, processing and preservation of meat and meat products | 04001 | ||
| Production, processing and preservation of fish and fish products | 04002 | |||
| Manufacture of vegetable oil, animal oil and fats | 04003 | |||
| Processing of fruits, vegetables and edible nuts | 04004 | |||
| Manufacture of dairy products | 04005 | |||
| Manufacture of sugar | 04006 | |||
| Manufacture of cocoa, chocolates and sugar confectionery | 04007 | |||
| Flour milling | 04008 | |||
| Rice milling | 04009 | |||
| Dal milling | 04010 | |||
| Manufacture of other grain mill products | 04011 | |||
| Manufacture of bakery products | 04012 | |||
| Manufacture of starch products | 04013 | |||
| Manufacture of animal feeds | 04014 | |||
| Manufacture of other food products | 04015 | |||
| Manufacturing of wines | 04016 | |||
| Manufacture of beer | 04017 | |||
| Manufacture of malt liquors | 04018 | |||
| Distilling and blending of spirits, production of ethyl alcohol | 04019 | |||
| Manufacture of mineral water | 04020 | |||
| Manufacture of soft drinks | 04021 | |||
| Manufacture of other non-alcoholic beverages | 04022 | |||
| Manufacture of tobacco products | 04023 | |||
| Manufacture of textiles (other than by handloom) | 04024 | |||
| Manufacture of textiles using handlooms (khadi) | 04025 | |||
| Manufacture of carpet, rugs, blankets, shawls etc. (other than by hand) | 04026 | |||
| Manufacture of carpet, rugs, blankets, shawls etc. by hand | 04027 | |||
| Manufacture of wearing apparel | 04028 | |||
| Tanning and dressing of leather | 04029 | |||
| Manufacture of luggage, handbags and the like saddler and harness | 04030 | |||
| Manufacture of footwear | 04031 | |||
| Manufacture of wood and wood products, cork, straw and plaiting material | 04032 | |||
| Manufacture of paper and paper products | 04033 | |||
| Publishing, printing and reproduction of recorded media | 04034 | |||
| Manufacture of coke oven products | 04035 | |||
| Manufacture of refined petroleum products | 04036 | |||
| Processing of nuclear fuel | 04037 | |||
| Manufacture of fertilizers and nitrogen compounds | 04038 | |||
| Manufacture of plastics in primary forms and of synthetic rubber | 04039 | |||
| Manufacture of paints, varnishes and similar coatings | 04040 | |||
| Manufacture of pharmaceuticals, medicinal chemicals and botanical products | 04041 | |||
| Manufacture of soap and detergents | 04042 | |||
| Manufacture of other chemical products | 04043 | |||
| Manufacture of man-made fibers | 04044 | |||
| Manufacture of rubber products | 04045 | |||
| Manufacture of plastic products | 04046 | |||
| Manufacture of glass and glass products | 04047 | |||
| Manufacture of cement, lime and plaster | 04048 | |||
| Manufacture of articles of concrete, cement and plaster | 04049 | |||
| Manufacture of Bricks | 04050 | |||
| Manufacture of other clay and ceramic products | 04051 | |||
| Manufacture of other non-metallic mineral products | 04052 | |||
| Manufacture of pig iron, sponge iron, Direct Reduced Iron etc. | 04053 | |||
| Manufacture of Ferro alloys | 04054 | |||
| Manufacture of Ingots, billets, blooms and slabs etc. | 04055 | |||
| Manufacture of steel products | 04056 | |||
| Manufacture of basic precious and non- ferrous metals | 04057 | |||
| Manufacture of non-metallic mineral products | 04058 | |||
| Casting of metals | 04059 | |||
| Manufacture of fabricated metal products | 04060 | |||
| Manufacture of engines and turbines | 04061 | |||
| Manufacture of pumps and compressors | 04062 | |||
| Manufacture of bearings and gears | 04063 | |||
| Manufacture of ovens and furnaces | 04064 | |||
| Manufacture of lifting and handling equipment | 04065 | |||
| Manufacture of other general purpose machinery | 04066 | |||
| Manufacture of agricultural and forestry machinery | 04067 | |||
| Manufacture of Machine Tools | 04068 | |||
| Manufacture of machinery for metallurgy | 04069 | |||
| Manufacture of machinery for mining, quarrying and constructions | 04070 | |||
| Manufacture of machinery for processing of food and beverages | 04071 | |||
| Manufacture of machinery for leather and textile | 04072 | |||
| Manufacture of weapons and ammunition | 04073 | |||
| Manufacture of other special purpose machinery | 04074 | |||
| Manufacture of domestic appliances | 04075 | |||
| Manufacture of office, accounting and computing machinery | 04076 | |||
| Manufacture of electrical machinery and apparatus | 04077 | |||
| Manufacture of Radio, Television, communication equipment and apparatus | 04078 | |||
| Manufacture of medical and surgical equipment | 04079 | |||
| Manufacture of industrial process control equipment | 04080 | |||
| Manufacture of instruments and appliances for measurements and navigation | 04081 | |||
| Manufacture of optical instruments | 04082 | |||
| Manufacture of watches and clocks | 04083 | |||
| Manufacture of motor vehicles | 04084 | |||
| Manufacture of body of motor vehicles | 04085 | |||
| Manufacture of parts & accessories of motor vehicles & engines | 04086 | |||
| Building & repair of ships and boats | 04087 | |||
| Manufacture of railway locomotive and rolling stocks | 04088 | |||
| Manufacture of aircraft and spacecraft | 04089 | |||
| Manufacture of bicycles | 04090 | |||
| Manufacture of other transport equipment | 04091 | |||
| Manufacture of furniture | 04092 | |||
| Manufacture of jewellery | 04093 | |||
| Manufacture of sports goods | 04094 | |||
| Manufacture of musical instruments | 04095 | |||
| Manufacture of games and toys | 04096 | |||
| Other manufacturing n.e.c. | 04097 | |||
| Recycling of metal waste and scrap | 04098 | |||
| Recycling of non- metal waste and scrap | 04099 | |||
| ELECTRICITY, GAS AND WATER | Production, collection and distribution of electricity | 05001 | ||
| Manufacture and distribution of gas | 05002 | |||
| Collection, purification and distribution of water | 05003 | |||
| Other essential commodity service n.e.c | 05004 | |||
| CONSTRUCTION | Site preparation works | 06001 | ||
| Building of complete constructions or parts- civil contractors | 06002 | |||
| Building installation | 06003 | |||
| Building completion | 06004 | |||
| Construction and maintenance of roads, rails, bridges, tunnels, ports, harbour, runways etc. | 06005 | |||
| Construction and maintenance of power plants | 06006 | |||
| Construction and maintenance of industrial plants | 06007 | |||
| Construction and maintenance of power transmission and telecommunication lines | 06008 | |||
| Construction of water ways and water reservoirs | 06009 | |||
| Other construction activity n.e.c. | 06010 | |||
| REAL ESTATE AND RENTING SERVICES | Purchase, sale and letting of leased buildings (residential and non-residential) | 07001 | ||
| Operating of real estate of self-owned buildings (residential and non-residential) | 07002 | |||
| Developing and sub-dividing real estate into lots | 07003 | |||
| Real estate activities on a fee or contract basis | 07004 | |||
| Other real estate/renting services n.e.c | 07005 | |||
| RENTING OF MACHINERY | Renting of land transport equipment | 08001 | ||
| Renting of water transport equipment | 08002 | |||
| Renting of air transport equipment | 08003 | |||
| Renting of agricultural machinery and equipment | 08004 | |||
| Renting of construction and civil engineering machinery | 08005 | |||
| Renting of office machinery and equipment | 08006 | |||
| Renting of other machinery and equipment n.e.c. | 08007 | |||
| Renting of personal and household goods n.e.c. | 08008 | |||
| Renting of other machinery n.e.c. | 08009 | |||
| WHOLESALE AND RETAIL TRADE | Wholesale and retail sale of motor vehicles | 09001 | ||
| Repair and maintenance of motor vehicles | 09002 | |||
| Sale of motor parts and accessories-wholesale and retail | 09003 | |||
| Retail sale of automotive fuel | 09004 | |||
| General commission agents, commodity brokers and auctioneers | 09005 | |||
| Wholesale of agricultural raw material | 09006 | |||
| Wholesale of food & beverages and tobacco | 09007 | |||
| Wholesale of household goods | 09008 | |||
| Wholesale of metals and metal ores | 09009 | |||
| Wholesale of household goods | 09010 | |||
| Wholesale of construction material | 09011 | |||
| Wholesale of hardware and sanitary fittings | 09012 | |||
| Wholesale of cotton and jute | 09013 | |||
| Wholesale of raw wool and raw silk | 09014 | |||
| Wholesale of other textile fibres | 09015 | |||
| Wholesale of industrial chemicals | 09016 | |||
| Wholesale of fertilizers and pesticides | 09017 | |||
| Wholesale of electronic parts & equipment | 09018 | |||
| Wholesale of other machinery, equipment and supplies | 09019 | |||
| Wholesale of waste, scrap & materials for re-cycling | 09020 | |||
| Retail sale of food, beverages and tobacco in specialized stores | 09021 | |||
| Retail sale of other goods in specialized stores | 09022 | |||
| Retail sale in non-specialized stores | 09023 | |||
| Retail sale of textiles, apparel, footwear, leather goods | 09024 | |||
| Retail sale of other household appliances | 09025 | |||
| Retail sale of hardware, paint and glass | 09026 | |||
| Wholesale of other products n.e.c | 09027 | |||
| Retail sale of other products n.e.c | 09028 | |||
| HOTELS, RESTAURANTS AND HOSPITALITY SERVICES |
Hotels – Star rated | 10001 | ||
| Hotels – Non-star rated | 10002 | |||
| Motels, Inns and Dharmshalas | 10003 | |||
| Guest houses and circuit houses | 10004 | |||
| Dormitories and hostels at educational institutions | 10005 | |||
| Short stay accommodations n.e.c. | 10006 | |||
| Restaurants – with bars | 10007 | |||
| Restaurants – without bars | 10008 | |||
| Canteens | 10009 | |||
| Independent caterers | 10010 | |||
| Casinos and other games of chance | 10011 | |||
| Other hospitality services n.e.c. | 10012 | |||
| TRANSPORT & LOGISTICS SERVICES | Travel agencies and tour operators | 11001 | ||
| Packers and movers | 11002 | |||
| Passenger land transport | 11003 | |||
| Air transport | 11004 | |||
| Transport by urban/sub-urban railways | 11005 | |||
| Inland water transport | 11006 | |||
| Sea and coastal water transport | 11007 | |||
| Freight transport by road | 11008 | |||
| Freight transport by railways | 11009 | |||
| Forwarding of freight | 11010 | |||
| Receiving and acceptance of freight | 11011 | |||
| Cargo handling | 11012 | |||
| Storage and warehousing | 11013 | |||
| Transport via pipelines (transport of gases, liquids, slurry and other commodities) | 11014 | |||
| Other Transport & Logistics services n.e.c | 11015 | |||
| POST AND TELECOMMUNICATION SERVICES | Post and courier activities | 12001 | ||
| Basic telecom services | 12002 | |||
| Value added telecom services | 12003 | |||
| Maintenance of telecom network | 12004 | |||
| Activities of the cable operators | 12005 | |||
| Other Post & Telecommunication services n.e.c | 12006 | |||
| FINANCIAL INTERMEDIATION SERVICES | Commercial banks, saving banks and discount houses | 13001 | ||
| Specialised institutions granting credit | 13002 | |||
| Financial leasing | 13003 | |||
| Hire-purchase financing | 13004 | |||
| Housing finance activities | 13005 | |||
| Commercial loan activities | 13006 | |||
| Credit cards | 13007 | |||
| Mutual funds | 13008 | |||
| Chit fund | 13009 | |||
| Investment activities | 13010 | |||
| Life insurance | 13011 | |||
| Pension funding | 13012 | |||
| Non-life insurance | 13013 | |||
| Administration of financial markets | 13014 | |||
| Stock brokers, sub-brokers and related activities | 13015 | |||
| Financial advisers, mortgage advisers and brokers | 13016 | |||
| Foreign exchange services | 13017 | |||
| Other financial intermediation services n.e.c. | 13018 | |||
| COMPUTER ANDRELATED SERVICES | Software development | 14001 | ||
| Other software consultancy | 14002 | |||
| Data processing | 14003 | |||
| Database activities and distribution of electronic content | 14004 | |||
| Other IT enabled services | 14005 | |||
| BPO services | 14006 | |||
| Cyber café | 14007 | |||
| Maintenance and repair of office, accounting and computing machinery | 14008 | |||
| Computer training and educational institutes | 14009 | |||
| Other computation related services n.e.c. | 14010 | |||
| RESEARCH AND DEVELOPMENT | Natural sciences and engineering | 15001 | ||
| Social sciences and humanities | 15002 | |||
| Other Research & Development activities n.e.c. | 15003 | |||
| PROFESSIONS | Legal profession | 16001 | ||
| Accounting, book-keeping and auditingprofession | 16002 | |||
| Tax consultancy | 16003 | |||
| Architectural profession | 16004 | |||
| Engineering and technical consultancy | 16005 | |||
| Advertising | 16006 | |||
| Fashion designing | 16007 | |||
| Interior decoration | 16008 | |||
| Photography | 16009 | |||
| Auctioneers | 16010 | |||
| Business brokerage | 16011 | |||
| Market research and public opinion polling | 16012 | |||
| Business and management consultancy activities | 16013 | |||
| Labour recruitment and provision of personnel | 16014 | |||
| Investigation and security services | 16015 | |||
| Building-cleaning and industrial cleaning activities | 16016 | |||
| Packaging activities | 16017 | |||
| Secretarial activities | 16018 | |||
| Other professional services n.e.c. | 16019 | |||
| EDUCATION SERVICES |
Primary education | 17001 | ||
| Secondary/ senior secondary education | 17002 | |||
| Technical and vocational secondary/ senior secondary education | 17003 | |||
| Higher education | 17004 | |||
| Education by correspondence | 17005 | |||
| Coaching centres and tuitions | 17006 | |||
| Other education services n.e.c. | 17007 | |||
| HEALTH CARESERVICES | General hospitals | 18001 | ||
| Speciality and super speciality hospitals | 18002 | |||
| Nursing homes | 18003 | |||
| Diagnostic centres | 18004 | |||
| Pathological laboratories | 18005 | |||
| Independent blood banks | 18006 | |||
| Medical transcription | 18007 | |||
| Independent ambulance services | 18008 | |||
| Medical suppliers, agencies and stores | 18009 | |||
| Medical clinics | 18010 | |||
| Dental practice | 18011 | |||
| Ayurveda practice | 18012 | |||
| Unani practice | 18013 | |||
| Homeopathy practice | 18014 | |||
| Nurses, physiotherapists or other para-medical practitioners | 18015 | |||
| Veterinary hospitals and practice | 18016 | |||
| Other healthcare services | 18017 | |||
| SOCIAL AND COMMUNITY WORK | Social work activities with accommodation (orphanages and old age homes) | 19001 | ||
| Social work activities without accommodation (Creches) | 19002 | |||
| Industry associations, chambers of commerce | 19003 | |||
| Professional organisations | 19004 | |||
| Trade unions | 19005 | |||
| Religious organizations | 19006 | |||
| Political organisations | 19007 | |||
| Other membership organisations n.e.c. (rotary clubs, book clubs and philatelic clubs) | 19008 | |||
| Other Social or community service n.e.c | 19009 | |||
| CULTURE AND SPORT | Motion picture production | 20001 | ||
| Film distribution | 20002 | |||
| Film laboratories | 20003 | |||
| Television channel productions | 20004 | |||
| Television channels broadcast | 20005 | |||
| Video production and distribution | 20006 | |||
| Sound recording studios | 20007 | |||
| Radio – recording and distribution | 20008 | |||
| Stage production and related activities | 20009 | |||
| Individual artists excluding authors | 20010 | |||
| Literary activities | 20011 | |||
| Other cultural activities n.e.c. | 20012 | |||
| Circuses and race tracks | 20013 | |||
| Video Parlours | 20014 | |||
| News agency activities | 20015 | |||
| Library and archives activities | 20016 | |||
| Museum activities | 20017 | |||
| Preservation of historical sites and buildings | 20018 | |||
| Botanical and zoological gardens | 20019 | |||
| Operation and maintenance of sports facilities | 20020 | |||
| Activities of sports and game schools | 20021 | |||
| Organisation and operation of indoor/outdoor sports and promotion and production of sporting events | 20022 | |||
| Other sporting activities n.e.c. | 20023 | |||
| Other recreational activities n.e.c. | 20024 | |||
| OTHER SERVICES | Hair dressing and other beauty treatment | 21001 | ||
| Funeral and related activities | 21002 | |||
| Marriage bureaus | 21003 | |||
| Pet care services | 21004 | |||
| Sauna and steam baths, massage salons etc. | 21005 | |||
| Astrological and spiritualists’ activities | 21006 | |||
| Private households as employers of domestic staff | 21007 | |||
| Other services n.e.c. | 21008 | |||
| EXTRA TERRITORIAL ORGANISATIONS AND BODIES | Extra territorial organisations and bodies (IMF, World Bank, European Commission etc.) | 22001 | ||
*n.e.c. – not elsewhere classified
8. Brief Scheme of the Law Related To Income Tax Return Form ITR-5
– Before filling out the form, you are advised to read the following-
(1) Computation of total income
(a) “Previous year” is the financial year (1st April to the following 31st March) during which the income in question has been earned. “Assessment Year” is the financial year immediately following the previous year.
(b) Total income is to be computed as follows, in the following order:
(i) Classify all items of income under the following heads of income-
(A) “Income from house property”; (B) “Profit and gains from business or profession”; (C) “Capital gains”; and (D) “Income from other sources”. [There may be no income under one or more of the heads at (A), (B), (C) and (D)].
(ii) Compute taxable income of the current year (i.e., the previous year) under each head of income separately in the Schedules which have been structured so as to help you in making these computations as per provisions of the Income-tax Act. These statutory provisions decide what is to be included in your income, what you can claim as an expenditure or allowance and how much, and also what you cannot claim as an expenditure/allowance.
(iii) Set off current year‟s headwise loss(es) against current year‟s headwise income(s) as per procedures prescribed by the law. A separate Schedule is provided for such set-off.
(iv) Set off, as per procedures prescribed by the law, loss(es) and/or allowance(s) of earlier assessment year(s) brought forward. Also, compute loss(es) and/or allowance(s) that could be set off in future and is (are) to be carried forward as per procedures prescribed by the law. Separate Schedules are provided for this.
(v) Aggregate the headwise end-results as available after (iv) above; this will give you “gross total income”.
(vi) From gross total income, subtract, as per procedures prescribed by the law, “deductions” mentioned in Chapter VIA of the Income-tax Act. The result will be the total income. Besides, calculate agricultural income for rate purposes.
(2) Computation of income-tax, surcharge, education cess including secondary and higher education cess and interest in respect of income chargeable to tax
(a) Compute income-tax payable on the total income. Special rates of tax are applicable to some specified items. Include agricultural income, as prescribed, for rate purposes, in the tax computation procedure.
(b) If total income includes income of the nature referred to in section 115BBE, surcharge @25% of tax on such income is to be computed.
(i) In case of an AOP/BOI/Artificial juridical person, if total income exceeds Rs. 50 lakh but does not exceed Rs. 1 crore, calculate surcharge on balance tax (i.e. tax on total income minus tax on income chargeable u/s 115BBE) at the rate of 10%. If total income exceeds Rs. 1 crore, calculate surcharge on balance tax (i.e. tax on total income minus tax on income chargeable u/s 115BBE) at the rate of 15%.
(ii) In case of Firm/Co-operative society/Local authority/any other case, if total income exceeds Rs. 1 crore, calculate surcharge on balance tax (e. tax on total income minus tax on income chargeable u/s 115BBE) at the rate of 12%.
(c) In case, the tax liability computed as above is less than 18.5% of adjusted total income, the assessee is required to pay alternate minimum tax (AMT) under section 115JC at the rate of 18.5% of the adjusted total income. The excess tax so paid is allowable to be carried forward for credit in the year in which tax liability under the normal provisions of the Act is more than AMT liability. Such carry-forward is allowable up to 15 years.
(d) Add Education Cess as prescribed on the tax payable and surcharge thereon.
(e) Claim relief(s) as prescribed by the law, on account of foreign tax credit and calculate balance tax payable.
(f) Add interest and fee payable as prescribed by the law to reach total Instructions to Form ITR-5 (A.Y. 2018-19) tax, interest and fee payable.
(g) Deduct the amount of prepaid taxes, if any, like “tax deducted at source”, “tax collected at source”, “advance-tax” and “self-assessment-tax”. The result will be the tax payable (or refundable).
(3) Obligation to file return of income
(a) Every firm shall furnish the return of income whether it has income or loss during the year.
(b) Every AOP, BOI and artificial juridical person has to furnish the return of his income if his total income before giving effect to section 10(38) or allowing deductions under Chapter VI-A exceeds the maximum amount which is not chargeable to income tax (Rs. 2,50,000/- in case of AOP, BOI and artificial juridical person, „nil‟ in case of a cooperative society) during the financial year 2017-18.
(c) The deduction under the heading “C-Deductions in respect of certain incomes” of Chapter VI-A shall not be allowed unless the return has been filed on or before the due date.
(d) The losses, if any, (item-17 of Part B-TI of this Form) shall not be allowed to be carried forward unless the return has been filed on or before the due date.
9. Scheme of the Income Tax Return Form ITR-5
The Scheme of this form follows the scheme of the law as outlined above in its basic form. The Form has been divided into three parts. It also has twenty-eight Schedules. The details of these parts and the schedules are as under:-
(i) Part-A has five sub-divisions as under-
(a) Part A-GEN mainly seeks general information requiring identificatory and other data;
(b) Part A-BS seeks the balance sheet as on 31st March, 2018;
(c) Part A-P&L seeks information regarding the Profit and loss account for the financial year 2017-18;
(d) Part A-OI seeks other information. It is optional in a case not liable for audit under section 44AB
(e) Part A-QD seeks information regarding quantitative details of the principal item of goods traded. It is optional in a case not liable for audit under section 44AB.
(ii) The second part, i.e., Part-B is regarding an outline of the total income and tax computation in respect of income chargeable to tax.
(iii) There are 28 schedules details of which are as under-
(a) Schedule-HP: Computation of income under the head Income from House Property
(b) Schedule-BP: Computation of income under the head “profit and gains from business or profession”
(c) Schedule-DPM: Computation of depreciation on plant and machinery under the Income-tax Act
(d) Schedule DOA: Computation of depreciation on other assets under the Income-tax Act
(e) Schedule DEP: Summary of depreciation on all the assets under the Income-tax Act
(f) Schedule DCG: Computation of deemed capital gains on sale of depreciable assets
(g) Schedule ESR: Deduction under section 35 (expenditure on scientific research)
(h) Schedule-CG: Computation of income under the head Capital gains.
(i) Schedule-OS: Computation of income under the head Income from other sources.
(j) Schedule-CYLA: Statement of income after set off of current year‟s losses
(k) Schedule-BFLA: Statement of income after set off of unabsorbed loss brought forward from earlier years.
(l) Schedule- CFL: Statement of losses to be carried forward to future years.
(m) Schedule –UD: Unabsorbed Depreciation
(n) Schedule- ICDS: Statement of effect of income computation disclosure standards on profit.
(o) Schedule- 10AA: Computation of deduction under section 10AA
(p) Schedule- 80G: Details of donation entitled for deduction under section 80G
(q) Schedule- 80IA: Computation of deduction under section 80IA
(r) Schedule- 80IB: Computation of deduction under section 80IB
(s) Schedule- 80IC/ 80-IE: Computation of deduction under section 80IC/ 80-IE.
(t) Schedule-VIA: Statement of deductions (from total income) under Chapter VIA.
(u) Schedule –AMT: Computation of Alternate Minimum Tax payable under section 115JC
(v) Schedule AMTC: Computation of tax credit under section 115JD
(w) Schedule-SI: Statement of income which is chargeable to tax at special rates
(x) Schedule-EI: Statement of Income not included in total income (exempt incomes)
(y) Schedule-PTI: Statement of income from Business Trust or Investment Fund as per section 115UA, 115UB.
(z) Schedule FSI: Details of income accruing or arising outside India.
(aa) Schedule TR: Details of Taxes paid outside India.
(bb) Schedule FA: Details of Foreign Assets and Income.
10. Guidance For Filling Out Parts And Schedules of Income Tax Return Form ITR-5
(1) General
(i) All items must be filled in the manner indicated therein; otherwise the return maybe liable to be held defective or even invalid.
(ii) If any item is inapplicable, write “NA” against that item.
(iii) Write “Nil” to denote nil figures.
(iv) Except as provided in the form, for a negative figure/ figure of loss, write “-” before such figure.
(v) All figures should be rounded off to the nearest one rupee. However, the figures for total income/ loss and tax payable be finally rounded off to the nearest multiple of ten rupees.
(2) Sequence for filling out parts and schedules
(i) Part A
(ii) Schedules
(iii) Part B
(iv) Part C
(v) Verification
11. PART A-GEN
Most of the details to be filled out in Part-Gen of this form are self-explanatory. However, some of the details mentioned below are to be filled out as explained hereunder:-
(a) Taxpayers are advised to mandatorily fill up the address columns carefully and provide correct information. Similarly status column under the head Personal Information needs to be filled mandatorily.
(b) Under the head “Filing status” in the Form, filing of “Residential Status” is mandatory.
(c) Tax payers are advised to furnish their correct mobile number and e-mail address so as to facilitate the Department in sending updates relating to demand, refund etc. In case a return is filed by an intermediary/professional, the email address of the intermediary as well as the assessee may be provided.
(d) The sections under which the return is filed be filled as given in item No. 6.
(e) In case the return is being filed by you in a representative capacity, please ensure to quote your PAN in item “PAN of the representative assessee”. In case the PAN of the person being represented is not known or he has not got a PAN in India, the item for PAN in the first line of the return may be left blank. It may please be noted that in the first line of this form, the name of the person being represented be filled.
12. PART A-BS AND PART A-P&L
(a) The Balance Sheet as on 31st March, 2018 and the profit and loss account for financial year 2017-18 in the formats provided in these parts have to be filled in respect of business or profession carried out by you during the financial year 2017-18 if you were required to maintain accounts of the business or profession during the year.
(b) In case, accounts of the business or profession were required to be audited, the items of balance sheet and profit and loss account filled in the these parts should match with the audited balance sheet and profit and loss account.
(c) In case, you were not required to maintain accounts of the business or profession during the year, please fill out the details mentioned in these parts against portion „No account case‟.
13. PART A- OI AND PART A-QD
(a) If the accounts of the business or profession were not required to be audited under section 44AB, it is optional to fill these parts.
(b) Where the accounts of the business or profession were required to be audited under section 44AB, the details to be filled in these parts which are also required to be reported in the report of audit by the auditors, should broadly match with the details as given in the report of audit.
(c) Purchases are to be shown exclusive of taxes and the details of taxes paid on the purchases are to be indicated separately in the relevant rows. However, where it is not possible to segregate the details of the different taxes paid on the purchases, the same may be included and shown in the details of purchases.
(d) In Part A-QD, the quantitative details may be furnished only in respect of principal items.
14. SCHEDULES
(a) Schedule-HP– Following points also need to be clarified,-
(i) Annual letable value means the amount for which the house property may reasonably be expected to let from year to year, on a notional basis: Deduction for taxes paid to local authority shall be available only if the property is in the occupation of a tenant, and such taxes are borne by the assessee and not by the tenant and have actually been paid during the year.
(ii) In case of part ownership of property, the figure of annual value or rent receivable/ received in row ‘a’ should be for whole of the property and only after computation of annual value in row ‘e’ the portion chargeable in own hands should be computed in row ‘f’ by multiplying such annual value with assessee’s percentage share in the property.
(iii) In item 3a, arrears of rent received and the amount of unrealised rent realised subsequently are to be mentioned after deduction @30% of such arrears of rent and unrealised rent realised.
(b) Schedule-BP–
(i) The computation in this Schedule has to be started on the basis of profit before tax as shown in item 46 of Part-A- P&L.
(ii) In case any item of addition or deduction not covered by the items mentioned in this Schedule, the same may be filled in residual items 23 and 32 of this Schedule.
(iii) In case accounts of business or profession are not maintained, the profit as entered into by you in item 54d of Part A-P&L may be taken.
(iv) In case, agricultural income to be excluded on the basis of rule 7A, 7B or 8 (in business of growing and manufacturing tea, coffee etc.), it shall not be included in the item 5c of this schedule.
(v) In A-38, net profit or loss from business or profession is to be computed, only in special cases, e.g. business of growing and manufacturing tea, coffee, etc., where rules 7A, 7B or 8 is applicable otherwise, the figure of profit/ loss as computed is A-37 may be entered.
(vi) Income earned by the assessee by way of salary, commission, bonus, interest, etc. from other firms as if in the capacity of a partner, which has not been included in the profit and loss account of the proprietary business needs to be disclosed in item No.A24 in Schedule BP.
(vii) Item D of this Schedule computes the total of profit or loss from business or profession (other than speculative business and profit or loss from speculative business and profit and loss from specified business) (item A38 + item B42 + item C48). Please note that if balance in item B42 in respect of speculative business is a loss, same shall not be set-off against profit from non-speculative business. In such situation, only the figures of item A38 be entered in item D.
(vii) Item E of this Schedule computes the set off of any business loss (other than from speculative business and specified business) with the profits from speculative business and specified business, if any. Losses from speculative business or specified business are not allowable to be set off with normal business profits.
(c) Schedule-DPM, Schedule DOA, Schedule DEP and Schedule DCG: For sake of convenience, computation of depreciation allowable under the Income-tax Act [other than in case of an undertaking generating electricity which may at its option claim depreciation on straight line method under section 32(1)(i)], has been divided into two parts i.e. in schedules DPM (depreciation on plant and machinery) and DOA (depreciation on other assets). The summery of depreciation as per these schedules has to be shown in Schedule DEP. Deemed short term capital gain, if any as computed in Schedule DPM and DOA has to be entered into Schedule DCG.
(d) Schedule ESR: Deduction under section 35 (expenditure on scientific research): In column (2) of this schedule, please furnish the details of deduction to which you are entitled under provisions of this section. In column (3), please enter the amounts of expenses of the nature covered by section 35 which are, if any, debited to profit and loss account. Please note that no deduction for depreciation is available in respect of capital asset for which deduction under section 35(1)(iv) has been claimed. Deduction under section 35CCC and 35CCD also be filled in this schedule.
(e) Schedule-CG–
(i) Capital gains arising from sale/transfer of different types of capital assets have been segregated. If more than one capital asset within the same type has been transferred, make the combined computation for all such assets within the same type. Under short-term capital gains items 4 and 5 are not applicable for residents. Similarly, under long-term capital gains items 5 and 6 are not applicable for residents.
(ii) For computing long-term capital gain, cost of acquisition and cost of improvement may be indexed, if required, on the basis of following cost inflation index notified by the Central Government for this purpose.
| Sl.No. | Financial Year | Cost Inflation Index |
| 1. | 2001-02 | 100 |
| 2. | 2002-03 | 105 |
| 3. | 2003-04 | 109 |
| 4. | 2004-05 | 113 |
| 5. | 2005-06 | 117 |
| 6. | 2006-07 | 122 |
| 7. | 2007-08 | 129 |
| 8. | 2008-09 | 137 |
| 9. | 2009-10 | 148 |
| 0. | 2010-11 | 167 |
| 1. | 2011-12 | 184 |
| 2. | 2012-13 | 200 |
| 3. | 2013-14 | 220 |
| 4. | 2014-15 | 240 |
| 5. | 2015-16 | 254 |
| 6. | 2016-17 | 264 |
| 7. | 2017-18 | 272 |
(iii) Sections 54B/54D/54EC/54EE/54G/54GA mentioned in this Schedule provide exemption on capital gains subject to fulfillment of certain conditions. Exemption under some of these sections is available only in respect of long-term capital gains. If any deduction is claimed details in item D to be provided.
(iv) Item C of this Schedule computes the total of short-term capital gain and long-term capital gain. Please note that if balance in item B10 in respect of long-term capital gain is a loss, same shall not be set-off against short-term capital gain. In such situation, the figure of item B10 would be entered as 0 and then the figures of item A9 be added in item C.
(v) Item E of this Schedule provides for set off of current year capital losses with current year capital gains. The Schedule separates different category of capital gains (long-term and short-term) into different baskets according to rate at which the same is chargeable to tax. The applicable rate implies the rate of tax at which the normal income of the assessee is otherwise taxable. The figures in column 1 list out the categories of capital gains against which capital loss will be set off. Similarly figures in row ‘i’ provides for different categories of capital losses which will be set off against capital gains in column 1. The figures in row ‘i’ and column ‘1’ will be derived from addition of different fields of Schedule CG as indicated. For example, if (A3e+ A4a) represents a negative figure it will be filled in cell ‘2i’ and if it is a positive figure it will be filled in cell ‘1ii’. The assessee may set off the capital loss of row ‘i’ with any category of capital gains in column ‘1’ except that the long-term capital loss can only be adjusted with any long-term capital gains and the amount of such set off has to be entered into in the relevant rows of columns 2 to 6.
(f) Schedule-OS–
(i) Against item 1a and 1b, enter the details of gross income by way of dividend and interest which is not exempt.
(ii) Against item 1c, indicate the gross income from machinery, plant or furniture let on hire and also such income from building where its letting is inseparable from the letting of the said machinery, plant or furniture, if it is not chargeable to income-tax under the head “Profits and gains of business or profession”.
(iii) Against item 1d, indicate any other income under the head other sources such as winning from lottery, crossword puzzles etc., income of the nature referred to in section 68, 69, 69A, 69B, 69C or 69D, income of the nature referred to in section 56(2)(x). The nature of such income is also required to be mentioned. The gross value of such income is required to be reported.
(iv) Against item 1f, income chargeable to tax at special rates (which is included in income from other sources mentioned at column 1e) is required to be reported. This should be cross referenced with incomes reflected in Schedule SI.
(v) Income from owning and maintaining race horses is to be computed separately as loss from owning and maintaining race horses cannot be adjusted against income from any other source, and can only be carried forward for set off against similar income in subsequent years.
(vi) If balance in item 3e from owning and maintaining race horses is a loss, please enter 0 and enter the total of item 2.
(vii) Item 4 of this Schedule computes the total income chargeable under the head “Income from other sources”.
(g) Schedule-CYLA–
(i) Mention only positive incomes of the current year in column 3, head wise, in the relevant rows.
(ii) Mention total current year’s loss(es), if any, from house property, business or profession and other sources (other than losses from race horses) in the first row against the heading loss to be adjusted under the respective head. These losses are to be set off against income under other heads in accordance with the provisions of section 71. Where “income from house property” is a loss and assessee has income under any other head of income, the assessee shall not be entitled to set off such loss, to the extent the amount of the loss exceeds two lakh rupees against income under the other head. The amount set off against the income of respective heads has to be entered into in columns 2, 3 and 4, in the relevant rows.
(iii) Mention the end-result of the above inter-head set-off(s) in column 5, head wise, in relevant rows.
(iv) Total of loss set off out of columns 2, 3 and 4 have to be entered into row xiii.
(v) The losses remaining for set off have to be entered in row xiv.
(h) Schedule-BFLA–
(i) Mention only positive incomes of the current year (after set-off of loss in Schedule-CYLA in column 1, headwise in relevant rows.
(ii) The amount of brought forward losses which may be set off are to be entered in column 2 in respective rows. Brought forward short-term capital loss can be adjusted under any item of short-term or long-term capital gains. Brought forward long-term capital loss can be adjusted under any item of long-term capital gains.
(iii) The end result of the set off will be entered in column 5 in respective heads. The total of column 5 shall be entered in row xiii which shall give the amount of gross total income.
(iv) The total amount of brought forward losses set off during the year shall be entered in column 2 of row xii.
(i) Schedule-CFL–
(i) In this Schedule, the summary of losses carried from earlier years, set off during the year and to be carried forward for set off against income of future years is to be entered.
(ii) The losses under the head “house property”, „profit and gains of business or profession” short term capital loss and long term capital loss, losses from other sources (other than losses from race horses) are allowed to be carried forward for 8 years. However, loss from owning and maintaining race horses can be carried forward only for 4 assessment years.
(j) Schedule-UD– In this Schedule, amount of brought forward unabsorbed depreciation and allowance under section 35(4) for each assessment year, amount of depreciation and allowance under section 35(4) set-off against the current year’s income and the balance unabsorbed depreciation and allowance under section 35(4) to be carried forward to the next assessment year needs to be mentioned.
(k) Schedule-ICDS– Income Computation Disclosure Standards (ICDS) have come into force from financial year 2016-17 and onwards. Deviation from each ICDS as notified under section 145(2) of the Income-tax Act that has an effect on profit is to be filled in column (iii) of the said Schedule. If the total effect of ICDS adjustments on profit is positive, the same should be mentioned at serial no. 11(a) and should be taken to item no. 3(a) of Part A-OI (Other Information). If the total effect of ICDS adjustments on profit is negative, the same should be mentioned at serial no. 11(b) and should be taken to item no. 3(b) of Part A-OI (Other Information).
(l) Schedule-10AA– If there are more than one undertaking entitled for deduction under this section, please enter the details of deduction for each undertaking separately.
(m) Schedule- 80G–
(i) In this Schedule, the details of donation given, which are entitled for deduction under section 80G have to be filled.
(ii) In Part-A of this Schedule, the details of donations which are entitled for 100% deduction without any qualifying limit are to be filled in. Section 80G(1)(i) read with section 80G(2) contains the list of funds/ institutions donations to which are eligible for 100% deduction in hands of the donor.
(iii) In Pat-B of this Schedule, the details of donations which are entitled for 50% deduction without any qualifying limit are to be filled in where such donations have been given to the funds/ institutions which are not required to be approved by an authority for this purpose. Section 80G (1) (i) read with section 80G (2) also contains the list of such funds/ institutions.
(iv) In Part-C of this Schedule, the details of donations which are entitled for 100% deduction subject to a qualifying limit are to be filled in.
(v) In Part-D of this Schedule, the details of donations which are entitled for 50% deduction subject to a qualifying limit are to be filled in.
(vi) It may kindly be noted that where the aggregate donations referred to in Part-E and donations referred to in sub-clauses (v), (vi), (via) and (vii) of clause (a) and in clauses (b) and (c) of section 80G (2) exceeds 10% of total income (before deduction under other provisions of Chapter VI-A), then the excess amount shall be ignored for purpose of computing deduction under section 80G.
(n) Schedule- 80IA, Schedule- 80IB, Schedule- 80IC and Schedule-80-IE:
(i) If there are more than one undertaking entitled for deduction under
any of these sections, please enter the details of deduction in relevant Schedule for each undertaking separately.
(ii) The amount of deduction for an undertaking shall be as per item 30 of Form No.10CCB being the report of audit under sections 80-IA/ 80-IB/ 80-IC and 80-IE.
(o) Schedule-VIA–
(i) The total of the deductions allowable is limited to the amount of gross total income. For details of deductions allowable, the provisions of the Chapter VI-A may kindly be referred to.
(ii) For deductions under sections 80-IA, 80-IB, 80-IC/ 80-IE, the amount as shown in Schedules 80-IA, 80-IB and 80-IC/ 80-IE be filled. The amount of deduction under section 80-ID also needs to be shown in this Schedule.
(iii) Details of other deductions which are available are as under:-
(a) Section 80G (Deduction in respect of donations to certain funds, charitable institutions, etc.) No deduction under section 80G shall be allowed for any cash donation exceeding Rs.2000.
(b) Section 80GGC (Deduction in respect of contributions given by any person to political parties)
(c) Section 80IA (Deduction in respect of profits and gains from industrial undertakings or enterprises engaged in infrastructure development, etc.)
(d) Section 80IAB (Deduction in respect of profits and gains by an undertaking or enterprise engaged in development on Special Economic Zone).
(e) Section 80IAC (Special provision in respect of specified business).
(f) Section 80IB (Deduction in respect of profits and gains from certain industrial undertakings other than infrastructure development undertakings).
(g) Section 80IBA (Deductions in respect of profits and gains from housing projects).
(h) Section 80IC/80IE (Special provisions in respect of certain undertakings or enterprises in certain special category States/ Special provisions in respect of certain undertakings in North-Eastern States).
(i) Section 80ID (Deduction in respect of profits and gains from business of hotels and convention centers in specified area)
(j) Section 80JJA (Deduction in respect and gains from business of collecting and processing of bio-degradable waste)
(k) Section 80JJAA (Deduction in respect of employment of new workmen)
(l) Section 80LA (Deduction in respect of certain incomes of Offshore Banking Units and International Financial services Centre)
(m) Section 80P (Deduction in respect of income of cooperative societies)
(p) Schedule–AMT– The assessee is required to fill the details of computation of Alternate Minimum Tax (AMT) payable under section 115JC (special provisions for payment of tax by certain persons other than a company). The tax liability under the section shall be 18.5 percent of the adjusted total income computed under the said section. The computation under this Schedule is to be based on Form No. 29C.
(q) Schedule –AMTC– Mention the details for computation of tax credit where LLP is subject to Alternate Minimum Tax and the credit for the same is being carried forward to subsequent assessment years.
(r) Schedule-SI– Mention the income included in total income which is chargeable to tax at special rates. Such income will be taken from the appropriate columns in Schedule BFLA/CYLA or Schedule OS as indicated.
(s) Schedule-EI– Furnish the details of income like agriculture income, interest, dividend, etc. which is exempt from tax.
(t) Schedule PTI: Fill Income details from business trust or investment fund as per section 115UA, 115UB.
1. In column 2 of the table, fill the name of business trust or investment fund.
2. In column 3 of the table, fill the PAN of business trust or investment fund.
3. Against serial number (i), fill amount of income from House property in column number 6 and fill TDS on such amount, if any, in column number 7.
4. Against serial number (ii)(a), fill amount of income from short term capital gain in column number 6 and fill TDS on such amount, if any, in column number 7.
5. Against serial number (ii)(b), fill amount of income from Long term capital gain in column number 6 and fill TDS on such amount, if any, in column number 7.
6. Against serial number (iii), fill amount of income from other sources in column number 6 and fill TDS on such amount, if any, in column number 7.
7. Against serial number (iv)(a),(b),(c), fill income received from business trust or investment fund claimed to be exempt under section 10(23FBB), 10(23FD), etc. in column number 6.
(u) Schedule FSI,-
(i) In this Schedule, fill the details of income, which is already included in total income, accruing or arising outside India.
(ii) For country code use the International Subscriber Dialing (ISD) code of the country.
(iii) The Tax Payer Identification Number (TIN) of the assessee in the country where tax has been paid is to be filled up. In case TIN has not been allotted in that country, then, passport number should be mentioned.
(v) Schedule TR,-
(i) In column (c) mention the tax paid outside India on the income declared in Schedule FSI which will be the total tax paid under column (c) of Schedule FSI in respect of each country.
(ii) In column (d) mention the tax relief available that will be the total tax relief available under column (e) of Schedule FSI in respect of each country.
(iii) For country code use the ISD code of the country.
(iv) The Tax Payer Identification Number (TIN) of the assessee in the country where tax has been paid is to be filled up. In case TIN has not been allotted in that country, then, passport number should be mentioned.
(v) Relief claimed under section 90 or section 90A or section 91 is to be filled in the respective columns.
(w) Schedule FA–
(i) This Schedule is to be filled up by a resident assessee. It need not be filled up by a „not ordinarily resident‟ or a „non-resident‟. Mention the details of foreign bank accounts, financial interest in any entity, details of immovable property or other assets located outside India. This should also include details of any account located outside India in which the assessee has signing authority, details of trusts created outside India in which you are settlor, beneficiary or trustee. Under all the heads mention income generated/derived from the asset. The amount of income taxable in your hands and offered in the return is to be filled out under respective columns. Item G includes any other income which has been derived from any source outside India and which has not been included in the items A to F and under the head business of profession in the return.
(ii) This Schedule is to be filled in all cases where the resident assessee is a beneficial owner, beneficiary or legal owner. For this purpose,-
◊ Beneficial owner in respect of an asset means an individual who has provided, directly or indirectly, consideration for the asset and where such asset is held for the immediate or future benefit, direct or indirect, of the individual providing the consideration or any other person.
◊ Beneficiary in respect of an asset means an individual who derives an immediate or future benefit, directly or indirectly, in respect of the asset and where the consideration for such asset has been provided by any person other than such beneficiary.
Where the assessee is both a legal owner and a beneficial owner, mention legal owner in the column of ownership.
(iii) (A) The peak balance in the bank account during the year is to be filled up after converting the same into Indian currency.
(B) Financial interest would include, but would not be limited to, any of the following:-
(1) if the resident assessee is the owner of record or holder of legal title of any financial account, irrespective of whether he is the beneficiary or not.
(2) if the owner of record or holder of title is one of the following:-
(i) an agent, nominee, attorney or a person acting in some other capacity on behalf of the resident assessee with respect to the entity.
(ii) a corporation in which the resident owns, directly or indirectly, any share or voting power.
(iii) a partnership in which the resident assessee owns, directly or indirectly, an interest in partnership profits or an interest in partnership capital.
(iv) a trust of which the resident has beneficial or ownership interest.
(v) any other entity in which the resident owns, directly or indirectly, any voting power or equity interest or assets or interest in profits.
(3) the total investment in col (7) of part (B) has to be filled up as peak investment held during the year after converting it into Indian currency.
(C) The total investment in col (6) of part (C) has to be filled up as peak investment in immovable property held during the year after converting it into Indian currency.
(D) The total investment in col (6) of part (D) has to be filled up as peak investment (at cost) held during the year after converting it into Indian currency. Capital Assets include financial assets which are not included in part (B) but shall not include stock-in-trade and business assets which are included in the Balance Sheet.
(E) The details of peak balance/investment in the accounts in which you have signing authority and which has not been included in Part (A) to Part (D) mentioned above has to be filled up as peak investment/balance held during the year after converting it into Indian currency.
(iv) For the purpose of this Schedule, the rate of exchange for the calculation of the value in rupees of such asset situated outside India shall be the telegraphic transfer buying rate of such currency as on the date of peak balance in the bank account or on the date of investment.
Explanation: For the purposes of this Schedule, “telegraphic transfer buying rate”, in relation to a foreign currency, means the rate or rates of exchange adopted by the State Bank of India constituted under the State Bank of India Act, 1955 (23 of 1955), for buying such currency, having regard to the guidelines specified from time to time by the Reserve Bank of India for buying such currency, where such currency is made available to that bank through a telegraphic transfer.
15. PART B-TI-COMPUTATION OF TOTAL INCOME
(i) In this part the summary of income computed under various heads and as set off in Schedule CFLA and Schedule BFLA is to be entered.
(ii) Every entry which have to be filled on basis of Schedules have been crossed referenced and hence doesn‟t need any further clarification.
16. PART B-TTI- COMPUTATION OF TAX LIABILITY ON TOTAL INCOME
(a) In item 2a, fill the details of gross tax liability to be computed at the applicable rate. The tax liability has to be computed at the rates given as under:-
(A) In case of an AOP or a BOI or any other artificial juridical person,-
| Income (In Rs.) | Tax Liability (In Rs.) |
| Upto Rs. 2,50,000 | Nil |
| Between Rs. 2,50,001 – Rs. 5,00,000 | 5% of income in excess of Rs. 2,50,000 |
| Between Rs. 5,00,001 – Rs. 10,00,000 | Rs. 12,500 + 20% of income in excess of Rs. 5,00,000 |
| Above Rs.10,00,000 | Rs. 1,12,500 + 30% of income in excess of Rs. 10,00,000 |
(B) In case of a cooperative society,-
| Income (In Rs.) | Tax Liability (In Rs.) |
| Upto Rs. 10,000 | 10% |
| Between Rs. 10,000 – Rs. 20,000 | 1,000 + 20% of income in excess of Rs. 10,000 |
| Above Rs.20,000 | 3,000 + 30% of income in excess of Rs. 20,000 |
(C) In case of a firm or local authority- 30% of the total income
(b) In item No. 2b, fill out the total of tax computed at special rates as per Schedule SI.
(c) In item No. 2c, the amount of rebate is the amount of tax computed on the aggregate of net agricultural income and the maximum amount not chargeable to tax as mentioned in para (a) above. This is applicable only if normal income (total income less income chargeable to tax at special rate) is more than the maximum amount not chargeable to tax.
(d) In item No.2e, if total income includes income of the nature referred to in section 115BBE, surcharge @25% of tax on such income is to be computed.
(i) In case of an AOP/BOI/Artificial juridical person, if total income exceeds Rs. 50 lakh but does not exceed Rs. 1 crore, calculate surcharge on balance tax (i.e. tax on total income minus tax on income chargeable u/s 115BBE) at the rate of 10%. If total income exceeds Rs. 1 crore, calculate surcharge on balance tax (i.e. tax on total income minus tax on income chargeable u/s 115BBE) at the rate of 15%.
(ii) In case of Firm/Co-operative society/Local authority/any other case, if total income exceeds Rs. 1 crore, calculate surcharge on balance tax (e. tax on total income minus tax on income chargeable u/s 115BBE) at the rate of 12%.
(e) In item No.2f, calculate the education cess including secondary and higher education cess at the rate of three per cent of item No. (2d+2eiii).
(f) In item No.6a, claim relief in respect of tax paid (on income which is included in the return) in any foreign country with which DTAA exists between India and that foreign country.
(g) In item No.6b, claim relief in respect of tax paid (on income which is included in the return) in any foreign country with which there is no DTAA between India and that foreign country.
(h) Fee chargeable for default in furnishing return of income under section 234F.
The fee structure is as follows:
1. Late fees shall be ₹5000, in case return of income is filed after the specified due date but on or before 31/12/2018
2. Late fee shall be ₹10000, in case return of income is filed after 31/12/2018
Note: If the total income of the assesse is less than ₹5,00,000/- then fee u/s 234F shall not exceed ₹1000.
(i) In item 10b, please furnish the details in accordance with Form 16A, 16B and 16C issued by any other person in respect of interest income, capital gains or rental income etc.
(j) In item 13, please provide the details of all the savings and current accounts held by you at any time during the previous year. However, it is not mandatory to provide details of dormant accounts which are not operational for more than 3 years. Please indicate the account in which you would like to get your refund credited irrespective of whether you have refund or not. In case of non-residents, details of any one foreign Bank Account may be furnished for the purpose of credit of refund. The account number should be as per Core Banking Solution (CBS) system of the bank (or as per IBAN in case of foreign bank account).
17. VERIFICATION
(a) (i) In case of firm, return of income can be verified by the managing partner, or by any partner (not being a minor) in cases referred to in clause (cc) of section 140 of the Income-tax Act.
(ii) In case of LLP, return of income can be verified by the designated partner or by any partner in cases referred to in clause (cd) of section 140 of the Income-tax Act.
(iii) In case of AOP, return of income can be verified by any member or principal officer.
(iv) In case of any other person, return of income can be verified by that person or some person competent to act on his behalf.
(v) The permanent account number of such persons is required to be mentioned in verification.
(b) In case the return is furnished electronically under digital signature, please 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 return. Write the designation of the person signing the return.
(c) In case the return is to be furnished electronically under electronic verification code or in the manner mentioned in instruction no. 4(iii), please fill verification form (Form ITR-V).
(d) 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 fine.
17. TAX PAYMENTS
(A) (i) Fill out the details of payment of advance income-tax and income-tax on self-assessment.
(ii) The details of BSR Code of the bank branch (7 digits), date of deposit, challan serial No., and amount paid should be filled out from the acknowledgement counterfoil.
(B)
(i) Please furnish the details in accordance with Form 16A, Form 16B or Form 16C issued by the Deductor in respect of interest income, capital gains, rental income or any other sources of income.
(ii) All the tax deductions at source made in the current financial year should be reported in the TDS Schedule.
(iii) “Unique TDS Certificate Number”. This is a six digit number which appears on the right hand top corner of those TDS certificates which have been generated by the deductor through the Tax Information Network (TIN) Central System.
(iv) “Year of tax deduction” means the financial year in which tax has been deducted. In this column fill up the four digits of relevant financial year. For example, if the deduction has been made by the deductor in the financial year 2017-18 fill up 2017 in the designated space.
(v) In case there is any unclaimed TDS brought forward from earlier years, for which credit is being claimed and the corresponding income is chargeable in your hands in this year; please enter the financial year in which TDS was deducted and the amount of TDS brought forward in Col. 5 & 6 respectively.
(vi) In Col. 7, enter the amount of TDS deducted in own hands, as reflected in the 26AS statement.
(vii) In Col. 8, enter the amount of TDS deducted in the hands of any other person as referred to in Rule 37BA (2), if the corresponding income is chargeable in your hands in this year. Ensure that the TDS amount is reflected in the 26AS statement of such other person.
(viii) In Col. 9, enter the amount of TDS credit available (i.e. out of total TDS reported in Col. 6, 7 and 8), which is being claimed in own hands for this year. Ensure that the corresponding income has also been offered in this year. For example, if any income is not chargeable to tax in this year then the corresponding TDS credit shall be allowable only in the year in which such income is chargeable to tax.
(ix) In Col. 10, enter the amount of TDS credit available (i.e. out of total TDS mentioned in Col. 6, 7 and 8), which is being claimed in the hands of any other person as referred to in Rule 37BA.
(x) In Col. 11, enter the amount of unclaimed TDS credit of current year (e. out of total TDS deducted in current year reported in Col. 7 & 8) which is being carried forward.
NOTE: If TDS has been deducted in your hands, but whole or any part of the corresponding income is assessable in the hands of any other person, or vice versa, please ensure that the procedure laid down in Rule 37BA(2) of the Income-tax Rules, 1962 is followed for claiming credit of TDS in such cases.
(C) (i) In this table, fill the details of tax collected at source on the basis of TCS certificates (Form No. 27D) issued by the Collector.
(ii) In order to enable the Income Tax Department to provide accurate, quicker and full credit for taxes collected at source, the taxpayer must ensure to quote TAN for every TCS transaction.
For Partnership Firm using ITR-5, is there any obligation to declare Net income w.r.t to Turnover (Like 44AD not less than 8% of Turnover). If we show net profit less than 8% of Turnover without claiming presumptive scheme. Is it mandatory to get Audit.
Thanks,