CA Sandeep Kanoi
After Long Wait CBDT has Finally Released ITR 5 which is applicable for Income Tax Return (ITR) of firms, AOPs, BOIs and LLPs for Assessment year 2014-15. CBDT has Released Java Utility of ITR-5 and we expect Excel Utility also to be released soon.
1. Who can use this ITR-5 Return Form?
This Form can be used a person being a firm, LLPs, AOP, BOI, artificial juridical person referred to in section 2(31 )(vii), cooperative society 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) shall not use this form.
2. Annexure-less Return Form
No document (including TDS certificate) should be attached to this Return Form. All such documents enclosed with this Return Form will be detached and returned to the person filing the return. 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)Online GST Certification Course by TaxGuru & MSME- Click here to Join
3. Manner of filing this Return Form
From assessment year 2014-15 onwards 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 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. Where the Return Form is furnished in the manner mentioned at 3(ii), 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, Bangaluru–560100 (Karnataka). The other copy may be retained by the assessee for his record.
From assessment year 2013-14 onwards in case an assessee who is required to furnish a report of audit under sections 10(23C)(iv), 10(23C)(v), 10(23C)(vi), 10(23C)(via), 10A, 10AA, 12A(1)(b), 44AB, 44DA, 50B, 80-IA, 80- IB, 80-IC, 80-ID, 80JJAA, 80LA, 92E, 115JB or 115VW he shall file the report electronically on or before the date of filing the return of income. Further, the assessee who is liable to file the above reports electronically shall file the return of income in the manner provided at 3(ii) or 3(iii).
4. Filling out the acknowledgement
Only one copy of this Return Form is required to be filed. Where the Return Form is furnished in the manner mentioned at 3(i), the acknowledgement slip attached with this Return Form should be duly filled.
So far CBDT has released in addition to ITR-5 the following ITRs which can be downloaded from e-Filing website of Income Tax.
|Income Tax Return Utility Downloads for A.Y. 2014-15|
|ITR||Description||Excel Utility||Java Utility|
|ITR 1 (SAHAJ)||For Individuals having Income from Salary & Interest.||Yes||Yes|
|ITR 2||For Individuals & HUFs not having Income from Business or Profession||Yes||Yes|
|ITR 3||For Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship||Yes|
|ITR 4||For Individuals & HUFs having income from a proprietory business or profession||Yes|
|ITR 4S (SUGAM)||For Individuals/HUF having income from presumptive business||Yes|
|ITR 5||For firms, AOPs,BOIs and LLP||Yes|
|1||How to use / Enable E-filing Vault on Income Tax|
|2||Understanding Compliance Query of Income Tax Department|
|3||Rule 12 of Income Tax Rules wef 1st April 2016|
|4||Instructions for filing ITR-4S-SUGAM for AY 2016-17|
|5||Income Tax e-Filing DSC management utility|
|6||How to File Income Tax Return of a Deceased Assessee?|
|7||FAQs on filing the return of income|
|8||For whom e-filing of Income Tax Return (ITR) is Mandatory|
|9||Guide to know ITR applicable: Which ITR Applicable to whom?|
|10||How to reset password when activation link not confirmed while registering PAN in Income Tax Department|