All about filing of ITR-5 for A.Y. 2020-21

In this article, I have tried to explain the eligibility, manner of filing and about obligation to file ITR-5 for AY 2020-21/FY 2019-20 which is generally applicable to persons other than- (i) individual, (ii) HUF, (iii) company and (iv) person filing Form ITR-7.

ITR-5 with other ITRs alongwith manner of furnishing Return of Income for Assessment Year (AY) 2020-21 / Financial year (FY) 2019-20 is been notified by CBDT vide Notification No. 31/2020 dated 29.05.2020.

1. Who is eligible to use Form ITR-5 for A.Y. 2020-21?

This form can be used by a person being a Partnership Firm, Limited Liability Partnership (LLP), Association of Persons (AOP), Body of Individuals (BOI), Artificial Juridical Person (AJP) referred to in clause (vii) of section 2(31), Local Authority referred to in clause (vi) of section 2(31), Representative assessee referred to in section 160(1)(iii) or (iv), Co-operative society, Society registered under Societies Registration Act, 1860 or under any other law of any State, Trust other than trusts eligible to file Form ITR-7, Estate of deceased person, Estate of an insolvent, Business trust referred to in section 139(4E) and Investments fund referred to in section 139(4F).

However, a person who is required to file the return of income under section 139(4A) or 139(4B) or 139(4D) shall not use this form.

2. Who is not eligible to use Form ITR-5 for A.Y. 2020-21?

This ITR Form should not be used by an Individual, HUF, Company and person filing ITR-7.

3. Annexure-less ITR Form

No document (including TDS certificate) should be attached to this ITR Form.

4. Manner of filing Form ITR-5 for A.Y. 2020-21

This ITR Form can be filed with the Income-tax Department electronically on the e-filing web portal of Income-tax Department (www.incometaxindiaefiling.gov.in) and verified in any one of the following manner –

(i) digitally signing the verification part, or

(ii) authenticating by way of electronic verification code (EVC), or

(iii) by sending duly signed paper Form ITR-V (Acknowledgment) by post to CPC at the following address –

^“Post Bag No. 1, Electronic City Office, Bengaluru- 560500, Karnataka”.

The Form ITR-V should reach within 120 days from the date of e-filing the return of income.

However, in a case where accounts are required to be audited under Section 44AB of the Income Tax Act, it is mandatory to verify the return of income electronically using a digital signature.

In case an assessee 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 of the Income Tax Act, the assessee shall file such report electronically at least one month before the due date of filing the return of income.

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