January 18, 2023
Jasmine John

What is the ITR 5 and How Can You File it?

ITR 5 refers to a form that must be completed in order to file an income tax return. However, this does not apply to individuals or HUFs. More information on who is qualified to submit ITR-5 or ITR 5 is provided below. The assessee must fulfil various essential conditions in order to submit ITR form 5. Returns must be filed electronically. A digital signature is necessary if the entity has its books of accounts inspected to authenticate its income tax return in ITR Form 5. Other options for verification include e-verification using Aadhar OTP, e-verification via EVC, and mailing a signed copy of ITR-V to CPC, Bengaluru. Examine the information below to learn more about how to file the ITR 5 online.

Who Is Eligible For ITR 5 Form

A person who is:

1. a firm,

2. LLP,

3. AOP,

4. BOI,

5. artificial juridical person described to in section 2(31)(vii),

6. estate of deceased,

7. estate of insolvent,

8. business trust and investment fund,

9. cooperative society,

10. and local authorities can use this form.

Who Is Not Eligible For Filing ITR-5?

The taxpayers/assessees listed below are not permitted to file ITR 5 forms:

1. Individuals who pay taxes

2. HUF

3. Persons required to submit a tax return under section 139(4A), 139(4B), 139(4C), 139(4D), 139(4E), or 139(4F), i.e., ITR 7 form

The Structure Of ITR 5 Form

Part A: General Information

Part A - BS: The tax assessee's balance sheet information

Part A - P&L: Profit and loss statement for the fiscal year of the income tax assessee

Part A - OI: Other information relevant to the IT assessee

Part A - QD: This section offers quantitative information on stock held and turnover for the fiscal year.

Part B - TI: This part offers information on how to calculate total income.

Part B - TTI: Tax computation details on net income payable to income tax

Verification: This section contains information on tax payments, TDS on income, and TCS on income.

Aside from the numerous parts stated above, the ITR Form 5 includes a few schedules that offer vital information about critical components of the organization. The following are some of the most essential schedules in the ITR 5 Form:

Schedule HP: This provides information about income from house property.

Schedule BP: Contains information on calculating income from a business or profession.

Schedule DPM: Describes depreciation on plant and equipment.

Schedule DOA: Information on other asset depreciation (i.e., assets on which complete exemption on capital expenditure is not allowed).

Schedule DCG contains information on presumed capital gains on the sale of depreciable assets.

Schedule CG: Contains information on capital gains (both short term and long term gains).

How To File An Income Tax Return Using ITR 5 Form?

You may easily and quickly file your income tax return using the ITR 5 form online. Here's how it works.

1. Visit the Income Tax Department's e-filing website at

2. If you want to submit the verification online, enter the data in the return form and digitally sign the document.

3. It is required to digitally sign the document for the purpose of verifying an electronically filed ITR 5 form.

4. If the verification is not completed electronically, the assessee must print two copies of the ITR-V form. Send one copy to the address below for verification:

Electronic City Office, Post Bag No. 1, Bengaluru-560500 (Karnataka).

5. The other ITR-V copy should be kept by the assessee for their personal records.

6. When submitting ITR-5, you are not needed to attach any documents. Any such document, including the TDS certificate, will be returned to the individual who filed the return.

7. Section 44AB audit obligation requires enterprises to file ITR 5 online with a digital signature.


Who is unable to file the ITR 5 form?

Ans: This sort of income tax return cannot be filed by an individual, corporation, HUF, or those who file ITR form 7.

Is it necessary to complete the ITR form for income tax returns?

Ans: Yes, it is necessary to complete ITR forms in order to disclose the taxpayer's details as well as his or her tax liabilities and deductions.

Who is required to complete the ITR 5 form?

Ans: Firms, Association of Persons (AOPs), Body of Individuals (BOIs), Artificial Juridical Person (AJP), Estate of Deceased, Estate of Insolvent, Business Tryst and Investment Fund, Limited Liability Partnerships (LLPs), Cooperative societies, and Local Authorities must file ITR form 5.


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GSTR 1: Filing, Eligibility and Due Dates