ITR5 Form e filing courses, e-File ITR 5 firms, LLPs, file the ITR-5 Form
ITR5 form partnership firm returnThis income tax return is meant for firms, LLPs, AOPs (Association of persons) and BOIs (Body of Individuals). Click here to view the latest ITR-5 form from the Income Tax Department. ... Who is eligible to file the ITR-5 Form ? Instructions to Form ITR-5. 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 ... e filing courses
Go to e-File and click on "Upload Return". Select the appropriate ITR, Assessment Year and XML file previously saved in Step 2 (using browse button). Upload Digital Signature Certificate (DSC), if applicable. Please ensure the DSC is registered with e-Filing. Click on "Submit" button. On successful submission, ITR-V would Quick Links. Link Aadhaar; Update PAN/Aadhaar Details; Filing of Income Tax Return; Submit Returns/Forms; e-Verify Return; View Form 26AS(Tax Credit); Outstanding Tax Demand; ITR Status; Know Your PAN | TAN | AO; Tax Calculator | Tax Calendar; e-Pay Tax | Challans; Check Refund Dispatch Status .
Time limit for submitting ITR-V to Income Tax Department is within 120 days of e-filing your return. If you miss submitting your ITR-V within 120 days, your e-filing will be considered as null and void. It means that it will be considered that you.
ITR-5 income tax return is meant for firms, LLPs, AOPs
This income tax return is meant for firms, LLPs, AOPs (Association of persons) and BOIs (Body of Individuals). Click here to view the latest ITR-5 form from the Income Tax Department.E-filing Tax audit report under sections 44AB, 44AD
From AY 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. e filing coursesfile the return of income under section 139, Who is eligible to file the ITR-5 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. Not sure which ITR form you need to use? Read our guide for help.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 B: Outline of the total income and tax computation with respect to income chargeable to tax.
There are 30 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- 10A: Computation of deduction under section 10A
• Schedule- 10AA: Computation of deduction under section 10AA
• Schedule- 80G: Details of donation entitled for deduction under section 80G
• 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-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-EI: Statement of Income not included in total income (exempt incomes)
• Schedule-IT: Statement of payment of advance-tax and tax on self-assessment.
• Schedule-TDS: Statement of tax deducted at source on income other than salary.
• Schedule-TCS: Statement of tax collected at source
• Schedule FSI: Details of income accruing or arising outside India
• Schedule TR: Details of Taxes paid outside India
• Schedule FA: Details of Foreign Assets
How to file ITR-5 Form?, Instructions for filling
Instructions for filling out ITR-5• If any schedule is not applicable score across as “—NA—“.
• If any item is inapplicable, write “NA” against that item.
• Write “Nil” to denote nil figures.
• Except as provided in the form, for a negative figure/ figure of loss, write “-” before such figure.
• 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.
income tax return filling 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 to file my ITR-5 Form?
This return form can be filed with the Income Tax Department in the following ways:ITR-5 Form Offline, return filed offline:
• by furnishing the return in a paper form • by furnishing a bar-coded returnITR-5 Form Online, return filed online:
• 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–560100 (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.
Note that when the return filed on paper, the acknowledgement slip attached with the return form should be duly filled.
Who can file ITR 5, How do I fill out the ITR-5 Form, filling out ITR-5, Online filing of Income Tax Return 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 document. 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. e filing courses 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. How do you send your ITR-V to the CPC Office?
We have a guide to help you print and send your ITR-V to the CPC office.
2.3. Nature of Business or Profession Select the applicable Nature of Business and enter the Trade Name. If you have multiple business or profession, then provide the details of all of them by using the “Add” option.
regular books of accounts of the business or profession are maintained
2.4 (i) In case where regular books of accounts of the business or profession are maintained, please enter the details as per your Balance Sheet of the Proprietory Business or Profession as on 31st March, 2017 in the given format of “Source of Funds” & “Application of Funds”. (ii) In case where regular books of accounts of the business or profession are not maintained, please enter the details of Debtors, Creditors, Stock-in-trade and Cash balance under ‘No account case’. PART A - P&L (Profit and Loss Account)2.5 (i) In case where regular books of accounts of the business or profession are maintained, please enter the details of Profit and Loss account of proprietary business or profession carried out by you during the Financial Year 2016-17. (ii) In case where regular books of accounts of the business or profession are not maintained, please enter the details of Gross Receipts, Gross Profit, Expenses and Net profit under ‘No account case’ as applicable.
2.6. PART A - OI (Other Information) If the accounts of the business or profession were not required to be audited under section 44AB, it is optional to fill this part. Where the accounts of the business or profession were required to be audited under section 44AB, the details to be filled in this part should broadly match with the details as given in the audit report.
2.7. PART A - QD (Quantitative details) This part is optional in case you are not liable for audit under section 44AB of the• Income Tax Act, 1961. The quantitative details may be furnished only in respect of principal items.• iii. Whether the trust is non-testamentary trust created before 01-03- 1970 for the exclusive benefit of relatives/member of HUF of the settlor mainly dependent on him/Family? iv. Whether the trust is created on behalf of a provident fund, superannuation fund, gratuity fund, pension fund or any other fund created bona fide by a person carrying on Business or profession exclusive for the employees in such Business or Profession? 2.8. Part B-TI Computation of Total Income This part will have the summary details of Income entered in all the Heads of Income, Set off of Losses, Eligible Deductions and Agricultural Income. The fields in this part are auto-populated which are non-editable. Every amount which will be auto-populated has been given a cross reference from respective schedules. 2.9. Part B-TTI-Computation of Tax Liability on Total Income Under this section, the below details are available. Tax computation AMT Credit Relief u/s 90, 90A and 91. Interest Chargeable u/s 234A, 234B, 234C. Summary of Tax Payments like TDS, TCS, Advance Tax and Self-Assessment Tax. Net Tax Payable or Net Refund receivable. Bank Account Details: 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. The account number should be as per Core Banking Solution (CBS) system of the• bank along with a valid IFSC of the Bank Branch. The amount of cash deposited during 09.11.2016 to 30.12.2016 in the said bank• accounts should also be filled. In case cash is deposited during 09.11.2016 to 30.12.2016 in any account other• than the current and savings account (viz. loan accounts etc.), then details of such account indicating the cash deposited in the said account during the said period should also be provided. It may be noted that details of cash deposited are to be provided, if the• aggregate amount of cash deposited during 09.11.2016 to 30.12.2016 is Rs.2 lakh or more. Resident Individual or HUF has to select whether during the previous year they; (i) hold, as beneficial owner, beneficiary or otherwise, any asset (including financial interest in any entity) located outside India or (ii) have signing authority in any account located outside India or (iii) have income from any source outside India Verification: Please complete the Verification Section by filling the Name, Father’s Name,• Place, Date and PAN. Verify your ITR using either DSC (Digital Signature Certificate) or EVC (Electronic• Verification Code) or ITR-V. Your ITR will not be accepted as valid by the Income - Tax Department unless it is duly verified by you. For detailed information regarding EVC, please click here• If the return has been prepared by a Tax Return Preparer (TRP) give further details as below; (i) Identification No. of TRP (ii) Name of TRP (iii) If TRP is entitled for any reimbursement from the Government, amount thereof
2.10. Schedule IT, TDS, TCS S.No. Schedule Source 1 IT Enter the details of Advance Tax and Self-Assessment Tax paid 2 TDS2 Enter the details as per Form 16A 3 TDS3 Enter the details as per Form 26QB 4 TCS Enter the details as per Form 27D Notes: Tax payment details of the assessee as per Form 26AS are available for pre-filling• in e-Filing portal. The assessee can access this facility post login to e-Filing portal. Refer “Prefilling” section below at Sl. No. 4.1. The assessee will be able to enter any additional details of Tax Payments in the• respective schedules.
2.11. Schedule-HP This schedule is to be filled if you have a rental income. If there are two or more than two house properties, fill out the details for each properties by selecting “Add Property” button. In case, a single house property is owned by the assessee, which is self-occupied and interest paid on the loan taken for the house property is to be claimed as a deduction then also this schedule shall be filled to claim deduction. In case the property is co-owned then the assessee needs to furnish the name of the coowner, PAN and percentage of share of the other co-owner (s) in the property. In case of part ownership of property, the figure of annual value or rent receivable/received should be for whole of the property and only after computation of annual value the portion chargeable in own hands should be computed by multiplying such annual value with assessee’s percentage share in the property. Notes: 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. In case of self-occupied property ‘Annual value of the property owned ’ shall be nil and• interest payable on borrowed capital shall be limited to Rs. 2,00,000/-. In 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.
2.12. Schedule-BP This schedule has three types of BP Income. (i) Business or Profession other than speculative business and specified business. (ii) Speculative business and (iii) Specified business under section 35AD. The Profit Before Tax shall be prefilled based on the amounts entered in Part A–P&L (Profit & Loss Account). 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 s company, sale of shares or debenture of Indian company (to be computed with foreign exchange adjustment under first proviso to section 48), sale of unlisted securities, sale of bonds or GDR, sale of securities by FII, sale of foreign exchange asset by NON-RESIDENT INDIAN, sale of other assets or deemed long term capital gain shall be filled in Item B. In case of Non residents if LTCG included above but not chargeable to tax in India as per DTAA shall be filled in Item B9. Deductions on capital gain u/s 54/54B/54D/54EC/54EE/54F/54G/54GA/54GB/115F shall also be filled. If any deduction is claimed then details of such deduction should be summarised under item D. Quarter wise breakup (post considering the set-offs under CYLA & BFLA) of short term and long term capital gains (Accrued/Received cumulatively rate-wise) should be provided in item F.
2.16. Schedule-OS In this schedule provide the below details: The gross income by way of dividend and interest which is not exempt. Rental Income from hiring machinery, plant or furniture, 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”. 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. The nature of such income is also required to be mentioned. Income from owning and maintaining race horses.
2.17. Schedule-CYLA The Current Year losses, if any, shall be set off against the eligible incomes of Current Year. This schedule will be auto-calculated.
2.18. Schedule-BFLA The Brought Forwarded losses from Previous Years, Brought Forwarded Unabsorbed Depreciation and Allowances under section 35(4) shall be set off against the eligible incomes of Current Year which are remaining after Current Year Loss adjustments. This schedule will be auto-calculated.
2.19. Schedule-CFL The summary of eligible losses carried from earlier years under different heads of income, if any, is to be entered. Notes: 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.
2.20. Schedule UD In this schedule, the amount of Brought Forward Unabsorbed Depreciation and Allowance under section 35(4) for each Assessment Year to be entered. Amount of Depreciation and Allowance under section 35(4) set-off against the current year’s income to be mentioned.
2.21. Schedule ICDS Deviation from each ICDS (Income Computation Disclosure Standards) as notified under section 145(2) of the Income-tax Act that has an effect on profit can be entered in this Schedule. The net effect is to be taken to Part A-OI.
2.22. Schedule 10A The amount of deduction under section 10A for an undertaking in respect of units located in Special Economic Zone shall be as per item 17 of Form No.56F being the report of audit under section 10A. If there are more than one undertaking entitled for deduction under this section, please enter the details of deduction for each undertaking separately.
2.23. Schedule 10AA The amount of deduction under section 10AA for an undertaking in respect of units located in Special Economic Zone can be entered. If there are more than one undertaking entitled for deduction under this section, please enter the details of deduction for each undertaking separately.
2.24. Schedule-80G Mention the details of donations entitled for deduction under section 80G. Donations entitled for deductions have been divided in four categories, namely: Donations entitled for 100% deduction without qualifying limit.
• Donations entitled for 50% deduction without qualifying limit.
• Donations entitled for 100 % deduction subject to qualifying limit.
• Donations entitled for 50% deduction subject to qualifying limit.
2.25. Schedule 80 The amount of deduction for an undertaking shall be entered as per item 30 of Form 10CCB being the report of audit under section 80-IA/ 80-IC and 80-IE. The amount of deduction for an undertaking shall be entered as per Form No.10CCB/ Form 10CCBA/ Form 10CCBB/ Form 10CCBC/ Form 10CCBD being the report of audit under section 80-IB. 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.
2.26. Schedule-VI-A Deduction under any section mentioned below cannot be more than the Gross Total• Income. Please refer to the respective sections for applicability of deductions and further details•
2.27. Schedule AMT The computation of Alternate Minimum Tax (AMT) payable under section 115JC (special provisions for payment of tax by certain persons other than a company) will be made under this schedule. All the fields will be auto-calculated except for the “Deduction claimed u/s 35AD” which can be entered in this schedule. 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.
2.28. Schedule AMTC Computation of tax credit under section 115JD will be made in this schedule. The Gross amount of Credit, Set-off in earlier assessment years and the AMT Credit Utilised during the Current Assessment Year can be entered in this schedule. Notes: Credit for AMT paid in assessment year 2012-13 and subsequent assessment years, in• excess of normal tax liability, is allowed to be set-off against the normal tax liability of current assessment year However, the amount of credit is restricted to the extent of normal tax liability for the• current assessment year exceeding the AMT liability for the current assessment year.
2.29. Schedule-SI In this schedule, incomes which are chargeable to tax at special rates shall be autocalculated from the appropriate columns in schedule BFLA/CYLA or schedule OS. 2.30. Schedule-EI Furnish the details of income like Agriculture Income, Interest, Dividend etc. which is exempt from tax. Note: The details may be filled on cash basis unless there is any provision/ requirement to declare them on accrual basis.
2.31. Schedule PTI Fill the below details from business trust or investment fund as per section 115UA, 115UB. Name of business trust or investment fund.• PAN of business trust or investment fund.• Income from House property and TDS on such amount.• Income from short term capital gain and TDS on such amount• Income from Long term capital gain in column number 6 and TDS on such amount• Income from other sources in column number 6 and TDS on such amount• Income received from business trust or investment fund claimed to be exempt under• section 10(23FBB), 10(23FD), etc.
2.32. Schedule FSI In this Schedule, fill the details of income, which is already included in total income, accruing or arising outside India. Notes: For country code use the International Subscriber Dialing (ISD) code of the country.• 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.
2.33. Schedule TR In this schedule, fill the taxes paid outside India on the income declared in Schedule FSI which will be the total tax paid of schedule FSI in respect of each country and tax relief available which will be the total tax relief available in schedule FSI in respect of each country. Notes: For country code use the ISD code of the country.• 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. Relief claimed under section 90 or section 90A or section 91 is to be filled in the• respective columns.
2.34. Schedule FA This schedule is to be filled up by a resident assessee and not to 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.
3. Procedure for Generating the XML and Submitting the ITR Action JAVA Utility Excel Utility Generate XML After filling all the mandatory and applicable fields, Verify your data Click on “Save” button available at Menu Bar After filling all the mandatory and applicable fields, make sure that data entered in all the sheets is validated by clicking on “Validate” button available in respective sheets and Click on “Calculate Tax” button at sheet “PART A GENERAL” or “PARTB-TI-TTI” Verify your data Click on “Generate XML” button at sheet “PART A GENERAL” or “PARTB-TI-TTI” Submit ITR Using direct “Submit” from ITR: Click on “Submit” button available at Menu Bar. Enter your e-Filing credentials Submit your ITR. Using “Upload Functionality”: Login to e-Filing portal using your credentials. Go to e-File Menu Select “Income tax return” Select “Assessment Year” as “2017-18” Select “ITR” as “ITR 5” Browse and Select the valid XML Generated. Login to e-Filing portal using your credentials. Go to e-File Menu Select “Income tax return” Select “Assessment Year” as “2017- 18” Select “ITR” as “ITR 5” Browse and Select the valid XML Generated. Notes: The relevant Forms for claiming the deductions under section 10A/10AA and under• Chapter VI-A should be filed as mentioned below. S.No. Deduction claimed u/s Form Remarks 1 10A/10AA Form 56F Within Due date & Along with the Return. 2 80-IA Form 10CCB Within Due date & Along with the Return. 3 80-IB Form 10CCB / Form 10CCBA / Form 10CCBB / Form 10CCBC / Form 10CCBD Within Due date & Along with the Return. 4 80-IC or 80-IE Form 10CCB Within Due date & Along with the Return. 5 80-ID Form 10CCBBA Within Due date & Along with the Return. 6 80JJAA Form 10DA Along with the return 7 80LA Form 10CCF Along with the return
4.1. Prefilling Prefill functionality is available to prefill the personal details, TDS, TCS, IT payment details. For downloading the prefilled XML login to e-Filing portal using your credentials. Go to Select “Assessment Year” as “2017-18” Download Pre-filled XMLMy Account Click on Continue to download the prefilled XML.Select “ITR Form Name” as “ITR 5” The downloaded XML can be imported to Excel utility by click on “Import Personal/Tax Details from XML” button available in sheet “Part A-General”. Browse and select the downloaded XML. Enter the e-Filing Login In JAVA Utility, click on “Prefill” button available at Menu bar credentials to directly prefill the information.
4.2. Save draft Save draft option is available to save partially filled data which can be imported and updated later. In Java utility, click on “Save draft” button available at Menu bar. The draft XML will be saved which can be imported by using “Open” button available at Menu bar. The saved draft file cannot be used for submitting the ITR.
4.3. Open The XML generated from previous sessions or previous versions can be imported in the latest version of the utility. In Java Utility, click on “Open” button available at Menu bar to browse and select the XML already saved. In Excel Utility, click on “Import from Previous Version” button available in sheet “Part A-General” to browse and select the already saved excel utility. e filing courses