FILINGLOUNGE

Call Us On +91 9355582894

Blog Contact Us
Company Registration

Documents Required for :
ITR-5 Return Registration

Click Here

ITR-5 Return Registration in India

ITR-5 refers to the Income Tax Return form that certain entities, including firms, LLPs (Limited Liability Partnerships), Association of Persons (AOPs), and Body of Individuals (BOIs), use to file their income tax returns with the Income Tax Department of India. It is specifically designed for entities other than individuals, Hindu Undivided Families (HUFs), companies, and those who need to file returns under sections 139(4A) 139(4B) 139(4C) or 139(4D) of the Income Tax Act, 1961. Filing ITR-5 involves reporting income, claiming deductions, and fulfilling tax obligations as per Indian tax laws.

Key Components of ITR-5 Form:

  • Part A - General Information: Includes details like name, PAN, address, and filing status.
  • Part B - Outline of the Total Income and Tax Computation: Provides a summary of income, deductions claimed, and computation of total income.
  • Part C - Details of Partners/Members of AOP/BOI: Information about partners/members including PAN, share in profit, etc.
  • Part D - Computation of Total Income: Breakdown of income from various sources and adjustments.
  • Part E - Other Information: Details about accounting policies, audit information (if applicable), and other financial specifics.
  • Schedule BP - Computation of Income Distribution Among Partners of AOP/BOI: If applicable, this schedule outlines how income is distributed among partners/members.
  • Schedule AMT - Computation of Alternate Minimum Tax Payable: Calculates if alternate minimum tax is applicable.
  • Schedule TR - Details of Taxes Paid: Includes details of advance tax, TDS, TCS, and self-assessment tax paid during the year.
  • Schedule IT - Statement of Advance Tax and Self-Assessment Tax Payments: Details of taxes paid, which are to be matched with Form 26AS.
  • Schedule TCS - Details of Tax Collected at Source: If applicable, details of TCS collected.
  • Verification: The form needs to be verified by the designated partner or authorized signatory.

Criteria for Filing ITR-5 Forms

  • Firms: Includes partnership firms, both registered and unregistered.
  • LLPs (Limited Liability Partnerships): Registered under the LLP Act.
  • AOPs (Association of Persons): Group of individuals, companies, or both who come together to earn income collectively
  • BOIs (Body of Individuals): A group of individuals who earn income collectively.
  • Artificial Judicial Persons: Entities recognized by law as having legal personality separate from its members, like trusts, estates, etc.

Step-by-Step Instructions for ITR-5 Filing

  • Registration: Log in to the e-filing portal of the Income Tax Department or through authorized intermediaries
  • Download Form: Download the ITR-5 form and XML utility from the portal.
  • Fill Details: Enter details such as PAN, name, address, income details, deductions claimed, etc.
  • Validate: Validate the form using the validation utility provided
  • Calculate Tax: Calculate tax payable or refundable.
  • Upload: Generate an XML file and upload it on the e-filing portal.
  • Verification: Verify the ITR-V (Acknowledgement) generated after successful e-filing.
  • Submission: Send signed ITR-V to CPC Bangalore within 120 days of e-filing (if not using a digital signature).

Eligibility Requirements for ITR-5 Form Filing

The ITR-5 form is meant for firms, LLPs (Limited Liability Partnerships), Association of Persons (AOPs), Body of Individuals (BOIs), Cooperative societies, and local authorities. Specifically:

  • Firms: Including LLPs, whether engaged in commercial activities or not.
  • AOPs and BOIs: These are typically formed for joint ventures or to undertake specific projects.
  • Cooperative Societies: Any society engaged in activities such as banking, housing, or marketing.
  • Local Authorities: Municipalities, panchayats, etc., fall under this category.

Important Dates for Filing Your ITR-5 Form

The due date for filing the ITR-5 form is generally

  • For Individuals and Non-Audit Cases: Usually July 31st of the assessment year
  • For Businesses and Audit Cases: Typically, it's September 30th of the assessment year.
  • It's crucial to check the current year's specific deadlines as they can vary.

Who Is Ineligible to Submit the ITR-5 Form?

Individuals, Hindu Undivided Families (HUFs), and companies cannot use the ITR-5 form. They have separate forms designed for their filing requirements:

  • Individuals: Use ITR-1, ITR-2, ITR-3, or ITR-4 depending on their income sources.
  • HUFs: Use ITR-2 if not subject to audit, or ITR-5 if subject to audit.
  • Companies: Have specific forms like ITR-6 for filing their income tax returns.

ITR-5 Filing with Filinglounge: Here's Why

Choosing filinglounge for ITR-5 form filing offers several advantages:

  • Expertise: Access to experienced professionals who understand the intricacies of tax filing for firms, LLPs, and other entities.
  • Convenience: Streamlined process that simplifies gathering and submitting necessary documents
  • Accuracy: Ensuring compliance with tax laws and regulations to avoid penalties and errors.
  • Support: Dedicated customer support to assist throughout the filing process, addressing queries promptly
  • Timeliness: Ensuring timely filing to avoid last-minute rush and penalties.

Filinglounge provides comprehensive services tailored to the specific needs of firms, LLPs, AOPs, BOIs, cooperative societies, and local authorities, ensuring smooth and compliant ITR-5 form filing.

Related Guides

Documents Required For ITR-5

Proprietorship vs Limited Liability Partnership (LLP) vs Company

Features Proprietorship Partnership LLP Company
Definition A sole proprietorship is an unregistered business entity managed by a single individual. A legal contract between multiple parties to jointly manage and run a business operation. A business type that combines aspects of a partnership and the limited liability of a corporation. A registered business where owners and shareholders have limited liability.
Ownership
  • Single individual
  • Min 2 Partners
  • Max 50 Partners
  • Designated Partners: Min 2(No upper limit)
  • Min: 1 shareholder (for a private company), 7 shareholders (for a public company)
  • Max: 200 shareholders (for a private company), no upper limit (for a public company)
For One Person Company
  • Minimum: 1 individual
  • Maximum: 1 individual
Registration Time 7-10 working days
Promoter Liability Unlimited Liability Limited Liability
Documentation
  • Partnership Deed
  • PAN card of the partnership firm
  • LLP Agreement
  • Incorporation Certificate
  • PAN card of the LLP
  • MOA
  • AOA
  • Certificate of incorporation
  • PAN card of the company
Governance No specific governing law Governed by the terms outlined in the partnership deed Governed by the LLP agreement Governed by a formal structure including a Board of Directors
Transferability Business cannot be transferred Ownership transfer requires the consent of all partners as outlined in the partnership deed. Transferable Easily Transferable for public companies. In private companies, there might be some restrictions.
Compliance Requirements
  • Income tax filing if the turnover exceeds Rs. 2.5 lakhs.
  • Must file ITR 5
  • Must file ITR 5
  • File Form 11
  • Form 8
  • MCA filing
  • Auditor's appointment
  • File ITR 6

ITR-5 FAQ's

Who should file ITR-5?

ITR-5 is for firms, LLPs (Limited Liability Partnerships), AOPs (Association of Persons), BOIs (Body of Individuals), and artificial juridical persons.

What is the due date for filing ITR-5?

Generally, the due date for filing ITR-5 is July 31 of the assessment year (e.g., July 31, 2024, for the assessment year 2023-24)

Can I file ITR-5 online?

Yes, ITR-5 can be filed online through the income tax e-filing portal.

What documents are required for filing ITR-5?

Financial statements such as balance sheets, profit and loss accounts, schedules supporting the accounts, audit reports (if applicable), PAN details of partners/members, and other relevant financial documents.

Do I need to submit any additional schedules with ITR-5?

Depending on your financial activities, you may need to submit schedules like Schedule BP (for income distribution among partners), Schedule AMT (for alternate minimum tax computation), and Schedule TR (details of taxes paid).

How can I verify my ITR-5 form?

You can verify your ITR-5 form using a digital signature (if applicable) or through an Electronic Verification Code (EVC) generated via Aadhaar OTP, net banking, bank ATM, or a Demat account.

What happens if I don't file ITR-5 on time?

Late filing may attract penalties and interest under the Income Tax Act. It's important to file your return by the due date to avoid these.

Can I revise my ITR-5 after filing?

Yes, you can revise your ITR-5 within a specified time frame if you discover any errors or omissions in the original filing

Is it necessary to get the ITR-5 form audited?

For certain entities and under specific circumstances (like exceeding turnover thresholds), getting the accounts audited by a chartered accountant may be mandatory before filing ITR-5.

Where can I get help with filing my ITR-5?

You can seek assistance from tax advisors, or chartered accountants, or use online platforms like Filinglounge that offer services related to income tax filing and compliance.

Related Business Registrations

In addition to registration or incorporation, a business may require other registrations depending on the business activity undertaken. Talk to an Advisor to find out registrations your business may require post registration.

FSSAI Registration
IE Code
Trademark Registration
Copyright Registration
Salaried Tax-filing
GST Return Filing

MCA Compliance

Each registered entity is required to meet its compliance duties at the close of each financial year. This generally includes auditing financial statements, filing income tax returns, and submitting annual forms to the Ministry of Corporate Affairs (MCA).

Compliance For Form Due date Penalty
Commencement of Business Intimation to Registrar for Commencement of Business Within 180 days from incorporation INR 50,000 on company and INR 1,000 per day on directors for each day of default
Annual KYC of Directors DIR 3 E-KYC 30th September of every year INR 5,000 for late filing
Appointment of Auditor Form ADT 1 Within 15 days of the AGM INR 300 per day (max INR 12,000)
Financial Statements Form AOC 4 Within 30 days from the AGM INR 100 per day of default
Annual Return Form MGT 7 Within 60 days from the AGM INR 100 per day of default

All Limited Liability Partnerships (LLP) in India must file annual returns with the Ministry of Corporate Affairs (MCA). FilingLounge provides affordable services to help you keep your LLP compliant.

LLP Compliance Form Due date Penalty
Annual KYC of Directors DIR 3 KYC 30th September of every year INR 5,000 for late filing
Annual Return Form 11 May 30th every year INR 100 per day of default
Statements of Accounts and Solvency Form 8 30th October every year INR 100 per day of default (minimum penalty INR 10,000)

In addition to the filings listed above, there may be other compliance requirements relevant to LLPs. To ensure all compliance needs of your LLP are met, please seek assistance from a Filinglounge Advisor.

Entity Compliance Form Due date
Private Limited Company Annual Return MGT-7 Within 60 days from the conclusion of the AGM
Financial Statements AOC-4 Within 30 days from the conclusion of the AGM
DIR-3 KYC DIR-3 KYC 30th September every year
Return of Deposits DPT-3 30th June every year
Appointment of Auditor ADT-1 Within 15 days from the conclusion of the AGM
Income Tax Return (Non-audit case) ITR-6 31st July every year
Income Tax Return (Audit case) ITR-6 30th September every year
Annual GST Return GSTR-9 31st December of the subsequent financial year
MSME Form Form 1 (MCA) half-yearly return by 31st October (April to September), & 30th April for the period October to March every year
Limited Liability Partnership Income Tax Return (Non-audit case) ITR 5 31st July every year
Income Tax Return (Audit case) ITR 5 30th September every year
Annual Return Form 11 30th May every year
Financial Statements Form-8 30th October every year

Note : There might be extra filings needed depending on your business type and activities. Talk to a FilingLounge advisor to get the right guidance for your company's compliance.