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ITR 5 Return Filing
The ITR-5 Forms are designated for use by entities such as firms, Limited Liability Partnerships (LLPs), Associations of Persons (AOPs), Bodies of Individuals (BOIs), Artificial Judicial Persons, Cooperative Societies, and Local Authorities. It’s essential to note that individuals who are mandated to file returns under Sections 139(4A), 139(4B), 139(4C), or 139(4D) are exempt from using this particular form.
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Documents required
- Monthly Purchase & Sales Bills
- Sales Return & purchase Return Details
- Tax Paid Challans for GST
- From 26AS
- Day to day Administration expenses and General expenses details
- Rental Agreement (if applicable)
- Fixed Assets Invoice Copy (if Applicable)
- Investment details made by Cash/Bank
- Proof of Source of Cash In-flow and Cash Out-flow
- Loan details from Bank or Third Party
- Outstanding receivables and payables
- Company’s Pan and two DSCs
- Details of Bank & Bank Statement used for business transactions (Acct No, IFSC Code)
FAQs
Can a local authority use the ITR-5 Form for filing taxes?
Yes, local authorities can use the ITR-5 Form for filing their income tax returns.
What is the due date for filing the ITR-5 Form?
The deadline for submitting ITR-5 varies based on whether the taxpayer’s accounts require an audit or if they need to provide a report in Form No. 3CEB. For audited accounts, the due date is October 31st; for cases requiring Form No. 3CEB, it’s November 30th, and for other instances, it’s July 31st.
Who cannot use the ITR-5 Form?
The ITR-5 Form is not suitable for individual assesses, Hindu Undivided Families (HUFs), companies (except those claiming exemption under section 11), and taxpayers covered under Sections 139(4A), 139(4B), 139(4C), 139(4D), 139(4E), or 139(4F), are mandated to utilize Form ITR-7