The designated income tax return form for Firms, LLPs, AOPs, BOIs, and Investment Funds. Ensure 100% compliance with accurate tax filing.
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The ITR-5 Form is a return of income that must be filed by firms, Limited Liability Partnerships (LLPs), Associations of Persons (AOPs), Bodies of Individuals (BOIs), artificial juridical persons, and other entities except individuals, HUFs, companies, and those filing ITR-7. It is designed for entities not required to file under any other ITR form and is used to report income, claim deductions, and disclose financial particulars as per the Income Tax Act, 1961.
The ITR-5 Form is a return of income that must be filed by firms, LLPs, AOPs, BOIs, artificial juridical persons, and other entities except individuals, HUFs, companies, and those filing ITR-7. It is specifically designed for entities not required to file their return under any other ITR form. ITR-5 is used to report income, claim tax deductions, and disclose financial particulars as per the Income Tax Act, 1961.
These entities must file ITR-5 if their income exceeds the basic exemption limit or if they are liable for audit under Section 44AB of the Income Tax Act.
Eligibility Criteria for Filing ITR-5 The ITR-5 form is meant for a specific group of taxpayers, primarily entities and bodies that are not covered under individual, HUF, or company-specific ITR forms. Below are the eligibility criteria for filing ITR-5 for Assessment Year 2025–26:
The following categories are eligible to file ITR-5:
ITR-5 should not be filed by
Any of the above entities must file ITR-5 if:
Filing ITR-5 ensures legal compliance, smooth financial management, and eligibility for tax refunds or deductions under applicable sections.
Comprehensive coverage of all applicable income heads.
ITR-5 is primarily designed for firms, LLPs, and other entities engaged in business or professional activities. Income earned through manufacturing, trading, service provision, or consultancy must be disclosed under this head.
Entities must report short-term or long-term capital gains from asset transfers, rental income from house properties, and income like interest, dividends, and winnings under the Other Sources head.
Exempt income, such as agricultural income, share of profit from partnership firms, or income under Section 10 (like interest on tax-free bonds), should be separately disclosed.
Maximize your savings with applicable deductions.
Entities can claim deductions under Chapter VI-A, including Section 80C (LIC, PF, etc.), 80D (medical insurance), and 80G (donations), if eligible, to reduce total taxable income.
Claim depreciation on assets and allowable business expenditures such as rent, salaries, office expenses, and interest to accurately compute net profit under the Income Tax Act.
Donations made to approved institutions, interest on business loans, and other specific deductions (e.g., Section 80JJAA for new employee hiring) can be availed.
Proper documentation is essential for accurate and timely filing of the ITR-5 form. Below is a list of key documents that firms, LLPs, AOPs, BOIs, and other eligible entities should prepare:
Permanent Account Number (PAN) of the firm/LLP/AOP/BOI is mandatory for identification and tax filing.
Applicable to firms and LLPs for verification of business structure and profit-sharing ratios.
Balance Sheet, Profit and Loss Account, Cash Flow Statement (if applicable). These should be audited where required under the Income Tax Act.
Tax Audit Report under Section 44AB, Transfer Pricing Audit Report under Section 92E, Any other audit report required under applicable laws.
Details of income from: Business or Profession, House Property, Capital Gains, Other Sources (e.g., interest, dividends).
Form 16A or Form 27D for taxes deducted/collected at source.
Including IFSC code, account number, and bank name for refund processing.
For claiming deductions under Sections 80C to 80U, including: Provident fund, LIC, donations, etc.
For reconciliation of turnover declared in ITR and GST filings.
Challans and payment proofs for advance tax or self-assessment tax paid during the year.
A simplified roadmap to filing your ITR-5 return.
Compile the audited Balance Sheet, Profit & Loss Account, and Cash Flow Statement (if applicable). Ensure that books of accounts are finalized and reconciled.
Visit the Income Tax e-Filing Portal and log in using the PAN, password, and Captcha code associated with the entity.
Navigate to the e-file section and choose the ‘Income Tax Return’ option. Select Assessment Year 2026-27, Form ITR-5, and the correct filing type (Original/Revised).
Enter all sources of income, including business/profession, house property, and other sources. Claim allowable deductions under Chapter VI-A and adjust brought forward losses, if any.
Use the ‘Validate’ button to cross-check entries for errors. Carefully review the entire return to ensure accuracy and completeness before submission.
Submit the return online. Complete the process by e-verifying it using options such as Aadhaar OTP, Net Banking, or Digital Signature Certificate (DSC).
Entities filing ITR-5 are required to maintain proper books of accounts as per Section 44AA of the Income Tax Act. This includes cash books, ledgers, journal, bills, and vouchers, depending on the nature and turnover of the business.
If total sales, turnover, or gross receipts exceed ₹1 crore (or ₹10 crore in certain digital transaction cases), a tax audit under Section 44AB becomes mandatory. The audit must be conducted by a Chartered Accountant.
Tax audit applicability depends on the threshold turnover limit, type of entity, and nature of business or profession. For LLPs and firms, the audit threshold varies and must be carefully assessed each financial year.
Penalty (Sec 234F): Up to ₹5,000 for late filing. Losses cannot be carried forward.
Ensure a seamless filing experience by avoiding these common errors.
Choosing ITR-3 instead of ITR-5 or vice versa.
Not maintaining books as per Sec 44AA.
Ignoring Sec 44AB Audit when turnover > ₹1Cr.
Incorrect income details or deductions.
Not verifying via DSC or OTP invalidates the return.
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