ITR 5 Form is the form which is applicable for LLPs (Limited Liability Partnership), AOPs (Association of persons) and BOI (Body of Individuals).In this article, we talked about the eligibility to file ITR-5, Structure, Mode of filing and document needed for filing ITR 5.

Eligibility to file ITR 5 Form

  • Firm
  • Limited Liability Partnership
  • Association of Persons
  • Body of Individuals
  • An Artificial Juridical Person referred to in section 2(31) (vii)
  • Local Authority and Co-operative Society

Not Eligible to file ITR 5 Form

  • Individual
  • Hindu Undivided Family
  • Company
  • Person filing ITR 7 

Structure of the ITR 5 Form

ITR 5  has been divided into two parts and numerous schedules:

  • Part-A – General information
  • Part-B – Details of total income and tax computation with respect to income chargeable to tax.

Mode of filing ITR 5

Taxpayers can use either online or offline option to submit the ITR 5 Form for the AY 2017-18 and all the taxpayers who are paying tax and earned an income more than 5 lakhs shall furnish their ITR by offline and online mode. It is mandatory to file the return electronically under the digital signature whose accounts are liable to audit under section 44AB.

 When the return filed by the online mode so the taxpayer should print out the two copies of ITR V Form and one copy of that form has duly signed by the taxpayer and send it to the  Income Tax Department-CPC Office in  Bengaluru within 120 days of e-filing.

When the return filed by the offline mode so the acknowledgment slip provided by the Income Tax Department should be duly filled with the return form.  

Common guidelines while filling your  ITR 5

  • If any schedule is not applicable score across as “—NA—“
  • Write “NA” against that item which is inapplicable
  • Write “Nil” to denote nil figures.
  • Write “-” before for a negative figure/ figure of loss 
  • All figures should be rounded off to the nearest one rupee

Sequence to fill ITR-5 Form

The simplest way to file your ITR-5 Form in this order.

  • Part A
  • Schedules
  • Part B
  • Part C
  • Verification

For any help on ITR Filing feel free to consult the tax experts at LegalRaasta. You can file ITR yourself via our ITR software or get CA’s help on filing income tax return. You can also use the option of Business Return, Bulk Return or Revised Return Filing.