Simplified Guide to ITR-5 Filing
The ITR-5 Form is for entities like partnerships, AOPs (Association of Persons), and BOIs (Body of Individuals) that are not classified as companies but need to report their income to the Indian Income Tax Department. Sadaweh Financial Solutions (OPC) Pvt. Ltd. makes ITR-5 filing easy, ensuring accuracy and compliance with all requirements.
Who Can File ITR-5?
| Entity Type | Details |
| Partnership Firms | Includes Limited Liability Partnerships (LLPs). |
| Body of Individuals (BOI) | Groups of individuals not forming a company. |
| Association of Persons (AOP) | Groups formed for a common purpose, not as companies. |
| Estate of Deceased | Income from the estate of a deceased individual. |
| Artificial Juridical Person | Entities like trusts under Section 2(31)(vii). |
| Business Trusts and Investment Funds | Entities managing business or investment activities. |
| Estate of Insolvent Individuals | Income from insolvent individuals’ estate. |
| Cooperative Societies | Societies operating for cooperative purposes. |
| Local Authorities | Government bodies or authorities. |
Note: Entities under Sections 139(4A), 139(4C), 139(4B), or 139(4D) cannot file ITR-5.
Deadlines for Filing ITR-5
| Scenario | Due Date |
| Accounts Audited (Income Tax Act) | 31st October of the assessment year |
| Audit with Form 3CEB Required | 30th November of the assessment year |
| No Audit Required | 31st July of the assessment year |
Who Cannot File ITR-5?
| Entity | Reason |
| Individual Taxpayers | Must use ITR-1, ITR-2, or other relevant forms. |
| Hindu Undivided Families (HUF) | Should file under ITR-2 or similar forms. |
| Companies | Required to use ITR-6 (unless claiming exemptions under Section 11). |
| Charitable Trusts/Entities | Filing under ITR-7 (e.g., political parties, NGOs). |
Important: No documents are required to be attached while filing ITR-5.
Structure of the ITR-5 Form
| Section/Part | Purpose |
| Part A: General Information | Basic details like name, PAN, address, and contact details. |
| Part A-BS: Balance Sheet | Entity’s financial position (assets and liabilities). |
| Part A-Manufacturing Account | Manufacturing account details for the financial year. |
| Part A-Trading Account | Information about trading activities. |
| Part A-L: Profit and Loss | Profit and loss summary for the fiscal year. |
| Part A-OI: Other Information | Additional financial details. |
| Part A-QD: Quantitative Details | Quantitative financial data. |
Key Schedules in ITR-5
| Schedule | Purpose |
| Income from Business/Profession | Reports income from business or profession. |
| Income from Other Sources | Includes interest, rental, and miscellaneous income. |
| Deductions under Chapter VI-A | Lists deductions for investments, insurance, etc. |
| Depreciation | Details depreciation on assets. |
| Capital Gains | Reports income from capital gains. |
| Foreign Income | Details any foreign income or assets. |
Additional schedules include advance tax, TDS, agricultural profits, and more.
Steps for Filing ITR-5
- General Information: Start with Part A to provide basic details.
- Complete Schedules: Fill applicable schedules based on your income and deductions.
- Calculate Tax: Use Part B to compute total income and tax liability.
- Verify and Submit: Ensure accuracy and verify all details before filing.
Why Choose Sadaweh Financial Solutions (OPC) Pvt. Ltd. for ITR-5 Filing?
| Feature | Benefit |
| Expert Guidance | Professional help ensures accurate filing. |
| Deductions Optimization | Maximize deductions to minimize tax liability. |
| Thorough Review | Forms are reviewed thoroughly for accuracy. |
| Secure Filing | Advanced encryption ensures data safety. |
| Timely Reminders | Stay updated on filing deadlines with reminders. |
| Post-Filing Support | Get assistance with any queries even after filing. |
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