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What is ITR 5 Filing?

ITR 5, or Income Tax Return Form 5, is a significant document introduced by the Income Tax Department in India, catering to specific categories of taxpayers.Β 

This form is specifically designed for firms, Associations of Persons (AOP), and Bodies of Individuals (BOI), which do not fall under the corporate structure but are obligated to report their income and tax details to the Indian Income Tax Department.Β 

In essence, ITR 5 serves as the medium through which these non-corporate entities fulfill their income tax return filing requirements, ensuring compliance with Indian tax laws.

Let Avery Biz Solutions be your reliable partner for ITR 5 filing, allowing you to stay compliant with Indian tax regulations without the complexities that often accompany tax return submissions.

ITR 5 Filing Process with Avery Biz Solutions

Consult & Document Submission

Expert Assessment and ITR 5 Form Selection

Income and Asset Assessment

Tax Calculation after tax deduction

Seamless ITR 5 Filing complition

Note:- There is no need to attach documents with the ITR-5 form.

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Who Can File ITR 5?

ITR 5 Applicability

Understanding ITR 5 is for whom..

βœ” Firms: Firms, which can include partnerships, are eligible to use the ITR-5 form for their income tax return filing.

βœ” Limited Liability Partnership (LLP): LLPs can also choose ITR-5 for their income tax filing process.

βœ” Body of Individuals (BOI): Entities falling under the category of BOI can utilize ITR-5 for their return filing.

βœ”Association of Persons (AOP): AOPs are eligible to file their income tax return using the ITR-5 form.

βœ” Estate of Deceased Individuals: When filing income tax returns on behalf of a deceased individual’s estate, ITR-5 is the appropriate choice.

βœ” Artificial Juridical Person: Entities categorized as artificial juridical persons, as referred to in section 2(31)(vii), can use ITR-5 for their return filing.

βœ” Business Trusts and Investment Funds: Business trusts and investment funds are eligible to use ITR-5 for their income tax return.

βœ” Estate of Insolvent Individuals: ITR-5 is suitable when filing the income tax return of an insolvent individual’s estate.

βœ” Cooperative Society: Cooperative societies can opt for ITR-5 for their return filing.

βœ” Local Authority: Local authorities can use ITR-5 for their income tax return filing as well.

Why Avery Biz Solutions for ITR 5 filing?

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ITR 5 Due Date: When to File Your ITR 5 Return

When Accounts Need to Be Audited Under the Income-Tax Act (ITR 5 Filing)

In cases where the taxpayer’s accounts are required to be audited under the provisions of the Income-Tax Act, the due date for filing the ITR-5 form is 31st October of the assessment year. It’s crucial to adhere to this deadline to ensure compliance with tax regulations.

When a Report in Form No. 3CEB Is Required (ITR 5 Return)

If the taxpayer is obligated to furnish a report in Form No. 3CEB, the due date for ITR-5 filing is 30th November of the assessment year. This extended deadline allows for the additional requirements associated with Form No. 3CEB to be met.

In Other Cases (ITR 5 Filing Deadline)

For taxpayers whose accounts do not need to be audited under the Income-Tax Act, the standard due date for filing ITR-5 is 31st July of the assessment year. This is the typical deadline for individuals and entities who do not fall under the categories mentioned in the first two points.

Benefits of ITR 5 Filing



Β Ensure compliance with income tax laws and regulations.


Legal Obligation

Β Fulfill your legal obligation by filing tax returns on time.


Avoid Penalties

Timely filing can help you avoid penalties and legal repercussions.


Claim Deductions

Declare your income accurately and claim deductions to reduce your tax liability.


Financial Record

Maintain a comprehensive financial record, which can be helpful for future financial planning and transactions.

Who is Not Eligible for ITR 5 Filing Form?

βœ” Individual Assesses: For individual taxpayers, ITR-5 is not the appropriate form. They should select the relevant ITR form based on their specific income sources, such as ITR-1 or ITR-2.

βœ” Hindu Undivided Family (HUF): HUFs also need to choose the relevant ITR form according to their income sources, typically ITR-2 or other applicable forms.

βœ” Company: Companies have their dedicated ITR forms, like ITR-6, specifically designed for them, except for those claiming exemption under section 11.

βœ” Taxpayers Using Form ITR-7: Individuals or entities falling under Sections 139(4A), 139(4B), 139(4C), 139(4D), 139(4E), or 139(4F) are required to use Form ITR-7 for their income tax return filing. These sections cover charitable trusts, political parties, educational institutions, and more.

What is the Structure of ITR 5 Income Tax Form?

The ITR-5 Income Tax Form is structured into distinct sections and schedules, each serving a specific purpose for comprehensive income tax reporting. Here’s a breakdown of the ITR-5 form’s structure:

βœ” Part A: General Information: In this initial section, you provide essential personal details, including your name, PAN (Permanent Account Number), address, and contact information.

βœ” Part A-BS: Balance Sheet: Dedicated to showcasing your financial position, you present a balance sheet as of a specified date.

βœ” Part A-Manufacturing Account: This section is tailored for recording information about the manufacturing account for the fiscal year.

βœ” Part A-Trading Account: Here, you report details concerning the trading account for the fiscal year.

βœ” Part A and L: Profit and Loss Account: For the financial year, you present your profit and loss account in this section.

βœ” Part A-OI: Other Information: This part addresses additional financial information pertinent to your income.

βœ” Part A-QD: Quantitative Details: Quantitative specifics relating to various income aspects are documented in this section.

βœ” Part B: Income and Tax Liability Calculation: This pivotal segment is where you compute and disclose your total income and tax liability.

βœ” Schedules: Within the ITR-5 form, you’ll find 31 schedules, categorically organized. These schedules encompass an array of income sources, deductions, depreciation calculations, capital gains, and foreign income. Taxpayers should complete relevant schedules to present a comprehensive overview of their financial situation when filing income tax returns.

βœ” Part B – TI: Computation of Total Income: Here, you calculate your total income based on the data provided in the schedules.

βœ” Part B – TTI: Computation of Tax Liability on Total Income: This section focuses on determining your tax liability derived from the calculated total income.

βœ” Tax Payments: This section captures details of tax payments, such as advance tax and self-assessment tax. It also includes information on tax deducted at source on income other than salary (16A, 16B, 16C) and tax collected at the source.

βœ” Filling Sequence: The recommended sequence for filling out the ITR-5 form includes commencing with Part A, then proceeding to the schedules, followed by Part B, and finally, the verification.

In essence, the ITR-5 form’s structure streamlines the process of reporting income and tax obligations in a systematic and organized manner, ensuring accurate and comprehensive ITR 5 filing as per its applicability.

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