ITR 5
An Income Tax Return (ITR) is a prescribed form or statement through which a taxpayer furnishes details of their total income, applicable deductions, tax liability, taxes paid, and refund due, if any, to the Income Tax Department for a particular tax year.
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ITR-5 FORM – Eligibility and Non-Eligibility
ITR-5 is applicable to the following entities:
1. Partnership Firms.
2. Limited Liability Partnerships (LLPs).
3. Association of Persons (AOP).
4. Body of Individuals (BOI).
5. Artificial Juridical Persons (AJP).
6. Local Authorities.
7. Cooperative Societies.
8. Societies registered under the Societies Registration Act, 1860, or applicable State laws.
9. Trusts that are not required to file ITR-7.
10. Representative Assessees.
11. Estate of Deceased Persons.
12. Estate of Insolvent Persons.
13. Business Trusts.
14. Investment Funds.
ITR-5 is NOT applicable to:
1. Individual taxpayers.
2. Hindu Undivided Families (HUFs).
3. Companies.
4. Trusts required to file ITR-7.
5. Political Parties required to file ITR-7.
6. Charitable or Religious Institutions required to file ITR-7.
7. Educational Institutions required to file ITR-7.
8. Other specified entities required to file ITR-7.
Important Points:
- There is no general ₹50 lakh income limit for ITR-5.
- ITR-5 is generally used for entities other than Individuals, HUFs and Companies that are not required to file ITR-7.
- Filing requirements depend on the entity's legal status and applicable provisions.
Special Note: A registered society or trust is not automatically eligible for ITR-5. If it is required to file under the charitable or religious trust provisions, ITR-7 may apply.
ITR-5 – DOCUMENTS REQUIRED
Applicable for: Partnership Firms, LLPs, AOPs, BOIs, Cooperative Societies, Local Authorities, Business Trusts, Investment Funds and other eligible entities.
Documents Checklist
1. Basic Registration Documents
1. PAN Card of Entity.
2. Registration / Incorporation Certificate.
3. Partnership Deed / LLP Agreement / MOA.
4. Rules & Regulations / Bye-laws, if applicable.
5. GST Registration Certificate, if applicable.
6. Details of Partners / Members.
7. PAN and Aadhaar Details of Partners / Authorised Signatory.
8. Registered Office Address Proof.
2. Financial Documents
9. Balance Sheet.
10. Profit & Loss Account / Income & Expenditure Account.
11. Cash Book and Ledger.
12. Bank Statements of All Bank Accounts.
13. Capital Accounts of Partners / Members.
14. Debtors and Creditors Details.
15. Fixed Assets and Depreciation Details.
16. Stock / Inventory Details, if applicable.
17. Loans and Liabilities Details.
18. Investment Details.
3. Income & Business Documents
19. Sales and Purchase Details.
20. Business Income Details.
21. Other Income Details.
22. Interest and Dividend Income Details.
23. Rental Income Details, if applicable.
24. Capital Gains Details, if applicable.
25. Foreign Income / Asset Details, if applicable.
4. Tax & Compliance Documents
26. GSTR-1 and GSTR-3B Returns, if applicable.
27. GST Annual Return / Reconciliation, if applicable.
28. Form 168.
29. Annual Information Statement (AIS).
30. Taxpayer Information Summary (TIS).
31. TDS / TCS Certificates.
32. Advance Tax Payment Challans.
33. Self-Assessment Tax Challans.
34. Tax Audit Report, if applicable.
35. Previous Year ITR Acknowledgement.
Important Notes:
- ITR-5 is not applicable to Individuals, HUFs, Companies and persons required to file ITR-7.
- Additional documents may be required depending on the entity's legal status and income sources.
- Supporting documents are generally retained for verification and are not uploaded with the return
ITR-5 is applicable to the following entities:
1. Partnership Firms.
2. Limited Liability Partnerships (LLPs).
3. Association of Persons (AOP).
4. Body of Individuals (BOI).
5. Artificial Juridical Persons (AJP).
6. Local Authorities.
7. Cooperative Societies.
8. Societies registered under the Societies Registration Act, 1860, or applicable State laws.
9. Trusts that are not required to file ITR-7.
10. Representative Assessees.
11. Estate of Deceased Persons.
12. Estate of Insolvent Persons.
13. Business Trusts.
14. Investment Funds.
ITR-5 is NOT applicable to:
1. Individual taxpayers.
2. Hindu Undivided Families (HUFs).
3. Companies.
4. Trusts required to file ITR-7.
5. Political Parties required to file ITR-7.
6. Charitable or Religious Institutions required to file ITR-7.
7. Educational Institutions required to file ITR-7.
8. Other specified entities required to file ITR-7.
Important Points:
- There is no general ₹50 lakh income limit for ITR-5.
- ITR-5 is generally used for entities other than Individuals, HUFs and Companies that are not required to file ITR-7.
- Filing requirements depend on the entity's legal status and applicable provisions.
Special Note: A registered society or trust is not automatically eligible for ITR-5. If it is required to file under the charitable or religious trust provisions, ITR-7 may apply.
ITR-5 – DOCUMENTS REQUIRED
Applicable for: Partnership Firms, LLPs, AOPs, BOIs, Cooperative Societies, Local Authorities, Business Trusts, Investment Funds and other eligible entities.
Documents Checklist
1. Basic Registration Documents
1. PAN Card of Entity.
2. Registration / Incorporation Certificate.
3. Partnership Deed / LLP Agreement / MOA.
4. Rules & Regulations / Bye-laws, if applicable.
5. GST Registration Certificate, if applicable.
6. Details of Partners / Members.
7. PAN and Aadhaar Details of Partners / Authorised Signatory.
8. Registered Office Address Proof.
2. Financial Documents
9. Balance Sheet.
10. Profit & Loss Account / Income & Expenditure Account.
11. Cash Book and Ledger.
12. Bank Statements of All Bank Accounts.
13. Capital Accounts of Partners / Members.
14. Debtors and Creditors Details.
15. Fixed Assets and Depreciation Details.
16. Stock / Inventory Details, if applicable.
17. Loans and Liabilities Details.
18. Investment Details.
3. Income & Business Documents
19. Sales and Purchase Details.
20. Business Income Details.
21. Other Income Details.
22. Interest and Dividend Income Details.
23. Rental Income Details, if applicable.
24. Capital Gains Details, if applicable.
25. Foreign Income / Asset Details, if applicable.
4. Tax & Compliance Documents
26. GSTR-1 and GSTR-3B Returns, if applicable.
27. GST Annual Return / Reconciliation, if applicable.
28. Form 168.
29. Annual Information Statement (AIS).
30. Taxpayer Information Summary (TIS).
31. TDS / TCS Certificates.
32. Advance Tax Payment Challans.
33. Self-Assessment Tax Challans.
34. Tax Audit Report, if applicable.
35. Previous Year ITR Acknowledgement.
Important Notes:
- ITR-5 is not applicable to Individuals, HUFs, Companies and persons required to file ITR-7.
- Additional documents may be required depending on the entity's legal status and income sources.
- Supporting documents are generally retained for verification and are not uploaded with the return
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