???? ITR-5 Form – Overview

ITR-5 is the prescribed income tax return form for entities such as partnership firms, LLPs, AOPs, BOIs, estates, trusts, and other non-individual entities not eligible to file ITR-7. It facilitates the declaration of income, tax computation, and disclosures as required under the Income Tax Act, 1961.

This form is structured to accommodate a wide range of income sources including business/professional income, capital gains, house property income, and other income, along with provisions for deductions, depreciation, loss carry-forward, and tax payments.

ITR-5 is applicable to entities that are often subject to tax audits and may also need to report foreign assets, GST turnover, and other regulatory details. The form must be filed electronically, and entities such as LLPs and firms under audit must verify it using a Digital Signature Certificate (DSC).

Filing ITR-5 accurately and on time is crucial for compliance, avoiding penalties, and ensuring smooth refund processing. It is especially important for business entities, trusts, and investment funds to maintain transparency in financial reporting.

✅ Key Highlights:

• Applicable to firms, LLPs, AOPs, BOIs, estates, and more

• Covers a wide range of income sources and tax schedules

• Mandatory e-filing; DSC required for many entities

• No physical documents needed during submission

• Comprehensive financial reporting including balance sheet, P&L, capital gains, depreciation, etc.

• Subject to penalties for late filing or non-compliance

✅ Eligibility to File ITR-5 Form

The ITR-5 Form is applicable to the following entities:

• Firms

• Limited Liability Partnerships (LLPs)

• Association of Persons (AOPs)

• Body of Individuals (BOIs)

• Estate of Deceased Individuals

• Estate of Insolvent Individuals

• Artificial Juridical Persons [as per Section 2(31)(vii)]

• Business Trusts and Investment Funds

• Co-operative Societies

• Local Authorities

❌ Who Cannot File ITR-5:

• Individuals – Must use ITR-1 to ITR-4, depending on income sources

• Hindu Undivided Families (HUFs) – Typically use ITR-2 or ITR-3

• Companies – Must file using ITR-6 (except those claiming exemption under section 11)

• Entities covered under Sections 139(4A), 139(4B), 139(4C), 139(4D), 139(4E), or 139(4F) – These should file using ITR-7

???? Structure of the ITR-5 Form

The ITR-5 is a detailed form with multiple parts and 30+ schedules for comprehensive reporting. Here's the breakdown:

???? Part A: General Information

Basic details such as name, PAN, address, status, and contact details.

???? Part A-BS: Balance Sheet

Reporting of the entity’s financial position as of the financial year-end.

???? Part A-Manufacturing & Trading Accounts

Reporting of manufacturing and trading activities separately.

???? Part A-P&L: Profit and Loss Account

Profit and loss details for the financial year.

???? Part A-OI & Part A-QD

• OI: Other relevant financial information

• QD: Quantitative details of goods traded/produced

???? Part B:

• Part B–TI: Computation of Total Income

• Part B–TTI: Computation of Tax Liability

• Tax Payments: Includes advance tax, self-assessment tax, TDS, and TCS

???? Schedules (31 total)

Schedules include details related to:

• Income from different sources (BP, CG, HP, OS)

• Deductions (VI-A)

• Depreciation (DPM, DOA, etc.)

• Tax relief (MAT, AMT, etc.)

• Foreign income and assets

• Carry-forward of losses and set-offs

Documents Required

There is no requirement to attach physical documents when filing ITR-5.
However, the following documents/information are essential for accurate filing:

• PAN and entity details

• Balance sheet and profit & loss account

• Bank statements

• Form 26AS and AIS/TIS

• Tax audit report (if applicable)

• Details of TDS/TCS

• Investment and deduction proofs

• DSC (Digital Signature Certificate) – mandatory for LLPs and firms under audit

Instructions for Filing ITR-5

???? Filing Mode:

• Must be filed electronically on the Income Tax Portal

• Verification must be completed through:

  • Digital Signature Certificate (DSC) – mandatory for firms and LLPs

  • EVC (Electronic Verification Code) in applicable cases

???? Filing Sequence (as per Income Tax Dept.):

1. Part A (General Info, BS, P&L)

2. Applicable Schedules

3. Part B (TI and TTI)

4. Tax Payments

5. Verification section

Penalties for Non-Compliance

Failing to file the ITR-5 on time can lead to the following penalties:

Other consequences may include:

• Interest under Section 234A, 234B, and 234C

• Disallowance of losses to be carried forward

• Delayed or denied tax refunds

• Scrutiny or notices from Income Tax Department

Why Choose CA Anytime for ITR-5 Filing?

Expert Guidance

Our team of experienced Chartered Accountants and tax professionals provides end-to-end support for your ITR-5 filing, ensuring that your entity’s return is prepared accurately, complies with the latest tax laws, and fulfills all mandatory disclosures. We also help determine the correct applicability of ITR-5 based on your business structure.

Hassle-Free Filing

With our fully online and secure platform, you can file your ITR-5 conveniently from your office or home—no paperwork, no queues. Upload your financials, and our experts handle the rest, saving you valuable time.

Error-Free & Compliant

We conduct a detailed review of your return, including balance sheets, P&L statements, tax audit reports (if applicable), and schedules, to ensure everything is accurate and fully compliant. We also assist with DSC verification, tax payments, and schedule-wise breakdowns.

Timely Submission

We track all relevant due dates and ensure your ITR-5 is filed well within the deadline—whether your firm is audited, unaudited, or requires a 3CEB report—so you avoid interest, late fees, and compliance issues.

With CA Anytime, You Get:

• Personalized support from qualified tax experts

• Timely alerts and reminders for audits, filings, and tax dues

• Secure handling of sensitive business financials

• Post-filing assistance, including refund tracking and responding to tax notices

Frequently Asked Questions