Korpfintax

ITR-5

Taxpayers are required to file income tax returns based on the type of income they earn during the financial year and the nature of the entity they represent. Entities such as associations of persons (AOPs), limited liability partnerships (LLPs), bodies of individuals (BOIs), estates of deceased persons, artificial juridical persons, business trusts, estates of insolvent individuals, and investment funds are required to file their returns using Form ITR-5

Who is eligible to file ITR 5 Form?
Anybody of the following may file an ITR 5:

  • A firm

  • A Limited Liability Partnership (LLP)

  • Association of Persons (AOP)

  • Body of Individuals (BOI)

  • Artificial juridical persons referred to in Section 2(31)(vii)

  • Local authorities referred to in Section 160(1)(ii) or 160(1)(iv)

  • Cooperative societies

  • Societies registered under the Societies Registration Act, 1860 or any corresponding state law (excluding trusts eligible for ITR-7)

  • Estate of a deceased person

  • Business trusts referred to in Section 139(4E)

  • Investment funds referred to in Section 139(4F)

Who is not eligible to file Form ITR 5?

ITR-5 Forms cannot be filed by individuals or entities who are required to file income tax returns under Section 139(4A) (for charitable/religious trusts) or Section 139(4D) (for certain educational institutions, hospitals, etc.).

Documents Required for ITR-5 Return Filing:

  • Rental agreement (if applicable)

  • Proof of rental income (if any)

  • Savings certificates or documents for deductions under Section 80C

  • Form 26AS (Tax Credit Statement)

  • Monthly purchase bills and purchase returns

  • Monthly sales bills and sales returns

  • GST tax payment challans

  • Details of day-to-day administrative and general expenses

  • Invoices for fixed assets purchased (if applicable)

  • Details of investments made in cash

  • Details of investments made through bank transactions

  • Proof of sources for cash inflow and outflow

  • List of outstanding receivables and payables

  • Bank statements for the period from 1st April to 31st March

  • Information on bank loans (if any)

  • Proof of foreign income (if applicable)

  • Details of foreign assets (if applicable)

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