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Know your Income tax form ITR-5

CS Karan B Khattri 
on 04 July 2018

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WHAT IS ITR-5

ITR 5 Form is for persons other than:

(i) Individual,
(ii) HUF,
(iii) Company and
(iv) Person filing Form ITR-7.

ITR 5 APPLICABLE FOR:

ITR-5 form is to be used when the assessee is one of the following:

  • Firms
  • Limited Liability Partnerships (LLP)
  • Association of persons (AOP)
  • Body of Individuals (BOI)
  • An Artificial Juridical Person referred to in section 2(31) (vii)
  • Cooperative society
  • Local authority

WHO IS NOT ELIGIBLE TO FILE ITR 5 FORM:

ITR 5 Form is for persons other than:

(i) Individual,
(ii) HUF,
(iii) Company and
(iv) Person filing Form ITR-7.

Assessees who are required to file the return of income under section 139(4A) or 139(4B) or 139(4C) or 139(4D) (i.e., Trusts, Political party, Institutions, Colleges, etc.)

ITR 5

DUE DATE FOR FILING ITR 5 FORM

Due date of filing income tax return for FY 2017-18:

  •  30th September, 2018 for Businesses

CHANGES W.E.F. 1ST APRIL, 2018 (ITR 5  FY 2017-18 or AY 2018-2019)

  • Late fee if IT return not filled on time.
  • The taxpayers now need to provide more details in the form if they are claiming capital gains exemption.
  • New columns have been introduced in the ITR forms to report the details of GST paid and refunded
  • A new field has been added to facilitate the claim for TDS credit where the TDS was deducted in the name of another person or from a common pool or other similar situations.
  • A new field has been added to report disallowance of expenses in case of TDS default.
  • Cess levied on your tax liability has been hiked by 1 per cent from the current 3 per cent to 4 per cent. ( For FY 2018-19)

DETAILS REQUIRED IN ITR 5 FORM


Schedule for filing Income tax return

Description
 

Personal Information, Filing Status & Audit Information

Details of Personal Information, Filing Status & Audit Information

Partners/ Members Information, Nature of Business or Profession

Partners/ Members Information, Nature of business or profession, if more than one tradenames please specify upto 3 tradenames

Par tA-BS

BALANCE SHEET AS ON 31ST DAY OF MARCH, 2018(fill items 1 to 5 in a case where regular books of accounts are maintained, otherwise fill item 6)

Part A-P&L

Profit and Loss Account for the previous year 2017-18(fill items 1 to 51 in a case where regular books of accounts are maintained, otherwise fill item 52)

Part A-QI

Other Information (optional in a case not liable for audit under section 44AB)

Part A-QD

Quantitative details (optional in a case not liable for audit under section 44AB)

Part B-TI, Part B-TTI & Verification

Computation of Total Income & Tax Liability on total income

15A

Details of payments of Advance Tax and Self-Assessment Tax

15B, 15C

Details of Tax Deducted at Source & Tax Collected at Source

Schedule HP

Details of Income from House Property

Schedule BP

Computation of income from business or profession

Schedule DPM, Schedule DOA

Depreciation on Plant and Machinery & on other assets

Schedule DEP, Schedule DCG

Summary of depreciation on assets & Deemed Capital Gains on sale of depreciable assets

Schedule ESR

Deduction under section 35 or 35CCC or 35CCD

Schedule CG

Details of Income from Capital Gains

Schedule OS

Details of Income from Other Sources

Schedule CYLA, Schedule BFLA

Details of Income after Set off of Current years losses &Brought Forward Losses of earlier years

Schedule CFL

Details of Losses to be carried forward to future Years

Schedule ICDS

Effect of Income Computation Disclosure Standards on profit

Schedule UD

Unabsorbed depreciation and allowance under section 35(4)

Schedule 10AA

Deduction under section 10A & 10AA

Schedule 80-IA, Schedule 80-IB, Schedule 80-IC or Schedule 80-IE

Deductions under section 80-IA, 80-IB, 80-IC or 80-IE &  Chapter VI-A

Schedule 80P

Deductions under section 80P

Schedule VI-A

Deductions under  Chapter VI-A

Schedule 80G

Details of donations entitled for deduction under section 80G

Schedule SI

Income chargeable to Income tax at special rates IB

Schedule AMT

Computation of Alternate Minimum  Tax payable under section 115JC

Schedule AMTC

Computation of tax credit under section 115JD

Schedule EI

Details of Exempt Income

Schedule PTI

Pass Through Income details from business trust or investment fund as per section 115UA, 115UB

Schedule FSI

Details of Income from outside India and tax relief

Schedule TR, Schedule FA

Summary of tax relief claimed for taxes paid outside India & Schedule FA Details of foreign assets


WHAT ARE THE DIFFERENT MODE OF FILING ITR 5 

  • Online: Through xml file upload
  • Offline

PENALTY ON LATE FILING OF ITR 

Starting from April 1, if you file your ITR post the deadline of July 31, 2018 (unless the tax department extends it), you will be liable to pay a maximum penalty of Rs.10K. 

W.e.f. assessment year 2018-19, if assessee failed to furnish return of income within due date as prescribed under section 139(1) then as per section 234F, he will be required to penalty of:

  • Rs. 5000 if return is furnished on or before 31 December of assessment year.
  • Rs. 10,000 in any other case.
  • Total income of the person does not exceeds Rs. 5 lakh then Rs. 1000.
  • If Income is not taxable then NIL (Not required to pay penalty as per income tax provisions)

For filing your ITR Return, please send us one liner/ your requirement, our team will get back to you within 24 hrs.

The author can also be reached at rocguru.com@gmail.com


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