Know your Income tax form ITR-5

CS Karan B Khattri
on 04 July 2018

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.

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