Hi Everyone,
I recently incorporated a new LLP in Jan 2024. I tried to do ITR 5 return from the income tax filing site. But i am not getting option to file the ITR5 return infact ITR5 is not even visible in the dropdown. Is it because it is a new LLP or is it because ITR5 filing is not yet enabled. Please let me know.
Thanks & Regards
Maria Dsa
Not enabled.
In fact utilities for ITR3, ITR5 & ITR7 are not enabled till the date.
Thank you for your reply.
You are welcome.
A new LLP needs to file ITR-5 regardless of whether it made any profit in year one. Even a nil return is mandatory.
Key things for first-year ITR-5:
- Balance sheet and profit and loss account as at March 31 are required. Prepare these first.
- Schedule BP (business and profession income) is where you report income under the applicable head.
- If turnover is below Rs 1 crore, no tax audit is needed. Above that, a tax audit under Section 44AB applies and the ITR needs to be submitted with Form 3CA and 3CD.
- Due date for LLPs without audit: July 31, 2026. For LLPs with audit: September 30, 2026.
For a first-year LLP, the biggest mistake is not preparing proper books from day one. The ITR-5 utility pulls figures from your books, so incomplete or missing ledgers will cause problems at filing.
For a step-by-step on what documents to prepare and what to expect at filing, this [ITR-7 filing guide for entities](taxgarden.in/blog/itr-7-filing-guide-ay-2026-27-trusts-societies-ngos-india) covers a similar entity-level return structure.
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