Quick Summary
The Central Board of Direct Taxes (CBDT) has notified a revised ITR-5 form for the Assessment Year 2026-27 through an official Gazette notification dated March 30, 2026. The changes have been introduced under the powers granted by the Income-tax Act, 1961, and will come into effect from March 31, 2026. The revised form replaces the existing ITR-5 format and will apply to entities such as firms, LLPs, AOPs, BOIs and other taxpayers who are not required to file ITR-7. Key Highlights of the New
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FAQ :
The updated ITR-5 form is applicable for returns filed for Assessment Year 2026-27 onwards, with changes coming into effect from March 31, 2026.
The revised ITR-5 form is for entities such as firms, LLPs, AOPs, BOIs, and other taxpayers who are not required to file ITR-7.
Key changes include enhanced disclosure requirements for business details, partner information, audit compliance, and detailed reporting on the choice between the old and new tax regimes (Section 115BAC).
Taxpayers must now disclose whether they have opted for the new tax regime under Section 115BAC, provide details of Form 10-IEA/10-IE filing, and clarify any regime switching in prior years.
Yes, taxpayers opting for presumptive taxation schemes under sections like 44AD and 44ADA must provide additional disclosures regarding turnover thresholds and cash transactions.
The revised form aims for greater transparency and data-driven compliance, but may increase the compliance burden for taxpayers, especially small businesses and partnerships.
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