Applicability:
This income tax return is meant for firms, LLPs, AOPs (Association of persons) and BOIs (Body of Individuals), Artificial Juridical Person (AJP), Estate of deceased, Estate of insolvent, Business trust and investment fund.
Other Relevant Points to be considered while filing ITR-5
- In the details of investments in unlisted equity shares, the name, type of company, PAN, movement in the quantity and investment throughout the financial year should be provided.
- A separate schedule 112A for the calculation of the long-term capital gains on the sale of equity shares or units of a business trust which are liable to STT.
- The details of tax on secondary adjustments to transfer price under section 92CE(2A).
- The details of tax deduction claims for investments or payments or expenditure made between 1 April 2020 until 30 June 2020.
- Details of recognition as a start-up by DPIIT.
- Details of declaration filed in Form-2.
- Information about partnership firms in which you are partner.
- Bifurcation of donations into cash and non-cash mode of payment.
- Information on turnover/gross receipt reported for GST.
What is the structure of the ITR-5 Form?
The Form has been divided into two parts and several schedules:
- In the details of investments in unlisted equity shares, the name, type of company, PAN, movement in the quantity and investment throughout the financial year should be provided.
- A separate schedule 112A for the calculation of the long-term capital gains on the sale of equity shares or units of a business trust which are liable to STT.
- The details of tax on secondary adjustments to transfer price under section 92CE(2A).
- The details of tax deduction claims for investments or payments or expenditure made between 1 April 2020 until 30 June 2020.
- Details of recognition as a start-up by DPIIT.
- Details of declaration filed in Form-2.
- Information about partnership firms in which you are partner.
- Bifurcation of donations into cash and non-cash mode of payment.
- Information on turnover/gross receipt reported for GST.
What is the structure of the ITR-5 Form?
The Form has been divided into two parts and several schedules:
- Part A: General information
- Part A-BS: Balance Sheet as on 31st March 2019
- Part A-Manufacturing Account for the financial year 2018-19
- Part A-Trading Account for the financial year 2018-19
- Part A-P&L: Profit and Loss Account for the financial year 2018-19
- Part A-OI: Other information
- Part A-QD: Quantitative details
The other schedules details of which are as under:
- Schedule-HP: Computation of income under the head Income from House Property
- Schedule-BP: Computation of income under the head “profit and gains from business or profession”
- Schedule-DPM: Computation of depreciation on plant and machinery under the Income Tax Act
- Schedule DOA: Computation of depreciation on other assets under the Income Tax Act
- Schedule DEP: Summary of depreciation on all the assets under the Income-tax Act
- Schedule DCG: Computation of deemed capital gains on sale of depreciable assets
- Schedule ESR: Deduction under section 35 (expenditure on scientific research)
- Schedule-CG: Computation of income under the head Capital gains.
- Schedule-OS: Computation of income under the head Income from other sources.
- Schedule-CYLA: Statement of income after set off of current year’s losses
- Schedule-BFLA: Statement of income after set off of unabsorbed loss brought forward from earlier years.
- Schedule- CFL: Statement of losses to be carried forward to future years.
- Schedule –UD: Unabsorbed Depreciation
- Schedule ICDS: Effect of income computation disclosure standards on profit
- Schedule- 10AA: Computation of deduction under section 10AA
- Schedule- 80G: Details of donation entitled for deduction under section 80G
- Schedule- 80GGA: Details of donation for scientific research or rural development
- Schedule- RA: Details of donations to research associations etc.
- Schedule- 80IA: Computation of deduction under section 80IA
- Schedule- 80IB: Computation of deduction under section 80IB
- Schedule- 80IC/ 80-IE: Computation of deduction under section 80IC/ 80-IE.
- Schedule 80P: Deductions under section 80P
- Schedule-VIA: Statement of deductions (from total income) under Chapter VIA.
- Schedule –AMT: Computation of Alternate Minimum Tax payable under section 115JC
- Schedule AMTC: Computation of tax credit under section 115JD
- Schedule-SI: Statement of income which is chargeable to tax at special rates
- Schedule IF: Information regarding partnership firms in which you are partner
- Schedule-EI: Statement of Income not included in total income (exempt incomes)
- Schedule PTI: Pass Through Income details from business trust or investment fund as per section 115UA, 115UB
- Schedule TPSA: Secondary adjustment to transfer price as per section 92CE(2A)
- Schedule FSI: Details of Income from outside India and tax relief
- Schedule TR: Details Summary of tax relief claimed for taxes paid outside India
- Schedule FA: Details of Foreign Assets and Income from any source outside India
- Schedule GST: Information regarding turnover/gross receipt reported for GST
- Schedule DI: Schedule of tax-saving investments or deposits or payments to claim deduction or exemption in the extended period from 1 April 2020 until 30 June 2020
- Part B – TI: Computation of total income
- Part B – TTI: Computation of tax liability on total income
- Tax payments such as details of payment of advance-tax and tax on self-assessment tax,details of tax deducted at source on income other than salary (16A, 16B, 16C),details of collected at source.
How can one file ITR-5 Form?
This return form has to be filed online with the Income Tax Department in the following ways: Either by furnishing the return electronically under digital signature or by transmitting the data in the return electronically and thereafter submitting the verification of the return in Return Form ITR-V.