ITR-5 is the Income Tax Return form applicable to firms, LLPs, Associations of Persons (AOPs), Bodies of Individuals (BOIs), and certain other entities that are not required to file returns under ITR-7.
For Assessment Year (AY) 2026-27, the Central Board of Direct Taxes (CBDT) has notified the revised ITR-5 form filing with updated disclosure requirements and compliance reporting changes.
Who Should File ITR-5?
ITR-5 is applicable for:
- Partnership Firms
- Limited Liability Partnerships (LLPs)
- Association of Persons (AOPs)
- Body of Individuals (BOIs)
- Artificial Juridical Persons (AJPs)
- Cooperative societies
- Business trusts
- Investment funds under Section 115UB
- Estate of deceased or insolvent persons in specified cases
Who Cannot File ITR-5?
ITR-5 cannot be used by:
- Individual taxpayers
- Hindu Undivided Families (HUFs)
- Companies are required to file ITR-6 form
- Charitable or religious trusts filing ITR-7
Major Changes in ITR-5 for AY 2026-27
1. Enhanced Disclosure Requirements
The revised ITR-5 introduces additional reporting requirements relating to:
- Business activities
- Nature of operations
- Capital contributions
- Partner/member details
- Tax audit disclosures
CBDT has expanded reporting schedules to improve transparency and reconciliation of tax information.
2. Simplified Capital Gains Reporting
The updated form removes certain earlier bifurcation requirements for reporting capital gains before and after specific dates, simplifying disclosure for taxpayers.
3. Secondary Address & Additional Contact Details
New communication-related fields have been added, including:
- Secondary address
- Alternate mobile number
- Additional email ID
These changes aim to improve communication with taxpayers.
4. Expanded Tax Payment Reporting
The revised Schedule-IT now requires detailed reporting of:
- BSR Code
- Challan serial number
- Date of tax payment
- Advance tax and self-assessment tax details
This helps improve tax payment reconciliation.
5. Revised Filing Timelines
The government has introduced staggered filing timelines for different taxpayer categories to reduce pressure on the e-filing portal and improve compliance efficiency.
Due Dates for ITR-5 AY 2026-27
| Particulars |
Due Date |
| Non-Audit Cases |
31 August 2026 |
| Tax Audit Cases |
31 October 2026 |
| Transfer Pricing Cases |
31 November 2026 |
| Belated Return |
31 December 2026 |
| Revised Return |
31 March 2027 |
| Updated Return (ITR-U) |
Up to 31 March 2031 |
Documents Required for ITR-5 Filing
Before filing ITR-5, taxpayers should keep the following documents ready:
- PAN Card
- LLP/Firm incorporation documents
- Partnership deed or LLP agreement
- Financial statements
- Profit & Loss Account
- Balance Sheet
- GST returns filing
- Form 26AS
- AIS & TIS
- Tax audit report (if applicable)
- Bank statements
- TDS certificates
- Details of partners/members
Important Schedules in ITR-5
ITR-5 contains multiple reporting schedules including:
- Balance Sheet
- Profit & Loss Account
- Partner/Member Information
- Capital Gains
- GST Details
- Tax Payments
- Audit Information
- Foreign Assets (where applicable)
Tax Audit Applicability
Tax audit under Section 44AB may apply if:
- Business turnover exceeds prescribed limits
- LLPs or firms cross specified turnover thresholds
- Presumptive taxation conditions are not satisfied
Taxpayers should verify audit applicability before filing returns.
Important Clarification for AY 2026-27
Although the new Income Tax Act, 2025 has become effective from April 2026, returns for AY 2026-27 relating to FY 2025-26 will continue to be governed by the Income Tax Act, 1961.
Benefits of Filing ITR-5 Correctly
- Proper compliance for firms and LLPs
- Avoidance of notices and penalties
- Smooth loan and financial approvals
- Accurate reporting of partner/member income
- Faster processing of refunds
- Better GST and Income Tax reconciliation
Official filing portal: Income Tax e-Filing Portal
