Explore all the details you need about ITR-5 Return Filing, tailored for your needs.
ITR-5 Return Filing is specifically designed for firms, Association of Persons (AOP), and Body of Individuals (BOI) who are not required to file their income tax returns as companies. It caters to entities without a corporate structure that still need to report their income and taxes to the Indian Income Tax Department.
The ITR-5 form is used by firms, Association of Persons (AOP), and Body of Individuals (BOI) to report income and taxes. It is not meant for companies, but for entities without a corporate structure.
Solocorp provides expert assistance for ITR-5 filing, ensuring your tax details are accurately reported, helping you comply with tax regulations and avoid penalties.
With our user-friendly platform and efficient services, Solocorp makes ITR-5 income tax filing simple, ensuring a hassle-free experience for firms, AOPs, and BOIs.
The following entities are eligible to file the ITR 5 Form:
The due date for filing ITR-5 varies based on the need for auditing and furnishing reports. Below are the key dates for ITR-5 filing:
1. When accounts are to be audited under the Income-Tax Act: The due date is 31st October of the assessment year.
2. When a report in Form No. 3CEB is required: The due date is 30th November of the assessment year.
3. When accounts do not need to be audited: The due date is 31st July of the assessment year.
Individuals must use the appropriate ITR form based on their sources of income, such as ITR-1, ITR-2, or other applicable forms.
HUFs must use the relevant ITR form, typically ITR-2 or another applicable form based on their income.
Companies are required to use forms like ITR-6, not ITR-5, unless claiming exemption under section 11.
Entities falling under Sections 139(4A), 139(4B), 139(4C), 139(4D), 139(4E), or 139(4F) must use Form ITR-7. This includes charitable trusts, political parties, educational institutions, etc.
It's important to note that there is no requirement to attach documents with the ITR 5 income tax form.
The ITR 5 Form is structured into several parts and schedules to facilitate the comprehensive reporting of income, deductions, and tax liability.
This section gathers essential details about the taxpayer, such as name, PAN, address, and contact information.
Here, the taxpayer reports their financial position with a balance sheet as of the specified date.
Details related to the manufacturing account for the fiscal year are recorded in this section.
This section captures information regarding the trading account for the fiscal year.
Here, the taxpayer reports the profit and loss account for the financial year.
This part covers additional financial information relevant to the taxpayer's income.
Quantitative details related to various aspects of income are provided here.
This section includes computations for total income and tax liability based on information provided in the schedules.
Taxpayers must fill out 31 schedules in the ITR 5 form, which cover various aspects such as income from different sources, deductions, depreciation, capital gains, and foreign income.
This form also includes tax payments details such as advance tax, self-assessment tax, TDS (Tax Deducted at Source), and TCS (Tax Collected at Source).
The Income Tax Department recommends taxpayers follow this sequence: Part A, Schedules, Part B, Verification.
Solocorp is your preferred choice for ITR-5 income tax filing, offering expert assistance to make the process smooth, accurate, and hassle-free.
Our team of professionals ensures that your ITR-5 is filed in full compliance with tax regulations, minimizing the chances of errors and delays.
We offer an easy-to-use platform that allows you to file your returns conveniently from anywhere, ensuring a stress-free experience.
Our team reviews your ITR-5 form thoroughly for completeness and accuracy, helping you avoid potential issues with the tax department.
We help you optimize your deductions, ensuring that you claim all eligible tax benefits, ultimately reducing your tax liability.
Our experienced tax professionals guide you throughout the filing process, ensuring compliance and accuracy.
We help you maximize tax deductions, reducing your overall tax liability.
Our team carefully reviews your ITR-5 form to ensure it's error-free and compliant before submission.
We use the latest encryption technology to protect your financial data during the filing process.
Receive timely reminders for important tax deadlines, ensuring that you file your return on time.
Our dedicated support team is available to address any concerns or queries you may have after filing.