What is ITR Form 5 | Who should file return of income in Form ITR 5?

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  • Last Updated on 10 May, 2021

ITR-5 Form Filing for AY 2018-19: 

ITR- 5 Form is a format of filing return of income for the persons other than those enlisted below:

    1. An individual
    2. HUF
    3. Company
    4. And those who are required to file their income tax return in new ITR- 7 Form [i.e. persons required to file a tax return under section 139(4A), 139(4B), 139(4C), 139(4D), 139(4E) or 139(4F)]

Who shall file a return of income in Form ITR-5? 

The ITR- 5 Form can be used by the following persons to file an income tax return (ITR):

    1. Firms,
    2. Limited Liability Partnerships (LLPs)
    3. Association of Persons (AOP)
    4. Body of Individuals (BOIs)
    5. Cooperative/ registered society
    6. Local Authority
    7. Artificial juridical persons as defined in section 2(21)(vi) of Income Tax Act, 1961 
    8. Persons, as defined in section 160(1)(iii)(iv) of Income Tax Act, 1961 Return of income filed in Form ITR- 5, shall include all the income other than that income that is claimed to be exempt under section 11 of Income Tax Act, 1961.

Section 11 of the Act lays down the provisions related to incomes from property held for charitable or religious purposes which do not form part of total income. 

New ITR Forms for AY 2018-19: 

Central Board of Direct Taxes (CBDT) has notified new ITR forms for the Assessment Year 2018-19 for filing the return of income of Financial Year 2017-18. Certain clauses have been added/ modified in Form ITR- 5 in comparison to last year. These are: – Reporting of information pertaining to the fee for late furnishing of return as per the provisions of section 234F that has been inserted in Income Tax Act, 1961 w.e.f. 1st April 2018. Amount of late fee shall be:

Particulars

      Cases

      Amount of Late Fee

Income < 5 Lacs

In all cases

Rs. 1,000/-

Income ≥ 5 Lacs

If return filed on or before 31.12.2018

Rs.5,000/-

In any other case

Rs.10,000/-

    1. Reporting of detailed information relating to TDS deducted and TDS credit claimed.
    2. Reporting of information relating to income from transfer of carbon credits
    3. Reporting of information relating to income chargeable to tax at special rates under DTAA.
    4. Reporting of information relating to income not deductible under section 58.
    5. Reporting of information relating to profits under section 59 relating to cessation of liability under section 41(1).
    6. Reporting of information relating to GST i.e. GST paid & refunded
    7. Reporting of information relating to capital gains arising out of transfer of unquoted shares.
    8. Reporting of sum taxable as gifts.

Mandatory Provisions for Furnishing return of Income in Form ITR-5 for AY 2018-19: 

    1. E-filing of return is mandatory.
    2. For the purpose of verification of return of income in form ITR- 5, Digital Signature is mandatory in the case where the entity is required to get books of account audited.

However, in other cases, the following options are also available for verification:

    • E-verification through Aadhar OTP.
    • E-verification by generating EVC.Submitting a signed copy of ITR-V through the post at CPC, Bengaluru.

Author Bio: Radhika Daga is a CA Final student. Connect with her on Linkedin @www.linkedin.com/in/radhikadaga.

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