Navigating Income Tax Return Form 5: Eligibility, Structure, and Online Filing Guidelines

The Income Tax Department provides various forms tailored for different taxpayers. Choosing the correct form depends on the taxpayer's income sources. ITR Form 5 is specifically designed for certain entities like firms, LLPs, and Associations of Persons (AOPs). This article offers a detailed explanation of ITR-5.

Purpose of ITR-5 Form

ITR-5 is designated for income tax filing by firms, Limited Liability Partnerships (LLPs), Associations of Persons (AOPs), Bodies of Individuals (BOIs), Artificial Juridical Persons (AJPs), estates of deceased individuals, estates of insolvents, business trusts, and investment funds. Download Form ITR-5 for AY 2025-26.

Who is Authorized to Submit the ITR-5 Form?

The following entities are eligible to utilize this form:

• Firms
• Limited Liability Partnerships (LLPs)
• Associations of Persons (AOPs)
• Bodies of Individuals (BOIs)
• Artificial Juridical Persons (AJP) as defined in Section 2(31)(vii)
• Local Authorities as defined in Section 2(31)(vi)
• Representative Assessees as per Section 160(1)(iii) or (iv)
• Cooperative Societies
• Societies registered under the Societies Registration Act, 1860, or analogous state laws
• Trusts, excluding those qualified to file Form ITR-7
• Estates of Deceased Persons
• Estates of Insolvent Persons
• Business Trusts as referred to in Section 139(4E)
• Investment Funds as referred to in Section 139(4F)

However, individuals required to file income returns under Section 139(4A), 139(4B), or 139(4D) are not permitted to use this form. Need help deciding which ITR form to use? Consult our comprehensive guide.

Electronic Submission of Audit Reports

Assessees who are mandated to provide an audit report under specific sections (such as 10(23C)(iv), 44AB, 92E, 115JB, etc.) must submit this report electronically by the income tax return filing deadline.

Important Updates for ITR-5 Form in Assessment Year 2025-26

Several key modifications have been introduced in the ITR-5 form for AY 2025-26:

• A new field now requires the disclosure of a Legal Entity Identifier (LEI) for entities engaging in financial transactions totaling Rs 50 Crore or more during the fiscal year.
• Taxpayers are now required to provide detailed information concerning payments made to Micro and Small Enterprises, particularly regarding compliance with Section 43B(h) of the Income-tax Act.
• Additional fields have been added to Schedule 80GGA to distinguish contributions made to research institutions, universities, and rural development programs.
• Enhanced details are now mandatory for reporting capital gains under Schedule CG, especially for non-resident taxation and specific securities.
• Comprehensive reporting is sought for alterations in accounting policies, valuation methodologies, and reconciliation of turnover between GST and Income Tax in Schedule Part A - OI and Audit.
• Disclosures under Schedule TR and FA have been strengthened for claiming foreign tax credit, in line with Rule 128.
• Start-ups eligible under Section 80-IAC must include specific declaration particulars and registration IDs to claim the deduction.
• The inclusion of a 'Return Filed under Section' dropdown clarifies the specific section under which the return is filed (e.g., 139(1), 139(4)), featuring automatic adjustment logic based on dates.
• Updated business codes align with the NIC 2008 classification, ensuring consistency with other statutory reports from MCA and GST.
• The offline/JSON utility has been upgraded with improved in-built validation checks to minimize submission errors.

Structure of the ITR-5 Form

The ITR-5 Form consists of two main parts and numerous schedules:

• Part A: General Information
• Part A-BS: Balance Sheet as of March 31, 2025
• Part A-Manufacturing Account for the Financial Year 2024-25
• Part A-Trading Account for the Financial Year 2024-25
• Part A-P and L: Profit and Loss Account for the Financial Year 2024-25
• Part A-OI: Other Information
• Part A-QD: Quantitative Details
• Part B

There are 40 schedules, including:

• Schedule-HP: Income from House Property
• Schedule-BP: Profits and Gains from Business or Profession
• Schedule-DPM: Depreciation on Plant and Machinery
• Schedule DOA: Depreciation on Other Assets
• Schedule DEP: Summary of Depreciation
• Schedule DCG: Deemed Capital Gains on Depreciable Assets
• Schedule ESR: Deduction under Section 35 (Scientific Research)
• Schedule-CG: Capital Gains
• Schedule 112A: Sale of Equity Shares/Equity-Oriented Fund Units with STT paid (Section 112A)
• For NON-RESIDENTS: Sale of equity shares/units of equity-oriented funds/business trusts with STT paid (Section 112A)
• Schedule VDA: Income from transfer of Virtual Digital Assets
• Schedule-OS: Income from Other Sources
• Schedule-CYLA: Income after current year's loss set-off
• Schedule-BFLA: Income after brought forward unabsorbed loss set-off
• Schedule-CFL: Losses to be carried forward
• Schedule - UD: Unabsorbed Depreciation
• Schedule ICDS: Impact of Income Computation Disclosure Standards on profit
• Schedule- 10AA: Deduction under Section 10AA
• Schedule- 80G: Donations for deduction under Section 80G
• Schedule- 80GGA: Donations for scientific research or rural development
• Schedule 80GGC: Contributions to political parties
• Schedule 80IAC: Deduction for eligible start-ups
• Schedule 80LA: Deduction for offshore banking unit or IFSC
• Schedule- RA: Donations to research associations
• Schedule- 80IA: Deduction under Section 80IA
• Schedule- 80IB: Deduction under Section 80IB
• Schedule- 80IC/ 80-IE: Deduction under Section 80IC/ 80-IE
• Schedule 80P: Deductions under Section 80P
• Schedule-VIA: Deductions from total income under Chapter VIA
• Schedule –AMT: Alternate Minimum Tax payable under Section 115JC
• Schedule AMTC: Tax credit under Section 115JD
• Schedule-SI: Income chargeable at special rates
• Schedule IF: Information about partnership firms where the assessee is a partner
• Schedule-EI: Exempt Incomes
• Schedule PTI: Pass Through Income from business trust or investment fund (Sections 115UA, 115UB)
• Schedule TPSA: Secondary adjustment to transfer price (Section 92CE(2A))
• Schedule 115TD: Accreted Income under Section 115TD
• Schedule FSI: Income from outside India and tax relief details
• Schedule TR: Summary of tax relief for foreign taxes paid
• Schedule FA: Foreign Assets and Income from outside India
• Schedule GST: Turnover/gross receipt information reported for GST
• Part B – TI: Total Income Computation
• Part B – TTI: Total Income Tax Liability Computation
• Tax Payments:
  1. Details of advance tax and self-assessment tax payments
  2. Details of tax deducted at source (TDS) on non-salary income (16A, 16B, 16C)
  3. Details of tax collected at source

Recommended Order for Form Completion: The Income Tax Department suggests the following sequence for filling out the return:

• Part A
• Schedules
• Part B
• Verification

Instructions for Filing ITR-5 Form Online

ITR-5 must be filed electronically through the e-Filing portal of the Income Tax Department using one of these methods:

• Submitting the return electronically with a digital signature.
• Transmitting the return data electronically and subsequently submitting the ITR-V verification form.

When filing online, a signed copy of ITR-V can be sent by ordinary post to Post Bag No. 1, Electronic City Office, Bengaluru–560500 (Karnataka), or it can be e-verified using a Digital Signature Certificate.

Firms whose accounts require auditing under Section 44AB are obliged to file their return electronically with a digital signature.

No Attachments Required

No documents (including TDS certificates) should be attached to the ITR-5 form during submission. Any attached documents will be separated and returned. Taxpayers are advised to reconcile their deducted/collected/paid taxes with their Tax Credit Statement, Form 26AS.

Deadline for Submitting ITR-5 Form

• For cases where accounts are subject to audit under the Income-Tax Act: October 31 of the assessment year.
• When a report in Form No. 3CEB is required: November 30 of the assessment year.
• For other situations (where accounts do not need auditing): September 15, 2025 (for FY 2024-25) of the assessment year.

Who is Ineligible to File ITR-5 Form?

ITR-5 cannot be used by:

• Individual assessees
• Hindu Undivided Families (HUF)
• Companies
• Taxpayers who are required to file tax returns using Form ITR-7 under Sections 139(4A), 139(4B), 139(4C), 139(4D), 139(4E), or 139(4F).

Guidance on Completing the Verification Document

• Fill in all necessary details in the verification section.
• Cross out any sections that do not apply. Ensure the verification is signed before submitting the return.
• Select the appropriate designation or capacity of the person signing the return.
• Be aware that providing false information in the return or its accompanying schedules can lead to prosecution under Section 277 of the Income-tax Act, 1961, potentially resulting in rigorous imprisonment and a fine upon conviction.

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5. What is ITR 3 Form & How to File ITR-3
6. Who and How to File ITR 4
7. ITR 6
8. How to File and Download ITR-7 Form
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