The ITR-5 form from the Income Tax Department is designed for filing income tax returns by entities such as firms, LLPs, Association of persons (AOPs), Body of Individuals (BOIs), Artificial Juridical Person (AJP), Estate of deceased, Estate of insolvent, Business trust, and investment fund.

Who is eligible to file the ITR-5 Form?

This form can be used by the following persons

  • Firm
  • Limited Liability Partnerhsip (LLP)
  • Association of Persons (AOP)
  • Body of Individuals (BOI)
  • Artificial juridical person referred to in section 2(31)(vii)
  • Estate of deceased
  • Estate of insolvent
  • Business trust and investment fund
  • Cooperative society
  • Local authority.

However, a person who is required to file the return of income under section 139(4A) or 139(4B) or 139(4C) or 139(4D) shall not use this form.

E-filing audit reports

In case an assessee who is required to furnish a report of audit under sections 10(23C)(iv), 10(23C)(v), 10(23C)(vi), 10(23C)(via), 10A, 10AA, 12A(1)(b), 44AB, 44DA, 50B, 80-IA, 80-IB, 80-IC, 80-ID, 80JJAA, 80LA, 92E, 115JB or 115VW he shall file the report electronically on or before the date of filing the return of income.

What is the limit for itr5?

Changes in the ITR-5 Form in 2022-2023: Tax Audit limit is increased to ₹10 Crores from ₹5 Crores, where cash transactions are less than 5% of the total transactions.

Who cannot file the ITR-5 Form?

  • Individual assesses
  • Hindu Undivided Family (HUF)
  • Company
  • Taxpayers who must file tax returns in Form ITR-7, under Sections 139(4A), 139(4B), 139(4C), 139(4D), 139(4E) or 139(4F)

Due date for filing ITR-5 Form

  • When accounts are to be audited under the Income-Tax Act - 31 October of the assessment year
  • When report in Form No. 3CEB is to be furnished - 30 November of the assessment year
  • In other case (where accounts need not be audited) - 31 July of the assessment year
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