ITR-5 Filing - VSB Consultants

ITR-5 Form Filing Services

For partnership firms, LLPs, associations, and other entities that do not fall under the category of individual taxpayers or companies, the ITR-5 Form is the designated income tax return form. VSB Consultants Pvt Ltd provides expert assistance in ITR-5 filing, ensuring compliance with tax regulations while maximizing tax benefits. Our team of experienced tax professionals ensures that your income tax return is filed accurately, avoiding errors and potential penalties.

What is ITR-5 Form Filing ?

The ITR-5 Form is designed for entities such as partnership firms, LLPs, cooperative societies, and associations that do not qualify to file ITR-1, ITR-2, ITR-3, or ITR-4. It allows these entities to report their income, deductions, and tax liabilities in a structured format.

This form is mandatory for all firms and organizations that operate as business entities, excluding individuals and companies, and ensures proper tax compliance for such entities.

Who Should File ITR-5 ?

✔ Partnership Firms (registered or unregistered).
✔ Limited Liability Partnerships (LLPs).
✔ Associations of Persons (AOPs) and Body of Individuals (BOIs).
✔ Cooperative Societies and Trusts.
✔ Local Authorities.
✔ Artificial Juridical Persons (AJP), as per Section 2(31) of the Income Tax Act.

Who Cannot File ITR-5?

❌ Individuals, Hindu Undivided Families (HUFs), and companies – They should opt for ITR-1, ITR-2, ITR-3, ITR-4, or ITR-6, depending on their income.
❌ Companies registered under the Companies Act – Must file ITR-6.
❌ Charitable and religious trusts – Required to file ITR-7.

Documents Required for ITR-5 Filing

Before proceeding with ITR-5 filing, ensure you have the following documents:

📌 PAN Card – The entity’s Permanent Account Number.
📌 Aadhaar Card of Partners (if applicable) – For verification purposes.
📌 Partnership Deed or LLP Agreement – Required for firm registration details.
📌 Financial Statements – Balance sheet, profit and loss account, and trial balance.
📌 Bank Statements – Business account statements for income and expenses.
📌 Tax Deducted at Source (TDS) Certificates – Form 16A and Form 26AS.
📌 GST Returns – If the firm is GST-registered.
📌 Details of Investments and Loans – To claim deductions.
📌 Other Income Proofs – Rental income, dividends, interest, etc.

Step-by-Step Process for ITR-5 Filing

Step 1: Assess Total Income & Taxable Earnings

✔ Compute total revenue from business operations, investments, and other sources.
✔ Verify applicable deductions and exemptions under relevant tax sections.

Step 2: Prepare Financial Statements

✔ Generate the balance sheet, profit and loss statement, and cash flow records.
✔ Ensure accurate classification of income, expenses, and tax liabilities.

Step 3: Fill Out the ITR-5 Form

✔ Report business income, rental income, capital gains, and other earnings.
✔ Declare applicable deductions and tax-saving investments.

Step 4: Verify and Calculate Tax Liability

✔ Compute total tax liability based on income slab rates.
✔ Adjust tax liability with TDS, advance tax, and tax credits.

Step 5: Submit the ITR-5 Form Online

✔ Log in to the Income Tax e-Filing portal and upload the completed form.
✔ Use a digital signature certificate (DSC) for submission (mandatory for LLPs).

Step 6: Verification & Acknowledgment

✔ Complete e-verification via Aadhaar OTP, net banking, or DSC.
✔ Download the ITR-V acknowledgment slip for records.

With VSB Consultants Pvt Ltd, your ITR-5 filing process is smooth, accurate, and hassle-free.

Why Choose VSB Consultants ?

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Frequently Asked Questions (FAQs)

+1. What is the due date for filing ITR-5 ?

✔ The last date for filing ITR-5 is July 31st for non-audit cases and October 31st for firms requiring an audit.
+2. Is e-filing mandatory for ITR-5 ?

✔ Yes, ITR-5 must be filed electronically, and LLPs must verify it using a Digital Signature Certificate (DSC).
+3. Can a partnership firm file ITR-5 without a PAN ?

✔ No, a valid PAN is mandatory for tax filing.
+4. Is an audit required for filing ITR-5 ?

✔ If a firm’s turnover exceeds ₹1 crore for businesses or ₹50 lakh for professionals, an audit under Section 44AB is mandatory.
+5. What happens if ITR-5 is not filed on time ?

✔ A late filing penalty of up to ₹5,000 may be imposed, and interest may be charged on unpaid tax.
+6. Can I revise my ITR-5 after submission ?

✔ Yes, a revised return can be filed before the end of the assessment year.
+7. Can I claim deductions under Section 80C in ITR-5 ?

✔ Yes, eligible deductions like PPF, LIC premiums, and tax-saving investments can be claimed.
+8. Do LLPs need to file ITR-5 ?

✔ Yes, LLPs file ITR-5 unless they opt for ITR-6 for company-like taxation.
+9. Is TDS deducted automatically in ITR-5 ?

✔ No, firms must report TDS deductions manually using Form 26AS.
+10. How can I verify my ITR-5 after filing ?

✔ Verification can be done through Aadhaar OTP, net banking, or DSC (for LLPs).
+11. Can firms with foreign income file ITR-5 ?

✔ Yes, foreign earnings must be declared in the “Foreign Income” section of the form.
+12. What if a firm has multiple businesses ?

✔ Firms with multiple businesses must consolidate financials and report total income.
+13. Is it necessary to file NIL returns for ITR-5 ?

✔ Yes, even if there is no taxable income, filing NIL ITR is recommended for compliance.
+14. Can a cooperative society file ITR-5 ?

✔ Yes, cooperative societies must file ITR-5 unless specified otherwise.
+15. Can I track my ITR-5 status online ?

✔ Yes, login to the Income Tax e-Filing portal to check return status.