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ITR 5 Return Filing

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ITR 5 Return Filing

ITR-5 is one of the various forms prescribed by the Income Tax Department of India for filing income tax returns. It is specifically designed for firms, limited liability partnerships (LLPs), Association of Persons (AOPs), and Body of Individuals (BOIs). In essence, it is meant for entities other than individuals and companies. (Specifically on the following entities:

  • Limited Liability Partnership (LLP)
  • Association of Persons (AOP)
  • Body of Individuals (BOI)
  • Artificial Juridical Person (AJP) referred to in clause (vii) of Section 2(31)
  • Local Authority referred to in clause (vi) of Section 2(31)
  • Representative Assessee referred to in Section 160(1)(iii) or (iv)
  • Cooperative Society
  • Society Registered under Societies Registration Act, 1860 or under any other law of any State
  • Trust other than Trusts eligible to file Form ITR-7
  • Estate of Deceased Person
  • Estate of an Insolvent
  • Business Trust referred to in Section 139(4E) and Investment Fund referred to in Section 139(4F)

Applicable Tax Slabs (For AY 2024-25)

Partnership Firms Including LLPs

  • Partnership Firm (including LLP) 30% on Taxable/Total Income of the firm.
  • A Firm / LLP shall be liable to pay AMT (Alternative Minimum Tax) at 18.5% of book Profit (plus Surcharge and Health and Education cess as applicable) where the normal tax liability is less than 18.5% of book Profit
  • Surcharge is levied on the amount of income tax at following rates if Total Income exceeds specified limits: 12% if Taxable Income Exceeds ₹ 1 Crore

    • AOP / BOI / AJP

  • Tax rates of AOP / BOI / AJP are given below:
    • Up to ₹ 2,50,000 Nil
    ₹ 2.5 Lakh - ₹ 5 Lakh 5% on above Rs 2.5 Lakh
    ₹ 5 Lakh - ₹ 10 Lakh 20% on above Rs 5 Lakh
    Above ₹ 10 Lakh 30% on above Rs 5 Lakh
  • Documents Required
  • Sales or Service Invoice
  • Purchase Invoices
  • Saving or FD Interest Certificate
  • Bank Statement Current and Saving (both) of relevant FY
  • Tax Saving Proofs (LIP, Mediclaim, FD over 5 years receipts etc.)
  • Home Loan Interest Certificate
  • Details of any other income
  • Details of Partners/Members: If you are filing ITR-5 for a partnership firm, AOP, or BOI, you should provide details of all partners or members, including their PANs, shares in the entity, and contact information.
  • Capital Gain reports, if any
  • List of Foreign Assets holding, if any