ITR-5 Form Filing
ITR-5 Form Filing- The Income Tax Department has notified various ITR forms for different Taxpayers who are based on the source of income of different taxpayers. This is done in order to create a simple tax structure in our country. Based on the source of income, a taxpayer chooses ITR form and file his/her return. The return is required to be filed every year subsequent to the year of income. Now the details of PAN and Aadhaar card is mandatorily required to be furnished with the department while filing the ITR return. There are various forms like ITR 1, ITR 4, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7 which is required to be filed by the different Taxpayer. However, it is to be noted that it is not mandatory to file the return by all taxpayers, this is only the certain individual having threshold income more than as prescribed under the Income Tax Act who are required to submit the Income-tax return. The return must be filed before the due date in order to avoid late fees and penalties. Further, aforesaid forms are designed for different taxpayers and they shall be processed by the income tax department accordingly.
The ITR-5 FORM is design for taxpayer as shown below
- Limited Liability Partnerships(LLPs),
- Association of persons(AOPs) and Body of Individuals(BOIs),
- Artificial Juridical Person,
- Cooperative society and Local authority, provided they are not required to file the return of income under section 139(4A) or 139(4B) or 139(4C) or 139(4D) (i.e., Trusts, Political party, Institutions, Colleges, etc.)
Apart from this below are the taxpayers who do not required to file subject form.
- HUFs (Hindu Undivided Families),
Modes of filing ITR-5
The ITR Form 5 can be furnished online as well, for this one need to login to the account which shall be prepared on the website of Income-tax department and shall be verified. Thereafter, an acknowledgment shall be send to the registered email id of the Taxpayer. The online return can be verified through Aadhaar OTP/EVC.
DUE DATE OF ITR FORM 5
The ITR FORM 5 must be filed on or before August 31 every year.
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