ITR- 5 Return Filing
- Art Teacher
- London, UK
- 5-7 Hrs
If you’re running a business through a partnership firm, LLP, or Association of Persons (AOP), then ITR-5 is your gateway to income tax compliance. ITR-5 is designed for entities other than individual, HUF, and companies, and includes LLPs, partnership firms, AOPs, BOIs, cooperative societies, and more. But unlike ITR-1 or ITR-4, this form is not for the faint-hearted—it demands details like balance sheet, profit & loss, partners’ capital accounts, and audit reports. Filing ITR-5 is not just about entering income—it’s about showcasing your firm’s entire financial structure in the eyes of the law. And yes, if your total income exceeds the basic exemption limit, or you’ve conducted even one business transaction, filing is mandatory.
- PAN Card of firm/LLP
- Aadhaar Card (for partners, if required)
- Financial Statements
- Audit Report (if applicable under Section 44AB)
- Details of business income, other income, capital gains (if any)
- Tax Deducted at Source (TDS) certificates / Form 26AS
- Bank account details
- Books of accounts & ledgers (if audited)
- Digital Signature Certificate (DSC) – mandatory for LLPs
- Log in to Income Tax e-filing portal
- Go to e-File > Income Tax Return > File Income Tax Return
- Select AY → Select status as Firm / LLP / AOP / BOI / Trust → Choose ITR-5
- Fill in all schedules, income details, and partner/shareholder details
- Upload audit report (if required) under ‘e-File > Income Tax Forms > Submit Forms’
- Submit the return using DSC (mandatory for LLPs), or EVC (for others)
- Download and preserve the ITR-V Acknowledgment
FAQs
Filing ITR-5 is generally mandatory for a firm (including LLP, AOP, BOI) even if there is no income or loss, unless the business was not established by March 31 of the year.
DSC (Digital Signature Certificate) is mandatory for ITR-5 filing if the firm’s accounts are required to be audited; otherwise, e-verification options like EVC are also available.
Partnership firms (excluding LLPs) can opt for presumptive taxation (Section 44AD/44ADA) and still file ITR-5.
Audited financial statements must be submitted with ITR-5 only if audit is applicable as per the Income Tax Act (e.g., turnover above specified thresholds); otherwise, it’s not required.
Schedule IF (Information on Firm) provides details of partners and their profit-sharing ratio, PAN, and type of partner.
Yes, if they have earned or received income in India, they must file ITR-5.