The ITR-5 form is meant for BOIs (Body of Individuals), Firms, LLPs (Limited Liability Partnerships), AOPs (Association of Persons), Cooperative Society, Local Authority and an artificial juridical person referred to in section 2(31)(vii).
Filling out an ITR-5 Form
While filling ITR-5 form, the following points must be kept in mind:
- If any schedule or item is not applicable to you, strike it out and write ‘NA’ across it.
- If some nil figures are to be indicated, use ‘NIL’.
- For representing negative figures, use ‘-‘ sign.
- Total income/loss and tax payable are to be rounded off to the nearest multiple of ten and the rest figures are to be rounded off to the nearest rupee.
Filing your ITR-5 Form
The ITR-5 form can be filed online as well as offline. Offline form can be submitted by furnishing the return on a paper or by furnishing it in a bar-coded format. Online form can be submitted by filing the return online with a digital signature or by submitting the verification of the return in return form ITR-V after transmitting the data electronically.
If the form is submitted online the person should print two copies of the form. One copy of the form after being duly signed by the person must be sent to Post Bag No. 1, Electronic City Office, Bengaluru-560100 (Karnataka). The other copy might be retained by the person for his personal record
A firm whose accounts are liable to audit under the section 44AB have to compulsorily furnish the return electronically with a digital signature.
While filing the return, the acknowledgement slip attached with the return form should be duly signed
Filling the Verification Document
While filling the verification document, only the required information must be filled and all the details which are not applicable must be striked off. The verification must be signed before furnishing the return and the designation of the person signing the return should also be stated.
- The ITR-5 Form is an annexure-less form i.e. no documents have to be attached to it while sending it.
- A person making a false statement in the return shall be liable to be prosecuted under section 277 of the Income Tax Act, 1961 and on conviction is punishable under this section with imprisonment and fine.
For any help on ITR Filing feel free to consult the tax experts at Taxraahi. You can file ITR yourself via our ITR software or get CA’s help on filing income tax return. You can also use the option of Business Return, and Bulk Return now !!