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This ITR is to be filed by the firms in partnership having income not only through business but also from the profession or even any other type of income, including LLP, AOP, BOI, Artificial juridical person, Estate of deceased, Business trust, local authority, investment fund and co-operative society etc. The sources of income for ITR 5 shall include:
Income from Business or Profession.
Income from Capital Gains (Both Short Term and Long Term).
Income from Other Sources.
Income from dividend, etc.
Any individual or element that falls into one of the below-mentioned classes is eligible for ITR-5 recording:
Associations of Persons (AOPs)
Body of Individuals(BOIs)
Artificial Judicial Persons
People who are required to record returns under Sections 139(4A), 139(4B), 139(4C), or 139(4D) should not use this ITR 5.
Following documents are required for successful filing of the ITR-5:
First thing, you will need to check your Annual Information Statement.
Form-26AS to verify TDS on other than salary. Form 26AS could be downloaded from the E-filing portal.
In case you have received rent from any rented house property then you will require local tax payment, interest on borrowed capital if any, and tenant details.
If you have any capital gain transaction then you will be required to produce the summary of profit or loss statement, for computation of capital gain.
If you wish to claim or carry forward any loss of the current year or any previous years then you will have to provide relevant documents acknowledging the loss.
For claiming tax-saving deduction under 80G, 80IA, or 80IB, such as donations, Deductions in respect of profits and gains from industrial undertakings or enterprises engaged in infrastructure development , or health insurance expenditure, relevant documents need to be produced as proof of such expenditure made.
Partnership deed & Details of partners/members changed during the previous year.
Profit and loss statement and Balance sheet for the previous year.
Details of Chartered Accountant conducting Tax audit in case the person is covered under section 44AB.
ITR-5 can be filed offline by equipping the return in a paper format or through a bar-coded return. When the return is filed on paper, the confirmation slip that corresponds to the return should be properly filled out.
However, it may be recorded online by equipping the return electronically through a digital signature or by submitting the information electronically followed by the submission of the returned check in Return Form ITR V.
The assessee must print two replicas of the ITR V Form for the online recording. One duplicate of ITR V, duly authorized by the assessee, shall be sent by regular mail. The other duplicate should be retained by the assessee as a record.
Pre-requisites for filing ITR-5:
Registered user on E-filing portal with a valid username and password.
The status of the pan should be active.
ITR-5 has many sections that you need to fill before submitting the form, including Part-A general information and Part B- Balance Sheet, Profit, and Loss Account, Quantitative details of goods traded mandatory in case, etc.
Step 1: Without logging in to the e-Filing portal, you can download the relevant offline utility from Home > Downloads.
Step 2: Select the Assessment Year.
Step 3: Select the ITR Form- 5.
Step 4: Click on Utility then an offline utility will start downloading.
Step 5: Extract the downloaded utility ZIP file and Open the Utility from the extracted folder.
Step 6: After opening the Extracted file, select the download or import option to have your pre-filled data.
Download Prefill Data: Click on the Download Prefill option to prefill the data through a JSON file.
Import Pre-filed Data: Click on Import Pre-filed data the prefilled data already saved by the assessee on their system in .json format can be imported to prefill the information in the income tax return.
Import draft ITR filled in Online mode or import JSON generated from Excel/HTML utility: JSON downloaded from partially filled return in online mode / JSON generated from excel /HTML utility can be imported here.
6.1 Download Pre-Filled Data (JSON)
Step 1: After you click File Returns under the Returns tab, you will arrive on this page. Click Download Pre-Filled Data and click Continue.
Step 2: Enter your PAN, select the Assessment Year as 2021-22, and click Proceed.
Step 3: You will be taken to the Login page, where you can log in to e-Filing through the Offline Utility itself.
Step 4: Post login, you will see your pre-filled data downloaded for the PAN and AY you entered. Click File Return. Then, you will be taken to the page where you need to select your status (Individual / HUF / Other), to continue with the filing process.
6.2 Import and Upload Pre-Filled Data (JSON)
Step 1: After you click File Returns under the Returns tab, you will arrive on this page. Click Import Pre-Filled Data and click Continue.
Step 2: Enter your PAN, select the Assessment Year (AY) as 2021-22, and click Proceed.
Step 3: Click Yes if you want to proceed.
Step 4: Click Attach file, select the pre-filled data (JSON file) which you downloaded from the e-Filing portal and saved on your computer.
Step 5: Once the JSON is uploaded, click Proceed, and the system will validate the JSON file imported.
Step 6: Once the validation is successful, you will see details of pre-filled data downloaded. Click File Return. You can pre-fill all the data from the imported JSON, and proceed to file your return. You will be taken to the ITR form selection page.
Then, you will be taken to the page where you need to select your status (Individual / HUF / Other), to continue with the filing process.
6.3 Import Draft ITR filled in online mode
Step 1: After you click File Returns under the Returns tab, you will arrive on this page. Click Import draft ITR filled in online mode, and click Continue.
Step 2: Click Attach file, select the draft ITR JSON which you previously downloaded from the e-Filing portal and saved on your computer.
Step 7: Enter the Mandatory and applicable fields in the ITR Form. After the confirmation of each and every section, click on Proceed.
As Form ITR-05 has been divided into two parts, the details of these parts and Schedules are as under:
General information related to Assessee
P & L
Profit and Loss Account
Other Information (option in case of Tax Audit u/s 44AB)
Quantitative details of Goods traded (option in case of Tax Audit u/s 44AB)
Part-B (Schedule related to Computation)
In ITR Form
Schedule - HP
House Property Income
Schedule - BP
Business or Profession
Schedule - DPM
Depreciation on Plant and Machinery
Schedule - DOA
Depreciation on Other Assets
Schedule - DEP
Summary of Depreciation of All Assets
Deemed Capital Gain on Sale of Depreciable Assets
Schedule - ESR
Deduction u/s 35 (Expenditure on Scientific Research)
Schedule - CG
Schedule - OS
Other Sources Income
Schedule - CYLA
Current Year Losses
Schedule - BFLA
Unabsorbed Brought Forward Losses of earlier years
Schedule - CFL
Carry Forward Losses
Schedule - UD
Schedule - ICDS
Income Computation Disclosure Standards on profit
Schedule –VI A
Deductions under Chapter VI-A
Schedule - AMT
Alternate Minimum Tax payable
Schedule - AMTC
Computation of Tax Credit
Schedule - SI
Income which is chargeable to tax at Special Rates
Schedule - IF
Information of Partner regarding partnership Firm
Schedule - EI
Exempted Income (Income not included in Total Income)
Pass Through Income
Tax on secondary adjustments
Details of Income accruing or arising outside Income
Statement of Tax Relief claimed u/s 90 or 90A or 91.
Schedule - FA
Statement of Foreign Assets and income.
Schedule - GST
Information regarding turnover/gross receipt.
Computation of Total Income
Computation of tax liability on total income
Statement of Advance and Self-Assessment Tax
Step 8: In case there is a tax liability, you will be shown a summary of your tax computation, you can either choose to pay now or pay later, whichever option is suitable.
Step 9: In case you are eligible for any refund, preview the page and proceed to submit.
Step 10: In case there is no tax liability (No Demand / No Refund), or if you are eligible for a refund:
If there is no tax liability, or if there is a refund based on your tax computation, you will get the option to directly preview your return. Click Preview Return.
Step11: Click on Proceed to Preview.
Step 12: On the Preview and Submit Return page, click Proceed to Validation.
Step 13: The system will run validation checks on your return. The list of errors, if any, will be shown on the Preview and Submit your Return page. You will have to go back and correct errors in your form if there are validation errors. If not, you will get a message about successful validation.
On successful validation, click Proceed to Verification to complete the return filing process.
Note: If you click Download JSON, the JSON of your prepared and validated return is saved on your computer. You can upload it on the e-Filing portal later, or submit it from the offline utility (elaborated in the steps below).
Step 14: When you click Proceed to Verification, you will be taken to the Login page through the utility. Log in using your e-Filing user ID and password.
Step 15: Post login through the Offline Utility, you will get the option to upload your return. Click Upload Return.
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