ITR-5 Form Filling
Introduced recently by the Government of India in July 2017, GST or Goods and Services Tax has effectively simplified the whole process of taxation by doing away with the multiple taxes complexities and increasing the tax base. The GST reform has brought many small businesses under the taxpayer base by widening the annual turnover threshold. This tremendously improves the ease of doing business and hence encourages the upcoming businesses to flourish ethically.
ndividuals, HUFs (Hindu Undivided Families), Companies cannot use the ITR-5 Form.
Who can use ITR-5 Form ?
ITR-5 must be filed by firms, LLPs (Limited Liability Partnerships), AOPs (Association of persons) and BOIs (Body of Individuals), artificial juridical person, cooperative society and local authority.
Who should not file ITR-5 Form ?
ITR-5 cannot be filed by Taxpayers who fall under the below category :
- Assessees who are 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.)
- Individuals, HUFs (Hindu Undivided Families), Companies
When should ITR-5 be filed ?
ITR-5 form is to be used when the assessee is one of the following :
- LLPs (Limited Liability Partnerships)
- AOPs (Association of persons)
- BOIs (Body of Individuals)
- Artificial juridical person
- Cooperative society
- Local authority
What is the due date for filing ITR-5 Form ?
Due date for filing the income tax return is 31st August.