ITR-5 Return Filing
ITR-5 Return Filing
ITR-5 is an Income Tax Return (ITR) form specifically designed for firms, LLPs, Association of Persons (AOPs), Body of Individuals (BOIs), and cooperative societies. It is used to report business income, capital gains, and other earnings for entities that do not fall under ITR-6 or ITR-7 categories.
📌 Who Should File ITR-5?
✔️ Partnership Firms
✔️ Limited Liability Partnerships (LLPs)
✔️ Association of Persons (AOPs) & Body of Individuals (BOIs)
✔️ Artificial Juridical Persons (AJP)
✔️ Business Trusts & Investment Funds
✔️ Cooperative Societies & Local Authorities
🚫 Who Cannot File ITR-5?
❌ Companies registered under the Companies Act (they must file ITR-6)
❌ Charitable or religious institutions eligible for ITR-7
❌ Individuals, HUFs, and firms who should file ITR-1, ITR-2, ITR-3, or ITR-4
Importance of ITR-5 Filing
✅ Ensures Legal Compliance – Mandatory for businesses and organizations to stay tax compliant
✅ Avoids Penalties & Interest – Timely filing helps prevent fines under Section 234F
✅ Improves Business Credibility – Essential for securing loans, partnerships & financial audits
✅ Claim Tax Deductions – Allows firms to avail deductions under Sections 80C, 80D, 80G, and more
✅ Facilitates Easy Processing – Accurate filing leads to quicker refunds and processing
how we help
Great Support for Funding & Compliance
Documents Required for ITR-5 Filing
📌 PAN Card of the Business Entity
📌 Partnership Deed / LLP Agreement (if applicable)
📌 Bank Statements & Financial Reports (Profit & Loss, Balance Sheet)
📌 GST Details (if applicable)
📌 Tax Deducted at Source (TDS) Certificates – Form 16A, 16B, 26AS
📌 Investment & Deduction Proofs (80C, 80D, 80G, etc.)
📌 Advance Tax & Self-Assessment Tax Payment Receipts
Benefits of ITR-5 Filing
✅ Avoids Legal Hassles – Ensures your firm remains tax-compliant
✅ Faster Loan Approvals – Essential for financial institutions to process loans
✅ Claim Refunds Easily – File your return correctly and get faster refunds
✅ Boosts Business Reputation – Helps in securing business deals, investments & collaborations
✅ Seamless Compliance with Tax Laws – Prevents future tax disputes and scrutiny