Who is eligible to use ITR 5 Form and How?

Who is eligible to use ITR 5 Form and How?

Introduction:

The Income Tax Department has issued various Income Tax Return Forms to be Filed by Body corporates or Individuals. It is Beneficial to attain the knowledge of which ITR Form is related to your source of Income. Hence, As per Income Tax Act, one is required to File ITR Form before the last date of income tax return filing.

In reference,  ITR 5 is one of the Income Tax Return Forms eligible for a specific class of Taxpayers. This  Form is required to be filed by Bodies such as firms -

Body of  Individuals  (BOI)

Limited  Liability Partnership  (LLP)

Association of  Persons  (AOP)

Artificial  Juridical  Person  (AJP)

The estate of the deceased, the estate of insolvent, investment fund, local authority, business trust, and Co-operative society. Any or every Individual or corporate entity related to the aforementioned categories is eligible for ITR 5 Filing.

However,  an Individual who is Obliged to File the Income Tax Return as per section 139(4A) or 139(4B), or 139(4D)  shall not File ITR 5.  

What is the Procedure for Filing ITR 5?

Form ITR 5  could be filed electronically on the e-filing web portal of the Income-tax Department (https://www.incometax.gov.in/iec/foportal/) which furthermore needs to be verified in any one of the following manners –  

Verify Through digital signature, or

 Authenticate  by  way  of  electronic verification  code  (EVC) via Bank Account,  or

 By sending duly signed Acknowledgement of the form ITR-V by Courier post to the Central Processing Centre ( CPC ) of the Income Tax Department but the Acknowledgement Form should reach within  120  days from the date of e-filing the return at the department.

However, it is mandatory to verify the return electronically via a digital signature in a case where Accounts are to be audited as per section  44AB.

While In the case where an Assessee is required to furnish a  report of audit under sections 10AA,  44AB,  44DA,  50B,  80-IA,  80-IB,  80-IC,  80-ID,  80JJAA,  80LA,  92E, 115JB, or  115JC, Must file the report electronically on or before the due date of filing the Income tax return.

For more information, Visit us at: https://academy.tax4wealth.com/

BY: Admin Tax4wealth

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