ITR-5 Return Filing

Speed Filings, Your Trusted Partner for Seamless ITR-5 Filing Services in Shyamnagar, West Bengal, India

The Income Tax Department has implemented various forms catering to diverse taxpayers. Choosing the right ITR form based on the source of income is crucial for every assessee. Among these, the ITR 5 Form stands out, specifically designed for firms, Associations of Persons (AOP), and Bodies of Individuals (BOI) not mandated to file income tax returns as companies. Essentially, it caters to entities without a corporate structure that still need to report income and taxes to the Indian Income Tax Department.

At Speed Filings, located in Shyamnagar, West Bengal, India, we take pride in being your reliable partner for a hassle-free and efficient Income Tax Return (ITR) filing experience. Our ITR-5 service is tailored to meet the unique requirements of firms, AOPs, and BOIs looking to seamlessly file their income tax returns. With our user-friendly platform, expert assistance, and competitive pricing, tackling your ITR-5 has never been more straightforward.

Who Can File the ITR-5 Form?

The ITR-5 Form is intended for the following entities:

– Firms
– Limited Liability Partnerships (LLPs)
– Bodies of Individuals (BOIs)
– Associations of Persons (AOPs)
– Estates of deceased individuals
– Artificial Juridical Persons referred to in section 2(31)(vii)
– Business trusts and investment funds
– Estates of insolvent individuals
– Cooperative societies
– Local authorities

However, it’s crucial to note that individuals required to file returns under sections 139(4A), 139(4C),139(4B), or 139(4D) should not use this form.

Due Dates for Filing ITR-5 Form

The due date for filing the ITR-5 Form depends on whether the taxpayer’s accounts need auditing under the Income-Tax Act and whether they must furnish a report in Form No. 3CEB. Here are the different due dates:

– Accounts to be audited under the Income-Tax Act: Due by 31st October of the assessment year.
– Report in Form No. 3CEB to be furnished: If required, due by 30th November of the assessment year.
– Other cases (where accounts need not be audited): Due by 31st July of the assessment year.

Who Cannot File the ITR-5 Form?

The ITR-5 Form is not meant for the following categories of taxpayers:

– Individual assesses (use appropriate ITR forms based on income sources)
– Hindu Undivided Family (HUF) (use relevant ITR forms based on income sources)
– Companies (use ITR-6 for companies other than those claiming exemption under section 11)
– Taxpayers using Form ITR-7 (applicable for Sections 139(4A), 139(4B), 139(4C), 139(4D), 139(4E), or 139(4F))

No Documents Required

It’s essential to note that there is no requirement to attach documents with the ITR-5 form.

Structure of the ITR-5 Form

The ITR-5 Form is structured into several parts and schedules to facilitate comprehensive reporting of income, deductions, and tax liability. Here’s an overview of the structure:

Part A: General Information

This section collects essential taxpayer information, including name, PAN (Permanent Account Number), address, and contact details.

Part A-BS: Balance Sheet

Dedicated to reporting the entity’s financial position with a balance sheet as of the specified date.

Part A-Manufacturing Account

Details related to the manufacturing account for the fiscal year are recorded here.

Part A-Trading Account

Captures information regarding the trading account for the fiscal year.

Part A and L: Profit and Loss Account

Reports the profit and loss account for the financial year.

Part A-OI: Other Information

Covers additional financial information relevant to the taxpayer’s income.

Part A-QD: Quantitative Details

Quantitative details related to various aspects of income are provided here.

Part B

A pivotal section where taxpayers calculate and report their total income and tax liability.

Schedules

The ITR-5 Form includes 31 schedules, sections, or categories covering various aspects such as income from different sources, deductions, depreciation calculations, capital gains, and foreign income.

Part B – TI: Computation of Total Income

In this section, the taxpayer calculates their total income based on the information provided in the schedules.

Part B – TTI: Computation of Tax Liability on Total Income

Determines the tax liability based on the computed total income.

Tax Payments:

This section includes details of payments made towards advance tax and self-assessment tax, along with details of tax deducted at source on income other than salary and tax collected at the source.

Sequence for Filling Out Parts and Schedules:

The Income Tax Department recommends the following sequence while filling out the income tax return:

1. Part A
2. Schedules
3. Part B
4. Verification

Why Choose Speed Filings for ITR-5 Form Filing?

Speed Filings stands out as your preferred choice for filing your ITR-5 form, offering a range of benefits that make the process easy, accurate, and hassle-free. Here’s why you should choose Speed Filings for your ITR-5 filing needs:

Expert Guidance

Our expert team of experienced tax professionals provides guidance throughout the filing process, ensuring accurate compliance with tax regulations.

Deduction Optimization

Our experts help optimize deductions, ensuring you take advantage of all available tax benefits, ultimately reducing your tax liability.

Review and Verification

Our team reviews your ITR-5 form for accuracy and completeness before filing, ensuring an error-free submission.

Secure Filing

We prioritize the security of your financial data, utilizing the latest encryption technology to keep your information safe during filing.

Timely Reminders

Speed Filings provides timely reminders for essential tax deadlines, ensuring you never miss a filing date.

Post-Filing Support

Our support team is available to address any queries or concerns you may have during or after the filing process.

Let Speed Filings assist you in filing your ITR-5 form, allowing you to focus on your business and financial well-being. Contact us today for expert assistance in meeting your tax obligations and ensuring a smooth filing experience. With Speed Filings, you can be confident that your ITR-5 is filed accurately and on time, providing peace of mind and ensuring compliance with tax regulations.