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PERSONAL SERVICES

ITR filings

ITR FILING FORM-5


Form ITR 5:

The ITR-5 form is to be used by only by the following entities for filing income tax returns:

Who is eligible to file ITR-5:

Firms

Limited Liability Partnerships (LLPs)

Body of Individuals (BOIs)

Association of Persons (AOPs)

Co-operative Societies

Artificial Judicial Persons

Local Authorities

What is the structure of the ITR-5 Form?

The Form has been divided into two parts and several schedules:

Part A: General information

Part B: Outline of the total income and tax computation with respect to income chargeable to tax.

There are 30 schedules details of which are as under:

Schedule-HP: Computation of income under the head Income from House Property

Schedule-BP: Computation of income under the head "profit and gains from business or profession"

Schedule-DPM: Computation of depreciation on plant and machinery under the Income Tax Act

Schedule DOA: Computation of depreciation on other assets under the Income Tax Act

Schedule DEP: Summary of depreciation on all the assets under the Income-tax Act

Schedule DCG: Computation of deemed capital gains on sale of depreciable assets

Schedule ESR: Deduction under section 35 (expenditure on scientific research)

Schedule-CG: Computation of income under the head Capital gains.

Schedule-OS: Computation of income under the head Income from other sources.

Schedule-CYLA: Statement of income after set off of current year’s losses

Schedule-BFLA: Statement of income after set off of unabsorbed loss brought forward from earlier years.

Schedule- CFL: Statement of losses to be carried forward to future years.

Schedule –UD: Unabsorbed Depreciation

Schedule- 10A: Computation of deduction under section 10A

Schedule- 10AA: Computation of deduction under section 10AA

Schedule- 80G: Details of donation entitled for deduction under section 80G

Schedule- 80IA: Computation of deduction under section 80IA

Schedule- 80IB: Computation of deduction under section 80IB

Schedule- 80IC/ 80-IE: Computation of deduction under section 80IC/ 80-IE.

Schedule-VIA: Statement of deductions (from total income) under Chapter VIA.

Schedule –AMT: Computation of Alternate Minimum Tax payable under section 115JC

Schedule AMTC: Computation of tax credit under section 115JD

Schedule-SI: Statement of income which is chargeable to tax at special rates

Schedule-EI: Statement of Income not included in total income (exempt incomes)

Schedule-IT: Statement of payment of advance-tax and tax on self-assessment.

Schedule-TDS: Statement of tax deducted at source on income other than salary.

Schedule-TCS: Statement of tax collected at source

Schedule FSI: Details of income accruing or arising outside India

Schedule TR: Details of Taxes paid outside India

Schedule FA: Details of Foreign Assets