Income Tax Return – 5 Form Filing (ITR-5)

Income Tax Return – 5 Form Filing (ITR-5)

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The taxpayers have to file returns based on the income earned in a financial year and the kind of entity they fall under. Let’s explore in detail the taxpayers who are required to file Form ITR-5 and other relevant instructions about the same. The various laws and parts listed in this article are of the Income Tax Act, 1961.

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Who all are eligible?

The following are eligible for filing Form ITR-5:

  • A Firm;
  • Limited Liability Partnership;
  • Association of Persons (AOP);
  • Body of Individuals (BOI);
  • Artificial Juridical Person (AJP) referred to in Section 2(31)(vii);
  • Local Authority referred to in Section 160(1)(iii) or 160(1)(iv);
  • Cooperative Society;
  • Society registered under Societies Registration Act, 1860 or under any State law trust (except trusts eligible for filing Form ITR-7)
  • Estate of Deceased person
  • Estate of an insolvent
  • Business Trust referred to in Section 139(4E)
  • Investment Fund referred to in Section 139(4F)

It is pertinent to mention that a person who is required to file a return of income under Section 139(4A) or 139(4B) or 139(4D) cannot use Form ITR-5 for filing a return.

 

Who cannot file?

Form ITR 5 cannot be filed by individual taxpayers, HUF, Company, Persons who have to file a tax return in Form ITR-7, i.e., under Sections 139(4A), 139(4B), 139(4C), 139(4D), 139(4E) or 139(4F).

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