A complete guide on “What is ITR Form 5 and How to file ITR form 5?
“What is ITR Form 5?”, “How to file ITR form 5?”, and Eligibility Criteria for ITR Form 5 Filing
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The Income Tax Department of India has made it mandatory for individuals and businesses to file their income tax returns (ITR) annually. To make the process simpler and more efficient, the department has introduced different Income Tax Return forms based on the nature of income and type of entity. ITR Form 5 is one such form that is meant for individuals, Hindu Undivided Families (HUFs), and firms other than LLPs (Limited Liability Partnerships). In this blog, we will understand what ITR Form 5 is and how to file it.
What is ITR Form 5?
ITR Form 5 is a return form that is used by individuals, HUFs, and firms other than LLPs who have carried out business activities during the financial year. This form is applicable for those taxpayers who have opted for the presumptive taxation scheme under Section 44AD, Section 44ADA, or Section 44AE of the Income Tax Act. It is important to note that this form cannot be used by taxpayers who have income from profits and gains of business or profession that is chargeable to tax under the “Capital Gains.”
Who can file ITR Form 5?
ITR Form 5 is applicable for individuals, HUFs, and firms other than LLPs who have carried out business activities during the financial year. It can be filed by taxpayers who have opted for the presumptive taxation scheme under Section 44AD, Section 44ADA, or Section 44AE of the Income Tax Act. Additionally, this form can also be filed by those taxpayers who have income from house property, salary, or other sources.
How to file ITR Form 5?
Filing Income Tax Return Form 5 is a simple and straightforward process. Here are the steps that you need to follow to file your Income Tax Return Form 5:
Step 1: Collect all the necessary documents
Before you start filling the form, make sure that you have all the necessary documents with you. These may include your PAN card, Aadhaar card, bank statements, TDS certificates, and details of all the income earned during the financial year.
Step 2: Download the ITR Form 5
The next step is to download the Income Tax Return Form 5 from the Income Tax Department’s website. You can choose the appropriate form based on your category and the financial year for which you are filing the ITR return.
Step 3: Fill in the details
Once you have downloaded the form, you need to fill in all the necessary details such as your personal information, income details, and deductions claimed. You also need to provide details of any taxes paid during the year.
Step 4: Verify the details
Before submitting the form, make sure to verify all the details provided in the form. Check for any errors or discrepancies and make corrections if required.
Step 5: Submit the form
Once you have verified all the details, you can submit the form electronically using the Income Tax Department’s website. You will receive an acknowledgement for the same, which you need to keep for future reference.
Filing Income Tax Return Form 5 is a mandatory requirement for individuals, HUFs, and firms other than LLPs who have carried out business activities during the financial year. The process of filing the form is simple and can be completed online. It is important to ensure that all the details provided in the form are accurate and complete. By filing your ITR Form 5 on time, you can avoid penalties and legal issues and also contribute towards the growth and development of the country.
File Income Tax Returns
Filing of Income Tax return is necessary if you have earned any income. File your ITR with EbizFiling at INR 1199/- only.
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