File Income Tax Returns for Firms and Entities withForm ITR-5
Form ITR-5 is used by eligible partnership firms, Limited Liability Partnerships, Associations of Persons, Bodies of Individuals, co-operative societies, local authorities, and artificial juridical persons.
It is not intended for trusts, political parties, institutions, colleges, and other entities that are required to file under special income-tax return provisions.
Partnership Firms
Partnership firms may use Form ITR-5 to submit their income tax returns.
LLPs
Limited Liability Partnerships are among the entities intended to file Form ITR-5.
AOPs and BOIs
Associations of Persons and Bodies of Individuals may use ITR-5 where the applicable conditions are satisfied.
Other Eligible Entities
Co-operative societies, local authorities, and artificial juridical persons may also be covered by ITR-5.
ITR-5 Filing Support
Entity review, financial preparation, tax computation, schedule preparation, filing, and verification.
Income Tax Filing forFirms, LLPs, AOPs and BOIs
Form ITR-5 is intended for specified non-individual taxpayers such as firms, LLPs, Associations of Persons, Bodies of Individuals, co-operative societies, local authorities, and artificial juridical persons.
These entities use ITR-5 to report taxable income, deductions, business or professional results, tax payments, assets, liabilities, and other required information.
Entities Not Eligible to Use ITR-5
Persons required to file returns under Sections 139(4A), 139(4B), 139(4C), or 139(4D), including certain trusts, political parties, institutions, colleges, and similar entities, cannot use Form ITR-5.
Eligible Taxpayers forForm ITR-5
Form ITR-5 covers several entity types, including firms, LLPs, AOPs, BOIs, co-operative societies, local authorities, and artificial juridical persons.
Partnership Firm
A partnership firm may file its income tax return using Form ITR-5.
Limited Liability Partnership
A Limited Liability Partnership, commonly called an LLP, may use Form ITR-5 for income tax return filing.
Association of Persons
An Association of Persons, or AOP, may use ITR-5 where it is eligible under the applicable provisions.
Body of Individuals
A Body of Individuals, or BOI, may submit its income tax return through Form ITR-5 where applicable.
Artificial Juridical Person
An artificial juridical person as referred to under Section 2(31) may use Form ITR-5, subject to the applicable rules.
Co-operative Society
Eligible co-operative societies may file their income tax return using Form ITR-5.
Local Authority
An eligible local authority may use Form ITR-5, subject to the applicable return-filing provisions.
Special Return Filers NotCovered by ITR-5
Entities required to file income tax returns under special provisions must use the form applicable to their legal category instead of ITR-5.
Trusts
Entities required to file a return under the special provisions applicable to trusts cannot use Form ITR-5.
Political Parties
Political parties required to file under the applicable special return provisions are not intended to use ITR-5.
Institutions
Institutions covered by the special return-filing provisions under the Income Tax Act cannot use this form.
Colleges and Similar Entities
Colleges and similar entities required to file under special provisions are not eligible to use Form ITR-5.
Sections 139(4A) to139(4D)
Persons required to file returns under Sections 139(4A), 139(4B), 139(4C), or 139(4D) are not eligible to use ITR-5. The original supplied reference to Section 130(4A) has been corrected to Section 139(4A).
Entity Review, Tax Calculation andReturn Filing
The service covers entity classification, financial review, tax computation, schedule preparation, return filing, and verification.
Entity Review
Confirm whether the taxpayer falls within the eligible ITR-5 entity categories.
Financial Review
Review income, expenses, bank transactions, books, assets, liabilities, and tax records.
Tax Computation
Calculate taxable income, deductions, losses, taxes paid, and the balance payable or refund.
Return Filing
Prepare Form ITR-5, complete the applicable schedules, submit the return, and support verification.
From Entity Verification toFinal Return Filing
The process includes confirming eligibility, collecting financial records, preparing statements, calculating taxable income, completing ITR-5, filing, and verification.
Confirm Entity Eligibility
Identify whether the taxpayer is a firm, LLP, AOP, BOI, co-operative society, local authority, or artificial juridical person.
Collect Financial Records
Collect books of account, bank statements, income records, expense documents, tax-payment details, and supporting financial information.
Prepare Financial Statements
Prepare the profit and loss statement, balance sheet, capital accounts, partner or member details, and relevant schedules.
Calculate Taxable Income
Compute taxable income, eligible deductions, brought-forward losses, taxes paid, and final tax liability.
Prepare Form ITR-5
Complete the applicable schedules for business income, partner or member information, assets, liabilities, taxes, and disclosures.
File and Verify the Return
Submit Form ITR-5 and complete the required verification using the prescribed method.
Choose a Plan Based onTaxable Income
Select the ITR-5 filing package that matches the taxpayer's taxable income and financial-review requirements.
Basic
₹ 13,500
all inclusive fees
Taxable income of less than ₹10 lakhs
- ✓ITR-5 Income Tax Return Filing
- ✓Entity Eligibility Review
- ✓Basic Financial Record Review
- ✓Income and Expense Review
- ✓Basic Tax Computation
- ✓ITR-5 Schedule Preparation
- ✓Return Filing and Verification Support
Eco
₹ 17,500
all inclusive fees
Taxable income of more than ₹10 lakhs
- ✓ITR-5 Income Tax Return Filing
- ✓Detailed Entity and Compliance Review
- ✓Books and Bank Statement Review
- ✓Financial Statement Review
- ✓Detailed Tax Computation
- ✓ITR-5 Schedule Preparation
- ✓Return Filing and Verification Support
Pro
₹ 19,500
all inclusive fees
Taxable income of more than ₹25 lakhs
- ✓ITR-5 Income Tax Return Filing
- ✓Comprehensive Entity Review
- ✓Detailed Books and Financial Review
- ✓Assets and Liabilities Review
- ✓Partner or Member Information Review
- ✓Comprehensive Tax Computation
- ✓Detailed ITR-5 Schedule Preparation
- ✓Return Filing and Verification Support
- ✓The supplied content lists partnership firms, LLPs, AOPs, BOIs, artificial juridical persons, co-operative societies, and local authorities as eligible ITR-5 users.
- ✓ITR-5 is intended for firms, LLPs, Associations of Persons, Bodies of Individuals, and other specified entities.
- ✓The supplied content states that trusts, political parties, institutions, colleges, and similar entities filing under special provisions cannot use this form.
- ✓The original reference to Section 130(4A) appears to be a typographical error; the commonly cited provision is Section 139(4A), along with Sections 139(4B), 139(4C), and 139(4D).
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