ITR-5

Based on the income they received during the tax year and the category of entity it belongs to, the taxpayers are required to file income tax forms. Associations of people, limited liability companies, bodies of people, estates of the deceased, artificial judicial persons, business trusts, estates of the insolvent, business trusts, and investment funds must file ITR 5 Forms.

Who is eligible to file ITR 5 Form?
Anybody of the following may file an ITR 5:

• A firm
• A Limited Liability Partnership
• Association of Persons
• Body of Individuals
• Artificial Judicial Persons that are referred to in Section 2 (31) (vii)
• The local authority that is referred to in Section 160(1) (ii) or 160 (1) (iv)
• Cooperative Society
• Societies that are registered under Societies Registration Act, 1860 or under any state law trust (except the trusts that are eligible for ITR 7 Form Filing)
• Estate of the deceased person
• Business trust mentioned to in Section 139 (4E)
• Investment fund mentioned to in Section 139 (4F)

Who is not eligible to file Form ITR 5?

ITR 5 Forms cannot be submitted by anyone who are required to file income tax returns under Section 139 (4A) or 139 (4D).

Documents Required for ITR-5 Return Filing:

• Rental Agreement, if any
• Proof of rental income, if any
• Savings Certificate/ Deductions eligible to claim U/S 80C
• Form 26AS
• monthly purchase bill & returns
• Monthly Sales Bill & Sales returns
• Challans for GST Tax Paid
• Day-to-day administration expenses and general expense details
• Fixed Assets Invoice Copy (if applicable)
• Investment details made with cash
• Investment details made through the bank
• Proof of Cash Inflow and Cash Outflow Sources
• Outstanding receivables and payables
• Bank Statement for the period starts from 1st April to 31st March.
• Bank loan information
• Proof of foreign income (if applicable)
• Details of Foreign Assets (if applicable)