ITR 5 Form's Structure
There are multiple schedules and two portions to the ITR 5
form:
- Part A: Provides background information
- As of March 31, 2019, the balance sheet is part of Part A.
- Trading Account for FY 2018-19, Part A
- Manufacturing Account for FY 2018-19, Part A
- Part A - P&L: FY 2018-19 Profit and Loss Account
- Quantitative information is in Part A.
- OI: Other Information (Part A)
There are about 31 schedules included with these parts,
and they are described here:
- Schedule HP: Income calculation for the primary source of
income, real estate.
- Schedule DPM: Calculation of depreciation for machinery and
plant under the Income Tax Act.
- Income calculations in Schedule BP's "profit and gains
from business or profession" section.
- Schedule DOA: The Income Tax Act's computation of depreciation
over other assets.
- Schedule DCG: Calculating deemed capital gains upon the sale of
depreciable property.
- Schedule DEP: A depreciation summary for all assets following
the Income Tax Act.
- ESR Schedule: Section 35 deduction (expenditure over scientific
research).
- Schedule OS: The income calculation under the heading
"other sources of income."
- Schedule CG: The computation of income under the heading of
revenue for capital gains.
- Schedule CYLA: The income statement after deducting all
current-year losses.
- Schedule CFL: The declaration of losses carried forward to
subsequent years.
- Schedule BFLA: The income statement after deducting all carried
over unabsorbed losses from prior years.
- Unabsorbed depreciation is shown on Schedule UD.
- Schedule 10AA: Calculation of the deduction under 10AA
- Schedule ICDS: Effect of profit over income computation
disclosure standards.
- Schedule 80G: According to section 80G of the IT Act, this
schedule contains information about donations that are eligible for
deductions.
- Schedule RA: Research associations, etc., received information
regarding donations.
- Schedule 80GGA: Information about donations made towards
scientific or rural development.
- Calculation of deductions under Schedule 80IA.
- Calculation of deductions under Schedule 80IB.
- Schedule 80P: A list of all the deductions covered by 80P.
- Calculation of deductions under Schedules 80IE or 80IC.
- Schedule VIA: Statement of deductions from gross income
following Chapter VIA.
- Tax credit computation according to Schedule 115JD.
- Schedule AMT: Calculation of the alternative minimum tax due
under Section 115JC.
- Statement of Income Chargeable for Tax at a Special Price,
Schedule SI.
- Schedule EI: Statement of Exempt Income, or Income Not Included
in Total Income.
- Schedule IF: A list of all the details of partnerships that an
individual is a partner.
- Schedule PTI: Information on Pass-Through Income from a
Business Trust or Investment Fund under Sections 115UB and 115UA.
- Schedule TR: A thorough breakdown of the tax relief claims made
for taxes paid outside India.
- Schedule ESI: Information on income from sources outside of
India and all tax breaks.
- Schedule GST: Details about the reported gross receipts and
turnover for GST.
- Schedule FA: Information on foreign assets and earnings from
any source derived outside of India
- Calculating the total income tax owed is covered in Part B.
- Calculating total revenue is covered in Part B.
- Tax Payments: Information on self-assessment and advance tax
payments.
- Information gathered at the source.
- Information on tax deductions made at the source on other types
of income besides salaries (16B, 26A, 16C).
Who is not required to file the ITR-5 form?
- Individual assesses
- Hindu Undivided Family (HUF)
- Company
- Taxpayers required to file Form ITR-7 tax returns pursuant to
Sections 139(4A), 139(4B), 139(4C), 139(4D), or 139(4E) (4F).
Your ITR 5 can be quickly and conveniently filed
online. To prevent any penalties, make sure the return is submitted before the
deadline.
Frequently Asked Questions
There are two ways, online and offline, to file the ITR-5
form with the Income Tax Department. You can submit the form offline by either
providing the return on paper or a bar-coded return.
You must submit your ITR-V to CPC within 120 days of filing
your tax return. If not, the return filing procedure will not be finished, and
your return will be deemed never to have been filed.
The Income Tax Act separates an assessee's taxable income
into five categories or heads of income to determine their tax due. After
salaries and rental property revenue, business profits are the third kind of
income under the Act.
Step 1: Visit the www.incometax.gov.in website for
income tax India and log in. Step 2: To view e- filed tax returns, choose
the "e-File">"Income Tax Returns">"View Filed
Returns" option. Step 3: To download the ITR-V, select the
appropriate assessment year's "Download Form" button. It will
download the ITR-V.
After logging into your e-filing account, you can also
download the software.
- Step 1: Visit e-File > Income Tax Returns > File Income
Tax Return to get started. Choose the applicable Assessment Year and
Filing Method (Offline).
- Step 2: Install the tool after extracting the supplied zip
package.
- Step 3: Click the "Continue" button now.
8) If you filed your income tax return electronically,
don't forget to mail your Income Tax Verification form (ITR-V) to "Income
Tax Department-CPC, Post Bag No. 1, Electronic City Post office, Bengaluru,
560010". 9) For e-Returns submitted without a Digital Signature, an ITR-V
filing is required.
Your income tax return will be invalid or void
if you don't submit your ITR-V within 120 days. The Income Tax Department will
interpret this to suggest that you have not yet submitted your IT return.
