ITR 5 Form Filing

The taxpayers are supposed to file the Income Tax returns based on the income that is earned by them in the financial year and the kind of entity that it falls under. ITR 5 Form filing is to be done by the Association of Persons, Limited Liability Partnerships, Body of Individuals, Estates of the deceased, Artificial judicial person, business trust, estates of the insolvent, business trust, and investment fund.

Who is eligible to file ITR 5 Form?

ITR 5 can be filed by the following people:

• A firm
• A Limited Liability Partnership
• Association of Persons
• Body of Individuals
• Artificial Judicial Persons referred to in Section 2 (31)(vii)
• The local authority referred to in Section 160(1)(i) or 160(1)(iv)
• Cooperative Society
• Societies registered under Societies Registration Act, 1860 or state law
• Estate of the deceased person
• Business trusts under Section 139 (4E)
• Investment funds under Section 139 (4F)

Instructions to be followed while ITR 5 Form

• If the schedule is not applicable, write Not Applicable.
• If the item is inappropriate, write “NA”.
• The “Nil” stands for figures that identify zero value.
• Use “-” before negative figures.
• All figures must be rounded off to the nearest one rupee.
• Payable tax should be rounded off to the nearest multiple of ten rupees.