ITR - 5

ITR-5 is a form specifically designed for entities like Firms, LLPs (Limited Liability Partnerships), Associations of Persons (AOPs), Bodies of Individuals (BOIs), and other organizations that do not file returns under ITR-7. At LCT, we provide expert assistance in filing ITR-5, ensuring compliance with tax laws and accurate representation of your financials.

Who Should File ITR-5?

The following entities are eligible to file ITR-5:

  1. Firms: Sole proprietorships and partnership firms.
  2. Limited Liability Partnerships (LLPs): Organizations structured under LLP Acts.
  3. AOPs/BOIs: Associations of Persons or Bodies of Individuals.
  4. Co-operative Societies: Registered under the Co-operative Societies Act.
  5. Artificial Juridical Persons: Not categorized under individual, company, or trust.
  6. Local Authorities: Municipals, Panchayats, etc.
  7. Business Trusts and Investment Funds: Taxable entities under the Income Tax Act.

Who Should NOT File ITR-5?

The following entities are excluded:

  1. Companies that must file ITR-6.
  2. Entities claiming tax exemption under Section 139(4A), 139(4B), 139(4C), or 139(4D) (they file ITR-7).

Why Choose LCT for ITR-5 Filing?

  • Expert Filing: Experienced professionals handle complex taxation for your entity.
  • Error-Free Compliance: Avoid costly mistakes with precise filings.
  • Customized Services: Tailored solutions to your organization’s requirements.
  • Timely Filing: Meet deadlines and avoid penalties.

Steps to File ITR-5 with LCT

Identify Income Sources:

  • Revenue from business or profession.
  • Income from house property or other sources.
  • Capital gains and foreign income, if applicable.

Compile Financial Records:

  • Balance sheet, profit & loss account.
  • GST returns and TDS details.
  • Bank statements and transaction records.

Prepare Tax Computation:

  • Calculate gross total income.
  • Apply deductions under Chapter VI-A.

Compute Tax Liability:

  • Evaluate payable taxes after deductions and exemptions.

File Return on IT Portal:

  • Fill out the ITR-5 form with accurate details and upload necessary documents.

Verification:

  • E-verify the return using Aadhaar OTP, Net Banking, or by submitting ITR-V to CPC Bengaluru.

Key Features of ITR-5 Filing

  • Digital Filing Process: Hassle-free online submission through the Income Tax e-filing portal.
  • Multiple Income Heads: Handles complex income structures effectively.
  • Audit Support: Assistance with tax audits if turnover exceeds prescribed limits.
  • Penalty Avoidance: Ensure timely submission to avoid interest and penalties.

Benefits of Filing ITR-5 with LCT

  • Seamless compliance with income tax regulations.
  • Proper documentation for future business references.
  • Optimized tax savings with accurate deductions.
  • Transparent and straightforward process.