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:
- Firms: Sole proprietorships and partnership firms.
- Limited Liability Partnerships (LLPs): Organizations structured under LLP Acts.
- AOPs/BOIs: Associations of Persons or Bodies of Individuals.
- Co-operative Societies: Registered under the Co-operative Societies Act.
- Artificial Juridical Persons: Not categorized under individual, company, or trust.
- Local Authorities: Municipals, Panchayats, etc.
- Business Trusts and Investment Funds: Taxable entities under the Income Tax Act.
Who Should NOT File ITR-5?
The following entities are excluded:
- Companies that must file ITR-6.
- 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.
