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ITR5: How Can I File ITR5 Online

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December 12, 2018

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The income tax department has mandated the ITR 5 form for the below mentioned income groups:

  1. A commercial establishment like a firm
  2. An LLP (Limited Liability Partnership)
  3. A BOI (Body of individuals) or AOP (Association of persons)
  4. Cooperative societies or registered societies.
  5. A non-entity (i.e. an entity that cannot be defined as a person, HUF, or a company) does not come under the purview of ITR 5.

For online income tax return filing using ITR 5 form, following are the steps to be undertaken:

  1. Using digital signature, furnish the relevant information
  2. The furnished data is then submitted on the filing application under different applicable schedules
  3. The verification is then submitted under ITR V form

A standard ITR5 form structured in the following manner must be filled accordingly after accessing the online filing application:

  1. Part A is where the general information etc. is submitted
  2. The gross income earned from the applicable income types is submitted in Part B
  3. There is Schedule HP, wherein the earnings from House Property are to be mentioned.
  4. The earnings from business or profession are submitted under schedule BP.
  5. Submission of any depreciation (regarding assets like machinery etc.) under IT Act is done in schedule DPM.
  6. Similarly, submission of any depreciation (regarding other assets) under IT Act is done in schedule DOA.
  7. A statement of depreciation on all assets is submitted in schedule DEP.
  8. In schedule DCG, the deemed capital gains (considering the sale of assets under depreciation clause) are submitted.
  9. Expenditure on scientific research is listed under schedule ESR.
  10. There is schedule OS, where the earnings from other sources are to be mentioned.
  11. The earnings that reflect after considering the current year losses are stated in Schedule CYLA.
  12. In Schedule BFLA, the earnings after set off of unabsorbed loss brought forward from previous fiscals are to be mentioned.
  13. Schedule CFL is where the details of Carry Forward Losses (to next fiscals) are mentioned
  14. Any details for unabsorbed depreciation are submitted in schedule UD.
  15. Under schedules 10A, 10AA, 10B, 10BA, 80IA, 80IB, 80IC/IE, the respective deductions under the respective sections are submitted.
  16. Any deduction applicable under Chapter VI A are submitted under schedule VI A.
  17. The alternate minimum tax payable (Section 115JC) is submitted under schedule AMT and the tax details under Section 115 JD are submitted under schedule AMTC.
  18. Schedules PTI, FSI, and TR are where the details pertaining to earnings from investment funds (under Sections 115-UA and UB), earnings from foreign deposits and details of taxes paid outside India are to be listed, respectively.
  19. The details of foreign assets are submitted under schedule FA.

While filing returns through ITR5, it must be kept in mind that NA (Not applicable) must be mentioned where the schedule is not relevant. Also, while mentioning amounts or figures, the figure must be rounded off to the nearest rupee. No documents are to be attached while filing the return through ITR5.

Find our tax saving calculator if you want to save your income tax. HDFC Life offers various savings and investment schemes for securing your financial growth and ensuring that you stay financially healthy at all times. For details, click on the mentioned link: https://www.hdfclife.com/savings-plans.

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Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

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Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

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