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ITR-5 Return Filing

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  • Monthly Purchase Bill
  • Monthly Sales Bill
  • Sales Return Details
  • Purchase Return Details
  • Tax Paid Challans for GST
  • From 26AS
  • Day to day Administration expenses and General expenses details
  • Rental Agreement (if applicable)
  • Fixed Assets Invoice Copy (if Applicable)
  • Investment details made by Cash
  • Investment details made through Bank
  • Proof of Source of Cash In-flow and Cash Out-flowk
  • Loan details from Bank or Third Party
  • Outstanding receivables and payables
  • Company's Pan and two DSCs
  • Details of Bank used for business transactions (Acct No, IFSC Code)
  • Statement from Bank used for business transactions
  • Break-up of statement from Bank used for business transactions
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ITR-5 Return Filing

Income Tax Return for Firms, LLPs, AOPs, BOIs & Trusts

As per Income Tax Act, 1961 | Income Tax Department (India)

Overview
Who Should File
Income Covered
Documents Required
Audit Applicability
Filing Process
Due Date & Penalty
FAQs

ITR-5 is applicable to entities other than Individuals, HUFs, Companies, and those required to file ITR-7. It is commonly used by partnership firms, LLPs, Associations of Persons (AOPs), Bodies of Individuals (BOIs), and certain trusts.

Accurate filing of ITR-5 ensures compliance, correct tax computation, and avoids penalties or scrutiny.

Who Should File ITR-5?

  • Partnership Firms
  • Limited Liability Partnerships (LLPs)
  • Associations of Persons (AOP)
  • Bodies of Individuals (BOI)
  • Artificial Juridical Persons
  • Local Authorities (if applicable)

Who Cannot File ITR-5?

  • Individuals & HUFs
  • Companies (ITR-6)
  • Charitable / Religious Trusts (ITR-7)

Income Covered under ITR-5

Income Head Description
Business / Profession Trading, services, consultancy, manufacturing
Capital Gains Short-term & long-term
House Property Income from owned properties
Other Sources Interest, dividends, etc.

Mandatory Documents for ITR-5 Filing

  • PAN of Firm / LLP / Entity
  • Partnership Deed / LLP Agreement
  • Balance Sheet & Profit & Loss Account
  • Bank statements (all accounts)
  • Purchase & Sales registers
  • Expense details & vouchers
  • Form 26AS, AIS & TIS
  • Capital gains statements (if applicable)

Additional Documents (If Applicable)

  • GST returns & reconciliation
  • Audit report (Form 3CA / 3CB & 3CD)
  • TDS/TCS details
  • Loan statements
  • Depreciation schedule
Maintaining proper books and reconciliations helps avoid notices and delays.

Tax Audit Applicability

  • Business turnover exceeds prescribed limits under Section 44AB
  • Profession receipts exceed applicable thresholds
  • Lower thresholds apply if cash transactions exceed limits
Where audit is applicable, the audit report must be filed before filing ITR-5.

ITR-5 Filing Process

  • Collection & verification of financial data
  • Preparation of financial statements
  • Tax computation & depreciation
  • Preparation of ITR-5
  • Online filing on Income Tax portal
  • Digital signature / e-Verification

Due Date & Late Filing Penalty

  • Non-audit cases: 31st July
  • Audit cases: 31st October
  • Late fee up to ₹5,000 (Section 234F)
  • Interest under Sections 234A/B/C
Late filing may restrict carry-forward of losses and attract penalties.

Frequently Asked Questions (FAQs)

  • Is ITR-5 mandatory for LLP? – Yes.
  • Is DSC required? – Yes, in most cases.
  • Can ITR-5 be revised? – Yes, within the allowed time.
  • Is GST compulsory? – Not compulsory, but details may be required.
  • Is audit mandatory? – Only if thresholds are crossed.

Income Tax Return (ITR) Forms – Complete Comparison

ITR-1 to ITR-7 | Applicability, Documents & Due Dates (India)

ITR Comparison
Documents Required
Due Date & Audit

📊 ITR-1 to ITR-7 Comparison Table

ITR Form Who Should File Income Covered Business Income
ITR-1 (Sahaj) Resident Individuals Salary, 1 House Property, Other Sources No
ITR-2 Individuals / HUFs Capital Gains, Multiple Properties, Foreign Income No
ITR-3 Individuals / HUFs Business / Professional Income Yes
ITR-4 (Sugam) Individuals / HUFs / Firms Presumptive Income Yes (Presumptive)
ITR-5 Firms, LLPs, AOPs Business & Other Income Yes
ITR-6 Companies All Income (Except Exempt) Yes
ITR-7 Trusts / NGOs / Institutions Exempt Income Specific
Filing the wrong ITR form may result in a Defective Return Notice (Section 139(9)).

📂 Documents Required – ITR-Wise

ITR-1

  • PAN & Aadhaar
  • Form-16
  • Bank statement
  • Form 26AS / AIS

ITR-2

  • PAN & Aadhaar
  • Capital gains statement
  • Property sale/purchase documents
  • Foreign income/assets details

ITR-3

  • Books of accounts
  • Profit & Loss Account
  • Balance Sheet
  • GST returns (if applicable)
  • Audit report (if applicable)

ITR-4

  • Turnover / receipt summary
  • Bank statement
  • GST details (if registered)

ITR-5

  • PAN of Firm / LLP
  • Partnership Deed / LLP Agreement
  • Balance Sheet & P&L
  • Audit report (if applicable)

ITR-6

  • Company PAN
  • MOA & AOA
  • Audited financial statements
  • Tax audit report

ITR-7

  • Trust Deed / MOA
  • 12AB / 10(23C) Registration
  • Audit Report (Form 10B / 10BB)
  • Donation & utilization details

📅 Due Date & Audit Applicability

ITR Form Audit Applicable Due Date
ITR-1 / ITR-2 / ITR-4 No 31st July
ITR-3 / ITR-5 Yes (If applicable) 31st July / 31st October
ITR-6 Yes (Mandatory) 31st October / 30th November
ITR-7 Yes 31st October
Audit report must be filed before filing the Income Tax Return.
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