Steps
Just fill the form and our CA's will contact you regarding the ITR-5 Return Filing.
Filling out the form is quick and easy and will provide you with numerous
benefits in the long run.
By
this, you will be able to get consultation from our Auditorwala CA/CS and will
be able to get
Guidance. So, why wait? Take the first step towards a bright future for
your business and fill out the form today.
This form can be used a person being a firm, LLPs, AOP, BOI, artificial juridical person referred to
in section 2(31)(vii),estate of deceased, estate of insolvent, business trust and investment fund,
cooperative society and local authority. However, a person who is required to file the return of
income under section 139(4A) or 139(4B) or 139(4C) or 139(4D) shall not use this form.
The key changes in the ITR-5 Form in AY 2020-21 are summarised below:
- Necessary changes in the ITR form for the increase in the Tax Audit limit to Rs 10 crores (where cash transactions are less than 5% of the total transactions) from 5 crores are incorporated.
- From AY 2021-22, dividend received is taxable in the hands of the receiver. Necessary changes for the same are made in the ITR form.
- TDS deduction for cash withdrawals under Section 194N are not allowed to be carried forward to subsequent years. The ITR-5 form has been changed as per the amendments accordingly.
This return form has to be filed online with the Income Tax Department in the following ways:
- by furnishing the return electronically under digital signature
- by transmitting the data in the return electronically and thereafter submitting the verification of the return in Return Form ITR-V
- Fill up the required information in the verification document.
- Strike out whatever is not applicable. Please ensure that the verification has been signed before furnishing the return.
- Choose the designation/capacity of the person signing the return.
- Please note that any person making a false statement in the return or the accompanying schedules shall be liable to be prosecuted under section 277 of the Income-tax Act, 1961 and on conviction be punishable under that section with rigorous imprisonment and with fine.
