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ITR-5 Return Filing
ITR-5 Return Filing: Seamless Tax Compliance for Your Business
Filing your ITR-5 return has never been easier! Petax Filings offers expert assistance and a hassle-free platform to ensure seamless tax compliance for firms, LLPs, AOPs, and BOIs. Let our dedicated professionals handle your tax filing while you focus on growing your business.
What is ITR-5?
ITR-5 is an Income Tax Return form designed for entities such as firms, Limited Liability Partnerships (LLPs), Associations of Persons (AOPs), and Bodies of Individuals (BOIs) that do not fall under the category of companies. It is essential for these entities to report their income and tax obligations to the Income Tax Department accurately.
Who is Eligible to File ITR-5?
The following entities can file ITR-5:
- Firms (excluding LLPs required to file ITR-6)
- Limited Liability Partnerships (LLPs)
- Associations of Persons (AOPs)
- Bodies of Individuals (BOIs)
- Estates of deceased individuals
- Estates of insolvent individuals
- Business trusts and investment funds
- Artificial Juridical Persons (under Section 2(31)(vii))
- Local authorities
- Cooperative societies
Who Cannot File ITR-5?
ITR-5 is not applicable for:
- Individuals (use ITR-1, ITR-2, or other applicable forms)
- Hindu Undivided Families (HUFs)
- Companies (must file ITR-6)
- Entities required to file ITR-7 under Sections 139(4A), 139(4B), 139(4C), or 139(4D)
Due Dates for Filing ITR-5
- 31st July – If the accounts are not subject to audit under the Income Tax Act.
- 31st October – If the accounts are subject to audit.
- 30th November – If a report under Form No. 3CEB is required.
Structure of ITR-5 Form
The ITR-5 form consists of multiple sections for a detailed tax report:
Part A – General Information
Basic details such as name, PAN, address, and contact information.
Part A-BS – Balance Sheet
Statement of financial position at the end of the financial year.
Part A-Trading Account & Profit and Loss Account
Details of income and expenditure during the year.
Part A-OI & Part A-QD
Other financial information and quantitative details.
Part B – Computation of Income & Tax Liability
Calculation of total income and tax payable.
Schedules
- Income from different sources (business, capital gains, other sources)
- Deductions and exemptions
- Tax credits and payments (advance tax, TDS, TCS)
No Document Attachment Required
While filing ITR-5, no physical documents, including TDS certificates, need to be attached. However, maintaining proper records for verification is recommended.
Documents Required for ITR-5 Filing
To ensure a smooth filing process, keep the following documents ready:
- Monthly Purchase and Sales Bills
- Sales Return & Purchase Return Details
- GST Tax Paid Challans
- Form 26AS
- Administrative and General Expense Details
- Rental Agreement (if applicable)
- Fixed Asset Invoices (if applicable)
- Investment Details (Cash & Bank Transactions)
- Loan Details (Bank or Third Party)
- Outstanding Receivables and Payables
- PAN & Two DSCs of the Company
- Bank Account Details & Statements
Why Choose Petax Filings for ITR-5 Filing?
1. Expert Guidance
Our team of tax professionals ensures accurate and compliant filing, reducing the risk of errors.
2. Hassle-Free Process
Our user-friendly platform allows you to file your ITR-5 conveniently without paperwork hassles.
3. Deduction Optimization
We help you maximize deductions and tax benefits, reducing your overall tax liability.
4. Secure and Timely Filing
With data encryption and timely reminders, we ensure your tax filing is secure and completed before deadlines.
5. Post-Filing Support
Have queries? Our experts provide post-filing assistance to resolve any tax-related concerns.
Get Started with Petax Filings Today!
Ensure smooth, accurate, and stress-free tax filing with Petax Filings. Contact us today to file your ITR-5 return efficiently and remain compliant with tax regulations!
Contact Us
Ready to Simplify Your Compliance Journey?
- 90030 22270
- Petaxfilings@gmail.com
- 848 Anna Salai, Saidapet, Chennai
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