The ITR-5 form is to be used by only by the following entities for filing income tax returns:
Who is eligible to file ITR-5:
Limited Liability Partnerships (LLPs)
Body of Individuals (BOIs)
Association of Persons (AOPs)
Artificial Judicial Persons
What is the structure of the ITR-5 Form?
The Form has been divided into two parts and several schedules:
Part A: General information
Part B: Outline of the total income and tax computation with respect to income chargeable to tax.
There are 30 schedules details of which are as under:
Schedule-HP: Computation of income under the head Income from House Property
Schedule-BP: Computation of income under the head "profit and gains from business or profession"
Schedule-DPM: Computation of depreciation on plant and machinery under the Income Tax Act
Schedule DOA: Computation of depreciation on other assets under the Income Tax Act
Schedule DEP: Summary of depreciation on all the assets under the Income-tax Act
Schedule DCG: Computation of deemed capital gains on sale of depreciable assets
Schedule ESR: Deduction under section 35 (expenditure on scientific research)
Schedule-CG: Computation of income under the head Capital gains.
Schedule-OS: Computation of income under the head Income from other sources.
Schedule-CYLA: Statement of income after set off of current year’s losses
Schedule-BFLA: Statement of income after set off of unabsorbed loss brought forward from earlier years.
Schedule- CFL: Statement of losses to be carried forward to future years.
Schedule –UD: Unabsorbed Depreciation
Schedule- 10A: Computation of deduction under section 10A
Schedule- 10AA: Computation of deduction under section 10AA
Schedule- 80G: Details of donation entitled for deduction under section 80G
Schedule- 80IA: Computation of deduction under section 80IA
Schedule- 80IB: Computation of deduction under section 80IB
Schedule- 80IC/ 80-IE: Computation of deduction under section 80IC/ 80-IE.
Schedule-VIA: Statement of deductions (from total income) under Chapter VIA.
Schedule –AMT: Computation of Alternate Minimum Tax payable under section 115JC
Schedule AMTC: Computation of tax credit under section 115JD
Schedule-SI: Statement of income which is chargeable to tax at special rates
Schedule-EI: Statement of Income not included in total income (exempt incomes)
Schedule-IT: Statement of payment of advance-tax and tax on self-assessment.
Schedule-TDS: Statement of tax deducted at source on income other than salary.
Schedule-TCS: Statement of tax collected at source
Schedule FSI: Details of income accruing or arising outside India
Schedule TR: Details of Taxes paid outside India
Schedule FA: Details of Foreign Assets