The taxpayers are supposed to file Income Tax returns based on the income that is earned in the financial year and the kind of entity that it falls under. ITR 5 Form filing is to be done by the Association of Persons, Limited Liability Partnerships, Body of Individuals, Estates of the deceased, Artificial judicial person, business trust, estates of the insolvent, business trust, and investment fund.
This article is a comprehensive guide you can refer to while filing the Income Tax returns in Form 5.
ITR 5 can be filed by the following people :
An individual who has to file income tax returns under the Section 139 (4A) or 139 (4D) cannot file ITR 5 Form.
The ITR 5 Form can be filed with the Income Tax Department either online or offline.
Offline Filing: The Form can be filed offline by furnishing the return in a paper form or by furnishing the bar-coded return. When the return is filed on paper an acknowledgment slip is paired along with the return form that is to be filed properly.
Online Filing: The ITR 5 Form can be filed online by furnishing the return electronically using the Digital Signature Certificate.
Or
By transmitting the data in the returns electronically followed by the submission of the return verification in the ITR V Form.
While online filing the assessee is needed to print copies of the ITR V Form. One copy of the ITR V must be duly signed by the assessee and needs to be sent to
Post Bag No. 1,
Electronic City Office,
Bengaluru–560100,
(Karnataka). via ordinary post.
The other copy should be kept by the assessee with himself as a record.
A firm should mandatorily furnish the return electronically under the digital signature of whose accounts are liable to audit under Section 4AB.
ITR 5 Form is an annexure-less form and it should be attached to the return form while filing ITR 5. All the documents that are enclosed with this Form will be detached and returned to the person that is filing the returns. The taxpayers are advised to match the taxes that are deducted/ collected /paid by or on their behalf with their Tax Credit Statement Form 26AS.
Fill up the required information in the verification document.
It is necessary to strike out whatever is not applicable. Please ensure that the verification has been signed before furnishing the return.
Choose the designation or the capacity of the person who is signing the return.
Any person making a false statement in the return or the accompanying schedules will be liable to be prosecuted under Section 277 of the Income Tax Act,1961, and on Conviction, it is punishable under that section with rigorous imprisonment and with a fine.
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