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ITR-5 Form Filing

ITR 5 form is to be filled by the taxpayers that have registered themselves as firm, LLPs (Limited Liability Partnership), AOPs (Association of Persons) and BOIs (Body of Individuals). Any cooperative society or local authority can file their income tax return using the ITR-5 form.

Who eligible to file ITR-5

  • Artificial judicial persons as defined in sec 2(21) (vi) of Income Tax Act 1961
  • Persons as defined in section 160(1)(iii)(iv) of income tax act 1961
  • Cooperative society
  • Local authority
  • Limited Liability Partnership(LLPs)
  • Association of Persons (AOPs)
  • Partnership Firm
  • Body of Individuals (BOIs)

Major Changes in ITR-5 for the A.Y 2020-21

  • If the taxpayer has made any investment between 1 April 2020 to 30 June 2020, then he has to fill Schedule DI.
  • Schedule 112A inserted to report individual scrip wise detail.
  • 115AD(1) (b)(iii) for non – resident inserted to report individual scrip wise detail.
  • Selection of bank account is mandatory for refund credit.