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ITR-5 Return Filing By N D Savla & Associates
At N D Savla & Associates, we offer specialized ITR-5 filing services for firms, Limited Liability Partnerships (LLPs), Associations of Persons (AOPs), Bodies of Individuals (BOIs), and other non-corporate entities. With years of experience in tax compliance and advisory, our expert Chartered Accountants ensure that your ITR-5 income tax return is filed accurately, efficiently, and on time.
Whether you’re managing a partnership firm, a co-operative society, or an estate of the deceased or insolvent, filing under ITR-5 can be complex. Let our team handle your compliance while you focus on your business.
What is ITR-5 Form?
ITR-5 is an Income Tax Return form prescribed for entities not structured as companies but still required to report income and pay taxes under the Income Tax Act. It is applicable to:
Partnership Firms
LLPs (Limited Liability Partnerships)
Association of Persons (AOPs)
Body of Individuals (BOIs)
Co-operative Societies
Local Authorities
Estates of Deceased or Insolvent Individuals
Business Trusts and Investment Funds
Artificial Juridical Persons [as per Section 2(31)(vii)]
Note: Taxpayers required to file under Sections 139(4A), 139(4B), 139(4C), or 139(4D) (such as charitable trusts or institutions) must use ITR-7, not ITR-5.
Who Should Use ITR-5?
| Eligible Entity | ITR-5 Applicable? |
|---|---|
| Partnership Firms | ✅ Yes |
| LLPs | ✅ Yes |
| BOI / AOP | ✅ Yes |
| Estate of Deceased or Insolvent | ✅ Yes |
| Co-operative Society | ✅ Yes |
| Local Authority | ✅ Yes |
| Artificial Juridical Person | ✅ Yes |
| Company | ❌ No (Use ITR-6) |
| Individual / HUF | ❌ No (Use ITR-1 to ITR-4 based on income) |
| Charitable Trust / Political Party / Educational Institution | ❌ No (Use ITR-7) |
Due Dates for ITR-5 Filing – AY 2024–25
| Scenario | Due Date |
|---|---|
| Non-Audit Cases | 31st July 2024 |
| Audit Cases (under Income Tax Act) | 31st October 2024 |
| Taxpayers filing Form 3CEB (Transfer Pricing) | 30th November 2024 |
Late filing may attract penalties under Section 234F of the Income Tax Act. Avoid delays and let our experts help you file your ITR-5 well before the deadline.
Who Cannot Use ITR-5 Form?
You cannot file ITR-5 if you fall into any of the following categories:
Individual taxpayers
Hindu Undivided Families (HUFs)
Companies
Entities filing under ITR-7 such as:
Charitable or religious trusts
Political parties
Educational institutions
Research associations
Any entity claiming exemption under specific sections of the Income Tax Act
Structure of the ITR-5 Form
The ITR-5 Form is divided into several parts and schedules for detailed income and tax reporting:
Part A – General Information
Basic details like PAN, business type, address, contact info, filing status, etc.
Part A-BS – Balance Sheet
Disclosure of assets, liabilities, capital, loans, and current financial position.
Part A-Manufacturing / Trading / P&L Account
Report income and expenses related to your trading or manufacturing business, along with Profit & Loss data.
Part A-OI / QD
OI: Other Information relevant to financial activity
QD: Quantitative Details for stock and turnover reporting
Part B – Income Computation
TI (Total Income): Computes total taxable income
TTI (Tax Liability): Calculates total tax payable
31 Schedules Included
The form contains detailed schedules for:
Income from Business or Profession
Capital Gains
Depreciation (Schedule DPM, DOA)
Foreign Assets & Income (Schedule FA)
Deductions under Chapter VI-A
Tax payments, TDS, TCS, Advance Tax, Self-Assessment Tax
Partners’ details in case of firms
No documents need to be attached while filing ITR-5, but all records must be maintained and submitted if requested.
Sequence of Filing (As per Income Tax Department)
The recommended sequence is:
Part A (General Information)
Applicable Schedules
Part B (Total Income & Tax)
Tax Payments
Verification
Why Choose N D Savla & Associates for ITR-5 Filing?
We are a leading Chartered Accountant firm in Mumbai, trusted by partnerships, LLPs, and AOPs across India for accurate tax return filing and compliance.
Expertise You Can Trust
Our team of qualified CAs and tax professionals specializes in complex ITR forms, especially ITR-5 for non-corporate entities.
Maximum Deductions, Minimum Errors
We review your financials thoroughly and help you claim all applicable deductions, depreciation, and tax credits—ensuring compliance and savings.
End-to-End Support
From initial consultation to final e-verification, we guide you through every step.
Timely Reminders
We ensure you never miss a deadline. Get alerts and proactive communication throughout the filing season.
Secure and Confidential
We use secure systems and maintain strict confidentiality of your financial information.
Post-Filing Assistance
From responding to IT notices to filing revised returns, we offer complete post-filing support.
Get Started with Your ITR-5 Filing Today
Let N D Savla & Associates simplify your ITR-5 return filing and ensure full tax compliance. Whether you’re a growing firm, an LLP, or an AOP, we’re here to help you stay compliant, save tax, and grow with confidence.
