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What is ITR Registration?
ITR (Income Tax Return) Registration refers to the process of filing your income tax return with the Income Tax Department of India. It ensures legal compliance and allows taxpayers to report income, claim refunds, and pay taxes accurately. ITR registration is mandatory for individuals, businesses, and entities whose income exceeds the taxable limits set by the government.
The government website can be used by all types of taxpayers in India for filing ITR. Different types of ITR Forms are available such as ITR1(SAHAJ), ITR 2, ITR 3, ITR 4, ITR 5, ITR 6, and ITR 7. The taxpayer chooses his ITR form according to his eligibility for the form.
What is ITR 5?
The ITR-5 form is applicable for resident individuals whose total income includes salary, income from a single house property, agricultural income up to ₹50,000, and income from other sources, with a total income exceeding ₹50,00,000.
Who can file ITR 5?
- A firm
- AOP
- LLPs
- BOI
- Artificial Juridical Person who is referred to u/s 2(31)(vii),
- Estate of Insolvent
- Estate of Deceased
- Investment Fund
- Local Authority
- Cooperative Society
However, if someone is needed to file the Income Tax Return u/s 139(4A), 139(4C), 139(4B), or 139(4D) is not eligible to use this form.
Benefits of Filing ITR 5
Compliance with Income Tax Laws
- Filing ITR-5 ensures your firm, LLP, or other entity stays legally compliant and avoids penalties.
Avoid Penalties and Interest
- Timely filing helps you avoid late fees, interest, or other legal consequences.
Easier Loan Approvals
- Filed ITRs act as proof of income for banks and financial institutions, helping in loan or credit approvals.
Carry Forward Losses
- Filing ITR allows you to carry forward business losses to set off against future profits, reducing tax liability.
Smooth Audit Process
- Entities with audits (like LLPs and certain firms) benefit from structured documentation while filing.
Access to Government Tenders & Schemes
- Filed ITRs may be required to participate in government tenders, grants, or financial schemes.
Documents Required
- Aadhaar card
- Bank account details
- Capital gains statement
- Details of investment in unlisted shares
- Document proof to claim deductions u/s 80D to 80U
- Form 26AS
- Form-16A/Form-16B/Form-16C/Form-16D
- Home loan statement from bank/NBFC
- Interest certificates from the bank
- Interest certificates from the post office
- Pre-validation of bank account for ECS refund
- Salary slips
- Tax-saving investment proof
- Update bank savings account passbook
- Update post office PPF account passbook
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Frequently asked questions
Who is required to file ITR-5?
ITR-5 must be filed by firms, LLPs, AOPs, BOIs, trusts (other than ITR-7 eligible), cooperative societies, societies, local authorities, estates of deceased persons or insolvents, business trusts, and investment funds.
Can individuals use ITR-5?
No. Individual taxpayers should use ITR-1, ITR-2, or ITR-3 depending on their income type. ITR-5 is only for specific entities and organizations.
What happens if I don’t file ITR-5?
Failure to file ITR-5 can lead to penalties, interest on tax dues, and difficulties in availing financial benefits or government schemes.
Can ITR-5 be filed without audit?
Yes, entities not required to undergo a tax audit can file ITR-5 without audit. However, audited entities must attach the audit report while filing.
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