Professional Guidance for ITR-5 Form Filing
Global Taxman provides expert assistance for filing your ITR-5 Form accurately and efficiently. Whether you're a partnership firm, LLP, or association of persons, our team of tax professionals ensures compliance with all legal requirements, making the process seamless for you.
What is ITR-5 Form?
The ITR-5 Form is designed for entities such as firms, LLPs, Association of Persons (AOPs), Body of Individuals (BOIs), Artificial Juridical Persons (AJPs), estates of deceased persons, business trusts, and investment funds that are required to report their income under the Income Tax Act.
Who Should File ITR-5 Form?
The ITR-5 Form is applicable to the following entities:
- Partnership Firms
- Limited Liability Partnerships (LLPs)
- Association of Persons (AOPs)
- Body of Individuals (BOIs)
- Artificial Juridical Persons (AJPs)
- Estates of deceased persons
- Business Trusts
- Investment Funds
Who is Not Eligible to File the ITR-5 Form?
The following entities cannot file ITR-5:
- Individuals
- Hindu Undivided Families (HUFs)
- Companies (they must use ITR-6 or ITR-7 as applicable)
Due Date for Filing Form ITR-5
The due date for filing the ITR-5 Form is July 31 for entities not requiring an audit and October 31 for entities requiring an audit. Timely filing ensures compliance and avoids penalties.
Late Filing Penalties for ITR-5 Form
- Filing after the due date but before December 31: Late filing fee of ₹5,000.
- Filing after December 31: Late filing fee of ₹10,000.
- If total income is below ₹5 lakh, the maximum penalty is ₹1,000.
Documents Required for ITR-5 Form
Ensure you have the following documents ready when filing your ITR-5 with Global Taxman:
- PAN of the entity
- Details of income from business, profession, or investments
- Bank account details
- Financial statements (Profit & Loss Account and Balance Sheet)
- Tax deduction and collection details
- Other relevant supporting documents
Key Sections of the ITR-5 Form
- General Information: Basic entity details and filing status.
- Computation of Income: Detailed income reporting and tax liability.
- Audit Information: Details for entities requiring an audit under Section 44AB.
- Verification: Authorized signatory declaration and digital signature.
Why Choose Global Taxman for ITR-5 Form Filing?
With Global Taxman, you gain access to:
- Expert tax professionals with years of experience.
- Accurate and timely filing to avoid penalties.
- Comprehensive support for documentation and compliance.
- A secure platform ensuring confidentiality.
How Global Taxman Simplifies Your ITR-5 Filing
From assessing eligibility to filing your ITR-5, our team ensures every step is handled professionally. We streamline the process, resolve queries, and maximize deductions to help you achieve tax compliance effortlessly.
