Company

Key Features of ITR-5

1. Filing for Business Entities:
   ITR-5 is for entities that generate income from business or profession, such as partnership firms, LLPs, AOPs, and BOIs. It is primarily designed to accommodate the filing needs of such businesses.

2. Complex Income Reporting:
   This form allows for reporting income from multiple sources, including capital gains, business profits, rent, interest, and more, ensuring all sources of income are properly disclosed.

3. Compliance with Tax Laws:
   Filing ITR-5 ensures that your business entity is compliant with Indian tax laws, including any requirements for TDS, GST, and other statutory obligations.

4. Deductions & Exemptions:
   ITR-5 allows entities to claim various deductions and exemptions, such as Section 80C, 80D, 80G, etc., that can reduce the tax burden on the business.

5. Auditing Requirement:
   Entities filing ITR-5 may need to undergo an audit depending on their turnover or business nature. The form accommodates the details of audited financial statements.

6. Balance Sheet & Profit and Loss Statements:
   For business entities, ITR-5 requires the submission of the balance sheet and profit and loss statements to ensure transparency in income reporting.

7. Tax Computation:
   The form provides a detailed structure to calculate the tax payable, including provisions for advance tax payments and self-assessment tax.