This is fifth article in the series of – “Which ITR is to be filed?” This write up will try to provide an overview about ITR 5.
Who can file ITR 5?
- Partnership Firm (including Limited Liability partnerships)
- Association of Persons (AOP)
- Body of Individuals (BOI)
- Artificial Juridical Person
- Business Trust
- Investment fund etc.
Who are not eligible to file ITR 5?
- Hindu Undivided Family
- Any person who files ITR 7 (assessee who is required to file return of income under section 139 (4A) or (4B) or (4C) or (4D)
- Investment in unlisted shares is mandatory disclosure in ITR 5 with respect to name of the company, no. of shares held etc.
- ITR 5 can be filed by Resident as well as by Non resident too.
- ITR 5 can be filed even if the assessee holds more than one house property
- Set off of brought forward r current year losses can be claimed in ITR 5
- Schedule IF to be filled in if the assesee is partner in any partnership firm
- Schedule GST , Schedule AMTC availble in ITR 5
- Relief under section 90 or 90A or 91 can be claimed in ITR 5