Expert Tax Return Filing for Firms, LLPs, Societies, and More
At VETRI AUDIT SERVICES PRIVATE LIMITED, we specialize in assisting diverse entities with accurate and timely filing of Income Tax Return Form ITR-5. Whether you're a partnership firm, LLP, or cooperative society, our tax professionals ensure compliance with the latest income tax laws, helping you avoid penalties and maintain a clean financial track record.
What is ITR-5?
ITR-5 is the prescribed income tax return form for entities other than individuals, Hindu Undivided Families (HUFs), and companies. This form is used to report income, claim deductions, and fulfil statutory filing obligations under the Income Tax Act, 1961.
Who Should File ITR-5?
The following entities are eligible to file ITR-5:
- Partnership Firms
- Limited Liability Partnerships (LLPs)
- Association of Persons (AOP)
- Body of Individuals (BOI)
- Artificial Juridical Persons (AJP)
- Local Authorities
- Co-operative Societies
- Societies registered under the Societies Registration Act
- Estate of a deceased person or insolvent
Who Cannot File ITR-5?
Entities not permitted to use ITR-5 include:
- Individual taxpayers (must use ITR-1 to ITR-4 based on income)
- HUFs (must use ITR-2 or ITR-3)
- Companies (must file ITR-6 or ITR-7 as applicable)
What Types of Income Are Reported in ITR-5?
You can report the following income types through ITR-5:
- Income from Business or Profession
- Income from House Property
- Capital Gains
- Income from Other Sources
- Exempt Income, if any
Key Components of ITR-5
The ITR-5 form includes multiple schedules and disclosures, such as:
- General details (PAN, name, constitution, business address)
- Nature of business/profession
- Details of partners or members
- Schedule BP: Income from business/profession
- Schedule CG: Capital gains
- Schedule HP: House property income
- Schedule OS: Income from other sources
- Deductions under Chapter VI-A (e.g., Sections 80C, 80G)
- Tax paid details: TDS, TCS, advance tax
- Audit details under Section 44AB (if applicable)
- Balance Sheet and Profit & Loss Account details
Due Dates for ITR-5 Filing (FY 2024–25)
| Entity Type | Filing Due Date |
|---|---|
| Non-audit cases | 31st July 2025 |
| Audit applicable | 30th September 2025 |
| Transfer pricing applicable | 30th November 2025 |
Audit Requirements under Section 44AB
Entities must get their accounts audited if:
- Business turnover exceeds ₹1 crore (limit increases to ₹10 crore if 95% transactions are digital)
- Gross receipts from a profession exceed ₹50 lakh
- Not opting for or not satisfying conditions of presumptive taxation (Sections 44AD, 44ADA, 44AE)
Penalty for Late Filing of ITR-5
Avoid delays to minimize penalties:
- ₹5,000 - if filed after due date but on or before 31st December
- ₹10,000 - if filed after 31st December
- ₹1,000 - if total income is less than or equal to ₹5 lakh
How to File ITR-5
The ITR-5 form must be filed online through the Income Tax e-Filing Portal:
- Authentication via Digital Signature Certificate (DSC) or
- Electronic Verification Code (EVC) for secure submission
Our Services for ITR-5 Filing Include:
- Entity-specific ITR-5 eligibility consultation
- Complete preparation of financial statements (P&L, Balance Sheet)
- Tax audit support and coordination with Chartered Accountants
- Accurate data entry and validation of all schedules
- Timely filing with DSC/EVC verification
- Handling of any post-filing queries or notices
Why Choose Vetri Audit Services?
- Experienced team of tax and audit professionals
- Transparent pricing and prompt service
- End-to-end compliance and advisory support
- Secure and confidential handling of data
- High filing accuracy and client satisfaction
Contact us today to get started with your ITR-5 filing or to book a free consultation with our tax experts.
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