Filing Income tax returns (Precautions)-Part IV

Income tax Return form 5 

This post is in continuation of our earlier post on precautions while filing ITR for Asst Year 2018-19 . Please refer to them if you wish to read them for filing Income tax Forms ITR 1 ,ITR2, or ITR 3

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Filing Income Tax Returns (Precautions) -I  Filing Income Tax Returns (Precautions) -I
Filing Income tax returns (Precautions)- Part II Filing Income tax returns (Precautions)- Part II
 Filing Income tax returns (Precautions)- Part III  Filing Income tax returns (Precautions)-Part III

ITR 1 ,ITR 2 and ITR 3 and ITR 4 have already been explained in our earlier posts referred to above.In this post  we will take from ITR5  

For a ready reference ITR 5 is reproduced below

ITR 5 is applicable to following Assessee’s

Firm, LLP, AOP, BOI, artificial juridical person referred to in section 2(31)(vii), cooperative society and local authority but it cannot be filed by person who is required to file the return of income under section 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F) (i.e., trusts, political parties, institutions, colleges, investment fund etc.).

A brief explantory guide is also given hereunder


How to get the maximum from this guide:

Please check which heads are applicable

Also note that following assessee can not file ITR 5

i)A person who is required to file the return of income under section 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F)

ii)A person not being an individual or a Hindu undivided family or a company

It’s important that you get your Balance Sheet and Other schedules ready before filling the return

Keep the details of deductions under chapter VI proofs handy.

The guide presented here is freely downloadable .Do whatever you wish to do with this but please note that with the advent of technology everything has changed.Gone are the days when one earns income and forget to declare in the return either intentionally or unintentionally and the income was seldom discovered by the department.

Now it happens that the department gets information from almost all over the world and to add to it the data mining softwares are analysing the information and also applying all permutations and combinations so be aware and follow the guidelines given in the guide above and sleep a peaceful night and contribute in our nation’s progress.

In next post we will take remaining returns except ITR 6 which requires a separate post so happy reading



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