ITR-5 Form Filling

ITR 5 form is to be filled by the taxpayers that have registered themselves as firm, LLPs (Limited Liability Partnership), AOPs (Association of Persons) and BOIs (Body of Individuals). Any cooperative society or local authority can file their income tax return using the ITR-5 form.

Who eligible to file ITR-5

  • Artificial judicial persons as defined in sec 2(21) (vi) of Income Tax Act 1961
  • Persons as defined in section 160(1)(iii)(iv) of income tax act 1961
  • Cooperative society
  • Local authority
  • Limited Liability Partnership(LLPs)
  • Association of Persons (AOPs)
  • Partnership Firm
  • Body of Individuals (BOIs)

Major Changes in ITR-5 for the A.Y 2020-21

  • If the taxpayer has made any investment between 1 April 2020 to 30 June 2020, then he has to fill Schedule DI.
  • Schedule 112A inserted to report individual scrip wise detail
  • 115AD(1) (b)(iii) for non – resident inserted to report individual scrip wise detail
  • Selection of bank account is mandatory for refund credit.

Schedule DI

Schedule DI’ has been inserted to claim benefit of investment/ deposit/ payments made between 01/04/2020 to 30/06/2020 for the previous year 2019-20.

Section 112A

According to section 112A, long term capital gains arising from transfer of an equity share shall be taxed at 10% of such capital gains. The tax on capital gains shall be levied in excess of Rs. 100000.

How Can Dial on Financial Service Help You?

Dial on financial service’s team can help to file your ITR Return. We will try our best to provide you a good service. We provide services at very low price compared to other service provider.

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