The taxpayers have to file returns on the basis of the income earned in a financial year and the kind of entity they fall under. Let’s explore in detail the taxpayers who are required to file Form ITR-5 and other relevant instructions pertaining to the same. The various provisions and sections mentioned in this article are of the Income Tax Act, 1961.
Who all are eligible to file Form ITR-5?
The following are eligible for filing Form ITR-5:
- A Firm;
- Limited Liability Partnership;
- Association of Persons (AOP);
- Body of Individuals (BOI);
- Artificial Juridical Person (AJP) referred to in Section 2(31)(vii);
- Local Authority referred to in Section 160(1)(iii) or 160(1)(iv);
- Cooperative Society;
- Society registered under Societies Registration Act, 1860 or under any State law trust (except trusts eligible for filing Form ITR-7)
- Estate of Deceased person
- Estate of an insolvent
- Business Trust referred to in Section 139(4E)
- Investment Fund referred to in Section 139(4F)
It is pertinent to mention that a person who is required to file return of income under Section 139(4A) or 139(4B) or 139(4D) cannot use Form ITR-5 for filing return.
- Income tax return filing for a taxpayer with taxable income of less than Rs.10 lakhs
- Income tax return filing for a taxpayer with taxable income of more than Rs.10 lakhs
- Income tax return filing for a taxpayer with taxable income of more than Rs.25 lakhs