Income Tax Return Filing ITR-5

HOW DO I FILE MY ITR-5 FORM?

The Form has been divided into two parts and several schedules:
This return form can be filed with the Income Tax Department in the following ways:

Offline:

• by furnishing the return in a paper form
• by furnishing a bar-coded return

Online:

by furnishing the return electronically under digital signature

• by furnishing the return electronically under digital signature
• by transmitting the data in the return electronically and thereafter submitting the verification of the return in Return Form ITR-V

Online/Electronically:

• a. By furnishing the return electronically under digital signature
• b. By transmitting the data electronically and then submitting the verification of the return in Return Form ITR-V

When the return is filed online, the assessee should print out two copies of ITR-V Form. One copy of ITR- V, duly signed by the assessee, has to be sent by ordinary post to Post Bag No. 1, Electronic City Office, Bengaluru–560100 (Karnataka). The other copy may be retained by the assessee for his record.

A firm whose accounts are liable to audit under section 44AB must compulsorily furnish the return electronically under digital signature. Note that when the return filed on paper, the acknowledgement slip attached with the return form should be duly filled.

WHAT IS THE STRUCTURE OF THE ITR-5 FORM?

The Form has been divided into two parts and several schedules:

• Part A: General information
• Part B: Outline of the total income and tax computation with respect to income chargeable to tax. There are 30 schedules details of which are as under:
• Schedule-HP: Computation of income under the head Income from House Property
• Schedule-BP: Computation of income under the head “profit and gains from business or profession”
• Schedule-DPM: Computation of depreciation on plant and machinery under the Income Tax Act
• Schedule DOA: Computation of depreciation on other assets under the Income Tax Act
• Schedule DEP: Summary of depreciation on all the assets under the Income-tax Act
• Schedule DCG: Computation of deemed capital gains on sale of depreciable assets
• Schedule ESR: Deduction under section 35 (expenditure on scientific research)
• Schedule-CG: Computation of income under the head Capital gains.
• Schedule-OS: Computation of income under the head Income from other sources.
• Schedule-CYLA: Statement of income after set off of current year’s losses
• Schedule-BFLA: Statement of income after set off of unabsorbed loss brought forward from earlier years.
• Schedule- CFL: Statement of losses to be carried forward to future years.
• Schedule –UD: Unabsorbed Depreciation

• Schedule- 10A: Computation of deduction under section 10A
• Schedule- 10AA: Computation of deduction under section 10AA
• Schedule- 80G: Details of donation entitled for deduction under section 80G
• Schedule- 80IA: Computation of deduction under section 80IA
• Schedule- 80IB: Computation of deduction under section 80IB
• Schedule- 80IC/ 80-IE: Computation of deduction under section 80IC/ 80-IE.
• Schedule-VIA: Statement of deductions (from total income) under Chapter VIA.
• Schedule –AMT: Computation of Alternate Minimum Tax payable under section 115JC
• Schedule AMTC: Computation of tax credit under section 115JD
• Schedule-SI: Statement of income which is chargeable to tax at special rates
• Schedule-EI: Statement of Income not included in total income (exempt incomes)
• Schedule-IT: Statement of payment of advance-tax and tax on self-assessment.
• Schedule-TDS: Statement of tax deducted at source on income other than salary.
• Schedule-TCS: Statement of tax collected at source
• Schedule FSI: Details of income accruing or arising outside India
• Schedule TR: Details of Taxes paid outside India
• Schedule FA: Details of Foreign Asset.