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Filing of ITR -5/ITR-6
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The ITR-5 Form is a crucial income tax return document introduced by the Income Tax Department, specifically catering to LLPs (Limited Liability Partnerships) and various other entities. In this comprehensive guide, we will delve into the details of the ITR-5 Form, including its eligibility criteria, key changes, form structure, and the process of filing it. Stay informed and ensure compliance with your tax obligations as an LLP.
List of Documents Required
Bank Account No and IFSC Code
Financials with Balance Sheet and P&L
Income Tax Login Credentials
Details of Directors/Shareholders/Partners
Digital Signature Certificate
GSTIN Details (if any)
How Does It Works?
Final Quote And Payment
Process Tack Off
Back & Forth Communication
What is ITR-5 Form?
The ITR-5 Form serves as an income tax return document specifically designed for entities such as LLPs, firms, AOPs (Association of Persons), BOIs (Body of Individuals), Artificial Juridical Person (AJP), Estate of deceased, Estate of insolvent, Business trusts, investment funds, cooperative societies, and local authorities. It enables these entities to report their income and fulfill their tax obligations accurately.
Eligibility to File ITR-5 Form:
The ITR-5 Form can be used by the following entities:
- LLPs (Limited Liability Partnerships)
- Association of Persons (AOP)
- Body of Individuals (BOI)
- Artificial juridical person referred to in section 2(31)(vii)
- Estate of deceased
- Estate of insolvent
- Business trust and investment fund
- Cooperative society
- Local authority
Please note that individuals, Hindu Undivided Families (HUFs), companies, and taxpayers filing under Sections 139(4A), 139(4B), 139(4C), 139(4D), 139(4E), or 139(4F) must use other relevant ITR forms.
Key Changes in ITR-5 Form (AY 2022-23):
The ITR-5 Form for the Assessment Year 2022-23 (AY 2022-23) incorporates the following key changes:
- Increased Tax Audit limit: The form has been updated to reflect the increased Tax Audit limit to Rs 10 crores, applicable when cash transactions are less than 5% of the total transactions.
- Taxation of Dividend: Starting from AY 2021-22, the form includes necessary changes to account for the taxation of dividends received by the assessee.
- TDS Deduction for Cash Withdrawals: The ITR-5 Form has been modified to align with amendments that disallow carrying forward TDS deductions for cash withdrawals under Section 194N to subsequent years.
Key Changes in the ITR-6 Form:
Schedule 112A: A dedicated schedule to calculate long-term capital gains on the sale of equity shares or units of a business trust liable to Securities Transaction Tax (STT).
Secondary Adjustments to Transfer Price: Inclusion of details regarding tax on secondary adjustments to transfer price under section 92CE(2A).
Tax Deduction Claims: Provision to report tax deduction claims for investments, payments, or expenditures made between 1st April 2020 and 30th June 2020.
Structure of ITR-5 Form:
The ITR-5 Form consists of two parts and several schedules. Here is an overview of its structure:
- General information
- Balance Sheet as of 31st March 2023 (Part A-BS)
- Manufacturing Account for the financial year 2022-23 (Part A-Manufacturing Account)
- Trading Account for the financial year 2022-23 (Part A-Trading Account)
- Profit and Loss Account for the financial year 2022-23 (Part A-P&L)
- Other information (Part A-OI)
- Quantitative details (Part A-QD)
Computation of income and tax liability (Part B)
The ITR-5 Form comprises 31 schedules covering various aspects of income computation, deductions, and tax-related details. Some of the notable schedules include:
- Computation of income under different heads, such as House Property, Profit and Gains from Business or Profession, Capital Gains, and Income from Other Sources.
- Details of deductions under Chapter VIA.
- Computation of depreciation.
- Computation of tax relief claimed for taxes paid outside India.
- Details of foreign assets and income.
- Information regarding GST turnover/gross receipts.
- Filing Process for ITR-5 Form:
The ITR-5 Form can be filed online through the Income Tax Department’s e-Filing portal or offline using a paper form or bar-coded return. Here are the steps involved in filing the ITR-5 Form:
Online Filing and Verification:
- File the return electronically under a digital signature or transmit the data electronically and submit the verification of the return in Return Form ITR-V.
- Print two copies of ITR-V Form.
- Sign one copy and send it by ordinary post to Post Bag No. 1, Electronic City Office, Bengaluru–560500 (Karnataka).
- Retain the other copy for your records.Firms liable for audit under section 44AB must compulsorily file the return electronically under a digital signature.
- Furnish the Form 5 in a paper form or bar-coded return.
- Attach the acknowledgment slip provided along with the return.
- No annexures or documents should be attached to the return form.
Note: Ensure you verify the details and sign the verification document before furnishing the return.
Due Date for Filing ITR-5 Form
The due date for filing the ITR-5 Form varies based on the type of entity and audit requirements. The following due dates apply:
Type of Situation
When accounts are audited under the Income Tax Act
31st October of the assessment year
When reporting in Form No. 3CEB is required
30th November of the assessment year
For other cases where accounts don’t require an audit
31st July of the assessment year
As an LLP, complying with income tax regulations is crucial, and filing the appropriate tax return form is a part of that compliance. The ITR-5 Form caters specifically to LLPs and other eligible entities, ensuring accurate reporting of income and tax liability. By understanding the eligibility criteria, key changes, structure, and filing process associated with the ITR-5 Form, you can fulfill your tax obligations efficiently and maintain compliance. Stay updated with the latest tax regulations to ensure accurate reporting and smooth operations for your LLP.
The ITR-6 form should be filed by companies registered under the Companies Act, 2013 or the earlier Companies Act, 1956, except for companies claiming exemptions under section 11.
Companies claiming exemption under section 11 are those whose income from property is held for charitable or religious purposes.
Yes, the ITR-6 form must be compulsorily furnished electronically under digital signature to the Income Tax Department.
The due date for filing the ITR-6 form depends on the audit and reporting requirements:
- When accounts are audited under the Income Tax Act: 31st October of the assessment year.
- When reporting in Form No. 3CEB is required: 30th November of the assessment year.
- For other cases where accounts don’t require an audit: 31st July of the assessment year.
The key changes in the ITR-6 form for Assessment Year 2020-21 include:
Introduction of a separate schedule 112A for the calculation of long-term capital gains on the sale of equity shares or units of a business trust liable to Securities Transaction Tax (STT).
Inclusion of details regarding tax on secondary adjustments to transfer price under section 92CE(2A).
Provision to report tax deduction claims for investments, payments, or expenditures made between 1st April 2020 and 30th June 2020.
Fill up the required information in the verification document and ensure that it is signed before furnishing the return. Choose the designation/capacity of the person signing the return. It’s important to note that making a false statement in the return can lead to prosecution under section 277 of the Income-tax Act, 1961.
Yes, there can be penalties for late filing or non-filing of the ITR-6 form. It’s advisable to file the return within the prescribed due dates to avoid penalties and stay compliant with tax regulations.
Yes, seeking professional assistance from chartered accountants or tax experts can be beneficial, especially if you have complex income sources or require guidance on maximizing tax benefits. Professionals can ensure accurate filing and help you navigate through the process smoothly.
Remember to consult with a tax professional or refer to the official guidelines from the Income Tax Department for specific queries or any recent updates.