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assets on which complete exemption on capital expenditure is not allowed). Schedule DOA: Information on depreciation of other asset (i.e.Schedule DPM: Mentions details of depreciation on plant and machinery.Schedule BP: Includes details of computation of income from business/profession.Schedule HP: This includes details of income from house property.

Some of the most important schedules in ITR 5 Form are as follows:

Verification: This section includes tax payments, TDS on income and TCS on income.Īpart from the various sections mentioned above, there are a few schedules in the ITR Form 5 that includes key information regarding key aspects of the business.

Part B – TTI: Details of tax computation on net income chargeable for income tax.

Part B – TI: This section contains details of computation of total income.

Part A – QD: This section contains quantitative details regarding stock held/turnover details for the fiscal.

Part A – OI : Other information pertaining to the IT assessee.

Part A – P&L: Profit and Loss statement of the income tax assessee for the fiscal.

Part A – BS : Balance Sheet information of the tax assessee.

Individuals and HUFs are also not eligible to file ITR Form 5.

Assessees who are required to file ITR under Section 139 (4A) or 139 (4B) or 139(4C) or 139 (4D) are not required to submit ITR-5.

Apart from that, any cooperative society or local authority can file their income tax return using the ITR-5 form. Income Tax Return Form-5 (ITR 5) needs to be filed by entities such as Firms, LLPs (Limited Liability Partnerships), AOPs (Association of Persons), Artificial Judicial Person and BOIs (Body of Individuals).