Instructions for Filing ITR 5 For AY 2017-18, Download ITR 5 Form in PDF
Instructions for Filing ITR 5 For AY 2017-18. These instructions are guidelines for filling the particulars in this Return Form. In case of any doubt, please refer to relevant provisions of the Income-tax Act, 1961 and the Income tax Rules, 1962. Check Instructions for ITR 5 Income Tax Return AY 2017-18.
Instructions for Filing ITR 5 For AY 2017-18
1. Assessment Year for which this Return Form is applicable
2. Who can use this Return Form ITR 5?This Form can be used by a person being a firm, LLPs, AOP, BOI, artificial juridical person referred to in section 2(31)(vii), persons referred to in section 160(1)(iii) or (iv), cooperative society, registered societies and local authority. However, a person who is required to file the return of income under section 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4F) shall not use this form.
3. Annexure-less Return FormTax-payers are advised to match the taxes deducted/collected/paid by or on behalf of them with their Tax Credit Statement (Form 26AS). (Please refer to www.incometaxindia.gov.in)
4. Manner of filing this Return FormThis Return Form can be filed with the Income-tax Department in any of the following ways, -
- (i) by furnishing the return electronically under digital signature;
- (ii) by transmitting the data in the return electronically under electronic verification code;
- (iii) by transmitting the data in the return electronically and thereafter submitting the verification of the return in Return Form ITR-V;
5. Filling out the acknowledgementWhere the Return Form is furnished in the manner mentioned at 4(iii), the assessee should print out two copies of Form ITR-V. 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.
6. Codes for filling this Return Form(i) Under the heading ‘Filing Status’ in the Return Form the relevant box needs to be checked regarding section under which the return is being filed on the basis of following.
|S.No||How the return is filed|
|1||Before the due date as provided under section 139|
|2||After the due date under section 139(1) but before the expiry of one year from the end of relevant assessment year as per section 139(4)|
|3||Revised Return under section 139(5)|
|4||Modified return under section 92CD|
|5||In response to notice under section 139 (9) for removal of defects|
|6||In response to notice under section 142(1)|
|7||In response to notice under section 148|
|8||In response to notice under section 153A/ 153C|
|9||Under section 119(2)(b) on an application to be made separately before the income-tax authority (The return shall be treated as valid only after the application/claim/relief under section 119(2)(b) has been admitted by the income-tax authority)|
|S.No||Status to be Filled|
|11||Any other Artificial Juridical Person|
|12||Settlor (in case of a trust)|
|13||Trustee (in case of a trust)|
|14||Beneficiary (in case of a trust)|
- (a) Compute income-tax payable on the total income. Special rates of tax are applicable to some specified items. Include agricultural income, as prescribed, for rate purposes, in the tax computation procedure.
- (b) If income includes income of the nature referred to in section 115BBE, surcharge @25% on such income is chargeable. If total income exceeds Rs. 1 crore, calculate surcharge on (total income minus income chargeable u/s 115BBE) at the rate of 12% or 15% as applicable.
- (c) In case, the tax liability computed as above is less than 18.5% of adjusted total income, the assessee is required to pay alternate minimum tax (AMT) under section 115JC at the rate of 18.5% of the adjusted total income. The excess tax so paid is allowable to be carried forward for credit in the year in which tax liability under the normal provisions of the Act is more than AMT liability. Such carry-forward is allowable up to 10 years.
- (d) Add Education Cess as prescribed on the tax payable and surcharge thereon.
- (e) Claim relief(s) as prescribed by the law, on account of foreign tax credit and calculate balance tax payable.
- (f) Add interest payable as prescribed by the law to reach total tax and interest payable.
- (g) Deduct the amount of prepaid taxes, if any, like “tax deducted at source”, “tax collected at source”, “advance-tax” and “self-assessment-tax”. The result will be the tax payable (or refundable).
Obligation to file return of income
- (a) Every firm shall furnish the return of income whether it has income or loss during the year.
- (b) Every AOP, BOI and artificial juridical person has to furnish the return of his income if his total income before allowing deductions under section 10A, 10AA or Chapter VI-A (i.e., if its gross total income referred to in item 9 of Part B-TI as increased by item ‘e’ of Schedule 10A, item ‘e’ of Schedule 10AA of this Form) exceeds the maximum amount which is not chargeable to income tax (Rs. 2,00,000/- in case of AOP, BOI and artificial juridical person, ‘nil’ in case of a cooperative society) during the financial year 2015-16.
- (c) The deduction under sections 10A, 80-IA, 80-IAB, 80-IB, 80-IC, 80-ID and 80-IE shall not be allowed unless the return has been filed on or before the due date.
- (d) The losses, if any, (item-16 of Part B-TI of this Form) shall not be allowed to be carried forward unless the return has been filed on or before the due date.
- (a) The Balance Sheet as on 31st March, 2017 and the profit and loss account for financial year 2016-17 in the formats provided in these parts have to be filled in respect of business or profession carried out by you during the financial year 2016-17 if you were required to maintain accounts of the business or profession during the year.
- (b) In case, accounts of the business or profession were required to be audited, the items of balance sheet and profit and loss account filled in the these parts should match with the audited balance sheet and profit and loss account.
- (c) In case, you were not required to maintain accounts of the business or profession during the year, please fill out the details mentioned in these parts against portion ‘No account case’.
- (a) In case the return is furnished electronically under digital signature, please fill up the required information in the Verification. Strike out whatever is not applicable. Please ensure that the verification has been signed before furnishing the return. Write the designation of the person signing the return.
- (b) In case the return is to be furnished electronically in the manner mentioned in instruction no. 4(iii), please fill verification form (Form ITR-V)
- (c) Please note that any person making a false statement in the return or the accompanying schedules shall be liable to be prosecuted under section 277 of the Income-tax Act, 1961 and on conviction be punishable under that section with rigorous imprisonment and with fine.