ITR-5 Form can be used by companies, Limited Liability Partnerships (LLPs), Association of Persons (AOPs) and Body of Individuals (BOIs), Artificial Juridical Person, Cooperative Society and Local Authority, provided that they do not have to file revenue returns under section 139(4A) or 139(4C) or 139(4D) (i.e., Trusts, Political Party, Institutions, Colleges, etc.).
The ITR-5 Form cannot be used by individuals, HUFs (Hindu Undivided Families), companies.
ITR-5 form may be submitted using any of four methods:
Under the fourth technique, Assessee filing ITR 5 form must finish the ITR-V acknowledgment.The assessee should print two copies of Form ITR-V after preparing ITR-V. One copy of ITR-V, duly signed by the assessee, should be sent by ordinary post to Post Bag No. 1, Electronic City Office, Bengaluru–560100 (Karnataka). The assessee may retain the other copy for his record.
Income tax return filing for a taxpayer with less than Rs.10 lakhs taxable income.
Income tax return filing more than Rs.10 lakhs for a taxpayer with taxable income.
Income tax return filing for a taxpayer with a taxable income of more than Rs.25 lakhs.