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The article discusses Income Tax Return ITR 5 for FY 2020-21 / AY 2021-22 form structure.

ITR 5 Form

Form ITR 5 is for the person being a Firm, Limited Liability Partnership (LLP), Association of Persons (AOP), Body of Individuals (BOI), Artificial Juridical Person (AJP).

 

Part‐ A – General Information

The general information part contains the following:

Personal Information

• Name
• PAN
• Is there any change in the name? If yes, please furnish the old name
• Limited Liability Partnership Identification Number (LLPIN) issued by MCA, if applicable
• Flat/ Door/ Block No.
• Name of Premises/ Building /
• Village
• Date of Formation (DD/MM/YYYY)
• Date of commencement of business (DD/MM/YYYY)
• Road/ Street/Post Office
• Area/ Locality
• Status
• Town/ City/ District
• State
• Country
• PIN Code/ Zip Code
• Office Phone Number with STD code/ Mobile No.1
• Mobile No.2
• Email Address (Self)
• Email Address‐2
• Filed u/s
• If revised/ defective/in response to notice for modified then enter Receipt No. and Date of filing original return Or filed in response to notice u/s
• If filed in response to notice
• or order, please enter Unique Number/ Document Identification Number (DIN)& Date of such Notice or Order or if filed u/s 92CD enter date of advance pricing agreement
• Whether you are a business trust?
• Whether you are an investment fund referred to in section 115UB?
• Are you opting for new tax regime u/s 115BAD?
• If you are opting for new tax regime u/s 115BAD
• Residential Status in India
• Whether assessee is located in an International Financial Services Centre and derives income solely in convertible foreign exchange?
• Whether you are recognized as start up by DPIIT If yes, please provide start up recognition number allotted by the DPIIT
• Whether certificate from inter‐ministerial board for certification is received? If yes, please provide the certification number In the case of non‐resident, is there a Permanent Establishment (PE) in India
• Whether you are an FII/ FPI? If yes, please provide SEBI Regn. No.
• Whether this return is being filed by a representative assessee
• Whether you are Partner in a firm?
• Whether you have held unlisted equity shares at any time during the previous year?

 

In case there is any investment in any unlisted equity shares at any time during the previous year, then furnish information about name & PAN of company, type of company, opening balance, shares acquired/ transferred during the year and closing balance. FY 2020-21 AY 2021-22 – Income Tax Return ITR 5 Form Structure.

 

Audit Information

• Whether liable to maintain accounts as per section 44AA?
• Whether assessee is declaring income only under section 44AD/ 44ADA/ 44AE/ 44B/ 44BB/ 44BBA.
  • If no, whether during the year Total Sales/ Turnover/ Gross Receipts of business exceed Rs. 1 crore but does not exceed Rs. 10 Crore?
  • If yes, whether aggregate of all amounts received including amount received for sales, turnover or gross receipts or on capital account such as capital contribution, loans etc. during the previous year, in cash, does not exceed five per cent of said amount?
  • If yes, whether aggregate of all payments made including amount incurred for expenditure or on capital account such as asset acquisition, repayment of loan etc., in cash, during the previous year does not exceed five per cent of the said payment?
  • Whether liable for audit under section 44AB?
    • If Yes, whether the accounts have been audited by an accountant?
    • If yes, furnish the following information below
      • Date of furnishing of the audit report (DD/MM/YYYY)
      • Name of the auditor signing the tax audit report
      • Membership No. of the auditor
      • Name of the auditor (proprietorship/ firm)
      • Proprietorship/firm registration number
      • Permanent Account Number (PAN)/Aadhaar No. of the auditor (proprietorship/ firm)
      • Date of report of the audit

 

• Are you liable for Audit u/s 92E?
• If yes, whether the accounts have been audited u/s 92E?
• Date of furnishing audit report? DD/MM/YYYY
• If liable to furnish other audit report under the Income‐tax Act, whether have you furnished such report? mention the date of furnishing the audit report? (DD/MM/YYYY)
• If liable to audit any act other than the income tax act, mention the date of audit report?
• Whether there was any change during the previous year in the partners/members of the firm/AOP/BOI (In case of societies and cooperative banks give details of Managing Committee. If Yes, provide the following details)
• Is any member of the AOP/BOI/executor of AJP a foreign company?
• If Yes, mention the percentage of share of the foreign company in the AOP/BOI/ executor of AJP
• Whether total income of any member of the AOP/BOI/executor of AJP (excluding his share from such association or body or executor of AJP) exceeds the maximum amount which is not chargeable to tax in the case of that member?
• Particulars of persons who were partners/ members in the firm/ AOP/ BOI or settlor/ trustee/ beneficiary in the trust or executors in the case of estate of deceased/ estate of insolvent as on 31st day of March, 2021 or date of dissolution
• To be filled in case of persons referred to in section 160(1) (iii) or (iv)
  • Whether shares of the beneficiary are determinate or known?
  • Whether the person referred in section160(1)(iv) has Business Income?
  • Whether the person referred in section 160(1)(iv) is declared by a Will and /or is exclusively for the benefit of any dependent relative of the settlor and/or is the only trust declared by the Settlor?
  • Please furnish the following details (as Applicable)
  • Whether all the beneficiaries have income below basic exemption limit?
  • Whether the relevant income or any part thereof is receivable under a trust declared by any person by will and such trust is the only trust so declared by him?
  • Whether the trust is non‐testamentary trust created before 01‐03‐1970 for the exclusive benefit of relatives/member of HUF of the settlor mainly dependent on him/Family?
  • Whether the trust is created on behalf of a provident fund, superannuation fund, gratuity fund, pension fund or any other fund created bona fide by a person carrying on Business or profession exclusive for the employees in such business or profession?

 

Schedule HP‐ Details of Income from House Property

• Address of property
• Town/City
• State
• Pin code/ Zip code
• Owner of Property
• Is the property co‐owned
• Assessee’s percentage share in the Property %
• Name of other Co‐owners
• PAN of Co‐owner(s)
• Aadhaar No. of Co‐owner(s)
• Percentage share in property (%)
• Type of House property
• Name(s) of Tenant (if let‐out)
• PAN of Tenant(s)
• Aadhaar No. of Tenant(s)
• PAN/TAN/ Aadhaar No. of Tenant(s) (if TDS credit is claimed)
• Gross rent received/ receivable/ lettable value during the year
• The amount of rent which cannot be realised
• Tax paid to local authorities
• Total (1b + 1c)
• Annual Value (1a–1d)
• Annual value of the property owned
• 30% of 1f
• Interest payable on borrowed capital
• Total
• Arrears/Unrealized rent received during the year less 30%
• Income from house property
• Income from house property 2
• Pass through income/loss, if any
• Income under the head “Income from house property”

 

Schedule BP – Computation of income from business or profession

Furnish detail of Income chargeable under the head ‘Profits and gains of business or profession’ is computed starting from the net profit before taxes arrived at in the profit and loss account. FY 2020-21 AY 2021-22 – Income Tax Return ITR 5 Form Structure.

 

Schedule DPM

Schedule DPM provides for computation of depreciation admissible under the Income‐tax Act for the financial year in respect of Plant & Machinery.

 

Schedule DOA

Schedule DOA provides for computation of depreciation admissible under the Income‐tax Act for the year in respect of other category of assets ‐ land, building, furniture and fittings, intangible assets and ships.

 

Schedule DEP

Schedule DEP provides a summary of depreciation admissible under the Income‐tax Act for the year in respect of all categories of assets – plant and machinery, land, building, furniture and fittings, intangible assets, and ships.

 

Schedule DCG

Schedule DCG provides a summary of deemed short‐term capital gains on the sale of depreciable assets.

 

Schedule ESR

Schedule ESR captures the details of expenditure on scientific research etc. referred to in section 35, expenditure on agricultural extension project referred to in section 35CCC, and expenditure on skilled development project referred to in section 35CCD.

 

Schedule CG – Capital Gains

Capital gains arising from the sale/transfer of different types of capital assets.

 

Schedule 112A & Schedule 115AD(1)(b)(iii)‐Proviso

In Schedule 112‐A ‐ please enter the scrip wise/unit wise detail of the sale of equity shares of a company, an equity‐oriented fund, or a unit of a business trust on which STT is paid under section 112A.

• Serial Number
• Share/Unit acquired
• ISIN Code
• Name of the Share/Unit
• Field Name
• of Shares/Units
• Sale‐price per Share/Unit
• Full value consideration if shares are acquired on or before 31.01.2018(Total Sale Value 4*5) ‐If Shares are acquired after 31.01.2018‐ please enter full value of consideration
• Cost of acquisition without indexation
• Cost of acquisition
• If the long‐term capital asset was acquired before 01.02.2018
• Fair Market Value per share/unit as on 31st January,2018
• Total Fair Market Value of capital asset as per Section
• Expenditure wholly and exclusively in connection with transfer
• Total deductions
• Long term capital Gain
• Balance
• Item 5 / Item 8 of LTCG
• Schedule of CG as applicable
• Total of each column

 

Schedule‐OS ‐ Income from other sources

• Gross income chargeable to tax at normal applicable rates
  • Dividends, Gross
    • Dividend income [other than (ii)]
    • Dividend income u/s 2(22)(e)
  • Interest, Gross
  • Rental income from machinery, plants, buildings etc., Gross
  • Income of the nature referred to in section 56(2)(x) which is chargeable to tax
    • Aggregate value of sum of money received without consideration
    • In case immovable property is received without consideration, stamp duty value of property
    • In case immovable property is received for inadequate consideration, stamp duty value of property in excess of such consideration
    • In case any other property is received without consideration, fair market value of property
    • In case any other property is received for inadequate consideration, fair market value of property in excess of such consideration
    • Any other income (please specify nature)
  • Income chargeable at special rates
  • Winnings from lotteries, crossword puzzles etc. chargeable u/s 115BB
  • Income chargeable u/s 115BBE
  • Cash credits u/s 68
  • Unexplained investments u/s 69
  • Unexplained money etc. u/s 69A
  • Undisclosed investments etc. u/s 69B
  • Unexplained expenditure etc. u/s 69C
  • Amount borrowed or repaid on hundi u/s 69D
  • Any other income chargeable at special rate (total of ci to cx )
  • List of types of income chargeable at special rate
  • Pass through income in the nature of income from other sources chargeable at special rates
  • List of types of pass-through income chargeable at special rates
  • Amount included in 1 and 2 above, which is chargeable at special rates in India as per DTAA (total of column (2) of table below)
  • Deductions under section 57:‐ (other than those relating to income chargeable at special rates under 2a, 2b , 2c 2d & 2e
  • Amounts not deductible u/s 58
  • Profits chargeable to tax u/s 59
  • Net Income from other sources chargeable at normal applicable rates (If negative take the figure to 4i of Schedule CYLA)
  • Income from other sources (other than from owning race horses) (2+6) (enter 6 as nil, if negative)
  • Income from the activity of owning and maintaining race horses
  • Income under the head
  • “Income from other sources” (7+8e) (take 8e as nil if negative)
  • Information about accrual/receipt of income from Other Sources

 

Schedule‐CYLA ‐ Details of Income after set‐off of current year losses

This schedule contains details of loss to set off against current year income.

 

Schedule‐BFLA‐Details of Income after Set off of Brought Forward Losses of earlier years

The positive income remaining after set-off of current year losses, as per Schedule CYLA, under various heads of income for the current year should be mentioned in the respective head.

 

Schedule‐CFL ‐ Details of Losses to be carried forward to future years

Details of loss to carried forward to next assessment year

• House property loss
• Loss from business other than loss from speculative business and specified business
• Loss from speculative business
• Loss from specified business
• Short‐term capital loss
• Long‐term capital loss
• Loss from owning and maintaining race-horses.

 

Schedule‐UD‐ Unabsorbed depreciation and allowance under section 35(4)

This Schedule contains amount of brought forward unabsorbed depreciation, amount as adjusted to unabsorbed depreciation.

 

Schedule‐ICDS ‐Effect of Income Computation Disclosure Standards on profit

This schedule contains disclosure as per Income Computation Disclosure Standards (ICDS).

 

Schedule‐10AA‐ Deduction in respect of units located in Special Economic Zone

This schedule contains details of eligible SEZ undertakings claiming deduction under this section. Also, furnish Form No. 56F being the report of audit u/s 10AA.

 

Schedule‐ 80G ‐ Details of donations entitled for deduction u/s 80G

• Name and address of done.
• PAN of donee.
• Total amount of donation – give break‐up of amount paid in cash/other mode.

 

Schedule‐ 80GGA‐ Details of donations for scientific research or rural development

1. Relevant clause under which deduction is claimed
2. Name and address of donee.
3. PAN of donee.
4. Amount of donation – give break‐up of below under this heading :
   • Donation in cash
   • Date of donation in cash
   • Donation in other mode
5. Total Donation Amount which is eligible for deduction.

 

Schedule‐ RA‐ Details of donations to research associations etc. [deduction under sections 35(1)(ii) or 35(1)(iia) or 35(1)(iii) or 35(2AA)]

Details of donations given to research associations as follows:

• Name and address of donee.
• PAN of donee.
• Total amount of donation – give break‐up of amount paid in cash/other mode.
• Eligible amount of donation.

 

Schedule‐ 80‐IA, Schedule‐ 80‐IB, Schedule‐ 80‐IC and Schedule‐80‐IE:

Undertaking to furnish details of deduction under Form No.10CCB being the report of audit under sections 80‐IA/ 80‐IB/ 80‐IC and 80‐IE except in the following cases:

Schedule 80IB	Form Number
Deduction in the case of multiplex theatre [Section 80‐IB(7A)]	10CCBA
Deduction in the case of convention center [Section 80‐IB(7B)]	10CCBB
Deduction in the case of an undertaking engaged in operating and maintaining a rural hospital [Section 80‐IB(11B)]	10CCBC
Deduction in the case of an undertaking engaged in operating and maintaining a hospital in any area, other than excluded area [Section 80‐IB(11C)	10CCBD

 

Schedule‐ 80P ‐ Deductions under section 80P

A co‐operative society should furnish details of deduction under this section.

 

Schedule‐VIA ‐ Deductions under Chapter VI‐A

• Section 80G: Deduction in respect of donations to certain funds, charitable institutions, etc.
• Section 80GGA: Deduction in respect of donation for scientific research or rural development
• Section 80GGC: Deduction in respect of contributions given by any person to Political parties.

 

Part C‐ Deduction in respect of certain incomes

• Section 80IA: Deduction in respect of profits and gains from industrial undertakings or enterprises engaged in infrastructure development, etc.
• Section 80IAB: Deduction in respect of profits and gains by an undertaking or enterprise engaged in development of Special Economic Zone
• Section 80IAC: Special provision in respect of specified business
• Section 80IB: Deduction in respect of profits and gains from certain industrial undertakings other than infrastructure development undertakings
• Section 80IBA: Deductions in respect of profits and gains from housing projects
• Section 80IC / 80IE: Special provisions in respect of certain undertakings or enterprises in certain special category States/North-eastern States
• Section 80JJA: Deduction in respect of profits and gains from business of collecting and processing of bio‐degradable waste
• Section 80JJAA: Deduction in respect of employment Of new workmen
• Section 80LA(1): Deduction in respect of certain incomes of Offshore Banking Units.
• Section 80LA(1A): Deduction in respect of certain incomes of International Financial Services Centre.
• Section 80P: Deduction in respect   of income of cooperative societies
• Total Deductions.

 

Schedule AMT – Computation of Alternate Minimum Tax payable under section 115JC

Details of computation of Alternate Minimum Tax (AMT) payable under section 115JC (special provisions for payment of tax by certain persons other than a company).

 

Schedule AMTC‐ Computation of tax credit under section 115JD

Credit for AMT paid allowed to be set-off against the normal tax liability of current assessment year.

 

Schedule‐SI – Income chargeable to tax at special rates

Details of total income which is chargeable to tax at special rates.

 

Schedule‐IF ‐ Information regarding partnership firms in which you are a partner

Details of partnership firm in which assessee is a partner.

 

Schedule‐EI ‐ Details of Exempt Income (Income not to be included in Total Income or not chargeable to tax)

• Interest income
• Gross Agricultural receipts (other than income to be excluded under rule 7A, 7B or 8 of I.T. Rules)
• Expenditure incurred on agriculture
• Unabsorbed agricultural loss of previous eight assessment years
• Agricultural income portion relating to Rule 7, 7A, 7B(1), 7B(1A) and 8 (from S. No. 39 of Sch. BP)
• Net Agricultural income for the year
• In case the net agricultural income for the year exceeds Rs.5 lakh, please furnish the following details
• Other exempt income, Income not chargeable to tax as per DTAA
• Pass through income not chargeable to tax (Schedule PTI)
• Total

 

Schedule PTI ‐ Pass Through Income details from business trust or investment fund as per section 115UA, 115UB

• Investment entity covered by section 115UA/115UB
• Name of business trust/ investment fund
• PAN of the business trust/ investment fund
• Head of Income& Current year income
• Share of current year loss distributed by Investment fund
• Net Income/ Loss (7‐8)
• TDS on such amount, if any

 

Schedule TPSA ‐ Details of tax on secondary adjustment as per section 92CE(2A) as per the schedule provided in e‐filing utility.

Details of amount of primary adjustment on which option u/s 92CE(2A).

 

Schedule FSI –Details of Income from outside India and tax relief

Schedule FSI is applicable for the taxpayer who is resident in India.  Furnish details of income, which is already included in total income, accruing or arising from any source outside India.

 

Schedule TR ‐ Summary of tax relief claimed for taxes paid outside India

Schedule TR is applicable for the taxpayer who is resident in India. Furnish a summary of tax relief which is being claimed in India for taxes paid outside India in respect of each country.

 

Schedule FA ‐ Details of Foreign Assets and Income from any source outside India

Indian Resident Assessee is required to furnish details of any foreign asset.

 

Schedule GST ‐ Information regarding turnover/gross receipt reported for GST

Assessee should furnish GSTIN Number registered and respective amounts of annual value of outward supplies reported against each GSTIN Number, if applicable. FY 2020-21 AY 2021-22 – Income Tax Return ITR 5 Form Structure.

 

Part B – TI ‐Computation of total income

• Income from house property
• Profits and gains from business or profession
• Capital gains
• Income from other sources
• Total of head wise income
• Losses of current year to be set off against 5
• Balance after set off current year losses (5‐6)
• Brought forward losses to be set off against 7
• Gross Total income (7‐8)
• Income chargeable to tax at special rate under section 111A, 112, 112A etc. included in 9
• Deductions under Chapter VIA
• Incomes not forming part of total income
• Total income
• Income chargeable to tax at special rates
• Net agricultural income/ any other income for rate purpose
• Aggregate income
• Losses of current year to be carried forward
• Deemed income under section 115JC.

 

Part B – TTI ‐ Computation of tax liability on total income

• Tax payable on deemed income under section 115JC
• Tax payable on total income
• Gross tax payable
• Credit under section 115JD of tax paid in earlier years
• Tax payable after credit under section 115JD
• Tax relief
• Net tax liability
• Interest and Fee payable
• Aggregate liability
• Taxes Paid
• Amount payable
• Refund
• Do you have a bank account in India (Non‐ Residents claiming refund with no bank account in India may select No)
  • IFS Code of the bank (SWIFT code in case of foreign bank)
  • Name of the Bank
  • Account Number
  • Country of Location
  • IBAN
• Do you at any time during the previous year, ‐ hold, as beneficial owner, beneficiary or otherwise, any asset (including financial interest in any entity) located outside India; or have signing authority in any account located outside India; or have income from any source outside India?

 

Part –A ‐ Details of payments of Advance Tax and Self‐Assessment Tax

• BSR Code
• Date of Deposit
• Serial Number of Challan
• Amount

 

Part‐ B ‐ Details of Tax Deducted at Source on income

• TDS credit relating to self /other person [Other person as per Rule 37BA(2)]
• PAN/ Aadhaar No. of other person (If TDS credit related to other person)
• TAN of the Deductor/PAN/ Aadhaar No.of Tenant/Buyer
• Unclaimed TDS brought forward (b/f)
• TDS of the current financial year(TDS deducted during the FY 2020‐21)
• TDS credit being claimed this year (only if corresponding receipt is being offered for tax this year not applicable if TDS is deducted u/s 194N)
• Corresponding receipt/withdrawals offered
• TDS credit forward being carried.

 

Part‐ C – Details of Tax Collected at Source (TCS)

• Tax deduction   and   Tax
• Collection Account Number of the Collector
• Name of the Collector
• Unclaimed TCS brought forward (b/f)
• TCS of the current financial year (tax collected during the FY 2020‐21)
• Amount out of above being claimed this year (only if corresponding receipt is being offered for tax this year)
• Amount out of above being carried forward. FY 2020-21 AY 2021-22 – Income Tax Return ITR 5 Form Structure.