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What is ITR 5 Return Filling?

For different taxpayers, the Income Tax Department has established a variety of forms. Based on their revenue source, an assessee should select the proper ITR form. The ITR 5 Form is one example of an Income Tax Return (ITR). The main target audience for it is businesses, Association of Persons (AOP), and Body of Individuals (BOI) who are exempt from filing income tax returns in the corporate capacity. Stated differently, it is intended for organizations that do not possess a corporate framework but are yet required to notify the Indian Income Tax Department of their earnings and taxes.

No Documents Required

It's crucial to remember that the ITR 5 income tax form does not need any attachments.

Who is eligible to file the ITR 5 Form?

The ITR 5 Form may be utilized by the following entities:

• Professional Limited Liability Company (LLP)
• Individuals' Body (BOI) and Persons' Association (AOP)
• Estates of the departed.
• Artificial Judgement Person mentioned in Section 2(31)(vii)
• Investment funds and business trusts
• Estate of insolvent individuals
• Cooperative society: Regional administration

It's crucial to remember that this form cannot be used by anyone who is required to file an income return under sections 139(4A), 139(4C), 139(4B), or 139(4D).