The Income Tax Department has launched the Excel Utility for ITR-5 for the Assessment Year (AY) 2024–25, making it easier for eligible entities to prepare and file their income tax returns.
Who Can File ITR-5?
ITR-5 is applicable to:
Partnership firms
Limited Liability Partnerships (LLPs)
Co-operative societies
Associations of Persons (AOPs)
Bodies of Individuals (BOIs)
Artificial juridical persons
Societies registered under the Societies Registration Act
Local authorities
Certain business trusts and investment funds
What’s Included in the ITR-5 Structure?
The ITR-5 form requires comprehensive financial details, including:
General information
Balance sheet
Manufacturing and trading account
Profit and loss statement
Schedules for income from different sources
Loss set-off and depreciation
Deductions and exempt income
Foreign assets and income
GST reconciliation
Tax relief
Key Updates for AY 2024–25
New sections for MSME registration
Deductions under Section 80-IAC for startups
Expanded reporting for virtual digital assets (cryptocurrencies, NFTs)
Buyback losses can now be reported, but only if related dividends were taxed
Important Deadlines
Filing Deadline (Non-Audit Cases): September 15, 2025
Verification Options:
E-verify the return online
Or send a signed physical copy to the Centralised Processing Centre (CPC), Bengaluru within 30 days of filing
