New Delhi :
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
