ITR 5 Form Filing in Maharashtra

ITR 5 Form Filing in Maharashtra

Filing an income tax return is a crucial compliance requirement for various entities as specified in the tax regime in India. Among the different forms prescribed by the Income Tax Department, ITR 5 is particularly designed for certain categories of taxpayers as specified in the tax regime, like LLP, Corporate societies, etc. If you are a business entity or a professional in Maharashtra, understanding ITR-5 filing is important to ensure compliance and avoid penalties and unnecessary legal complexities.

What is the ITR 5 Form?

The ITR-5 form is an income tax return form used by firms, associations, and other entities that are not required to file the ITR-7. This form is applicable to a variety of business structures, including partnership firms, LLPs, and cooperative societies, allowing them to report their income, deductions, and tax liabilities to the Income Tax Department.

Who is Eligible for ITR 5 Return Filing in Maharashtra?

1. Partnership Firms – Firms who are registered under the Partnership Act, 1932 as per their requirement.
2. Limited Liability Partnerships (LLPs) – The LLPs who are registered under the LLP Act, 2008 as per their requirement.
3. Associations of Persons (AOPs) – Groups formed by individuals or entities to achieve a common purpose.
4. Bodies of Individuals (BOIs) – Similar to AOPs but consisting only of individuals.
5. Artificial Juridical Persons – Entities recognized by law but not classified under companies or trusts.
6. Cooperative Societies – Societies operating under cooperative principles.
7. Business Trusts and Investment Funds – Entities set up for investment and financial purposes.

Due Date for Filing ITR 5 Form

The deadline for filing ITR 5 depends on whether the accounts require auditing:

• For entities not requiring an audit: July 31 of the assessment year.
• For entities requiring an audit under the Income Tax Act: October 31 of the assessment year.
• For entities covered under Transfer Pricing Regulations: November 30 of the assessment year.

Documents Required for ITR 5 Filing in Maharashtra

1. PAN Card of the entity.
2. Aadhar Card (if applicable).
3. Bank Statements of the business.
4. Income and Expenditure Statements.
5. Balance Sheet and Profit & Loss Account.
6. TDS Certificates (Form 16A/16B/16C).
7. Audit Report (if applicable).
8. GST Return Details (if registered under GST).
9. Investment and Deduction Proofs (under Sections 80C, 80D, etc.).

Online Process for Filing ITR-5 Form in Maharashtra

1. Log in to the e-Filing Portal: Select the appropriate assessment year and select ITR 5 from the available options on the website.
2. Select ITR 5 Form: Provide the income details, deductions, tax payments and other required details accurately.
3. Fill in the Required Details: Enter income details, deductions, and tax payments accurately.
4. Upload Digital Signature Certificate (DSC): If applicable, upload the DSC for authentication.
5. Validation of Information: After reviewing the essential required details, submit the ITR 5 form online.
6. Submission and return: After the final verification of the form has been completed, you need to submit the return online.
7. E-Verify the Return: Use Aadhaar OTP, net banking, or EVC to verify the return.

Importance of Filing Form ITR 5 in Maharashtra

1. Legal Compliance – Filing ITR 5 make sure that you have compliance and adherence to tax laws and avoids penalties and unnecessary compilations.
2. Avoiding Legal Consequences- Legal issues and penalties may take place if you file late or don't file the ITR.
3. Access to Loans and Credit – Financial institutions require ITR proof for loans and credit approvals.
4. Carry Forward Losses – Entities can carry forward business losses for future tax adjustments.
5. Claiming Tax Refunds – Overpaid taxes can be claimed back through the ITR 5 filing.

Why Choose Us for ITR-5 Filing in Maharashtra?

1. Time-Saving – We handle all paperwork and submissions, saving you valuable time, and also finish the task in a time-bound manner.
2. Compliance Assurance – Avoid penalties with timely and error-free filing and work in a hassle-free manner to prevent unnecessary complications.
3. Affordable Pricing – Transparent and cost-effective services tailored to your needs, so that you get the perfect result from our services.
4. 24/7 Support – Get assistance anytime for tax queries and clarifications. We get in touch with you at every step to take care of your task.