ITR-5 RETURN

Income Tax Return i.e. ITR is simply a form which has to be filed with the Income Tax Department. Some employees at the company term it an income tax return filing or an income tax filing. The main moto of online ITR filing is to make a report of income and the taxes that are paid to the government.
Who can file the ITR-5 Form ?
This income tax return is meant for firms LLPs, AOP, BOI, artificial juridical person, estate of deceased, estates of insolvent, business trusts and investment fund, cooperative society and local authority.
But, individual who is required to file the return of income under section 139(4A) or 139(4B) or 139(4C) or 139(4D) are not eligible to use this form.

What is the Sequence for filling parts and schedules in ITR-5?
While filling out the income tax return, the Income Tax Department recommends assesses to follow the below sequence:
1) Part A
2) Schedules
3) Part B
4) Part C
5) Verification

How can I file my ITR-5 Form?

A taxpayer has to file ITR-5 online mandatorily. There is no offline process for ITR-5. The ITR-5 can be filed Online/Electronically by:
Furnishing the return electronically under digital signature
You would have to transmit data electronically and then submit the verification of the return in the form of ITR-V.
After this, the assessee should print two copies of the ITR-V Form. A copy should be duly signed and then it has to be sent by ordinary post to the Electronic City Office in Bengaluru. The other copy may be kept by the assessee for his own record.

What is the structure of the ITR-5 Form for AY 2020-21?

ITR-5 Form has been divided into two categories i.e. parts and several schedules: