ITR-5

GargeFilings: ITR-5 Filing Services

About GargeFilings: GargeFilings is a premier provider of tax and compliance services, dedicated to making the process of filing income tax returns (ITRs) straightforward and efficient for businesses and entities. Our team of experienced professionals offers comprehensive ITR-5 filing services, ensuring that your tax return is accurate and filed on time.

ITR-5 Filing Services: Income Tax Return (ITR) Form 5 is designed for firms, Limited Liability Partnerships (LLPs), Association of Persons (AOPs), Body of Individuals (BOIs), Artificial Juridical Persons (AJPs), Estate of Deceased, Estate of Insolvent, Business Trusts, and Investment Funds. GargeFilings provides end-to-end assistance in filing your ITR-5, ensuring compliance with the latest tax regulations and optimizing your tax benefits.

Who Can File ITR-5:

• Firms
• Limited Liability Partnerships (LLPs)
• Association of Persons (AOPs)
• Body of Individuals (BOIs)
• Artificial Juridical Persons (AJPs)
• Estate of Deceased
• Estate of Insolvent
• Business Trusts
• Investment Funds

Who Cannot File ITR-5:

• Individuals
• Hindu Undivided Families (HUFs)
• Companies
• Persons required to file Form ITR-7

Required Documents and Information for ITR-5 Filing: To ensure a smooth and accurate filing process, GargeFilings requires the following documents and information from clients:

Basic Information:

• PAN card of the entity
• Aadhaar card of the partners (for firms/LLPs)
• Address and contact details

Financial Statements:

• Balance sheet as on 31st March of the financial year
• Profit and loss statement for the financial year

Bank Account Details:

• Details of all bank accounts held during the financial year, including bank statements

Audit Reports:

• If applicable, a copy of the audit report under Section 44AB and other applicable sections

Tax Payment Details:

• Challan copies of advance tax and self-assessment tax payments
• Details of TDS deducted and TDS credit available

Business and Professional Income Details:

• Details of income from business or profession
• Statement of income for presumptive taxation under Section 44AD, 44ADA, or 44AE, if applicable

Investment and Other Income Details:

• Details of income from investments such as interest, dividends, capital gains, etc.
• Details of other income such as rent, commissions, etc.

Deductions and Exemptions:

• Details of deductions under Chapter VI-A, such as Section 80C, 80D, 80G, etc.
• Details of exemptions claimed, if any

Other Relevant Documents:

• Details of any foreign assets and income
• Information about partners/members, including their capital accounts and profit-sharing ratios

How GargeFilings Can Help:

• Consultation: Providing expert advice on eligibility for deductions, exemptions, and other tax-saving measures.
• Document Verification: Assisting in the collection and verification of necessary documents and information.
• Accurate Filing: Ensuring accurate data entry and preparation of the ITR-5 as per prescribed formats.
• Timely Submission: Ensuring that the ITR-5 is filed well before the due date to avoid interest and penalties.
• Post-Filing Support: Providing assistance with any queries or issues that may arise after filing, including responses to notices from the Income Tax Department.

Due Dates for ITR-5 Filing:

• Non-Audit Cases: 31st July of the assessment year.
• Audit Cases: 30th September of the assessment year.

Consequences of Non-Compliance:

• Interest: Interest is levied for late filing under Section 234A, 234B, and 234C.
• Penalty: A penalty of ₹5,000 may be levied for late filing of the return under Section 234F. If the return is filed after 31st December of the assessment year, the penalty may increase.
• Loss of Benefits: Certain deductions and exemptions may not be available if the return is not filed on time.

With GargeFilings, you can be assured of a seamless and accurate ITR-5 filing experience. Our commitment to professionalism and attention to detail ensures that your tax return is in full compliance with the latest regulations, maximizing your benefits and minimizing your stress. Trust GargeFilings to be your reliable partner in managing your tax obligations efficiently.