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ITR 5

Original price was: ₹3,500.00.Current price is: ₹2,950.00.

Understanding ITR-5 Applicability for FY 2024-25 with AutoBizNow 🧾

Filing the correct Income Tax Return (ITR) form is crucial for compliance and efficient tax management. For the Financial Year (FY) 2024-25, ITR-5 is designated for specific entities. At AutoBizNow, powered by Professional Consultant Solution Planet Private Limited, we are here to guide you through the applicability and filing process of ITR-5. 💼

Who Should File ITR-5? 🤔

ITR-5 is applicable to entities such as:

  • Firms (including Limited Liability Partnerships). 🏢
  • Association of Persons (AOPs). 👥
  • Body of Individuals (BOIs). 👤👤
  • Artificial Juridical Persons (AJPs). ⚖️
  • Co-operative Societies. 🏘️
  • Local Authorities. 🏛️

Note: Individuals, Hindu Undivided Families (HUFs), Companies, and persons required to file ITR-7 are not eligible to file ITR-5.

Income Tax Department

Key Features of ITR-5 📋

  • Comprehensive Reporting: Captures income from all sources, including business or profession, capital gains, and other income. 📈
  • Detailed Disclosure: Requires detailed information on balance sheets, profit and loss accounts, and other financial particulars. 💹
  • Tax Regime Selection: Entities can opt for the New Tax Regime under sections like 115BAD or 115BAE, if applicable.
    Income Tax Department

Filing ITR-5: Step-by-Step Guide 🛠️

  1. Gather Necessary Documents: Collect financial statements, tax payment challans, and other relevant documents. 📂
  2. Access the Income Tax e-Filing Portal: Log in to the Income Tax e-Filing Portal using your credentials. 🔑
  3. Select the Appropriate ITR Form: Choose ITR-5 for the Assessment Year 2024-25. 📄
  4. Fill in the Required Details: Enter entity information, income details, deductions, and tax computations. 🖊️
  5. Compute Tax Liability: Utilize the portal's tools to calculate your tax liability or refund. 💰
  6. Review and Validate: Carefully review all entered information and validate each section to ensure accuracy. ✔️
  7. Submit and e-Verify: Submit the return and complete the e-Verification process using Digital Signature Certificate (DSC) or Electronic Verification Code (EVC). 📧

Frequently Asked Questions (FAQs) ❓

1. Can a partnership firm file ITR-5? Yes, partnership firms, including LLPs, are required to file ITR-5. 🏢

2. Is it mandatory to file ITR-5 electronically? Yes, e-filing is mandatory for ITR-5, and it must be verified using DSC or EVC. 🖥️

3. Can co-operative societies opt for the New Tax Regime in ITR-5? Yes, co-operative societies can opt for the New Tax Regime under section 115BAD by filing Form 10-IF.

Income Tax Department

4. What is the due date for filing ITR-5 for FY 2024-25? The due date for filing ITR-5 is typically October 31st of the assessment year. For AY 2024-25, it is October 31, 2025. 📅

5. Can an AOP with exempt income file ITR-5? Yes, an AOP with exempt income can file ITR-5, provided it does not fall under the categories required to file ITR-7.

Income Tax Department

Why Choose AutoBizNow for Your ITR-5 Filing? 🌟

  • Expert Guidance: Receive professional assistance tailored to your entity's financial situation. 🧑‍💼
  • Accurate and Timely Filing: Ensure compliance with tax laws and meet deadlines without hassle. ⏰
  • Comprehensive Support: From document preparation to submission, we've got you covered. 📋

Contact AutoBizNow Today! 📞

Let AutoBizNow handle your tax filing needs, so you can focus on growing your business! 🚀

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