ITR-5 is the income-tax return for firms, LLPs, AOPs, BOIs, artificial juridical persons, co-operative societies, local authorities, business trusts and investment funds for AY 2026-27. Individuals, HUFs and companies must NOT file ITR-5 — individuals/HUFs use ITR-1 to ITR-4 and companies use ITR-6 or ITR-7. The due date is 31 July 2026 (non-audit), 31 October 2026 (44AB audit) or 30 November 2026 (transfer pricing). Missing it costs up to Rs 5,000 under Section 234F.
ITR-3 is only for individuals and HUFs with business/profession income. An LLP or partnership firm is neither — it must file ITR-5 regardless of size. Filing the wrong form makes the return defective under Section 139(9) and invites a defective-return notice. When in doubt, entity type — not income type — decides between ITR-5 and ITR-3.
Which ITR Form Applies to Your Entity?
ITR-5 is chosen by the type of taxpayer, not the type of income. Use this map to confirm your entity is really an ITR-5 filer before you start.
| Entity type | Correct ITR | Use ITR-5? | Notes |
|---|---|---|---|
| Individual (salary / business) | ITR-1 / 2 / 3 / 4 | No | Depends on income type |
| HUF | ITR-2 / 3 / 4 | No | Never ITR-5 |
| Partnership firm | ITR-5 | Yes | Include partners’ capital schedule |
| LLP (Limited Liability Partnership) | ITR-5 | Yes | Also file MCA Form 8 & Form 11 |
| AOP / BOI | ITR-5 | Yes | Association / Body of persons |
| Co-operative society / local authority | ITR-5 | Yes | As per the Income-tax Act |
| Company (Pvt Ltd / Ltd / OPC) | ITR-6 | No | Non-Section 11 companies |
| Charitable / religious trust | ITR-7 | No | Trusts, political parties, institutions |
Estates of deceased/insolvent persons, business trusts (115UA) and investment funds (115UB) also file ITR-5.
ITR-5 or ITR-6 — Firm vs Company
The line that trips people up is firm/LLP versus company. A firm and an LLP are governed by partnership/LLP law and file ITR-5; an incorporated company under the Companies Act files ITR-6.
ITR-5 — firms, LLPs, AOPs
- Partnership firms & LLPs
- AOP / BOI, co-op societies, local authorities
- Flat tax rate on firm/LLP income
- Partners taxed separately on salary/interest/share
ITR-6 — companies
- Companies registered under Companies Act 2013
- Except companies claiming Section 11 exemption
- Corporate tax rates apply
- Mandatory DSC and audited accounts
ITR-5 Due Dates & Late Fee
| Category | Due date | Audit? |
|---|---|---|
| Firm / LLP not liable to tax audit | 31 July 2026 | No |
| Turnover > Rs 1 Cr (business) / Rs 50L (profession) | 31 October 2026 | Yes · 44AB |
| International / specified domestic transactions | 30 November 2026 | Yes · Form 3CEB |
| Belated / revised return u/s 139(4)/(5) | 31 December 2026 | — |
| Updated return (ITR-U) u/s 139(8A) | Within 48 months of AY end | — |
The 44AB audit turnover limit rises to Rs 10 crore where cash receipts and payments are each ≤ 5%. Budget 2025 extended the ITR-U window from 24 to 48 months.
File ITR-5 after the due date and a late fee of Rs 5,000 applies (Rs 1,000 if the total income is up to Rs 5,00,000), plus interest under Sections 234A/234B/234C on any unpaid tax. Worse, missing the due date means business and capital losses cannot be carried forward — a far bigger cost than the fee for a loss-making firm.
Approaching a firm or LLP deadline? Get your ITR-5 filed on time.
Talk to a CA →Key Schedules in ITR-5
ITR-5 is a full financial return. These are the schedules most firms and LLPs must complete; capital-gains and TDS schedules apply only if relevant.
| Schedule | What it captures | Required? |
|---|---|---|
| Schedule P&L | Profit and loss account — revenue, expenses, depreciation, net profit | Mandatory |
| Schedule BS | Balance sheet — partners’ capital, loans, fixed assets, debtors, cash | Mandatory |
| Schedule BP | Business profit — book profit adjusted to taxable income (add-backs / allowances) | Mandatory |
| Partners’ capital A/c | Each partner’s opening capital, share of profit, drawings, closing capital, PAN | Mandatory |
| Schedule CG | Short-term & long-term capital gains on sale of assets | If applicable |
| Schedule TDS / TCS | Tax deducted / collected, matched to Form 26AS & AIS | If applicable |
Presumptive firms opting for Section 44AD/44ADA/44AE report through Schedule BP without full books.
How to File ITR-5
Where the firm/LLP is subject to a Section 44AB tax audit, ITR-5 must be verified with a Class 3 Digital Signature Certificate of a partner/designated partner. Non-audit filers may also e-verify by EVC (net banking / Aadhaar OTP). ITR-5 cannot be filed on paper.
LLPs: MCA Filing on Top of ITR-5
An LLP that files ITR-5 with the income-tax department must also file two annual returns with the MCA (Ministry of Corporate Affairs) — these are separate from the tax return.
| MCA form | Purpose | Due date |
|---|---|---|
| Form 11 | Annual return — partners, contribution, changes | 30 May every year |
| Form 8 | Statement of Account & Solvency | 30 October every year |
Late filing of Form 8 / Form 11 attracts Rs 100 per day per form with no upper cap; persistent default can lead to strike-off.
Related Income-Tax Forms You May Need
| Form | Purpose | Who issues / files |
|---|---|---|
| Form 26AS + AIS/TIS | Annual tax-credit & information statement | Income-tax dept (auto) |
| Form 16A | TDS certificate on non-salary payments | Deductor / payer |
| Form 24Q / 26Q | Quarterly TDS returns (salary / non-salary) | The firm as deductor |
| Form 3CA-3CD / 3CB-3CD | Tax audit report under Section 44AB | Chartered Accountant |
| Form 3CEB | Transfer-pricing report | Chartered Accountant |
Need TDS returns filed alongside ITR-5?
TDS Return Filing →ITR-5 — Frequently Asked Questions
Related TaxClue services
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