ITR-5 Form — For Firms, LLPs, AOPs & BOIs

No. ITR-3 is only for individuals and HUFs with business or profession income. An LLP is neither an individual nor a HUF, so it must file ITR-5 regardless of turnover. Filing ITR-3 makes the return defective under Section 139(9) and the department can issue a defective-return notice.

A partnership firm (not an LLP) opting for the presumptive scheme under Section 44AD or 44ADA can file ITR-4 only if it is a resident firm other than an LLP and within the eligibility limits. Otherwise, and for all LLPs, the correct form is ITR-5. When unsure, entity type and audit status decide the form.

Yes. The firm/LLP files ITR-5 and pays tax on its own income. Each partner then files a personal return (usually ITR-2 or ITR-3) showing salary, interest and share of profit received from the firm. A partner’s share of the firm’s profit is exempt in the partner’s hands to avoid double taxation.

For AY 2026-27 the due date is 31 July 2026 if no audit is required, 31 October 2026 if a Section 44AB tax audit applies, and 30 November 2026 where a transfer-pricing report in Form 3CEB is required. A belated or revised return can be filed up to 31 December 2026.

Under Section 234F the late fee is Rs 5,000 if ITR-5 is filed after the due date, reduced to Rs 1,000 where total income does not exceed Rs 5,00,000. Interest under Sections 234A/234B/234C also applies on any unpaid tax, and belated filing forfeits the carry-forward of business and capital losses.

Yes. An updated return (ITR-U) under Section 139(8A) can be filed within 48 months of the end of the assessment year (Budget 2025 extended this from 24 months). It is meant for disclosing additional income and comes with additional tax; it cannot be used to reduce income, claim a refund or report a loss.

A Section 44AB tax audit is required when business turnover exceeds Rs 1 crore (Rs 10 crore where cash receipts and payments are each 5% or less) or professional gross receipts exceed Rs 50 lakh. Audit cases get the 31 October due date and must file ITR-5 with a digital signature.

DSC is mandatory for any ITR-5 filer subject to a Section 44AB audit — a Class 3 DSC of a partner or designated partner is used. Non-audit filers may e-verify using EVC through net banking or Aadhaar OTP. ITR-5 cannot be filed on paper; it must be submitted online at incometax.gov.in.

Schedule BP (Business/Profession) computes taxable business income. It starts from the net profit in the profit and loss account, adds back disallowed items (personal expenses, excess depreciation, penalties, provisions) and deducts amounts allowable under the Act but not booked. Presumptive income under Sections 44AD/44ADA/44AE is also reported here.

You need the firm’s finalised profit and loss account and balance sheet, the partners’ capital accounts, Form 26AS and AIS/TIS for tax credits, TDS certificates (Form 16A), bank statements, the tax audit report (Form 3CA/3CB-3CD) where applicable, and the partnership deed or LLP agreement.

Yes. Firms and LLPs maintaining books must fill the full Schedule BS (balance sheet) and Schedule P&L (profit and loss account) that match the audited financials in audit cases. Only firms genuinely under a presumptive scheme are relieved from full books, reporting summarised figures instead.

ITR-5 is for firms, LLPs, AOPs, BOIs and similar non-corporate entities, while ITR-6 is for companies registered under the Companies Act (except those claiming Section 11 exemption, which use ITR-7). An LLP is not a company, so an LLP always files ITR-5, never ITR-6.

Yes. An LLP must also file MCA Form 11 (annual return) by 30 May and Form 8 (statement of account and solvency) by 30 October each year. These are separate from the income-tax return. Late MCA filing carries a penalty of Rs 100 per day per form with no cap and can lead to the LLP being struck off.

Yes. Co-operative societies and local authorities file ITR-5. Depending on turnover they may also be subject to a Section 44AB tax audit, in which case the return must be filed by 31 October with a digital signature.

An Association of Persons (AOP) and a Body of Individuals (BOI) file ITR-5. This includes joint-venture AOPs and similar arrangements. The AOP/BOI is assessed as a single unit; how the members are taxed on their shares depends on whether the individual shares are determinate.