Income Tax Return (ITR) filing Alert! I-T dept opens window to file Form ITR5 - keep this checklist in mind

Income Tax Return (ITR) filing: After allowing filing for Forms like ITR1, ITR2, ITR3 and ITR4, the Income-Tax department will now also accept ITR5 as well. Form ITR5 is for taxpayers other than individuals, Hindu Undivided Family, companies and persons filing Form ITR-7. These forms are accepted for assessment year 2019-20. ITR filing is a must for every taxpayer. ITR filing acts as a communication medium between your income from salary or other sources, and I-T department. Apart from the mentioned forms, there are also ITR6 and ITR7, which will be available for filing shortly. Each form is different from other and is filed depending upon the category of income class and individual or company. 

Before filing ITR5, here’s a checklist you must maintain.

Who can use ITR5? 

Form ITR – 5 can be used by a firm, LLP, AOP, BOI, artificial juridical person, cooperative society and local authority.

2. Who cannot? 

Form ITR – 5 cannot be used by, a person who is required to file the return of income under section 139(4A) or 139(4B) or 139(4C) or 139(4D) or section 139(4E) or section 139(4F) (i.e., trusts, political party, institutions, colleges, investment fund, etc.).

3. Checklist for filing ITR: 

1. You must have your Aadhaar card. And make sure it is linked with Permanent Account Number (PAN).
2. Have a accurate PAN card. 
3. Gather details of your investment, gains, and assets. 
4. Make sure you have proof in document form of all details that you furnish in ITR form.
5. Have a bank account. 

4. Create your ITR e-filing account:

Once you collect all the documents, the next step is to sign up on the income tax department’s website. After creating your e-filing account, you need to login on the website by entering your user ID (your PAN), password, date of birth and captcha code. 

Once you login to your ITR e-filing account, clink on “filing of income tax return” on the dashboard. Further, you need to choose the assessment year (AY) for which you want to file the ITR. 

6. Furnish correct details:

Provide details for all the information the form is seeking. Upload Digital Signature Certificate (DSC), if applicable.

7. Upload and Verify:

Finally, you should review all your details and upload the form. Click on 'Submit' button to complete the process. On successful submission, ITR-V would be displayed (if DSC is not used). Click on the link and download the ITR-V. ITR-V will also be sent to the registered email. If ITR is uploaded with DSC, the Return Filing process is complete.  

Therefore, why wait to file your ITR later when you can do it hassle-free and easily now?