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ITR-5 Form can be used by Firms, Limited Liability Partnerships(LLPs), Association of persons(AOPs) and Body of Individuals(BOIs), Artificial Juridical Person, Cooperative society and Local authority, provided they are not required to file the return of income under section 139(4A) or 139(4B) or 139(4C) or 139(4D) (i.e., Trusts, Political party, Institutions, Colleges, etc.).
Individuals, HUFs (Hindu Undivided Families), Companies cannot use the ITR-5 Form.
ITR-6 Form can be used only by Companies. Only companies that are not claiming exemption under section 11 (Income from property held for charitable or religious purposes) can use the form to file their Tax Returns with the Income Tax Department of India.
Taxpayers who do not file their income tax return on time are subject to penalty and charged an interest on the late payment of income tax. Also, the penalty for late filing income tax return on time has been increased recently. The penalty for late filing income tax return is now as follows:
Late Filing between 1st August and 31st December - Rs.5000
Late Filing After 31st December - Rs.10,000
Penalty if taxable income is less than Rs.5 lakhs - Rs.1000
The due date for income tax return filing is 31st July of every year for individual taxpayers.
The due date for income tax return filing for companies and taxpayer requiring tax audit is 30th September.
Section 44AD of the Income Tax Act deals with tax audit under Income Tax Act.
ITR-5 must be filed by firms, LLPs (Limited Liability Partnerships), AOPs (Association of persons) and BOIs (Body of Individuals), artificial juridical person, cooperative society and local authority.
ITR-5 cannot be filed by Taxpayers who fall under the below category :
Assessees who are required to file the return of income under section 139(4A) or 139(4B) or 139(4C) or 139(4D) (i.e., Trusts, Political party, Institutions, Colleges, etc.)
Individuals, HUFs (Hindu Undivided Families), Companies
ITR-5 form is to be used when the assessee is one of the following :
Due date for filing the income tax return is 31st August.
ITR-6 must be filed by companies that are not claiming exemption under section 11 (Income from property held for charitable or religious purposes)
ITR-6 cannot be filed by Taxpayers who fall under the below category :
Regd Office: Dwarka Sector -30, New Delhi-110075 (DELHI)
Corporate Office: Shaheen Bagh, Kalindikunj Road, New Delhi-110025 (DELHI)
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