Income Tax Filing 2025: The Income Tax Department has released the ITR-5 Excel Utility for Assessment Year (AY) 2024–25, enabling eligible entities to file their annual income tax returns with updated
reporting features.
Who Can File ITR-5
ITR-5 is designated for entities other than individuals, Hindu Undivided Families (HUFs), companies, and those required to file ITR-7.
Eligible filers include:
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Partnership firms
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Limited Liability Partnerships (LLPs)
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Associations of Persons (AOPs)
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Bodies of Individuals (BOIs)
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Artificial juridical persons
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Cooperative societies
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Societies registered under the Societies Registration Act
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Local authorities
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Certain business trusts and investment funds
Individual taxpayers, HUFs, companies, and entities under ITR-7 provisions are not permitted to use this form.
The ITR-5 structure covers detailed financial disclosures:
- Part A for general information, balance sheet, manufacturing/trading accounts, profit & loss, and other information.
- Part B for computation of income and tax liability. Schedules for income from various sources, loss set-off, depreciation, deductions, exempt income, foreign assets, GST reconciliation, and tax relief.
- Schedules: Income from various sources, loss set-off, depreciation, deductions, exempt income, foreign assets, GST reconciliation, and tax relief.
Key updates for AY 2024–25 include new sections for MSME registration and Section 80-IAC startup deductions, along with expanded reporting for emerging income categories like virtual digital assets (crypto/NFTs).
Filing can be done online through the Income Tax Department’s e-filing portal using a digital signature or verification code. Offline submission is also available. No supporting documents are required, but tax credits must match Form 26AS.
Deadlines:
Non-audited entities: 31 July 2025
Audited accounts: 31 October 2025
Transfer pricing audit: 30 November 2025 Before filing, taxpayers must ensure portal registration, bank account validation for refunds, updated digital signatures, and submission of applicable statutory forms.
