The Income Tax Department has rolled out the ITR-5 Excel Utility for the Assessment Year 2024–25. Designed for partnership firms, Limited Liability Partnerships (LLPs), and cooperative societies, this tool will help them easily prepare and file their annual income tax returns.

Other eligible filers for ITR-5 include Associations of Persons (AOPs), Bodies of Individuals (BOIs), artificial juridical persons, cooperative societies, societies registered under the Societies Registration Act, local authorities, and certain business trusts and investment funds. In short, this form is meant for all entities except individuals, Hindu Undivided Families (HUFs), companies, and those required to file ITR-7.

The IT department on the social media platform X said, “Kind Attention Taxpayers! Excel Utility of ITR-5 is live now and is available for filing.” The ITR-5 structure includes detailed financial disclosures, including general information, balance sheet, manufacturing and trading accounts, profit and loss statement etc.

Income schedules from various sources, loss set-off, depreciation, deductions, exempt income, foreign assets, GST reconciliation, and tax relief are part of the ITR-5 filing structure. 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).

The updated ITR-5 now permits reporting of buyback losses only if the related dividend has been taxed. The deadline for filing returns for non-audit cases is September 15. Taxpayers can do e-verification or physically verify their returns by sending the signed form to the Centralised Processing Centre (CPC) in Bengaluru within 30 days. (With IANS Inputs)