ITR-5 Return Filing in India
ITR-5 is the income tax return form for partnership firms, LLPs, AOPs (Association of Persons), BOIs (Body of Individuals), and certain other entities — excluding individuals, HUFs, and companies (which file separately). It requires detailed profit & loss, balance sheet, and partner/member details, and mandatory audit above prescribed turnover thresholds. Due dates are 31st July for non-audit cases and 31st October for audit cases.
What Is ITR-5?
ITR-5 is the designated tax return form for entities that are neither individuals/HUFs (who file ITR-1 through ITR-4) nor companies (who file ITR-6) — primarily partnership firms and LLPs, along with AOPs, BOIs, cooperative societies, and local authorities. The firm or LLP itself is taxed as a separate entity, distinct from its partners' individual tax obligations reported on their own ITR-3.
Filing requires detailed disclosure of the entity's profit & loss account, balance sheet, and — for firms/LLPs specifically — details of partners/designated partners and their profit-sharing ratios. A tax audit becomes mandatory once turnover crosses the prescribed threshold, which extends the filing due date and requires an audit report to be filed alongside the return.
Who Files ITR-5
Step-by-Step Process
- 1Confirm ITR-5 applies — entity type is a firm, LLP, AOP, BOI, or similar.
- 2Compile the entity's profit & loss account and balance sheet for the financial year.
- 3Gather partner/member details — names, PANs, and profit-sharing ratios.
- 4Determine if a tax audit is required, based on turnover/receipts thresholds.
- 5Complete the audit (if applicable) and obtain the audit report before the extended due date.
- 6Fill ITR-5 on the e-filing portal, including all required schedules — P&L, balance sheet, partner details.
- 7Submit and e-verify the return using the entity's DSC or other applicable verification method.
ITR-5 vs Related ITR Forms
Frequently Asked Questions
Yes, ITR-5 filing is mandatory for partnership firms and LLPs regardless of profit or loss, and filing on time is also necessary to carry forward any loss for future offset.
Yes, ITR-5 is filed at the firm/LLP level for the entity's own income, while each partner separately reports their share of the firm's profit (which is generally exempt in their hands but must be disclosed) through their individual ITR-3.
DSC is mandatory for firms/LLPs whose accounts are required to be audited; for entities not requiring audit, filing can sometimes be verified through other means such as Electronic Verification Code (EVC), depending on current portal rules.
The tax audit threshold varies based on turnover and the nature of the business (trading vs. profession), and has been periodically revised with higher limits for businesses conducting primarily digital transactions — current thresholds should be confirmed at filing time.
Yes, even a dormant or inactive LLP with no business activity during the year is still required to file a nil ITR-5 return, since the filing obligation is based on registration status, not activity level. ---
Ready to file your Firm/LLP's ITR-5?
Financial statements, audit coordination & filing in one package.
⭐ 4.9/5 rated • Bengaluru-based CA/CS team
Reviewed by our compliance team
CA/CS Panel, Seedan Group
This guide is reviewed by practicing Chartered Accountants and Company Secretaries at Seedan Group with hands-on experience in Indian business registration and compliance. Content is for general guidance and updated as regulations change.
Related Services
Other services our clients often pair with this one.
15CA-15CB Filing
Form 15CA and 15CB are mandatory filings required before making a remittance to a foreign entity or individual, confirming that applicable tax has been deduct
Learn moreBusiness Tax Filing
Business Tax Filing is the mandatory annual filing of income tax returns for any registered business entity — proprietorship, partnership, LLP, or company — r
Learn moreIncome Tax Filing
Income Tax Filing is the process of declaring annual income and paying applicable tax to the Income Tax Department under the Income Tax Act, 1961, mandatory f
Learn moreIncome Tax Notice
An Income Tax Notice is a formal communication from the Income Tax Department flagging a discrepancy, seeking clarification, or initiating scrutiny on a filed
Learn more