Income Tax Filing: ITR-5 excel form now live – Who should opt for it? Details here

The income tax (I-T) department has now enabled the ITR-5 Excel form online for firms, Limited Liability Partnerships (LLP), Associations of Persons (AOP), and Bodies of Individuals (BOI).

In a post shared on the social media platform X on Saturday, August 9, the income tax department noted, “Kind Attention Taxpayers! Excel Utility of ITR-5 is live now and is available for filing.”

Who should file ITR-5?

ITR- Form 5 is to be filed by a firm, Limited Liability Partnership (LLP), Association of Persons (AOP), Body of Individuals (BOI), which also includes trusts such as private trust, private discretionary trust, gratuity trust, and PF Trust, all of which are not eligible to file Form ITR-7. It also applies to artificial juridical persons as referred to in section 2(31)(vii), local authorities, and societies.

The income tax department previously released the Excel utilities for ITR-2 and ITR-3 for AY 2025-26. Prior to that, ITR-1 and ITR-4 were released.

Other ITR forms – Check eligibility

ITR-1 (sahaj): Resident individuals with a total income of up to ₹50 lakh.

ITR-2: Individuals or Hindu Undivided Families (HUFs) who are not eligible to file ITR-1 (Sahaj).

ITR-3: Individuals and HUFs engaged in business or profession requiring the maintenance of elaborate books of account.

ITR-4: A Resident Individual, HUF, or Firm (excluding LLP) with income not exceeding ₹50 lakh in a financial year. This includes income from business and profession computed on a presumptive basis under sections 44AD or 44AE, income from salary or pension, one house property, agricultural income (up to ₹5,000), and other sources.

Disclaimer: This article is for informational purposes only and does not constitute legal or tax advice. Taxpayers are advised to consult a qualified tax professional or refer to the official website of the Income Tax Department for accurate and up-to-date guidance before filing their returns.