About the Service
File income tax return is a sign that is mandated by the
Government of India on individuals who earn a specified amount of annual income
must File ITR within the Due Date. This is called ITR Filing Procedure.
ITR-5 is for firms, LLPs (Limited Liability Partnership),
AOPs (Association of Persons), BOIs (Body of Individuals), Artificial Juridical
Person (AJP), Estate of deceased, Estate of insolvent, Business trust and
investment fund.
Documents Required
·
1. Individual/Salaried Person+
·
2. Pan card and Aadhaar card of firm
·
3. Bank statements
·
4. All documents in evidence of investment or
expense
Timeline of service
Form shall be filed within 4-5 working days from the receipt
of the documents
FAQs
1. 1. Who is required to file an ITR?
Every Indian citizen whose gross total income exceeds the
taxable limit must file an ITR. This implies, individuals and Hindu Undivided
Families (HUFs) with total annual income exceeding Rs. 2,50,000 are required to
file the income tax returns. For senior citizens (individuals between 60 years
and 80 years of age) the threshold is Rs 3,00,000, and that for very senior
citizens (aged above 80 years) it is Rs 5.00,000.
2. 2. What are the Advantages of filing an income tax
return online?
·
Quick processing: You will get the
acknowledgement of ITR promptly. Refunds, if any, are processed faster online
than paper-filed returns.
·
Accuracy: E-filing software minimizes errors
·
Convenience: E-filing facility is available and
can be done at your convenience
·
Privacy: The data entered by you are safe as
they cannot be accessed by anyone
·
Record of past ITRs: It is easier to access
previous data, should you need them at any time in future.