Overview

• The ITR-5 Excel Utility went live on August 9 on the Income Tax Department’s e-filing portal and can be submitted offline.
• Eligible filers include partnership firms, LLPs, AOPs, BOIs, cooperative societies, local authorities, business trusts and similar non-individual entities.
• The form’s Part A covers general information, balance sheet, trading and profit-and-loss accounts, while Part B handles income computation and tax liability with schedules for deductions, exempt income, GST reconciliation, foreign assets and virtual digital assets.
• New AY 2024-25 sections mandate MSME registration data, Section 80-IAC startup deductions and reporting of crypto/NFT transactions, with buyback losses reportable only when related dividends are taxed.
• Key deadlines are July 31 for non-audited entities, October 31 for audited accounts and November 30 for transfer-pricing cases; no supporting documents are needed but tax credits must match Form 26AS and filers must confirm portal registration, bank validation and digital signatures.