The Central Board of Direct Taxes (CBDT) notified the guidelines for filling the particulars in Income‐tax Return Form‐5 for the Assessment Year 2021‐22 relating to the Financial Year 2020‐21.
This income tax return is meant for firms, LLPs, AOPs (Association of persons) and BOIs (Body of Individuals), Artificial Juridical Person (AJP), Estate of deceased, Estate of insolvent, Business trust and investment fund.
This Form can be used by a person being a firm, Limited Liability Partnership (LLP), Association of Persons (AOP), Body of Individuals (BOI), Artificial Juridical Person (AJP) referred to in clause (vii) of section 2(31), the local authority referred to in clause (vi) of section 2(31), representative assessee referred to in section 160(1)(iii) or (iv), Primary Agricultural Credit Society, Co‐operative Bank other than a primary agricultural credit society or a primary co‐operative agricultural and rural development bank, Primary Co-operative Agricultural and Rural Development Bank, any other cooperative society, a society registered under Societies Registration Act, 1860 or under any other law of any State, trust other than trusts eligible to file Form ITR‐7, the estate of a deceased person, the estate of an insolvent, business trust referred to in section 139(4E), investments fund referred to in section 139(4F) and Any other AOP /BOI.
However, a person who is required to file the return of income under section 139(4A) or 139(4B) or 139(4D)shall not use this form.
This Return Form can be filed with the Income‐tax Department electronically on the e‐filing web portal of Income‐tax Department (www.incometaxindiaefiling.gov.in) [www.incometax.gov.in from 7‐June‐2021] and verified by digitally signing the verification part, or authenticating by way of electronic verification code (EVC), or Aadhaar OTP, or by sending duly signed paper Form ITR‐V – Income Tax Return Verification Form by post to CPC at the Centralized Processing Centre, Income Tax Department, Bengaluru— 560500, Karnataka.
The Form ITR‐V‐Income Tax Return Verification Form should reach within 120 days from the date of e‐filing the return.
The confirmation of the receipt of ITR‐V at the Centralized Processing Centre will be sent to the assessee on e‐mail ID registered in the e‐filing account.
However, in a case where accounts are required to be audited u/s 44AB, it is mandatory to verify the return electronically under digital signature.
In case an assessee is required to furnish a report of audit under sections 10AA, 44AB, 44DA, 50B, 80‐IA, 80‐IB, 80‐IC, 80‐ID, 80JJAA, 80LA(1), 80LA(1A) 92E, 115JB, or 115JC he shall file the report electronically on or before one month of the due date specified for the filing of the return of income.
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