The income tax department has enabled the ITR-5 for e-filing by the tax payers. This income tax return is meant for firms, LLPs, AOPs (Association of persons) and BOIs (Body of Individuals).
The ITR-2 Form is an Income Tax Return form used by Indian citizens, as well as Non Residents to file their T
“ITR 1, 2, 3, 4 & 5 for AY 2019-20 is now available for e-Filing. Other ITRs will be available shortly,” the income tax department said in a statement.
The last date for filing ITR-5 is 31st July. If you file post 31 July but before December of this year (i.e. 2019), a penalty of Rs 5000 will be levied.
Individuals who are not eligible to use ITR-1 can use the ITR-2 Form. The ITR-3 Form applies particularly to those Individuals and Hindu Undivided Families who have income from carrying on a profession or from Proprietary business.
If an Individual/HUF is having income as a partner of a partnership firm that is carrying out business/profession, he cannot file ITR-3. In such a case, he is required to file ITR 2.
The department had earlier enabled ITR-1 which is largely used the salaried class of taxpayers with income up to Rs 50 lakh from salary, one house property only and additional income such as interest earned from fixed deposits, recurring deposits among others.
