Income Tax Department Releases Excel Utility for ITR 5 for Assessment Year 2023-24

By Navasree A.M - On June 12, 2023 6:24 pm - 2 mins read
Income Tax Department - Excel utility - ITR-5 - Income Tax - Taxscan

The Income Tax Department has released the offline excel utility for Income Tax Returns (ITR)- 5 for the Assessment Year 2023-24 on 9th June 2023. The zip file includes the ITR from 5 CSV and Instruction of 112A and 115D which has an excel sheet. And also CSV and Instruction of TDS 1 and TDS 2.

The excel sheet of ITR-5 included general sheets, different accounts including manufacturing account sheets and different schedules that should be filled accordingly.

 The excel sheet of CSV & instruction of 112A and 115D included:

  1. Share/Unit acquired(1a)
  2. ISIN Code(2)
  3. Name of the Share/Unit(3)
  4. No. of Shares/Units(4)
  5. Sale-price per Share/Unit(5)
  6. Full Value of Consideration(Total Sale Value)(6) = 4 * 5
  7. Cost of acquisition without indexation(7)
  8. Cost of acquisition(8)
  9. If the long term capital asset was acquired before 01.02.2018(9)
  10. Fair Market Value per share/unit as on 31st January 2018(10)
  11. Total Fair Market Value of capital asset as per section 55(2)(ac)(11) = 4 * 10
  12. Expenditure wholly and exclusively in connection with transfer(12)
  13. Total deductions(13) = 7 + 12
  14. Balance(14) = 6 – 13

The other folder of the excel utility comprises TDS 1 and TDS 2. The TDS-1 includes TDS Credit related to self/ other person as per rule 37BA(2), PAN of other person, Aadhaar of other person, Tax Deduction Account No.[TAN] of the Employer, Financial year in which TDS deducted – UTBF, TDS b/f – UTBF, Deducted in own hands  – TCFY..etc.

You can download the excel utility from the website of the Income Tax Department.

Recently, the Central Board of Income Tax (CBDT) has enabled the common offline utility for filing Income Tax Returns ITR -3 and ITR – 4 for the Assessment Years 2023-24.

Read More: Income Tax Returns: CBDT enables Common Offline Utility for ITR-1 and ITR-4

The ITR Form 5 is for entities, including businesses, bodies of individuals (BOIs), limited liability partnerships (LLPs), artificial judicial persons (AJPs), associations of persons (AOPs), estates of the deceased and insolvent, investment funds, business trusts, local governments, and cooperative societies.

Please download and refer to the excel sheets for further clarifications. Visit the income tax department page and download directly from here.

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