CBDT Introduces Revised ITR‑5 Format, Making Filing Compulsory for Firms, LLPs, AOPs & BOIs

The Central Board ofDirect Taxes (CBDT) has officially notified the revised Income Tax Return Form5 (ITR‑5), applicable for the Assessment Year 2026–27, which is important for partnership firms, LLPs, societies, trusts, and associations of persons (AOPs/BOIs).

The new form, effective from March 31, 2026, introduces streamlined disclosure requirements and enhanced reporting formats aimed at improving transparency and aligning with India’s digital tax administration goals.

According to the notification, entities filing under ITR‑5 will now need to provide comprehensive details of their business activities, financial statements, and partner/member information, alongside declarations on the choice of tax regime.

Also read:CBDT Notifies Revised ITR-7 for AY 2026–27

ITR-5 is meant for certain types of entities like partnership firms, LLPs, societies, trusts, and associations of persons (AOPs/BOIs), not for individuals who file ITR-1 to ITR-4.

The form dealing with:

Basic Information

• Name, PAN (Permanent Account Number), and any name change.
• LLP Identification Number (if applicable).
• Primary and secondary addresses.
• Contact details: phone, mobile, email.
• Specifies the due dates for filing (31 July, 31 August, 31 October, or 30 November, depending on the case).
• Mentions under which section of the Income Tax Act the return is being filed:
• 139(1) – On time.
• 139(4) – Belated return.
• 139(5) – Revised return.
• Other sections like 142(1), 148, and 153 for notices or reassessments.
• Entities must declare whether they are opting for the old tax regime or the new tax regime.
• Forms like 10-IF or 10-IC are referenced for exercising these options.
• Nature of business or profession.
• Whether books of accounts are maintained.
• Whether an audit under sections like 44AB (tax audit) or 92E (transfer pricing audit) is required.
• Balance sheet details: capital, reserves, loans, advances, assets, liabilities.
• Profit & Loss account: revenue, expenses, profits, other income.
• Details of partners/members in a firm or AOP/BOI.
• Changes in partners/members during the year.
• Shareholding details, if applicable.
• Non-resident entities: disclosure of permanent establishment in India.
• Startups recognized by DPIIT, MSMEs, or cooperative societies have specific reporting requirements.
• Foreign companies or investors must disclose shareholding percentages.

2. Return Filing Details

3. Choice of Tax Regime

4. Business/Professional Details

5. Financial Statements

6. Partner/Member Information

7. Special Cases

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