3 days ago
ITR-5 excel utility opens: What is it and who must file
The Income Tax Department has made the Excel utility for Income Tax Return (ITR)–5 available on its e-filing portal, allowing eligible taxpayers to start filing for the assessment year 2025–26. The launch comes slightly later than usual, reportedly due to major changes in this year's ITR August 9, 2025, it wrote on X, 'Kind Attention Taxpayers! Excel Utility of ITR-5 is live now and is available for filing.'
advertisementWHO SHOULD FILE ITR-5?Under the Income Tax Act, 1961, ITR-5 is meant for firms, Limited Liability Partnerships (LLPs), co-operative societies, and certain other bodies. It is not for individuals or companies, as they have separate THE FORM COVERSThe ITR-5 form is detailed, requiring a range of financial A includes general details like, the balance sheet, manufacturing or trading accounts, the profit and loss account, and other related B focusses on calculating income and tax liability. Further, there are also multiple schedules for reporting different types of income, loss set-off, depreciation, deductions, exempt income, foreign assets, GST reconciliation, and tax relief year, a new change allows reporting of buyback losses only if the related dividend has already been DEADLINESFor non-audit cases, the deadline for submitting ITR-5 is September 15, 2025.
If filing physically, taxpayers must verify the return by sending the signed ITR-V form to the Centralised Processing Centre (CPC) in Bengaluru within 30 days, unless they choose to e-verify ACCURATE FILING MATTERSFiling an income tax return is not just a yearly formality, it ensures you stay compliant with tax laws, claim refunds you are eligible for, and avoid penalties for late or incorrect filing.(Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)- Ends
