<\/span><\/h2>\n\n\n\nThe term \u201cIncome Tax Return<\/em><\/strong>\u201d denotes a form\nwhich is used by the taxpayer to file details<\/em><\/strong> about his\/her income to\nthe Income\nTax Department<\/em><\/strong>. The tax liability<\/em><\/strong> of an assessee<\/em><\/strong>\nis calculated<\/em><\/strong>\non the basis of the income <\/em><\/strong>of the assessee<\/em><\/strong>. <\/p>\n\n\n\nIt is mandatory for all the Individuals <\/em><\/strong>or Businesses\n<\/em><\/strong>that are earning income during a Financial Year<\/em><\/strong> to file\nITR<\/em><\/strong> for that Financial Year.<\/p>\n\n\n\nFurther, the process <\/em><\/strong>of submitting Income\nTax Return<\/em><\/strong> to the IT Department<\/em><\/strong> is known as Income\nTax Return Filing<\/em><\/strong>.<\/p>\n\n\n\n<\/span>Who are all Eligible to File Form ITR 5?<\/span><\/h2>\n\n\n\nThe ones who are all eligible to file Form ITR 5<\/em><\/strong>\nare as follows:<\/p>\n\n\n\n Firms;<\/li> Limited\nLiability Partnerships (LLPs);<\/li> Association of\nPersons (AOPs);<\/li> Body of\nIndividuals (BOIs);<\/li> Artificial\nJudicial Person;<\/li> Cooperative\nSociety;<\/li><\/ol>\n\n\n\nHowever, it shall be relevant to note that the\nbusiness formats mentioned above are eligible to file Form ITR 5 <\/em><\/strong>only if they\nare not\nfiling return<\/em><\/strong> under section 139 (4A)<\/em><\/strong>, 139 (4B)<\/em><\/strong>, 139 (4C)<\/em><\/strong>,\nor 139\n(4D)<\/em><\/strong>.<\/p>\n\n\n\n<\/span>Who are all not Eligible to File Form ITR 5?<\/span><\/h2>\n\n\n\nThe ones who are not eligible to file Form ITR 5 are as follows:<\/strong><\/p>\n\n\n\nIndividuals;<\/li> Hindu Undivided\nFamilies (HUFs);<\/li> Companies;<\/li><\/ol>\n\n\n\n<\/span>Due Dates for Filing Income Tax Return 5<\/span><\/h2>\n\n\n\nThe due dates for filing Income Tax Return <\/em><\/strong>(ITR)\n5 has been extended till 30.11.2020<\/em><\/strong>.<\/p>\n\n\n\n<\/span>Amendments Made in ITR Form 5<\/span><\/h2>\n\n\n\nThe key amendments<\/em><\/strong> made in the ITR\nForm 5<\/em><\/strong> for the Assessment Year 2020-2021,<\/em><\/strong> are as\nfollows:<\/p>\n\n\n\n<\/span>Type of Company<\/span><\/h3>\n\n\n\nUnder the General Information<\/em><\/strong> in ITR\nForm 5<\/em><\/strong>, where the assessee needs to disclose about his\/her Directorship<\/em><\/strong>\nin companies, Holdings <\/em><\/strong>of Unlisted Equity Shares,<\/em><\/strong> a new\ncolumn named \u201cType of Company<\/em><\/strong>\u201d has been added. <\/p>\n\n\n\n<\/span>New Disclosure Criteria<\/span><\/h3>\n\n\n\nNow, the Income Tax Department<\/em><\/strong> has introduced\nnew\ndisclosure criteria<\/em><\/strong> for declaring income under the Presumptive Income\nScheme, such as section 44AE, 44B, 44BB, 44AD, 44ADA, 44BBA, 44BBB<\/em><\/strong>.<\/p>\n\n\n\n<\/span>Insertion of Point 11 (Da) and 17<\/span><\/h3>\n\n\n\nFor the Assessment Year 2020-2021 the Income Tax Department and the Central Government have introduced 2 new points under the head Other Information, named Point 11(Da) and Point 17.<\/p>\n\n\n\n
<\/span>Point 11<\/span><\/h4>\n\n\n\nAny amount debited<\/em><\/strong> to the profit\nand loss account<\/em><\/strong> for the previous year<\/em><\/strong> but disallowable under\nsection\n43 B<\/em><\/strong>.<\/p>\n\n\n\n<\/span>Sub\nPoint DA<\/strong><\/span><\/h5>\n\n\n\nAny amount payable<\/em><\/strong> by the assessee\nor taxpayer<\/em><\/strong> as interest on any loan or borrowing<\/em><\/strong> either from a deposit\ntaking NBFC<\/em><\/strong> or systemically important non-deposit taking\nNBFC<\/em><\/strong>, in accordance with the terms and conditions of the agreement<\/em><\/strong>\nregulating such loan or borrowing.<\/p>\n\n\n\n<\/span>Point 17<\/span><\/h4>\n\n\n\nUnder this head, the assessee needs to mark\nthe option<\/em><\/strong> whether he is exercising the option under subsection\n2A<\/em><\/strong> of section 92 CE<\/em><\/strong> or not.<\/p>\n\n\n\n<\/span>Introduction of New Schedule 112A<\/span><\/h3>\n\n\n\nAll the details concerning Equity Shares<\/em><\/strong>, Equity\nOriented Fund<\/em><\/strong>, or Unit of a Business Trust<\/em><\/strong> on which