Comparison chart of ITR-5, ITR-3, & ITR-4 for AY 2025-26

ITR-5 filing eligibility and requirements in India for AY 2024-25 / FY 2023-24

Who Can File ITR-5 : Eligibility Who Can File ITR-5

ITR-5 is meant for entities other than individuals and HUFs, specifically:

• Firms (including LLPs)
• AOPs (Association of Persons)
• BOIs (Body of Individuals)
• Artificial Juridical Persons (AJP)
• Co-operative Societies
• Local Authorities
• Private Discretionary Trusts
• Estate of deceased or insolvent person under certain circumstances
• Business trusts and Investment funds referred in section 115UB
• Estate of Deceased / Insolvent persons
• Business Trusts & Investment Funds
• Artificial Juridical Persons

ITR-5 filing eligibility and requirements in India. ITR-5 utility release information for AY 2025-26, ITR-5 filing Applicable to Persons other than Individual, HUF, Company, Person filing Form ITR-7. This means the Excel-based ITR-5 filing tool and its JSON schema became available from 8 August 2025, allowing entities like partnerships, LLPs, AOPs, BOIs, etc., to start preparing and filing their returns for FY 2024-25. ITR-5 Available Utility:

• 1. Utility Excel Based – Version 1.0 (15.9 MB)
  2. Date of first release: 08-Aug-2025
  3. Schema File Size: 1 MB

Who Cannot File ITR-5

• Individuals and HUFs (they file ITR-1, 2, 3, or 4 depending on income sources)
• Companies (except LLPs) must file ITR-6 or ITR-7 depending on exemptions
• Persons claiming exemption under section 11 (Income from property held for charitable/religious purposes) use ITR-7
• ITR 5 Not for Individuals, HUFs (Hindu Undivided Families), Companies, ITR-7 assessees

Structure of ITR-5:

• • Part A: General Information
  • Part-B: Statement of total income & tax computation
  • Schedules:
    • BP – Business/Profession
    • CG – Capital Gains
    • CYLA – Set-off of losses, etc.
• For ITR 5 requires balance sheet, profit & loss account, and audit reports (if applicable). and Presumptive taxation available u/s 44AD, 44ADA, 44AE also MAT (Minimum Alternate Tax) / AMT (Alternate Minimum Tax) details applicable where relevant

ITR Filing Method

• Only online via the Income Tax e-Filing portal:
  1. Using Digital Signature Certificate (DSC) (mandatory for firms, LLPs, and certain other entities)
  2. Through Electronic Verification Code (EVC) (only for those not mandatorily required to use DSC)

Key Income Sources Allowed in ITR-5

• Income from business or profession
• Capital gains
• House property income
• Other sources (interest, dividends, etc.)
• Income from speculative business (e.g., F&O trading)
• Presumptive income u/s 44AD, 44ADA, 44AE (for eligible entities)

Mandatory Disclosures in ITR-5

• Balance Sheet and Profit & Loss Account (as per Schedule BP, P&L, BS)
• Partner/Member details in case of firm/AOP/BOI
• Audit information if applicable under:
  • Section 44AB (Tax Audit)
  • under Section 92E (Transfer Pricing Report)
• Details of foreign assets & income (if applicable)
• GST details & turnover reconciliation (if applicable)

Due Dates of ITR-5 For AY 2024-25:

• 31st July 2024 – If no audit is required
• 30th September 2024 – If audit is required u/s 44AB
• 31st October 2024 – If Transfer Pricing report required under Section 92E

Penalties for Late Filing

• INR5,000 if filed after due date but before 31 Dec
• INR 1,000 if total income ≤ INR5 lakh
• Interest u/s 234A, 234B, and 234C may also apply
• Losses (except house property loss) cannot be carried forward if return filed late

Comparison chart of ITR-5, ITR-3, and ITR-4 for AY 2025-26 (FY 2024-25):

Particulars	ITR-3	ITR-4 (Sugam)	ITR-5
Who can file	Individuals and HUFs having income from profits & gains of business or profession (other than ITR-4 presumptive scheme), along with other incomes	Individuals, HUFs, and Firms (other than LLP) resident in India with total income up to INR50 lakh, having income from business/profession computed under presumptive taxation (Sections 44AD, 44ADA, 44AE)	Firms, LLPs, AOPs, BOIs, artificial juridical persons, cooperative societies, local authorities, and other entities (except those who are required to file ITR-7)
Type of Assessee	Individual / HUF	Individual / HUF / Firm (Non-LLP)	Partnership Firms, LLPs, AOPs, BOIs, etc.
Residential Status	Resident or Non-Resident	Resident only	Resident or Non-Resident
Income Sources Covered	Salary, House Property, Capital Gains, Business or Profession, Other Sources, Foreign Assets, and income from outside India	Salary, One House Property, Other Sources, and Business/Profession income under presumptive scheme only	Income from Business/Profession, Capital Gains, House Property, Other Sources
Turnover / Income Limit	No limit	Total income ≤ INR50 lakh; turnover/gross receipts limit for presumptive scheme applies	No limit
Presumptive Taxation	Not applicable (normal books required)	Applicable (44AD, 44ADA, 44AE)	Not applicable (normal books required)
Foreign Assets / Income	Allowed, Schedule FA to be filled	Not allowed	Allowed
Audit Requirement	If turnover/profit conditions under Section 44AB apply	Only if not following presumptive scheme or conditions violated	If turnover/profit conditions under Section 44AB apply
Filing Method	Online or Offline	Online or Offline	Online only
Typical Use Case	Individual consultant, trader, professional, or business owner with regular accounting	Small shop owner, small trader, small professional opting for presumptive taxation	LLP, partnership firm, AOP, BOI with any income source except political/religious trust (ITR-7)

ITR forms (ITR-1, ITR-2, ITR-3, ITR-4) apply for different income types and taxpayer situations for AY 2025-26.

• ITR-1 is for simple resident salaried cases (no foreign income/assets, capital gains, or complex deductions).
• ITR-4 is for presumptive income u/s 44AD, 44ADA, 44AE (resident individuals, HUFs, and firms excluding LLPs) with total income ≤ INR50 lakh, but not for those with foreign assets/income.
• ITR-3 covers individuals/HUFs with business or profession income (non-presumptive).
• ITR-2 is for individuals/HUFs without business income but with more complex scenarios (capital gains, foreign assets, multiple properties, etc.).

In case we miss the September 15, 2025 filing deadline

Here’s the breakdown:

This table makes it clear that missing the deadline can result in monetary penalties, loss of tax benefits, daily fines, and even jail time in extreme cases.

7 new disclosure requirements for ITR-1 and ITR-4 (AY 2025-26, Old Regime taxpayers):

Sl. No.	Section / Claim	New Additional Details Required
1	HRA Exemption – Sec 10(13A)	Place of Work; Actual HRA Received; Actual Rent Paid; Basic Salary + DA; % of Basic Salary (50% for metro / 40% for non-metro).
2	80C – PPF, Life Insurance, etc.	Document/Receipt No.; PPF A/c No.; Insurance Policy No.
3	80D – Health Insurance	Name of Insurance Company; Policy/Document No.
4	80E – Education Loan Interest	Lender Name; Bank Name; Loan A/c No.; Loan Sanction Date; Total Loan Amt; Loan Outstanding as on 31 Mar.
5	80EE / 80EEA – Interest on Home Loan	the Lender Name; Bank Name; Loan A/c No.; Loan Sanction Date; Total Loan Amt; Loan Outstanding as on 31 Mar.
6	80EEB – Interest on Electric Vehicle Loan	Lender Name; Bank Name; Loan A/c No.; Loan Sanction Date; Total Loan Amt; Loan Outstanding as on 31 Mar.
7	80DDB – Specified Diseases	Name of the specified disease.