ITR-5 Excel utility is now live: Key deadlines, new rules, and who must file this year

The Income Tax Department has released the ITR-5 Excel Utility for Assessment Year 2024–25, enabling partnership firms, LLPs, cooperative societies, and other eligible entities to file their annual returns with updated reporting features.

ITR-5 is the designated income tax return form for entities other than individuals, Hindu Undivided Families (HUFs), companies, and those mandated to use ITR-7.

Eligible filers include partnership firms, Limited Liability Partnerships, Associations of Persons, Bodies of Individuals, artificial juridical persons, cooperative societies, societies registered under the Societies Registration Act, local authorities, and certain business trusts and investment funds.

The form cannot be used by individual taxpayers, HUFs, companies, or entities required to file under ITR-7 provisions.

The ITR-5 structure covers detailed financial disclosures:

• Part A for general information, balance sheet, manufacturing/trading accounts, profit & loss, and other information.
• Part B for computation of income and tax liability.

Schedules for income from various sources, loss set-off, depreciation, deductions, exempt income, foreign assets, GST reconciliation, and tax relief.

Key updates for AY 2024–25 include new sections for MSME registration and Section 80-IAC startup deductions, along with expanded reporting for emerging income categories like virtual digital assets (crypto/NFTs).

Filing can be done online through the Income Tax Department’s e-filing portal using a digital signature or verification code. Offline submission is also available. No supporting documents are required, but tax credits must match Form 26AS.

Deadlines:

• Non-audited entities: 31 July 2025
• Audited accounts: 31 October 2025
• Transfer pricing audit: 30 November 2025

Before filing, taxpayers must ensure portal registration, bank account validation for refunds, updated digital signatures, and submission of applicable statutory forms.