ITR-5 Excel Utility Now Live for AY 2024-25: What You Need to Know
The Income Tax Department has released the new ITR-5 Excel Utility for the Assessment Year 2024-25, making it easier for eligible entities to file their annual returns. This updated form includes new reporting features and crucial deadlines you need to be aware of.
Who Should File ITR-5?
ITR-5 is designed for entities that are not individuals, HUFs, or companies. This includes:
- Partnership Firms and LLPs
- Cooperative Societies
- Associations of Persons (AOPs)
- Bodies of Individuals (BOIs)
- Local Authorities and Business Trusts
If you are an individual taxpayer, an HUF, or a company, this form is not for you. Similarly, if you are required to file under the ITR-7 provisions, you should not use this form.
Key Updates and New Rules
The latest ITR-5 form comes with a few significant changes:
- MSME Reporting: There’s a new section to report your MSME registration details.
- Startup Deductions: You can now easily claim deductions under Section 80-IAC for eligible startups.
- Virtual Assets: The form has expanded sections for reporting income from virtual digital assets like cryptocurrencies and NFTs.
Filing Deadlines
Mark your calendars with these important due dates:
- Non-audited entities: The deadline has been extended to September 15, 2025.
- Entities with audited accounts: The deadline is October 31, 2025.
- Entities with transfer pricing audits: The final date to file is November 30, 2025.
How to File
You can file your ITR-5 either online through the Income Tax Department’s e-filing portal or offline using the new Excel utility.
Before you file, make sure to:
- Register on the e-filing portal.
- Validate your bank account to receive any refunds.
- Ensure your Digital Signature is up to date.
Remember, while no supporting documents need to be attached, all tax credits you claim must match the details in your Form 26AS.