ITR-5

For firms, LLPs, and other specific entities in India, the Income Tax Return (ITR) Form 5 is the designated form for filing annual income tax returns. It is a comprehensive form used to report financial details, compute tax liability, and declare income from various sources, such as business and profession, capital gains, and house property. Filing ITR-5 accurately is a crucial compliance requirement that helps to avoid penalties, carry forward losses, and ensure transparent financial reporting.