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ITR-5 · AY 2026-27
ITR-5: the form for entities that are not companies
Firms and LLPs, associations of persons and bodies of individuals, local authorities and artificial juridical persons, business trusts u/s 115UA, investment funds u/s 115UB and co-operative societies. Everything that is neither an individual nor a company nor a Section 11 trust.
A flat rate per class of assessee rather than a slab, AMT tested at 18.5%, and surcharge at 12% above ₹1 crore.
Who files ITR-5
ITR-5 is the return for the following classes of assessee:
- Partnership firms and limited liability partnerships — taxed at a flat 30%.
- Associations of persons and bodies of individuals. Where the members’ shares are determinate, Section 167B routes the computation to the individual slabs; where they are indeterminate, the flat 30% applies.
- Local authorities and artificial juridical persons — 30%.
- Co-operative societies — the three-bracket schedule of 10%, 20% and 30%, or a flat 22% if the society has opted irrevocably into Section 115BAD.
- Business trusts u/s 115UA and investment funds u/s 115UB, with the pass-through statement in Schedule PTI.
- Estates of a deceased person or of an insolvent, and trusts other than those filing ITR-7.
There is no dual-regime comparison on ITR-5: a firm pays a fixed rate, and the co-operative society’s 115BAD election is irrevocable once made. BharatTax computes the single applicable rate rather than offering a choice that does not exist.
Alternate minimum tax
Where the normal tax falls below 18.5% of adjusted total income, AMT u/s 115JC applies and the excess becomes a credit u/s 115JD, carried forward for set-off in a later year. BharatTax tests it on every ITR-5 and maintains the credit in Schedule AMTC.
Who does not file ITR-5
Three classes of assessee are carved out of ITR-5 and have their own return.
| If you are one of these | Which form instead |
|---|---|
| An individual or a Hindu Undivided Family | ITR-1, ITR-2, ITR-3 or ITR-4 |
| A company | ITR-6, or ITR-7 if claiming exemption u/s 11 |
| A trust, political party, research association or institution claiming exemption u/s 11, 13A, 13B or 10(23C) | ITR-7 |
These are the checks BharatTax itself runs. The product applies the same rules to your figures as you enter them and moves you to the right form before you file — it does not let you submit a return on a form you are not eligible for.
What ITR-5 asks for
ITR-5 carries the full set of corporate-style accounts alongside the income schedules.
| Schedule | What it carries |
|---|---|
| Part A – GEN1 / GEN2 | Identity of the entity, its status, the nature of business, and the partners or members with their shares. |
| Part A – BS / P&L | Balance sheet, manufacturing account, trading account and profit and loss, in the CBDT’s line order. |
| Part A – OI / QD | Other information, and quantitative details of stock. |
| Schedule BP | Business income from the profit and loss, with the additions and deductions the Act requires. |
| Schedule DPM / DOA / DEP / DCG | Depreciation block by block, and deemed capital gains on assets sold out of a block. |
| Schedules HP, CG, 112A, 115AD, VDA, OS | House property, capital gains including per-scrip 112A detail, non-resident investor gains u/s 115AD, virtual digital assets and other sources. |
| Schedule CYLA / BFLA / CFL / UD | Set-off within the year, against brought-forward losses, what carries forward, and unabsorbed depreciation. |
| Schedule 80G / 80GGA / 80GGC / 80P / 80-IA / 80-IB / 80-IC / 80LA / 80IAC | The deductions available to an entity — there is no 80C or 80D here. |
| Schedule AMT / AMTC | Alternate minimum tax u/s 115JC and the credit u/s 115JD. |
| Schedule PTI | Pass-through income from a business trust or investment fund. |
| Schedule FA / FSI / TR | Foreign assets, foreign source income and treaty relief. |
| Schedule GST | Turnover as reported in the GST returns. |
Key dates for AY 2026-27
Assessment year 2026-27 covers the income you earned in the previous year 2025-26 — 1 April 2025 to 31 March 2026.
A return filed after the due date attracts a late fee u/s 234F and interest u/s 234A, and losses other than house-property loss can no longer be carried forward. BharatTax computes 234A, 234B and 234C on the return itself, so the figure you see is the figure you pay.
How BharatTax prepares your ITR-5
A firm return is an accounts exercise before it is a tax one. BharatTax starts where the accounts end.
Import the financials
Trial balance or financial statements, mapped to the CBDT’s Part A schedule. For a CA firm, the client master supplies the entity identity, so it is entered once, not once per return.
Compute the business income
Schedule BP from the P&L, depreciation across the blocks, and the disallowances.
Apply the right rate
Flat 30% for a firm or LLP, the co-operative brackets or 115BAD at 22%, or the Section 167B route for a determinate AOP — picked from the assessee class, not typed in.
Test AMT and file
AMT u/s 115JC against the normal tax, surcharge and cess, interest u/s 234A/B/C, and the ITD JSON. Every download is checked against BharatTax’s own validator first. CBDT has not published a JSON schema for ITR-5 for AY 2026-27, so no schema check is claimed for it — the product reports that pair as unchecked rather than as a pass.
ITR-5 — common questions
Does an LLP file ITR-5 even if it has no income?
What rate does a partnership firm pay?
How is an AOP with determinate shares taxed?
What is Section 115BAD for a co-operative society?
Can a firm carry forward a loss if it files late?
Firm and LLP returns, computed end to end
The right flat rate for the assessee class, AMT tested, the set-off sequence applied, and a validated JSON at the end.