What is the New ITR-5 Excel Utility Released by the Income Tax Dept?
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Synopsis
The Income Tax Department has launched the ITR-5 Excel Utility for AY 2024–25, aimed at helping partnership firms, LLPs, and cooperative societies in filing their annual returns. Find out what updates and features this utility offers for taxpayers.
Key Takeaways
- ITR-5 Excel Utility launched for AY 2024–25.
- Eligible for partnership firms, LLPs, and cooperative societies.
- New sections include MSME registration and Section 80-IAC startup deductions.
- Deadline for filing non-audit returns is September 15.
- Supporting documents not required, but Form 26AS must match.
New Delhi, Aug 9 (NationPress) - The Income Tax Department has officially introduced the ITR-5 Excel Utility for the Assessment Year 2024–25 on Saturday. This utility is designed for partnership firms, Limited Liability Partnerships (LLPs), and cooperative societies to facilitate the filing of their annual returns.
Additional eligible entities include Associations of Persons, Bodies of Individuals, artificial juridical persons, local authorities, certain business trusts, and investment funds. However, individuals, Hindu Undivided Families (HUFs), and companies required to utilize ITR-7 are excluded from using the ITR-5 form.
The Income Tax department announced on the social media platform X, “Attention Taxpayers! The Excel Utility for ITR-5 is now available for filing.”
The ITR-5 format encompasses comprehensive financial disclosures, which include general information, balance sheets, manufacturing and trading accounts, and profit and loss statements.
Income schedules from various sources, loss set-off, depreciation, deductions, exempt income, foreign assets, GST reconciliation, and tax relief are integral components of the ITR-5 filing structure.
Significant updates for AY 2024–25 feature new sections for MSME registration and Section 80-IAC startup deductions, along with enhanced reporting for emerging income categories such as virtual digital assets (crypto/NFTs).
The revised ITR-5 now allows the reporting of buyback losses exclusively if the corresponding dividend has been taxed.
The deadline for filing returns for non-audit cases is set for September 15. Taxpayers have the option to conduct e-verification or physically verify their returns by sending the signed form to the Centralised Processing Centre (CPC) in Bengaluru within 30 days.
While supporting documents are not mandatory, tax credits must align with Form 26AS. Before filing, taxpayers should ensure their portal registration, validate bank accounts for refunds, update digital signatures, and submit any relevant statutory forms.
Moreover, the income tax department has also released Excel utilities for ITR-2 and ITR-3 for AY 2025-26, with ITR-1 and ITR-4 released earlier. In the recent budget, adjustments have been made to the long-term capital gains (LTCG) tax, which now stands at 12.5% (up from 10% for equities), while the short-term capital gains (STCG) tax on certain assets such as equities is now 20% (up from 15%).
All listed financial assets held for over a year will now be classified as long-term assets.
Point of View
The release of the ITR-5 Excel Utility marks a significant step towards simplifying the filing process for various entities. The updates reflect the government's ongoing commitment to adapt tax regulations to the changing economic landscape, especially with the inclusion of emerging income categories such as digital assets. This initiative is aligned with the nation's broader economic goals.
NationPress
05/10/2025
Frequently Asked Questions
Who can use the ITR-5 Excel Utility?
The ITR-5 Excel Utility can be used by partnership firms, LLPs, cooperative societies, and other eligible entities like Associations of Persons and Bodies of Individuals.
What are the key updates in the ITR-5 for AY 2024-25?
Key updates include new sections for MSME registration, Section 80-IAC startup deductions, and enhanced reporting for virtual digital assets.
What is the deadline for filing ITR-5?
The deadline for filing returns for non-audit cases is September 15.
Do I need to submit supporting documents with my ITR-5?
No, supporting documents are not required, but tax credits must match Form 26AS.
What has changed in the capital gains tax as per the recent budget?
The long-term capital gains tax has been revised to 12.5% for all assets, while short-term capital gains tax on equities is now 20%.
