Understand changes in ITR-5 in FY 2014-15 and start filing ITR-5 NOW!

ITR-5 income tax return is meant for firms, LLPs, AOPs (Association of persons) and BOIs (Body of Individuals).

You can start e-filing of your ITR-5 on ClearTax for financial year 2014-15 (assessment year 2015-16)

Here is a snapshot of the significant changes from last financial year –

  • Change in Part A- GEN – Details of whether there was any change during the previous year in the partners/members of the firm/AOP/BOI

(In case of societies and cooperative banks give details of Managing Committee)

If Yes, provide the following details –

Sl. Name of the Partner/member Admitted/Retired Date of admission/retirement Percentage of share (if determinate)

  • Change in Part A- GEN – Additional particulars of persons who were partners/ members in the firm/AOP/BOI or settlor/trustee/beneficiary in the trust on 31st day of March, 2015 – these additional details have been asked
    • Rate of interest on capital
    • Remuneration paid/payable.


  • Change in Part A P&L– Details of Interest paid mentioned separately for recipients outside India and for receipts in India. (Earlier the break up was asked only for paid to outside India/ paid in India to NRI Partners and Others). New breakup for Interest paid –
    • Paid outside India, or paid in India to a non-resident other than a company or a foreign company
      • To Partners
      • To others
    • Paid in India, or paid to a resident
      • To Partners
      • To others
      • Details of all savings & current bank account held with Name of the Bank, IFSC Code, name of joint holder, if any, Account number, with closing account balance as on 31.03.2015. Including accounts which have been closed during the year


  • Schedule CG To mention if unutilized capital gains on asset transferred during the previous years (FY 2011-12 and FY 2012-13) was deposited in the Capital Gains Accounts Scheme within due date for that year.


  • Schedule CG FOR NON-RESIDENTS- Where no tax has been charged to an NRI for long term capital gains and short term capital gains by virtue of DTAA benefit. Details required for name of the country, article of DTAA, Whether Tax Residency Certificate was obtained or not. The same information has been requested for in case of ‘income from other sources’ for NRIs where DTAA has been applied. One has to mention the corresponding section of the Act which prescribes the rate And also similar information is askwd in Schedule OS income from other sources.


  • Schedule FA Further information on foreign assets disclosure, the following additional details have been added.
    • Foreign Bank accounts details: It is now further required to furnish details of interest accrued in the account, the amount which is taxable from this interest and mention the schedule where it has been offered in the return.
    • Similar details are asked of income from Financial interest in any entity outside India, along with details of income offered to tax from such income and details of where it has been mentioned in the return.
    • Similar disclosure requirement is also required for Immovable property outside India, capital asset held outside India(including any beneficial interest) and for a trust held outside India.


  • Schedule EI – Earlier net agricultural income was required to be shown under details of exempt income. Now net agricultural income has to be broken down and one has to show gross agricultural receipts, expenditure incurred on agriculture and unabsorbed agricultural loss of previous eight assessment years.


Reach out to us if you need help with filing ITR-5, write to us support@cleartax.in

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