The Income Tax Department has released the ITR-5 Excel Utility for Assessment Year 2025-26 (covering FY 2024-25). Taxpayers can now download and use this Excel-based tool via the official e-filling portal for offline filing.
1. Who Can Use ITR-5?
Eligible entities include:
- Partnership firms
- Limited Liability Partnerships (LLPs)
- Associations of Persons (AOPs)
- Bodies of Individuals (BOIs)
- Artificial Juridical Persons
- Cooperative Societies
- Societies registered under the Societies Registration Act
- Local Authorities
- Certain Business Trusts & Investment Funds
2. Who Should Not Use ITR-5?
The following are not permitted to file using ITR-5:
- Individuals
- Hindu Undivided Families (HUFs)
- Companies
- Entities required to file under ITR-7
3. Key Updates & Features of the Utility
The updated ITR-5 Excel Utility introduces several enhancements for AY 2025-26:
- New Sections: MSME registration, Section 80-IAC (startup deductions)
- Enhanced Reporting: Virtual Digital Assets (e.g., crypto, NFTs)
- Financial Disclosures: Balance sheet, trading accounts, P&L, etc.
- Schedules for: Income sources, loss set-off, depreciation, deductions, exempt income, foreign assets, GST reconciliation, tax relief
4. Filing Deadlines
- Non-audited entities: 31 July 2025
- Audited entities: 31 October 2025
- Entities with transfer-pricing audit: 30 November 2025
5. How to Use the ITR-5 Excel Utility
- Download the ITR-5 Excel Utility from the e-filling portal’s “Downloads” section.
- Fill in details including Parts A & B, applicable schedules (income, deductions, MSME, 80-IAC, etc.).
- Validate the utility to check for errors and generate XML/JSON output.
- Upload via the e-filing portal and complete e-verification within 30 days using Aadhaar OTP, net banking, or digital signature.
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