Excel Utility and Schema Released for ITR 5

The Income Tax Department has released the Excel Utility and Schema for ITR-5 for the Assessment Year (AY) 2025-26. This is a crucial step for taxpayers who are required to file their returns using this form.

What is ITR-5?

ITR-5 is the income tax return form for entities other than individuals, Hindu Undivided Families (HUFs), companies, and those required to file ITR-7. This includes:

  • Partnership Firms
  • Limited Liability Partnerships (LLPs)
  • Associations of Persons (AOPs)
  • Bodies of Individuals (BOIs)
  • Co-operative societies
  • Local authorities
  • Artificial Juridical Persons
  • Estate of deceased
  • Estate of insolvent
  • Business trusts and investment funds

Key Highlights of the ITR-5 Utility and Schema:

The release of the Excel Utility and Schema allows taxpayers to use an offline method to prepare their returns. The utility is an Excel-based tool that enables users to fill in their details, calculate their tax liability, and generate a JSON file. This JSON file is then uploaded to the e-filing portal to complete the filing process.

The schema provides the technical structure and rules for the data to be submitted, ensuring that the information is in the correct format for processing by the Income Tax Department’s systems.

Important points to note:

  • Offline and Online Utilities: The Income Tax Department provides both offline (Excel-based) and online utilities for filing various ITRs.
  • Mandatory Requirements: For taxpayers whose accounts are liable to be audited under Section 44AB, it is mandatory to furnish the return using a digital signature.
  • Pre-filled data: The utilities are designed to assist taxpayers by providing pre-filled data based on information available with the e-filing portal. However, taxpayers must verify this data with their own records and documents like Form 26AS and AIS/TIS before submitting the return.
  • Due Date: The due date for filing ITRs for AY 2025-26 has been extended to September 15, 2025, for those whose original due date was July 31, 2025. This extension was granted to accommodate recent updates in the ITR forms.