Income Tax Dept to update ITR-5 for AY 2019-20

By | June 14, 2019
(Last Updated On: June 14, 2019)

The income tax department has announced that the ITR-5 for filing this year would be updated soon to compute long term capital gain on the sale of equity shares or unit of equity oriented fund or unit of business trust on which STT is paid.

“In case of long term capital gains (LTCG) arising on sale of equity shares or unit of equity oriented fund or unit of business trust on which STT is paid, separate computation of capital gains should be made for each scrip or units of mutual fund sold during the year and aggregated amount should be provided in item No. B4 (ITR 2)/B5( ITR 3) (in case of residents) or item No. B7 (ITR 2)/B8(ITR3)(in case of non-residents). The Utility has been updated and relevant validation rules are relaxed. Please download the latest utility available under Downloads. Updated utility of ITR-5 for the same change will be available shortly,” the department said in a statement.

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

ITR 5 is for

For persons other than:- 
(i) Individual,
(ii) HUF,
(iii) Company and
(iv) Person filing Form ITR-7

Click here to view the latestITR-5 form from the Income Tax Department.

 

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