IT Department Releases ITR-5 Excel Utility for AY 2024–25: Key Updates for Firms, LLPs, and Societies

New Delhi, Aug 2025 : The Income Tax Department has released the ITR-5 Excel Utility for Assessment Year (AY) 2024–25, enabling eligible entities such as partnership firms, Limited Liability Partnerships (LLPs), cooperative societies, and certain trusts to file their annual returns.

The ITR-5 form applies to a wide range of entities, including Associations of Persons (AOPs), Bodies of Individuals (BOIs), artificial juridical persons, cooperative societies, societies registered under the Societies Registration Act, local authorities, business trusts, and investment funds. It excludes individuals, Hindu Undivided Families (HUFs), companies, and those required to file ITR-7.

Announcing the release on X (formerly Twitter), the IT Department stated: “Kind Attention Taxpayers! Excel Utility of ITR-5 is live now and is available for filing.”

The ITR-5 format seeks detailed disclosures such as general information, balance sheet, manufacturing and trading accounts, profit and loss statements, and various income schedules. These include income from multiple sources, loss set-offs, depreciation, deductions, exempt income, foreign assets, GST reconciliation, and tax reliefs.

Key changes for AY 2024–25 include:

• New reporting fields for MSME registration details.
• Section 80-IAC startup deductions.
• Expanded disclosures for virtual digital assets (cryptocurrencies and NFTs).
• Buyback losses can now be reported only if the associated dividend has been taxed.

For non-audit cases, the return filing deadline is September 15. Taxpayers must e-verify or send a signed ITR-V to the Centralised Processing Centre (CPC) in Bengaluru within 30 days of submission.

While supporting documents are not required during filing, tax credit claims must match Form 26AS. The IT Department advises taxpayers to ensure:

• Registration on the e-filing portal.
• Validated bank accounts for refunds.
• Updated digital signatures (if applicable).
• Filing of all relevant statutory forms.

Alongside ITR-5, the department has also released Excel utilities for ITR-2 and ITR-3 for AY 2025–26, while ITR-1 and ITR-4 were issued earlier.

Notably, the recent Union Budget revised capital gains tax rates:

• Long-term capital gains (LTCG) on all financial and non-financial assets are now taxed at 12.5% (up from 10% for equities).
• Short-term capital gains (STCG) on certain assets, including equities, have risen to 20% (up from 15%).
• All listed financial assets held for more than 12 months are now classified as long-term.

The updated ITR-5 utility is available on the Income Tax e-filing portal for immediate use.