New Delhi, July 8 -- The Income Tax (I-T) department has announced the release of ITR-5 for taxpayers for the Assessment Year (AY) 2026-27. ITR-5 does not apply to individual taxpayers. It is meant for partnership firms, LLPs, Associations of Persons (AOPs), Bodies of Individuals (BOIs), cooperative societies, local authorities, artificial juridical persons and business or investment funds.

The income tax department has rolled out Excel utilities for ITR-1, ITR-2, ITR-3, ITR-4 and now ITR-5. The IT department also recently announced that over 1 crore ITRs have already been filed for AY 2026-27.

The deadline for taxpayers who will use ITR-5 is 31 August, whereas salaried taxpayers must file their return for FY 2025-26 before 31 July (ITR...