ITR-5 is an Income Tax Return form applicable to firms, Limited Liability Partnerships (LLPs), Association of Persons (AOPs), Body of Individuals (BOIs), and other entities excluding companies. It is used to report income earned from business or profession, capital gains, income from house property, and other sources. Filing ITR-5 ensures compliance with the Income Tax Act, 1961, allows reporting of financial activity for taxation purposes, and enables claiming deductions under relevant sections. Entities exceeding prescribed turnover limits may require a tax audit under Section 44AB, and audit reports must accompany the return. The form must be filed electronically via the Income Tax Department portal using a digital signature certificate (DSC) of the authorized signatory. Accurate and timely filing helps avoid penalties, interest, and legal scrutiny while maintaining transparency in financial reporting. Professional guidance is recommended for preparing audited financial statements, reconciling accounts, applying deductions, and filing ITR-5 correctly. Timely compliance strengthens governance, ensures statutory adherence, and minimizes the risk of disputes or notices from tax authorities.