Who will use ITR-5 - for A.Y. 2021-2022?
This Return Form is to be used by Partnership Firm, LLP (Limited Liability Partnership), AOP (Association of Person) and BOI (Body of Individuals) with Income from Business & Profession and Income from any other sources.
Thus Firm, LLP, AOP and BOI with following Income can file ITR-5
-
Income from House Property
-
Income from carrying on a Profession
-
Income from Capital gains
-
Income from Other Sources
Who is not eligible to use ITR-5 Form?
A. This Return Form should not be used by –
(a) an individual;
(b) HUF;
(c) Company;
(d) AOP and Trust claiming exemption;
B. This return form also cannot be used by a Firm who is resident and whose total income for the assessment year 2021-22 does not exceed Rs.50 lakh and who has income under the following heads:-
(a) Income from business where such income is computed on presumptive basis under Section 44AD (i.e. Gross Turnover upto Rs. 2 crore) or Section 44AE (income from goods carriage upto ten vehicles); or
(b) Income from Profession where such income is computed on presumptive basis under Section 44ADA (i.e. Gross receipt upto Rs. 50 lakh); or
(c) Income from One House Property; or
(e) Income from Other Sources.
Income Tax Rates for Firm & LLP (AY 2021-22)
Income
|
Rate
|
Taxable Income
|
30%
|
Surcharge: 12% of such tax where the total income exceeds INR One crores subject to marginal relief (where income exceeds one crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees).
Health and Education Cess : The amount of income-tax and the applicable surcharge, shall be further increased by health and education cess calculated at the rate of 4% of such income-tax and surcharge
Income Tax Rates for AOP & BOI (AY 2021-22)
Income
|
Rate
|
Upto Rs 2.5 Lakhs
|
Nil
|
Rs 2.5 Lakhs – Rs 5 Lakhs
|
5%
|
Rs 5 Lakhs – Rs 10 Lakhs
|
20%
|
Above Rs 10 Lakhs
|
30%
|
Surcharge: In case total income exceeds specified limits, surcharge is levied at the following rates
Income
|
Surcharge Rate
|
Rs 50 Lakhs – Rs 1Crore
|
10%
|
Rs 1 crore – Rs 2 Crores
|
15%
|
Rs 2 crores – Rs 5 Crores
|
25%
|
Above Rs 5 Crores
|
37%
|
Health and Education Cess : The amount of income-tax and the applicable surcharge, shall be further increased by health and education cess calculated at the rate of 4% of such income-tax and surcharge