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)

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)

Surcharge: In case total income exceeds specified limits,  surcharge is levied at the following rates 

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