ITR-5 needs to be filed by entities such as Firms, LLPs (Limited Liability Partnerships), AOPs (Association of Persons), Artificial Judicial Person and BOIs (Body of Individuals). Apart from that, any cooperative society or local authority can file their income tax return using the ITR-5 form.
For persons other than:
| # | Taxable Income | Income Tax Rate |
|---|---|---|
| 1 | Up to 2.5 lakh | Nil |
| 2 | From 2,50,001 to Rs 5,00,000 | 5% |
| 3 | From 5,00,001 to Rs 7,50,000 | 10% |
| 4 | From 7,50,001 to 10,00,000 | 15% |
| 5 | From 10,00,001 to Rs 12,50,000 | 20% |
| 5 | From 12,50,001 to 15,00,000 | 25% |
| 5 | Above 15,00,000 | 30% |