Other than Individual (Firm, LLP, Co, Trust, etc.)

Who is covered under “Other than individuals” as per Income Tax Act, and required to file ITR?

Under the Income Tax Act, 1961, the following entities are required to file Income Tax Returns (ITR) if they meet the specified criteria:

1. Hindu Undivided Families (HUFs): HUFs are treated as separate entities for tax purposes. The Karta (head) of the family is responsible for filing the ITR on behalf of the HUF.

2. Firms (including LLPs): A partnership firm, limited liability partnership (LLP), or any other similar entity must file an ITR if their income exceeds the prescribed limit, regardless of whether they have a taxable income or not.

3. Companies:

Domestic Companies: Any company incorporated in India is required to file an ITR.
Foreign Companies: Any company not incorporated in India but has income or business in India must file an ITR.

4. Trusts: Charitable or religious trusts and other types of trusts must file ITR if they have income that is taxable under the Income Tax Act.

5. Associations of Persons (AOPs): AOPs are groups of individuals or entities who come together for a common purpose or business, and they are required to file an ITR if their income exceeds the taxable limit.

6. Bodies of Individuals (BOIs): Similar to AOPs, BOIs are groups of individuals who are not registered as a company or a partnership but must file ITR if their income exceeds the prescribed limit.

7. Cooperative Societies: Any cooperative society, whether engaged in business or not, is required to file ITR if its income exceeds the exempted threshold.

8. Banks and Financial Institutions: These entities, which include banks, insurance companies, and other financial institutions, are required to file ITR based on their taxable income, regardless of other provisions.

9. Limited Liability Partnerships (LLPs): LLPs, just like other firms, must file ITR if their income exceeds the exempted limit.

The requirement to file ITR is typically based on the level of income (i.e., exceeding the basic exemption limit), type of income (e.g., business, profession, capital gains), and the entity’s specific tax obligations. The Income Tax Act has different provisions and deadlines depending on the type of entity and its tax status.

Applicable ITR Forms:

ITR Form	Applicability	Who Should File	Key Features
ITR-3	For individuals and Hindu Undivided Families (HUFs)	Individuals or HUFs having income from a business or profession	– Income from business or profession – Income from salary/pension – Income from house property – Income from capital gains – Income from other sources (interest, dividends, etc.) – Must be filed if the taxpayer is a partner in a firm
ITR-5	For firms, LLPs, associations of persons (AOPs), body of individuals (BOIs), cooperative societies, and any other similar entities	– Firms (including LLPs) – AOPs or BOIs – Cooperative Societies	– Applicable for firms, LLPs, AOPs, BOIs, and other similar entities – Includes income from business or profession – Does not include salary
ITR-6	For companies (except those claiming exemption under section 11)	Companies (other than companies claiming exemption under section 11)	– Companies earning income through business/profession – Filing requirement for domestic and foreign companies – Companies claiming exemption under Section 11 (charitable purposes) must use ITR-7
ITR-7	For persons including companies claiming exemption under sections 11, 12A, 12AA, and 80G	– Charitable or religious trusts – Political parties – Social and similar organizations – Companies claiming exemption under section 11 (charitable institutions)	– For trust, political parties, etc. – For persons claiming exemptions under sections like 11 (Income from trust) or 80G (donations) – Also applicable to specified institutions or persons such as universities, hospitals, etc.

Applicable Tax Rates for the FY 2024-25 (AY 2025-26):

Assessee Type	Income Type
	LTCG	LTCG 112A (Listed Shares/MFs)	STCG 111A (Listed Shares/MFs)	Casual Income	Buiness/Professional Income or Other Incomes
Partnership Firm/LLP/Local Authority	12.5%	12.5% in excess of Rs. 1,25,000/-	20%	30%	30%
Company – Domestic	12.5%	12.5% in excess of Rs. 1,25,000/-	20%	30%	30%
Company – Foreign	12.5%	12.5% in excess of Rs. 1,25,000/-	20%	30%	40%/35%
AOP/BOI	Taxation Similar to Individual Tax Payer (Slab Rate Taxation)

Applicable Surcharge Rates:

Firm/LLP/LA	Company – Domestic	Company – Foreign	AOP/BOI
@ 12% provided total income is exceeding ₹ 1 crore	– @ 7% provided total income is exceeding ₹100 lakhs but it is upto ₹1000 lakhs – @ 12% provided total income is exceeding ₹1000 lakhs.	– @ 2% provided total income is exceeding ₹100 lakhs but it is upto ₹1000 lakhs. – @ 5% provided total income is exceeding ₹1000 lakhs	@ 10% if total income has exceeded ₹50 lakhs but upto ₹100 lakhs @ 15% if total income has exceeded ₹100 lakhs but upto ₹200 lakhs. @ 25% if total income has exceeded ₹200 lakhs.

*Health and Education Cess @ 4% shall be applicable to all the Assessees.

Applicable Late Fees for delay in filing of Tax Return:

As per the changed rules notified under section 234F of the Income Tax Act, 1961, filing your ITR after the established due dates, can make you liable to pay a maximum penalty of Rs.5,000.

To break this down for FY 2024-25 (AY 2025-26); if you file your ITR before 31st July 2025 (30th September 2025 for audit and 31st October 2025 for transfer pricing cases), no penalty will be levied.

For returns filed after 31st July 2025, the penalty limit will be increased to Rs.5,000. However, as a relief to small taxpayers, the IT department has stated that if your total income is not more than Rs 5 lakh, the maximum penalty levied for delay will be Rs.1,000 only.