Partnership ITR

Overview

To file tax returns for a partnership firm, one needs to use the Form ITR-5. The form ITR-5 is utilized to file tax returns for the partnership firm itself and not for the partners of the firm. Also, it requires to be noted that while filing these returns, one does not want to add any approving documents along with it. The deadline for filing income tax for a partnership firm is dependent on whether the firm is expected to be audited or not. – Where the firm is not expected to be audited, the income tax returns need to be filed by 31st July. – Where the firm is expected to be audited, the firm has to file its income tax returns by 30th September.

TYPES OF ITR FORM

ITR-1: For Individuals being a Resident (other than Not Ordinarily Resident) having Total Income up to Rs.50 lakhs, having Income from Salaries, One House Property, Other Sources (Interest, etc.), and Agricultural Income up to Rs.5 thousand(Not for an individual who is either Director in a company or has invested in Unlisted Equity Shares).

ITR-2: For Individuals and HUFs do not have income from profits and gains of business or profession.

ITR-3: For individuals and HUFs having income from profits and gains of business or profession

ITR-4: For Individuals, HUFs, and Firms (other than LLP) being a Resident having Total Income upto Rs.50 lakhs and having income from Business and Profession which is computed under sections 44AD, 44ADA or 44AE

ITR-5: For persons other than Individual, HUF, Company (Partnership Firm, Aop / Boi)

ITR-6: For Companies other than companies claiming exemption under section 11

ITR-7: This form is relevant for all people who are required to file tax returns under the Section 139(4A), Section 139(4B), Section 139(4C), Section 139(4D), Section 139 (4E), or 139 (4F) that mainly includes Trust, University, etc.

Due Dates For Filing Income Tax Returns :

Category of Assessee	Due Date
Individual	31st July
Body of Persons (BOP)	31st July
Hindu Undivided Family ( HUF)	31st July
Association of Person (AOP)	31st July
Business (Audit Cases)	30th September

Our Process

Step 1

Discussion and collection of basic information

Step 2

Choosing applicable ITR Form

Step 3

Collection of Documents

Step 4

Computation of Tax Liability

Step 5

Form Filling & Submission

Step 6

Sharing Filled Documents

Choose Your Package

All Inclusive Pricing – No Hidden Fee

Basic
- ₹ 4000
- - All type of Income Included
  - Upto 10 Lakh Turnover
  - Filing of Tax Return
  - Tax Payment Assistance
- Purchase Now

Premium
- ₹ 7700
- - All type of Income Included
  - Upto 25 Lakh Turnover
  - Filing of Tax Return
  - Tax Payment Assistance
- Purchase Now

Ultimate
- ₹ 8000
- - All type of Income Included
  - Upto 1 Crore Turnover
  - Filing of Tax Return
  - Tax Payment Assistance
- Purchase Now

Note* Audit fees is not included in the above fees.

Benefits

Taxable Income

If you have taxable income in India, you must record your ITR in India. This is appropriate for a person if his/her taxable income surpasses INR 2.50 Lakh. In case you are a Company, LLP, or Partnership Firm, you must file ITR irrespective of your profit or loss.

Financial Power

A good track record of consistent ITR Filing shows your financial strength and is significant in your regularity. This serves you to receive instantaneous bank credits and also a visa. Henceforth, it is advisable to file ITR on a routine basis.

Trustworthiness

Filing an ITR improves your reliability and your credit availing capacity from the bank aspect. Even if you are not accountable for ITR filing for any reason, it is a good practice to file the same. Your ITR helps as proof of your Income. No other document does this job.

Tax Refunds

For any reason, if your TDS has been deducted and the same is higher than your exact tax payable, such a refund request can only be done by filing an accurate IT return in time. You won’t notice your returns if you don’t file your ITR.

Move Forward Losses

If you have acquired any losses in your business on account of expenses or reduction, you must file your return to move ahead of those. The advantage of this can be availed once you have taxable income. Such losses, then, can be set off on taxable profits.

Avoiding Tax Notices

There are many measures defined under the Act, in which you may be assisted legal notification if you have not filed your ITR. Filing your ITR precisely and in time can assure you that you don’t have to meet any of these.

Documents Required

Copy of PAN and Address of the Firm.

Bank Statement for the corresponding year.

Copy of PAN and Aadhaar of Partners.

E-mail ID & Mobile Number.

Income and Expenditure details, if any.

6. Form 26AS or Income Tax Login Credentials.

Clear All Your Doubts !

What is the due date for filing Income Tax returns for Partnership Firms?

The due date for filing ITR for a partnership Firm without audit is July 31st every year

Are the Partners required to file Income Tax Returns?

Yes, the partners are required to file their income tax returns individually even after filing Partnership Firm IT return.

What is ITR-V acknowledgment?

ITR-V stands for 'Income Tax Return Verification Form. You will receive ITR-V when you file your

Income Tax Return online.

Can partners of the firm have to file income tax returns?

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