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 :