Income Tax Return Filling For Partnership Firm
- Filing ITR
- Filing Forms
- Flexible and Simple online Process
- Consultancy from Experts
- On time compliances
- Get your registration in 3-4 days
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Introduction
Advantages Of ITR Filing For Partnership Firms
Minimum Requirements
- Partnership firms
- Artificial Juridical Person (AJP)
- LLPs
- Estate of deceased
- AOPs (Association of persons)
- Estate of insolvent
- BOIs (Body of Individuals)
- Business trust and investment fund.
Documents Required
- Pan Card and Aadhaar card of the partners
- Pan card of firm
- Books of Accounts | Financial Statement (Profit or loss Statement and Balance sheet)
Procedure
1. Complete the Questionnaire
2. Review of the documents
3. Filing of Income Tax Return
4. Acknowledgement
Additional Information
Due dates for filling Income Tax return
- For Taxpayer not eligible to get Tax audit: Due date for filling Income tax Return for Taxpayer having turnover less than 1 crore or who opt for presumptive taxation for F.Y 2022-23 i.e. A.Y. 2023-24 is 31st July 2023
- For Taxpayer eligible to get Tax audit: Due date for filling Income tax Return for Taxpayer having turnover more than 1 crore or who do not opt for presumptive taxation for F.Y 2022-23 i.e. A.Y. 2023-24 is 30th September 2023
Tax payer can file belated Return up to 31st December 2023 of the relevant Assessment year
Tax Rate Applicable
- Partnership Firms are taxable at the rate of 30% and 12% surcharge is applicable if the income exceeds Rs. 1 (One) crore.
Penalty of non filling Income Tax Return
Where a person is required to file Income Tax Return u/s 139(1) fails to file the return within prescribed limit u/s 139(1) shall pay prescribed late fee in case
Return file up to 31 December of A.Y : Rs. 5,000/-
Return file after 31 December of A.Y: Rs. 10,000/-
Expenses allowed as deduction
- Rent, Rates, Taxes, Repairs and Insurance of Building used for the purpose of the business.
- Repairs & Insurance of Plant, Machinery & Furniture.
- Depreciation (according to Income Tax Act section 32)
- Other Deductions (under section 36)
FAQ's On ITR Filing For Partnership Firms
Yes, if you are filing ITR 4, 5 or 6 then you have to enter the details of Profit and loss A/C and Balance sheet in the Format provided in the Income Tax Utility Forms. Normal persons having salary or other sources Income does not have Balance sheet so they are not required to provide the Details of the same. It is necessary to maintain the books of accounts for filing of income tax return of partnership firm.
Firm Registration helps you in best possible manner for filling the return you are eligible for. And also advise to the best tax measure through which you can reduce your tax. And file your Return before the due date.
Yes of course one can revise the ITR after filling before one year after completion of Financial Year if income tax return of partnership firm filed on or before the due date as described by the law. For Example for F.Y 2019-20 revise return can file before 31 march 2021.
Yes. Partnership Firms requires filing Return of Income regardless of the level of income they earned. Its compulsory as per law.
Exempt income is an income that is non chargeable to tax. Exempt income is such as the interest received through agricultural means, interest received through PPF, long term capital gains earned through shares and stocks, and much more.
Yes partnership firm do require filling return even if they do not earn any income during the financial year.
ITR-3 is for an individual carrying business or profession or a partner of a partnership firm.