ITR Filling For Partnership Firm

Income Tax Return Filling For Partnership Firm
ITR Filing for Partnership Firms Starting from ₹ 3000/-
Get Started By paying Rs. 3000/-



    +91-9643669475

    Introduction

    The income earned by the Partnership firm or business is subject to tax. The tax levied on the income of a person is called Income tax, which is levied and collected by the Central Government. Such tax on income earned is payable in the same financial year wherein it is accrued in the form of advance tax by the Partnership Firm.

    Sprinthub Solutions will provide you all the necessary services and legal advice related Return filling and also guide for other compliances. You may get in touch with our team on 096436-69475 or email info@sprinthub.in for any type of assistance for filing of Income Tax Return of Partnership Firm.

    Advantages of ITR Filing for Partnership Firms

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    Easy loan processing
    Income Tax return filling helps Partnership firm or business in taking loan from various Financial Institutions. Most of the banks and NBFCs ask for ITR receipts from business for latest three year when a business applies for a high-value loan like business long term loan or working capital loan. Lenders consider ITR as the most authentic document supporting business turnover and income. Hence, you should regularly file income tax return if you want to take loan in the future.
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    Allow carry forward losses
    Income Tax return filling helps in carry forward the losses occur in previous year from the current year Income. Most businesses face losses in the initial years of the business. The business loss or capital losses can be carried forward up to 8 years if the ITR is filed. But if ITR is not filed, the taxpayer is deprived of this benefit.
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    Define net worth
    The ITR filed with the Government defines the financial worth of the business. Return filling help in tracking the net worth of an entity it shows business turnover its assets and income the track of ITR shows the financial capacity and also increases the capital base of a person.

    Minimum Requirements

    ITR-5: Income tax return 5 is for

    Partnership firms

    LLPs

    AOPs (Association of persons)

    BOIs (Body of Individuals)

    Artificial Juridical Person (AJP)

    Estate of deceased

    Estate of insolvent

    Business trust and investment fund.

    Documents Required

    Pan Card and Aadhaar card of the partners

    Pan card of firm

    Books of Accounts | Financial Statement

    Procedure

    Step 1

    Complete the Questionnaire

    We will provide a questionnaire which is required to be filled by you in which we will sought the basic details and documents pertaining to the Filing of ITR of the partnership firm.

    Step 2

    Review of the documents

    All the documents provided to us and the questionnaire will help us to process further for preparation of books of accounts of the partnership firm.

    Step 3

    Filing of Income Tax Return

    We will file further send you the provisional statements for your verification and will file your income tax return before the due date and protect you from any penalty after its duly signed by you.

    Step 4

    Acknowledgement

    The next step is check the name availability. The name should be unique in nature and should not be similar to name of any other entity registered. It may take at least 1-2 days.

    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 1crore or who opt for presumptive taxation for F.Y 2019-20 i.e. A.Y. 2020-21 is 31st July 2020
    • For Taxpayer eligible to get Tax audit: Due date for filling Income tax Return for Taxpayer having turnover more than 1crore or who do not opt for presumptive taxation for F.Y 2019-20 i.e. A.Y. 2020-21 is 30th September 2020

    Tax payer can file belated Return up to 31 march of the relevant Assessment year

    Tax Rate Applicable

    Partnership Firms Income chargeable to tax at the rate of 30%

    • Surcharge

    12% of Tax when income exceeds Rs 1 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)

    Start Business
    IP Registration
    Govt. Registration
    GST/Income Tax