Partnership Tax Return Filing
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Partnership Tax Return Filing
Partnership firms is among the most common types of business entity in India wherein two or more persons join together to undertake a profit for business. Under Income Tax Act, a partnership firm is defined as “Persons who have entered into a partnership with one another are called individually "partners" and collectively "a firm", and the name under which their business is carried on is called the "firm name". Partnership firms are required to file income tax return in form ITR 5 each financial year. To file the income tax return of a partnership firm, book of accounts must be maintained and tax audit may have to be obtained based on various criterias.
Tax Audit for Partnership Firm
An audit would be required for a partnership firm if the total sales turnover is over Rs.1 crore during the financial year. In the case of a professional firm, audit would be required if total gross receipts is more than Rs.50 lakhs during the financial year under assessment.
Due Date for Partnership Firm Tax Return
The income tax return of a partnership firm that doesn’t require audit is due on 31st July. In case the income tax return of a partnership firm needs to be audited as per Income Tax Act, then the return would be due on 30th September.
Our Process
Tax Return Preparation
An RG Consultants Compliance Expert will prepare the Tax Return for your Proprietorship based on the financials and performance during the previous financial year.
Verification
Once the Income Tax Return is prepared in the requisite format, the Client's Finance Team can verify the prepared return and affix the digital signature.
Filing
Once the Tax Return is prepared and verified, the Return can be filed with the Income Tax Department along with the necessary attachments.