Partnership Firm Tax Return Filing & Compliance
Partnership has to file Income Tax Return every year along with VAT and GST. Partnership firm compliance mainly includes filing of income tax return.
Partnership Firm Tax Return Filing
Partnership firms in India can be divided into two categories namely, registered partnership or unregistered partnership. Registered partnership firms are those firms having a registration certificate from the Registrar of Firms. All other partnerships that do not have a registration certificate would be classified as an unregistered partnership firm. 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”. In this article, we look at the procedure for filing tax return for partnership firm along with tax rate and the deadline for tax filing.
Procedure for Filing Partnership Firm Tax Return
Income tax return of a partnership firm can be filed online through the income tax website or manually. If the income tax return is filed online, then a class 2 digital signature will be required for the Partner of the firm. Also, online income tax return filing is mandatory for partnership firms required to obtain an audit.
In case of manual filing, the assessee must print out two copies of Form ITR-V. One copy of ITR-V signed by the assessee, has to be sent by ordinary post to Post Bag No. 1, Electronic City Office, Bengaluru–560100 (Karnataka). The other copy should be retained by the assessee for his/her record.
Audit Requirement for Partnership Firms
- Carrying on business and total sales exceed Rs.1 crore in the previous year.
- Carrying on a profession and gross receipts in profession exceed Rs.50 lakhs in any previous year.
Plans & Pricing
For companies with turnover of upto Rs.10 lakhs
-
Financial Statement Preparation
-
Annual Report
-
Director's Report
For companies with turnover of upto Rs.50 lakhs
-
Financial Statement Preparation
-
Annual Report
-
Director's Report
For companies with turnover of upto Rs.100 lakhs
-
Financial Statement Preparation
-
Annual Report
-
Director's Report