About this service
A partnership firm is assessed as a separate taxpayer, so it files its own return even though the partners also file theirs.
ITR-5 is the income tax return form used by partnership firms, LLPs, associations of persons and bodies of individuals. The firm reports its own income, claims the deductions it is entitled to, and accounts for remuneration and interest paid to partners within the limits allowed under the Income-tax Act, 1961.
A firm with income in a financial year needs to file, and filing is usually necessary even in a loss year if you want to carry that loss forward. Where a tax audit applies, based on turnover or on the specific conditions in the Act, the audit report must be in place before the return is filed.
Our in-house team prepares the computation from your financial statements, matches TDS credits against Form 26AS and your AIS, checks the turnover reported in your GST returns against the books, and files the return. You see the tax position and approve it before anything is submitted.
The process
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Our team strives to deliver every service within the shortest span of time.
FAQs
Frequently asked questions
ITR – Partnership Firm (ITR-5)
info@mylegalclinic.com · +91-9910778357 · Gurgaon · Mumbai · Ranchi
IT-03A
₹3,000
Per year