Complete Your Partnership FirmIncome Tax Filing
A partnership firm is formed when individuals enter into a partnership with one another. These individuals are called partners, while they are collectively known as the firm.
Partnership firms must file their income tax return in Form ITR-5. The return is prepared using the firm's bookkeeping, bank reconciliation, financial statements, tax computation, and applicable compliance records.
ITR-5 Filing
Partnership firms file their income tax return using Form ITR-5.
30% Tax Rate
The supplied content states that partnership firms are taxed at thirty percent of their income.
Attachment-Free Return
ITR-5 is an attachment-free form, so supporting documents are generally not attached to the return.
Audit Review
Audit applicability is reviewed based on business turnover and professional gross receipts.
Partnership Tax Support
Bookkeeping, accountant support, reconciliation, financial statements, GST, TDS, and ITR-5 filing.
File the Firm's Return ThroughForm ITR-5
Partnership firms are required to file a separate business income tax return using Form ITR-5 for the relevant assessment year.
The supplied content states that partnership firms must pay income tax at thirty percent. The applicable tax computation should also consider current surcharge, cess, deductions, and other provisions for the relevant year.
Attachment-Free ITR-5
ITR-5 is an attachment-free return form. Supporting documents are generally not attached while submitting the return, but the firm should maintain proper books, statements, reconciliations, and evidence for its records.
Partners, Firm andBusiness Income
The partnership structure brings individuals together as partners to operate a business under a common firm name.
Partners
Individuals who enter into a partnership with one another are individually referred to as partners.
Partnership Firm
The partners are collectively referred to as a partnership firm under the applicable tax framework.
Firm Name
The name under which the partnership business operates is referred to as the firm name.
Business Income
The partnership firm reports its taxable business or professional income through the applicable return.
Partnership Firm Tax andAudit Compliance
Review the applicable tax rate, ITR-5 filing, attachment-free return requirements, turnover thresholds, and professional receipts.
Income Tax Rate
The supplied content states that partnership firms must pay income tax at a rate of thirty percent on their taxable income.
Form ITR-5
Partnership firms are required to submit their income tax return in Form ITR-5.
No Supporting Attachments
ITR-5 is an attachment-free form, and supporting documents are not required to be attached while submitting the partnership return.
Business Turnover Audit
The supplied content states that an audit is required where the partnership carries on business and total turnover exceeds ₹1 crore.
Professional Receipts Audit
The supplied content states that an audit is required where professional gross receipts exceed ₹50 lakhs.
Financial Review
Books, bank statements, financial statements, tax records, and compliance data are reviewed before return filing.
Review Turnover andProfessional Receipts
According to the supplied content, audit is required when the partnership firm carries on business and turnover exceeds ₹1 crore, or when it carries on a profession and gross receipts exceed ₹50 lakhs.
From Bookkeeping toITR-5 Filing
The service covers bookkeeping, accountant assistance, bank reconciliation, financial statements, business tax return filing, GST compliance, and TDS compliance based on the chosen plan.
Bookkeeping Review
Review the firm's yearly or monthly bookkeeping records based on the selected service package.
Dedicated Accountant Support
A dedicated accountant assists with records, reconciliations, financial statements, tax return preparation, and compliance.
Bank Statement Reconciliation
Match business bank transactions with the books and identify missing, duplicated, personal, or incorrectly recorded entries.
Financial Statement Preparation
Prepare the profit and loss statement, balance sheet, partner capital accounts, and supporting schedules.
Business Tax Return Filing
Prepare the firm's tax computation and file the applicable partnership income tax return in Form ITR-5.
GST and TDS Compliance
Depending on the selected package, support may include GST compliance and TDS compliance.
Choose the Right Accounting andTax Compliance Plan
Select yearly or monthly bookkeeping with dedicated accountant support, tax return filing, GST compliance, and TDS compliance.
Basic
₹ 20,000
all inclusive fees
- ✓Yearly Bookkeeping
- ✓Dedicated Accountant
- ✓Bank Statement Reconciliation
- ✓Financial Statement Preparation
- ✓Business Tax Return Filing
Eco
₹ 30,000
all inclusive fees
- ✓Monthly Bookkeeping
- ✓Dedicated Accountant
- ✓Bank Statement Reconciliation
- ✓Financial Statement Preparation
- ✓Business Tax Return Filing
- ✓GST Compliance
Pro
₹ 45,000
all inclusive fees
- ✓Monthly Bookkeeping
- ✓Dedicated Accountant
- ✓Bank Statement Reconciliation
- ✓Financial Statement Preparation
- ✓Business Tax Return Filing
- ✓GST Compliance
- ✓TDS Compliance
- ✓A partnership firm is formed by individuals who agree to carry on business together as partners.
- ✓Partnership firms file their income tax return using Form ITR-5.
- ✓The supplied content states that tax audit is required where business turnover exceeds ₹1 crore or professional gross receipts exceed ₹50 lakhs.
- ✓Current tax rates, audit thresholds, surcharge, cess, return-form rules, and filing requirements should be checked for the relevant financial and assessment year.
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