Starting at Just Rs. 699/- (All Inclusive)
ITR Filing for Partnership Firm / LLP
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ITR-1 @ Rs. 699/-
- Salary Income
- Rent Income From One Property
- Interest Income etc.
This pricing plan includes free consultation
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ITR-2 @ Rs. 1099/-
- Salary Income
- Rent Income From Properties
- Capital Gains or Losses
This pricing plan includes free consultation
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ITR-3 @ Rs. 1999/-
- All Income Covered in ITR-2
- Income From Business or Profession
- Interest Income etc.
- Income or Loss From Intraday Share Trading
- Income or Loss From Derivatives (F&O)
- Director/Patner in a Company/LLP
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ITR-4 @ Rs. 1499/-
- Salary Income
- Rent Income From Propeties
- Professional Receipts up to Rs. 50 Lacs
- Businesses Covered under Presumptive Taxation
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Know More
Income Tax Returns
An Overview
Filing Income Tax Returns (ITR) for Partnership Firms and Limited Liability Partnerships (LLPs) in India is a mandatory annual process. These entities must file their returns using the appropriate ITR forms, typically ITR-5, disclosing their financial information, tax liabilities, and other essential details. The due date for filing ITR is usually October 31st, and non-compliance can result in penalties and interest payments. Proper documentation, accurate financial statements, and adherence to tax laws are crucial for a seamless filing process. Seeking professional assistance can ensure compliance and accuracy in fulfilling tax obligations for Partnership Firms and LLPs.
Fiscalnow files Income Tax Returns for partnership Firm and LLP by adhering to each legal requirement of Income Tax Laws. You can completely rely on us to file your income tax returns. For that, you will just have to provide us with the necessary documents.
Is It Mandatory?
Yes, it is mandatory for Partnership Firms and Limited Liability Partnerships (LLPs) in India to file their Income Tax Returns (ITR) annually. Both entities are required by law to submit their financial information, income details, tax liabilities, and other relevant information to the Income Tax Department using the appropriate ITR form, typically ITR-5. Non-compliance or failure to file the ITR within the stipulated deadline can result in penalties and interest payments as per tax regulations. Therefore, filing ITR is a mandatory obligation for Partnership Firms and LLPs to ensure adherence to tax laws in India.
Information / Documents Required
For filing Income Tax Returns (ITR) for Partnership Firms and Limited Liability Partnerships (LLPs) in India, several important documents are required. These documents are crucial for accurately reporting financial information and complying with tax regulations. Some of the essential documents include:
PAN Card: Permanent Account Number (PAN) of the Partnership Firm or LLP.
Financial Statements: Profit and Loss Account and Balance Sheet prepared in accordance with accounting standards.
Audit Reports: If the annual turnover of the Partnership Firm or LLP exceeds the specified limit, an audit report by a Chartered Accountant might be required.
Partners’ Details: Information about partners or designated partners, including their PAN, Aadhaar, address, and their share in profits.
Tax Payment Challans: Proof of tax payments made, such as challans for Advance Tax, Self-Assessment Tax, etc.
Bank Statements: Details of bank accounts held by the Partnership Firm or LLP.
Form 26AS: It reflects details of TDS (Tax Deducted at Source), TCS (Tax Collected at Source), advance tax, and self-assessment tax deposited in the PAN of the firm.
Previous Year’s ITR: Copy of the previous year’s filed ITR.
Other Supporting Documents: Any other documents or information that substantiate the financial transactions and income of the firm.
Due Date
Yes, there are due dates for filing Income Tax Returns (ITR) for Partnership Firms and Limited Liability Partnerships (LLPs) in India. The due date for filing the ITR by these entities typically falls on or before the 31st of October of the assessment year.
However, it’s essential to note that the due date may vary or be extended by the Income Tax Department or government authorities under certain circumstances or in specific cases.
Filing the ITR within the stipulated due date is crucial to avoid penalties or late fees imposed for non-compliance. Additionally, adhering to the deadline ensures smooth and timely processing of tax returns and prevents any potential legal implications. It’s recommended to stay updated with any notifications or changes in the due date provided by the tax authorities to ensure timely and compliant filing for Partnership Firms and LLPs.
Benefits
Benefit No.1 – In this gloabalised era, almost all the countries requires the immigrants or applicants to provide the copies of the Income Tax Return for past 3-4 years to process the VISA applied to them
Benefit No. 2 – Filing of Income Tax Return on timely basis creates a good financial profile that helps the Banks and Financial Institutions in assessing the Loan Eligibility
Benefit No. 3 – Based on the Income Tax Return filed, one may get the concession in Interest Rates for the credit / financial facilities availed
Benefit No. 4 – A lot of transactions involves deduction (TDS) or collection (TCS) of tax, for instance sale of property, interest earned on deposits among several other transactions. Subject to the other taxable income, the tax payer may get the necessary refunds of the TDS or TCS as the case may be by filing the Income Tax Return
Benefit No. 5 – The losses incurred in the current financial years may not be set off against the profits earned in the same financial year due to the provisions of Indian Income Tax Laws, however, the same may set off against the future income. Therefore, to take benefit for the same by carrying forward the loss and thereby reducing the future tax liability, the tax payer should file the Income Tax Return on time
Benefit No. 6 – The delayed filing of the Income Tax Return results into interest, late fees & penalty. To avoid the same, timely Income Tax Return (ITR) should be filed
Benefit No. 7 – Indian Income Tax Laws manadates certain tax payers to file Income Tax Return mandatorily and to be a great nation the compliances are promoted and rewarded. By filing Income Tax Return you can also contriute in making our NATION GREAT
Benefit No. 8 – People make certain payments for LIC, Health Insurance & Interest during a Financial Year, these payments can be claimed as deductions under the Income Tax Laws by filing the Income Tax Return
Benefit No. 9 to x…The benefits you just read are indicative, the list can be expanded for including other benefits too
Inquiry
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