Partnership Firm Tax Return Filing – Comprehensive Services by Vijendra & Co
At Vijendra & Co, we offer end-to-end tax compliance solutions for partnership firms in India. Our expert services cover every aspect of Partnership Firm Tax Return Filing, including accounting, GST, TDS, EPF, and tax audits. With the ever-evolving tax landscape, accurate and timely tax return filing is not just a statutory obligation but also a step toward the sustainable growth of your business.
In this guide, we provide a detailed overview of tax return filing for partnership firms, income tax regulations, applicable forms, tax slabs, deductions, and how you can streamline partnership firm compliance with CS Vijendra & Co.
Comprehending Partnership Companies and Their Tax Responsibilities
A partnership firm is an organization created by two or more people who work together to run a business with the goal of making money. A partnership deed typically governs the partners' reciprocal rights and obligations. Partnership businesses may or may not be registered. Regardless of the registration status, both are liable to file income tax returns if the firm’s income exceeds the basic exemption limit or if it falls under any mandatory filing criteria.
Filing Partnership Tax Returns in India
The annual procedure of providing the Income Tax Department with the partnership firm's income information is known as "partnership tax return filing." A partnership firm is taxed separately from its partners since it is regarded as a distinct legal entity for tax purposes. The firm is required to file its income tax return under Form ITR-5, which includes details of business income, deductions, tax payable, and other relevant financial information. Whether the firm is operational or not, filing returns is mandatory if it comes under the purview of the Income Tax Act.
Income Tax Return Filing for Partnership Firm
Filing an Income Tax Return for a Partnership Firm is a legal necessity, even if the firm has zero income or has incurred losses. The process involves:
Preparing books of accounts
Calculating total income and taxable income
Applying eligible deductions
Filing the appropriate ITR form
Paying any appropriate advance taxes
At Vijendra & Co, we ensure that the Income Tax Return Filing for Partnership Firm is completed with precision, maintaining compliance with the Income Tax Act and avoiding penalties.
Partnership Firm Income Tax Slabs / LLP for AY 2023-24
For the Assessment Year 2023-24, the income tax rate applicable to partnership firms, including Limited Liability Partnerships (LLPs), is as follows:
There is a flat tax rate of 30% on the company's total revenue; if the total revenue surpasses ?1 crore, there is also a 12% surcharge.
The tax plus the surcharge is subject to a 4% Health and Education Cess.
In contrast to separate taxing slabs, these tax rates are applied consistently regardless of income level.
Hence, it is crucial to calculate and file the returns accurately.
Minimum Alternate Tax (MAT) for Partnership Firms
Minimum Alternate Tax (MAT) is generally not applicable to regular partnership firms, but it is applicable to LLPs under certain conditions. If LLPs claim deductions under sections such as 80-IA, 80-IB, etc., they are subject to Alternate Minimum Tax (AMT) at 18.5% (plus surcharge and cess).
Vijendra & Co provides specialized consultancy to determine if MAT/AMT provisions apply to your partnership firm and assists in accurate tax computation and reporting.
Allowable Deductions for Partnership Firms
Under the Income Tax Act, a partnership firm is qualified for the following tax deductions:
Payment to coworkers within the range specified in Section 40(b)
A capital interest rate of up to 12% annually
Deductions under Chapter VI-A, including sections 80G (donations), 80IA (infrastructure), etc.
Our team ensures that all deductions allowed are appropriately claimed, reducing the overall tax liability of your partnership firm.
Applicable ITR Form
Form ITR-5 is used by partnership firms and LLPs who are not required to file returns under ITR-7 (charitable/religious trusts). This form includes fields related to income, deductions, tax payments, and audit details.
To guarantee compliance and prevent warnings or fines, the right form must be filed. Vijendra & Co manages the entire process for accurate filing using the appropriate ITR Forms for a Partnership Firm.
Due Date for Partnership Firm Income Tax Return
The due date for the partnership firm's income tax return varies based on whether the firm is audited:
31st July of the assessment year – For firms not requiring audit
31st October of the assessment year – For firms requiring audit under Section 44AB
Our tax professionals track deadlines to ensure timely filing and reduce the risk of late fees and penalties.
GST Return Filing
If your partnership business is GST registered, you must file GST returns on a monthly or quarterly basis. The types of GST returns include:
GSTR-1 – Details of outward supplies
GSTR-3B – Monthly summary return
GSTR-9 – Annual return
Vijendra & Co offers GST return preparation and filing services, reconciling data to ensure compliance with the Goods and Services Tax regime.
TDS Return Filing
Firms deducting Tax Deducted at Source (TDS) are required to file quarterly TDS Returns using Forms like 24Q, 26Q, etc. We assist in:
Computation of TDS
Timely deposit of TDS
Generation of Form 16/16A
Online filing of returns with the TRACES portal
Avoid penalties and interest by outsourcing your TDS Return Filing to our experts.
EPF Return Filing
If your firm employs 20 or more employees, EPF Return Filing is a monthly requirement. Vijendra & Co helps in:
Registering under EPFO
Generating ECR files
Making online payments
Submitting monthly and annual returns
Compliance with the Employees' Provident Fund regulations is made simple with our comprehensive services.
Bookkeeping and Accounting Services
Successful tax and compliance management is based on accurate bookkeeping and accounting.
Our services include:
Maintenance of books of accounts as per the Income Tax Act
Preparation of balance sheets, profit & loss accounts
Ledger management
Reconciliation of accounts
With expert-led accounting solutions, you can focus on running your business while we handle your financial data.
Tax Audit Services
A tax audit under Section 44AB is required if the turnover of your partnership firm surpasses the specified threshold (?50 lakhs for professionals, ?1 crore for enterprises).
Our team ensures:
Conducting the audit as per statutory norms
Filing Form 3CA/3CB and 3CD with accurate disclosures
Avoiding disallowances or scrutiny due to audit gaps
Trust Vijendra & Co for reliable and audit-ready documentation.
Simplify Compliance for Partnership Firms with CS Vijendra & Co.
Staying compliant across multiple tax and regulatory fronts is crucial for partnership firms in today’s complex business environment. From Partnership Firm Tax Return Filing to GST, TDS, EPF, and Tax Audits, Vijendra & Co offers a centralized approach to manage all your statutory obligations.
With deep domain expertise and a commitment to accuracy, we help you streamline partnership firm compliance with CS Vijendra & Co, ensuring that your firm meets all legal requirements seamlessly and efficiently.
