Partnership Firm Tax return Filing

Partnership Firm Tax return Filing

Under the Income-tax act, a partnership firm is defined as persons who have entered into a partnership with one another are called individually “Partner” and collectively a “Firm Name”

Tax Rate

Partnership Firms is liable to pay income tax at the rate of 30% of the total Income. Partnership Firms is required to file an income tax return in form ITR5 like all other income tax forms.

Partnership Firms is required to file an income tax return in form ITR- 5. Like all income tax forms. ITR-5 is an attachment less form and there is no requirement for submitting any documents or statements along with a partnership firm tax return.

Audit Requirement for Partnership Firms

Partnership Firms accounts audit required for following

• Carrying on business and total exceeds 1 crore
• Carrying on professional receipts exceeds Rs.50 Lacs.