ITR – Partnership
Description
What is ITR – Partnership?
In India, a partnership firm is split into two categories including registered partnership and unregistered partnership. Firms that have attained registration certificates from the Registrar of Firms are known as Registered partnership firms.
On the other side, partnerships that do not have a registration certificate are considered unregistered partnership firms. However, it is important for partnership firms to file an income tax return (ITR).
All the partnership firms need to file an income tax return in form of ITR-5 under the income tax department. In case, no audit is required then the ITR of the partnership firm must be filed by 31st July. However, ITR needs to be filed by September 30, if an audit has to be conducted.
Documents required for ITR Partnership
It is important for you to submit a few documents to file the income tax return of the partnership firm.
- PAN card and Aadhaar card of the partners
- PAN card of the firm
- Books of accounts or financial statement
The procedure of ITR for partnership firm
- First, complete the questionnaire
- Evaluate all the documents
- Filing of income tax return
- Acknowledgment
Benefits of ITR partnership
- Income tax return filing helps the partnership firm to take a loan from different financial institutions easily
- Income tax return filing also assists in carrying forward the losses that have occurred in the previous year from the current year’s income
- The ITR which is filed with the government also defines the fiscal value of the business and assists in tracking the net worth of a firm.
Why choose us?
We, at BusinessBadhega.com will help by providing all the required & important services that are associated with return filing. Simply call us and inform the type of income tax return filing you need for your partnership firm.