Partnership Tax Return Filing
A partnership firm can avoid legal issues and penalties by timely filing the prescribed compliance.
Digital Filings can help you in…:
Drafting Financial Reports
Educating the updated compliance processes
Computing taxable amount
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Understanding Partnership Tax Return Filing
A Partnership deed is a business model where two or more than two individuals collaborate to carry out business activities with a defined profit sharing ratio. The individuals participating in sharing profits are called “partners” and collectively they are called “firm”. Just like other business models, a partnership firm is also obliged to follow tax regulations and regularly file tax retunes on income in order to keep away from any legal obstacle.
As per Income Tax Act, a partnership firm is obliged to file Income Tax at the end of every financial year by submitting Form ITR 5 (duly filled by designated representatives) along with required documentations to the Income Tax Department.
Partnership firms exceeding annual sales turnover of INR 1 Crore and professionals firms (Law firms, Financial Services Firms, and others) with annual gross receipts exceeding INR 50 Lacs require an annual tax audits of their financial statements.
Partnership or Professional Firms that require annual tax audits of their financial statements need to file Income Tax Return (ITR) by 30th September while those do not need annual tax audits are obliged to file their ITR by 31st July.
Major Benefits of Filing Partnership ITRs on Time
No Error, No Stress
It is always better to timely file your tax returns to avoid hold-up and unnecessary delays due to the high volume of submissions during the last days of tax return filings.
As per section 234-F under the Income Tax Act, there is a penalty of INR 5,000 for late tax return filings, therefore, firms should file ITR on time to save such penalties.
Filing ITR in advance help in getting the eligible tax refunds faster, as Income Tax Department can delay tax refunds during the last days, when ITR submissions are high.
A consistent ITR filing record can help as a solid instrument while applying for a loan and / or credit card as it enhances the firm’s credibility and speeds up the process.
No Error, No Stress
Filing ITRs is mandatory and doing it during the last days can be stressful and lead to affect business activities. Moreover, there are chances of missing out any relevant document or an additional certificate and might also result in an anxiety of missing the due date, when firms plan to file their ITR during the last days. Therefore, for an error free and stress free filing firms are advised to file their ITRs on time.
We are Glad to Help!
Filing annual ITRs can be a tedious task and lead to legal penalties if the taxed partnership or professional firms are not updated with the ITR processes and legalities, like taxable slabs, and others.
Do Not Worry!
Trained Experts @ Digital Filings can effectively assist partnership or professional firms in filing their annual ITR, enabling them to focus on their business related matters.
- ITR Filing for Partnership or Professional Firm with Annual Turnover of Less Than INR 10 Lacs.
- Compliance Management
- (Above price includes all taxes and relevant government fees.)
- ITR Filing for Partnership or Professional Firm with Annual Turnover of Less Than INR 50 Lacs. Compliance Management (Above price includes all taxes and relevant government fees.)
- ITR Filing for Partnership or Professional Firm with Annual Turnover of Less Than INR 100 Lacs. Compliance Management (Above price includes all taxes and relevant government fees.)
How we Do It…
Like any other business model, a partnership or professional firm is also obliged to file ITR as per tax shelf prescribed by the government. Expert @ Digital Filings will assist you in filing annual compliance timely to avoid penalties and legalities.
Furnishing Financial Report
A compliance expert @ Digital Filings will coordinate with the finance department of a partnership or professional firm and gather all the necessary facts and figures to proficiently prepare the financial reports. The furnished reports would be shared with the firm’s finance department for verification purpose.
On the basis of the firm’s financial report, the payable tax amount will be calculated (as per the prescribed tax rates). Tax computation is a consequential activity and Team @ Digital Filings will complete it efficiently eliminating any possible errors.
After arranging all required documents in the prescribed manner and appropriately filling the Form ITR 5, the firm’s returns will be filed at the concerned taxation department.
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