Partnership Firm Tax return Filing

Partnership Firm Tax return Filing

A partnership firm is defined under the Income-tax Act as individuals who have formed a partnership with one another; these individuals are referred to as "Partners" individually and as "Firm Names" collectively.

Tax Rate

Partnership firms must pay income tax at the rate of thirty percent of their gross revenue. Like all other income tax forms, Partnership Firms must file an income tax return on Form ITR5.

Partnership firms must submit a form ITR-5 income tax return. similar to all income tax forms. ITR-5 is an attachment-free form; a partnership firm's tax return does not need to be submitted with any supporting documentation.

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.