Partnership Firm Tax Return Filling in Chennai
For Partnership income tax return filing you must use Form ITR-5. The document ITR-5 is used to return the income tax returns of the firm that are filed by the partnership and not tax returns for the partners.
Similar to other forms for income tax, ITR 5 is an unattached form, and there is no requirement to provide any statements or documents along with the partnership tax returns. However, taxpayers are required to preserve the documents about their business and provide them to the tax authorities if they are asked for them.
ITR-5 can be filed online using the tax department's online portal. The tax returns must be filed only when requested to be submitted. When filing the Partnership tax returns, the partners should possess a class 2 digital signature to verify the filing procedure.
Steps Involved in Filing Income Tax Returns for The Partnership Firm:
Income tax returns for the partnership company are filed online on the website for tax returns or manually. If the return is submitted online, then the signature of class 2 will be required of partners of the business. In addition, online income returns filing becomes required for partnerships that must get an audit.If filing is done manually the assessee should print two copies of the Form ITR-V. One copy of the ITR-V which is signed by the assessee must be posted by normal mail to Post. The second copy must be kept by the assessee to be used for his/her record.
Partnership companies that meet any of the requirements below will be required to have their books examined:
- The company is operating and its total sales are more than Rs.1 crore in the year before.
- Being a professional and the gross earnings of a field exceed Rs.50 lakhs during any previous year.
- In addition, there are additional circumstances that could force an audit to be conducted for a partnership company.