Partnership Firm / LLP ITR
Partnership Firm / LLP ITR services managed seamlessly by our expert team.
Partnership firms and LLPs must file an income tax return each year. Correct computation of partner remuneration, interest and profit share is important. CASYST prepares and files your firm's or LLP's return and coordinates the partners' individual returns.
What is Partnership Firm / LLP ITR?
A partnership firm or LLP is taxed as a separate entity and files ITR-5. The firm's profit is computed after deducting allowable partner remuneration and interest within limits, and the tax is paid by the firm.
Partners' share of profit is exempt in their hands, while their remuneration and interest are taxed as business income.
Who needs Partnership Firm / LLP ITR?
- Registered partnership firms
- Limited Liability Partnerships
- Firms that need tax audit
- LLPs with pending returns
Benefits of Partnership Firm / LLP ITR
Statutory compliance
Meet due dates and avoid penalties.
Tax efficiency
Optimise partner remuneration within limits.
Loss carry forward
Preserve losses for future adjustments.
Loan ready
Filed returns support bank finance.
Partner coordination
We align partners' personal returns.
Eligibility
- Registered partnership firms and LLPs
- Books of accounts and financial statements
- Audit report where required
- A valid PAN and partners' details
Documents required
- PAN of the firm or LLP
- Partnership deed or LLP agreement
- Profit and loss statement and balance sheet
- Bank statements
- Details of partners and remuneration
- Audit report where applicable
Partnership Firm / LLP ITR process
- 1Step 1
Collect financials
We gather the firm's accounts and records.
- 2Step 2
Check audit applicability
We confirm whether tax audit or LLP audit is required.
- 3Step 3
Compute income
We compute the firm's income and partner allowances.
- 4Step 4
Prepare ITR-5
We prepare the return.
- 5Step 5
Partner review
The designated partner reviews and approves.
- 6Step 6
File and verify
We file and verify the return.
After you file
- E-verify the return
- Pay any balance tax
- Keep partners' capital and profit-sharing records
- Plan advance tax for next year
- File any audit report on time
Tax rate
Partnership firms and LLPs are taxed at a flat rate on profits, plus surcharge and cess where applicable. Limits, dates and rates are revised by the authorities from time to time, so we confirm the current position before we file.
Partner remuneration limits
Remuneration and interest paid to partners are deductible only within limits set by the Income Tax Act and the partnership deed.
Related services
Partnership Firm / LLP ITR cost
Our Partnership Firm / LLP ITR package starts from ₹2,499. Government fees, stamp duty and other statutory charges are separate and depend on your state and the exact filing involved. We give you a clear, itemised quote before we start, with no hidden charges.
Get a QuotePartnership Firm / LLP ITR checklist
- Collect financials
- Check audit applicability
- Compute income
- Prepare ITR-5
- Partner review
- File and verify
Frequently asked questions
ITR-5.
Firms and LLPs are taxed at a flat rate plus surcharge and cess. We confirm the current rate.
Where turnover or profit crosses the prescribed limits.
Within limits set by the Income Tax Act and the deed.
Yes, LLPs must file returns each year.
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