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ITR for Partnership Firms
ITR Filing for Partnership Firms (registered or unregistered) is mandatory, irrespective of income or loss. They must file ITR-5 to report income, expenses, and partner remuneration. Filing ensures legal compliance, smooth financial management, and helps avoid penalties.
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Applicable ITR Forms
ITR-5
For all partnership firms, including presumptive and audit cases
ITR-4
Only if presumptive scheme is used (Sec 44AD/44ADA/44AE), income < ₹50L, no audit, no complex income
ITR-4/5
Income from business or professional having turnover from 1 crore to 2 crore
ITR-5
Income from business or professional having turnover more than 2 crores
Document Required
To file Income Tax Return efficiently, please gather these documents handy for speedy filing process:
Books of Accounts
Books of Accounts: (Cash Book, Ledger, Purchase/Sales Registers) EssenƟ al to compute income, expenses, and net profit.
Partnership Deed
Partnership Deed: Legal proof of the firm's formaƟ on and partner details
Bank Statements
Bank Statements: For verifying income, expenses, and financial transacƟ ons.
GST Details
GST Details: To reconcile turnover and tax payments, if registered under GST.
Digital Signature Certificate (DSC)
Required if filing ITR-5 digitally (mandatory for audit cases).
PAN Card
Pan Card: Pan card of the partnership firm and all the partners
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ITR for Partnership Firms
What do you mean by Partnership Firms
A partnership firm is a business structure where two or more individuals come together to run a business and share its profits and losses according to a mutually agreed partnership deed.
It is governed by the Indian Partnership Act, 1932, and the partners act as both owners and agents of the firm.
Key Features:
Formed by agreement (written or oral) between partners
Has a common goal: carrying on a business
Profits and losses are shared among partners
Partners have unlimited liability
ITR Filing Summary for Partnership Firms (AY 2025-26)
|
Criteria
|
ITR-4 (Sugam)
|
ITR-5
|
ITR-7
|
|---|---|---|---|
|
Eligibility
|
Partnership Firms (Resident)
opting for Presumptive
Taxation under Section 44AD,
44ADA, or 44AE
|
All Partnership Firms not eligible for ITR-4
|
Partnership Firms claiming exemption under section 11, 12, etc. (like charitable or religious trusts)
|
|
Total Income Limit
|
Up to ₹50 Lakhs
|
No limit
|
No limit
|
|
Type of Income
|
Business/Profession under Presumptive Scheme
|
Business/Profession under Normal or Presumptive Scheme
|
Income from charitable or religious activities
|
|
Capital Gains Allowed?
|
Not allowed (except as per 44AD(6))
|
Allowed
|
Allowed (if related to exempt purpose)
|
|
House Property Limit
|
Only one house property allowed
|
No restriction
|
No restriction
|
|
Audit Requirement?
|
Not allowed (must not be liable for audit)
|
Required if turnover exceeds limits under Section 44AB
|
Required under Section 12A(b) if applicable
|
|
Partner’s Salary/Interest?
|
Not allowed under presumptive scheme
|
Allowed
|
Not applicable
|
|
Income (Losses)?
|
Not allowed
|
Allowed
|
Allowed (if applicable)
|
|
Digital Signature (DSC)?
|
Not mandatory
|
Mandatory if audit applies
|
Mandatory if audit
applies
|
Note:
Most regular partnership firms use ITR-5, even when opting for presumptive income, especially if they pay interest/salary to partners or if audit applies.
ITR-7 is meant for non-profit partnership firms operating as charitable or religious entities.
ITR-5 Filing for Partnership Firms and Other Entities
The Income Tax Return (ITR) 5 Form is specifically designed for non-corporate entities that need to report their income and tax liabilities. It mentions that Bharat e-Filing provides seamless ITR-5 filing services to various entities, ensuring efficient and hassle-free filing.
Who Can File ITR-5?
The following entities are eligible to file ITR-5 for reporting their income:
Partnership Firms
Limited Liability Partnerships (LLP)
Association of Persons (AOP)
Body of Individuals (BOI)
Business Trusts and Investment Funds
Cooperative Societies
Estate of Deceased Individuals
Estate of Insolvent Individuals
Artificial Juridical Person (as per Section 2(31)(vii))
Local Authorities
Note:
Entities that are required to file under sections 139(4A), 139(4C), 139(4B), or 139(4D) must not use ITR-5.
Due Dates for Filing ITR-5
The filing due date for ITR-5 depends on whether the entity needs to undergo an audit or furnish additional reports. Here are the due dates based on different scenarios:
|
Condition
|
Due Date
|
|---|---|
|
Accounts require auditing under the Income Tax Act
|
31st October of the assessment year
|
|
Report required in Form No. 3CEB
|
30th November of the assessment year
|
|
No audit required
|
31st July of the assessment year
|
Who Cannot File ITR-5?
ITR-5 is not meant for the following categories of taxpayers:
Individual Assessors:
Individuals should file their returns using the appropriate ITR form, such as ITR-1, ITR-2, etc.Hindu Undivided Family (HUF):
HUFs must use ITR-2 or another relevant form.Companies:
Corporate entities should file their returns using ITR-6 (for companies other than those claiming exemption under Section 11).Entities Filing ITR-7:
Those covered under Sections 139(4A), 139(4B), 139(4C), 139(4D), 139(4E), or 139(4F) must file using ITR-7
ITR-5 Filing Services at Bharat e-Filing
At Bharat e-Filing, we provide expert assistance to ensure your ITR-5 filing is done accurately and on time. Whether you’re a Partnership Firm, LLP, or any other eligible entity, our user-friendly platform and experienced team make the process smooth and hassle-free.
ITR-5 Filing Services at Bharat e-Filing
When you choose Bharat e-Filing for your ITR-5 filing, you get:
Secure Filing
Your data is protected with the latest encryption technology, ensuring complete security during the filing process.Expert Support
Our experienced tax professionals guide you through every step, ensuring accurate and compliant filings.Error-Free Filing
We conduct a thorough review of your ITR-5, eliminating errors and ensuring your form is complete before submission.Maximize Deductions
We help you identify and claim all available deductions and tax benefits to minimize your liabilities.Timely Reminders
We send reminders for important tax deadlines, so you never miss a filing date.Post-Filing Support
Our team is available to assist you with any queries or concerns after the filing is completed.
Starting a Business and Confused Where to Begin?
At Bharat E-Filing, we take care of Accounting, Business, Compliance, and handle end-to-end solutions.
Customer Reviews For ITR for Partnership Firms
Our clients trust Bharat e-Filing for reliable, efficient and expert-led on time services. Here’s what they have to say.
ITR 5 Filing related FAQ’s
Answer: ITR-5 is a tax return form for Partnership Firms, Limited Liability Partnerships (LLPs), Body of Individuals (BOIs), and other entities that are not companies but still need to report their income to the Income Tax Department. It’s used for filing income tax returns for non-corporate business entities.
Answer: A Partnership Firm can file ITR-4 only if it opts for the presumptive taxation scheme under Sections 44AD, 44AE, or 44ADA and meets all other eligibility conditions. Otherwise, ITR-5 must be filed for AY 2025-26.
Answer: The due date for filing ITR-5 for AY 2025-26 is 31st September of the assessment year.
Ensure to file before the due date to avoid any penalties.
Answer: Yes, a partnership firm can claim various deductions in ITR-5, including business expenses, interest payments, depreciation, and other eligible tax deductions under the Income Tax Act for AY 2025-26.
Answer: Yes, a partnership firm needs to get its accounts audited under Section 44AB if its turnover exceeds the specified limit. In such cases, the ITR-5 must be filed by the audit due date.
Answer: The ITR-5 form for AY 2025-26 can be filled out online via the Income Tax e-filing portal.
You’ll need to provide information like business income, partner details, balance sheet, profit and loss account, and deductions. It’s advisable to consult a tax expert to ensure accurate filing.
Answer: Yes, a partnership firm can claim partner’s salary and interest in ITR-5 if it is clearly mentioned in the partnership deed and within the limits defined under Section 40(b) of the Income Tax Act.
Answer: Yes, Limited Liability Partnerships (LLPs) can also file ITR-5 for AY 2025-26. LLPs report their income, profits, and deductions just like other non-corporate entities.
Answer: ITR-4 is for partnership firms opting for presumptive taxation under Sections 44AD, 44AE, or 44ADA.
ITR-5 is for partnership firms filing based on actual income and expenses and not under the presumptive taxation scheme for AY 2025-26.
Answer: If a partnership firm files ITR-5 after 31st September for AY 2025-26, it will incur late filing fees under Section 234F and interest under Section 234A.
There may also be penalties for delayed filing and potential scrutiny from the Income Tax Department.
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