Correct ITR-5 filing for firms and LLPs.
Partnership firms and LLPs must file their income tax return in Form ITR-5, reporting business income and computing tax at the flat firm rate of 30% plus surcharge and cess. A key part of accurate filing is correctly claiming deductions for partners' remuneration and interest on capital within the limits allowed by Section 40(b), which reduces the firm's taxable profit. We prepare the firm's computation, optimise these deductions, determine whether a tax audit is applicable, and file the return on time. We also ensure the firm's return aligns with the individual returns of the partners, keeping the whole structure consistent and compliant.
Partnership firms and LLPs with business or professional income.
Timelines and government fees are indicative and subject to processing by the relevant authority. Approval and its timing are decided by the authority and cannot be guaranteed.
A flat 30% plus applicable surcharge and cess on taxable income.
Yes, partner remuneration and interest are deductible within the Section 40(b) limits.
Form ITR-5 is used by partnership firms and LLPs.
Tax Guider — A unit of Corpzen Advisors Private Limited, Chennai, Tamil Nadu.
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