Income tax return filing for Partnership Firms and Limited Liability Partnerships. ITR-5 preparation with proper partner share allocation and remuneration treatment.
Partnership Firms and LLPs are taxed at a flat 30% rate (plus surcharge and cess). ITR-5 must be filed for these entities. Partner remuneration and interest on capital are deductible subject to limits under Section 40(b). Proper computation ensures tax efficiency for both the firm and individual partners.
Gather financials and partner details
Compute book profit and partner shares
Prepare return with all schedules
E-file and submit
Timeline: 5-7 Days
*Govt fees extra where applicable