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compliances for partnership firm
What is a Partnership Firm?

A partnership firm is technically a relationship between individuals who have agreed to share business profits under Section 4 of the Indian Partnership Act. The detailed law of Partnership is prescribed in the Indian Partnership Act of 1932.

What are the elements of a Partnership?
In brief, the partnership has three essential elements-
1. It must be the result of an agreement between two or more individuals
2. Agreement to share profits obtained from the business
3. The business is run by all of the members or any of the members representing the rest.
income tax return for partnership firm

Is it compulsory for a Partnership Firm to file Income Tax Return?

Yes, it is compulsory. According to the partnership act, one has to pay income tax at a 30% rate and if the income from the business exceeds Rs.1crores apart from 30% tax, a 12% surcharge will additionally be taxed too.

Partnership firm income tax calculation is a tough job as apart from surcharge other charges such as education cess, secondary higher education cess, and many more charges are levied.

Similar to the income Tax Return forms, Partnership Firms tax return filing documentation form is there, that is, ITR-5. Along with this form, no other document is required to be attached.

However, due to digitalization tax returns filing online has been great easy. But still, people are facing problems and querying about- “How to e-file ITR of a partnership firm?”

So to make things easier and less complicated our HA TAX experts are here to work on your behalf.

Why choose HA TAX

We know that there may be many tax return filing services around your area or you have had met best tax return filing services. But believe us, we are one of the finest financial & accounting service providers extending service to our clients.

Our chat based mobile and desktop application is user friendly. We believe in providing personalised and have also given flexibility to our clients to choose their service, set deadline and monitor the work-progress. With our 24/6-hour client service, we communicate & collaborate with our clients.

HA TAX partnership tax filing
llp tax filing

Limited Liability Partnership Firm

Apart from Partnership firm there is another kind-off firm which is Limited Liability Partnership (LLP). Similar to Partnership LLP in looked under Limited Liability Partnership Act 2008. The liability of the partners here is limited as it have some corporate framework too in firm structure.
The compliances for LLP is periodic but low as compared to any private limited company but penalties upon not full-filling the compliances is high.

Form 8, one of the most looked-upon in LLP compliances. It’s a statement of Account & solvency which reflects all financial transactions undertaken during the specific financial year. Unlike ITR-5, Form 8 requires additional documents such as disclosure under MSME development act 2006, Statement of contingent liabilities and other relevant attachment. Form 11 is another compliance form in LLP. Since the compliances are many, we are here to provide all services which you can think off.

HA TAX takes care of your filing due dates and make you stress free.

Have peace of mind with HA!