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Partnership Firm
Annual Compliance

File your Income Tax Return (ITR-5) and prepare Financial Statements with expert CAs. We ensure accuracy, maximize deductions, and prevent tax notices.

100%

Accuracy

500+

Firms Filed

July 31

Due Date

Max Tax Savings via Partners' Salary & Interest

File Partnership ITR

100% Secure Data.

ALERT: Due date for Partnership ITR is 31st July (Non-Audit). Late filing fee is up to ₹5,000.

Why Choose Parishrama?

Financial Statements

We prepare your Profit & Loss Account and Balance Sheet as per Income Tax standards.

Tax Saving

We optimize tax liability by claiming allowable deductions like Partners' Remuneration & Interest.

Audit Support

If your turnover exceeds ₹1 Crore, our CAs will conduct the mandatory Tax Audit.

Our Compliance Packages

Select the plan based on your business turnover.

Basic Filing

Turnover < 1 Cr Non-Audit Cases
  • Preparation of Financials
  • ITR-5 Filing
  • Computation of Income
  • Filing Acknowledgement
Select Plan

Tax Audit Filing

RECOMMENDED
Turnover > 1 Cr Mandatory Audit
  • Everything in Basic
  • CA Audit Report (3CA/3CD)
  • Balance Sheet Finalization
  • Digital Signature Support
Select Plan

Nil Return

Inactive Firm Zero Business Activity
  • Statement of Affairs
  • Nil ITR-5 Filing
  • Carry Forward of Loss
  • Active Status Maintenance
Select Plan

Documents Required

Keep these documents ready for smooth filing:

Firm PAN Card
Partnership Deed (Copy)
Bank Statements (Current Year)
Sales & Purchase Invoices
Expense Bills (Rent, Salaries, etc.)

Filing Process

1

Data Collection

Upload your bank statements and ledger details to our secure portal.

2

Drafting Financials

Our accountants prepare the Balance Sheet and P&L account.

3

Tax Calculation

We compute tax liability after deducting partners' salary and interest.

ITR Filing

After your approval, we file the return with the IT Department.

Frequently Asked Questions

What is the tax rate for Partnership Firms?

Partnership firms are taxed at a flat rate of 30% on total income. Additionally, a surcharge of 12% applies if income exceeds ₹1 Crore, plus 4% Health & Education Cess.

Can partners claim salary and interest?

Yes. Interest on capital is allowed up to 12% p.a., and remuneration to working partners is allowed within specific limits under Section 40(b), provided it is mentioned in the Partnership Deed.

What happens if I don't file the return?

Non-filing attracts a penalty of ₹5,000. Additionally, you cannot carry forward business losses to future years, and you may face scrutiny from the Income Tax Department.

File Before the Deadline!

Avoid last-minute rush and penalties. Let our experts handle your Partnership Tax Filing.

Start Filing