Filing Income Tax Returns (ITR) is a mandatory annual requirement for Partnership Firms — whether they make a profit or loss, or even if they have no transactions during the financial year. Let’s dive into the details:
Complete Your ITR Filing
Ready Your ITR Filing For Partnership Firm with Auriga Accounting
Auriga Accounting has a team of registration experts who can provide complete guidance to register your ITR Filing For Partnership Firm.
Our team of experts will get in touch with you and collect all necessary documents and details
We fill out and file your application for ITR Filing
Ready Your ITR Filing For Partnership Firm.
Auriga Accounting has a team of registration experts who can provide complete guidance to register your ITR Filing For Partnership Firm.
Our team of experts will get in touch with you and collect all necessary documents and details
We fill out and file your application for ITR Filing
Ready Your ITR Filing For Partnership Firm.
A Partnership Firm is a business structure where two or more people come together to run a business and share profits as per the Partnership Deed. It can be either registered or unregistered under the Partnership Act, 1932 — but tax filing is required in both cases.
–Legal Requirement – Mandatory under the Income Tax Act, 1961.
–Avoid Penalties – Non-filing leads to penalties and legal consequences.
–Carry Forward Losses – Business losses can be carried forward for 8 years.
–Ensure Loans & Credit – Essential for loans, investments, and tenders.
–Claim Tax Refunds – If TDS is deducted, you can claim a refund.
–Avoid penalties & interest charges
–Carry forward losses for future tax benefits
–Ensure smooth business operations
–Strengthen credibility for loans, tenders, and investors
–Claim refunds and tax credits
A Partnership Firm must get its accounts audited by a Chartered Accountant (CA) if:
–Presumptive Taxation Scheme:
Firms with a turnover up to ₹2 crore can opt for Section 44AD (8%/6% deemed income).
For professionals with receipts up to ₹50 lakh, Section 44ADA allows 50% deemed income.
Income distributed to partners is tax-free in their hands (partners pay tax on other personal income).
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