Professional ITR5 Return Filing for Firms & AOPs
ITR5 return filing is mandatory for partnership firms, LLPs, and Association of Persons (AOPs). Our expert CA team ensures accurate and timely filing with comprehensive documentation support and compliance management throughout the process.
Benefits of Professional ITR5 Filing
- Compliance Assurance: Ensures full compliance with Income Tax regulations
- Expert Guidance: Professional CA assistance for complex calculations
- Penalty Avoidance: Timely filing prevents late fee penalties and interest
- Tax Optimization: Maximum deductions and exemptions claimed
- Documentation Support: Complete assistance with required documents
- Audit Protection: Reduces chances of scrutiny with proper filing
ITR5 Filing Process
Document Collection
Gather all required financial documents including books of accounts, bank statements, and partnership deeds
Data Preparation
Prepare comprehensive data including profit & loss statements, balance sheets, and partner's capital accounts
Tax Calculation
Calculate total income, apply deductions, and determine tax liability with expert CA guidance
Online Filing
File ITR5 return online through Income Tax portal with digital signature and verification
Acknowledgment & Support
Receive filing acknowledgment and provide ongoing support for any queries or notices
Frequently Asked Questions
What is ITR5 and who needs to file it?
ITR5 is an income tax return form for partnership firms, LLPs, Association of Persons (AOPs), Body of Individuals (BOIs), and artificial juridical persons. All these entities must file ITR5 regardless of their income level or profit/loss status.
What is the due date for ITR5 filing?
The due date for ITR5 filing is September 30th of the assessment year. For entities required to get their accounts audited, the due date is October 31st. Late filing attracts penalties and interest charges.
What documents are required for ITR5 filing?
Required documents include partnership deed/LLP agreement, books of accounts, profit & loss statement, balance sheet, bank statements, TDS certificates, tax audit report (if applicable), and details of partners' capital and current accounts.
Do partnership firms need to pay income tax?
Partnership firms are generally not liable to pay income tax as the income is taxed in the hands of individual partners. However, firms may be liable for tax if income is not distributed among partners or in case of non-compliance with certain conditions.
What happens if ITR5 is not filed on time?
Late filing attracts penalty under Section 234F starting from ₹5,000 for small entities and up to ₹10,000 for others. Additionally, interest may be charged on any outstanding tax liability, and the entity may face scrutiny from tax authorities.
Is tax audit mandatory for all entities filing ITR5?
Tax audit is mandatory if total sales/turnover/gross receipts exceed ₹1 crore in a financial year. However, if digital transactions are 95% or more of total transactions, the limit is increased to ₹10 crores for certain businesses.
Can ITR5 be filed without a Chartered Accountant?
While it's possible to file ITR5 without a CA, it's highly recommended to engage a professional due to the complex nature of partnership taxation, detailed schedules, and compliance requirements. Professional assistance ensures accuracy and compliance.
What are the key schedules in ITR5?
Key schedules include Schedule BP (Balance Sheet and P&L), Schedule FA (Fixed Assets), Schedule DI (Deductions), Schedule SI (Salary Income), Schedule HP (House Property), and various other schedules for comprehensive income reporting and tax calculation.