At Ractax, we simplify the process of filing Income Tax Returns (ITR) for partnership firms. Filing your partnership firm’s ITR is not just a legal requirement but also a crucial step toward building a credible and compliant business. Here’s why Ractax is your ideal partner for seamless ITR filing:
Why Choose Ractax for Partnership Firm ITR?
1. Expert Guidance: Our team of experienced tax professionals ensures accurate and timely filing, minimizing the risk of penalties.
2. Customized Solutions: Every partnership firm is unique, and we tailor our services to meet your specific requirements.
3. Compliance-First Approach: We ensure your ITR filing is fully compliant with the latest tax laws and regulations.
4. Hassle-Free Process: From gathering documents to filing returns, we handle the entire process, allowing you to focus on your business.
Who Needs to File a Partnership Firm ITR?
All partnership firms, including those with zero income or losses, are required to file ITR under the Income Tax Act, 1961.
Firms registered under a partnership deed are liable to file ITR even if they do not have a PAN card or have not commenced operations.
Types of Partnership Firms
Partnership Firms with Income: Tax is calculated at a flat rate of 30% on profits, plus applicable cess and surcharge.
Firms Declaring Losses: Filing ITR is essential to carry forward losses to offset future profits.
Documents Required
- Partnership deed
- PAN card of the firm
- Bank statements for the financial year
- Details of income, expenses, and investments
- TDS certificates, if applicable
Key Deadlines
Audit Required: 30th September of the assessment year
No Audit Required: 31st July of the assessment year
Benefits of Filing ITR for Partnership Firms
- Compliance and Avoiding Penalties: Prevent hefty penalties by filing on time.
- Carrying Forward Losses: Secure your business’s future by claiming losses in subsequent years.
- Ease of Loan Approvals: Maintain financial transparency, making it easier to secure loans.
- Business Credibility: Enhance your firm’s reputation with proper compliance.
Why Delay? File Today with Ractax
Let Ractax be your trusted partner in managing your partnership firm’s tax obligations. Contact us today to ensure error-free and stress-free ITR filing.
Call Us Now or Visit Our Website to Get Started!