A partnership firm is liable to pay tax at the flat rate of 30% on its total income. The amount of income-tax (as computed above) shall be further increased by a surcharge at the rate of 10% of such tax, where total income exceeds one crore rupees. However, the surcharge shall be subject to marginal relief (the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees). The amount of income-tax and the applicable surcharge, shall be further increased by education cess and secondary and higher education cess calculated at the rate of two per cent and one per cent respectively of such income-tax and surcharge. Tax payable by a firm cannot be less than 18.5 per cent (increased by Surcharge, EC and SHEC) of “adjusted total income” as per section 115JC.
Partnership firms having annual turnover of over Rs.100 lakhs are also required to obtain a tax audit. In addition to the basic compliance, partnership firms may also be required to comply with TDS regulations, GST regulations, VAT / CST regulations, Service Tax regulations, ESI regulations and others.
Income Tax return filling of a partnership firm with turnover less than Rs 10 Lakh
Income Tax return filling of a partnership firm with turnover less than Rs 100 Lakh
Income Tax return filling of a partnership firm with turnover more than Rs 100 Lakh
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After receive the above document our representative prepare return in ITR-5 form and submit require form in authority. A firm liable to get its accounts audited under section 44AB shall furnish the return electronically under digital signature.
|A firm who is required to get its accounts audited under the Income-tax Act or under any other law||September 30|
|A firm who is required to furnish a report in Form No. 3CEB under section 92E||November 30|
|In case of Others||July 31|