Partnership firms are required to file income tax return each year. WhyBe Consultancy offers an easy process for maintaining accounts and filing partnership firm income tax return.
Partnership firms is among the most common types of business entity in India wherein two or more persons join together to undertake a profit for business. Under Income Tax Act, a partnership firm is defined as “Persons who have entered into a partnership with one another are called individually "partners" and collectively "a firm", and the name under which their business is carried on is called the "firm name". Partnership firms are required to file income tax return in form ITR 5 each financial year. To file the income tax return of a partnership firm, book of accounts must be maintained and tax audit may have to be obtained based on various criterias. WhyBe Consultancy provides a comprehensive compliance and income tax return filing service for partnership firms. Get in touch with an WhyBe Consultancy Tax Expert to file the income tax return for your partnership firm today.