ITR of LLPs and Firms

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ITR of LLPs and Firms

We make Income tax return filing very easy and simplified.

File your Firm/ LLP Income Tax return if you are Partner/Designated Partner with the help of Chartered Accountants who are Experts in Income Tax Law. Being a Partner/Designated Partner of the Firm/ LLP (as the case may be) comes under your obligation under the Income Tax Act, 1961. You may have lots of confusion as it involves taxation aspect of your business. Request a call back here

Note: Wherever the term Firm has been used, it denotes to Partnership Firm.

At Compliance Calendar LLP, Chartered Accountants are qualified to resolve any query related to ITR filing, notice, capital gains, dividend, tax refund, tax audit applicability, tax savings, property tax, and any other query related to Income tax. For any query or problem, you may have, our experts who will assess your firm/ LLP case and advise you for your tax return issues.

E-mail us PAN and Statement of Account at

For inquiries, WhatsApp/Call us on 99 88 42 42 11

Income Tax Return is nothing but a prescribed form through which the particulars of income earned by a person (here in you case person means Firm/ LLP) in a financial year and tax payable on such income is communicated to the Income tax department after the end of the relevant financial year.

The forms used to file details of income taxes payable and Paid with Government are known as Income Tax Returns. Income tax return forms are provided for different assessesee by the IT department. It is also a complete online procedure where you need not submit any physical form to the department.

The Central Board of Direct Taxes (CBDT) has made it mandatory to file Income Tax Returns for all Firms and LLPs irrespective of their income or loss. ITR-5 (ITR-4 for presumptive income in case of Firm and not LLPs) is prescribed form of ITR through which the particulars of income earned by Firm/ LLP in a financial year and taxes paid or payable on such income is communicated to the Income tax department after the end of the relevant financial year.

Let us help you understand ITR filing for Firm/ LLP in simple words:

A Firm/ LLP has to file ITR-5 and ITR-4 at the end of the relevant financial year.

ITR Form 5 is a form suitable for bodies such as firms, Body of Individuals (BOIs), Limited Liability Partnerships (LLPs), Artificial Juridical Person (AJP), Association of Persons (AOPs), estate of insolvent, estate of deceased, investment fund, business trust, local authority, and co-operative society for filing the ITR. Any individual or entity belonging to the aforementioned categories is eligible for ITR 5 filing.

The ITR 4 is applicable to individuals and HUFs, Partnership firms (other than LLPs) which are residents having income from a business or profession. It also includes those who have opted for the presumptive income scheme as per Section 44AD, Section 44ADA and Section 44AE of the Income Tax Act, 1961.

Online Tax returns are set up in an excel worksheet & Java Formats, where the income figures are used to calculate the tax liability of persons. Tax returns are to filed every year by Firm/ LLP that received taxable income during the year, whether through regular income, interest, dividends, capital gains, or other profits. Even if your Firm/LLP paid extra tax, we are here to help you to get the refund from the Income tax department. Let our team of Chartered Accountants help you in filing your Firm/ LLP Tax Returns.

Documents Required for ITR of LLPs and Firms

For filing Income Tax returns of your Firm/LLP, we need from you the accurate information on income and TDS paid. Here is a checklist of what we need for e-Filing your Income Tax returns:

  • Statement of Account: We need statement of account of the Firm/LLP.
  • Form 26 AS: If your Firm/ LLP have previously filed ITR, we can access the same from Income Tax Login if you have login credentials. Form 26AS can also be downloaded through net banking if PAN is mapped to that particular account.
  • Details of bank accounts: We need bank account detail including the IFSC Codes. It is mandatory to give the details of all the bank account of Firm/ LLP for filing income tax returns ITR-5 or ITR-4 (in case of only firm with presumptive income).
  • It is important to note that no document should be provided with the return form when you file the ITR 5 Form. If such documents are attached to the ITR Form 5, they will be removed and handed back to you. You must match the amount of tax deducted, paid, or collected by you or on your behalf with the Tax Credit Statement in Form 26AS.

Features & Benefits for ITR of LLPs and Firms

You must have heard or seen many advertisements which encourages the Firm/ LLP to file the income tax return with the department. But wait, what is the benefit of filing the same. Well, here are the answer which will enlighten your knowledge and encourage you to file your Firm/ LLP income tax return with the department. Some of them are given below:

  • Law Compliant Firm/ LLP: The first and one of the most important benefits of filing of income tax returns is that, it ensures that the Firm/ LLP is compliant with the Indian Income tax laws. By staying within the time lines, the Firm/ LLP would be able to manage his financial affairs effectively.
  • Loan Requirement: If a loan (Term Loan or Working Capital Loan) is required to be obtained from any bank or financial institution, the tax returns would be required to prove the ability of the Firm/ LLP to repay the loans. It also becomes a proof that the Firm/ LLP have a regular income and have paid taxes on it and then Banks and other Financial Institutions feel comfortable in giving your Firm/ LLP a loan of any nature including cash credit.
  • To get refund on excess tax paid (if any): If your Firm/ LLP TDS has been deducted more than its tax liability, it becomes very important that your Firm/ LLP file tax returns to claim tax refunds. Without filing the ITR, the Income Tax Department shall not issue tax refunds. Excess taxes paid by any Firm/ LLP either by way of TDS on Fixed Deposit Interests, any other Tax Deductions or advance/self-assessment tax can be refunded only by filing income tax returns.
  • To carry forward the Loss: If your Firm/ LLP have sustained a Business loss or loss under the head “Capital Gains”, your Firm/ LLP can carry forward the loss only if your Firm/ LLP file the Income Tax Return by the due date. Therefore, if your Firm/ LLP have sustained a loss, you must file the Income Tax Return of the Firm/ LLP in time if you want to carry forward the loss for future adjustment with your Firm/ LLP Income. If your Firm/ LLP have any capital loss, you can carry it forward for the next eight consecutive financial years.
  • To avoid penalty: If you do not file your Income Tax Return, the Income Tax Department may impose a penalty. If your Firm/ LLP do not file the Income Tax Return by the due date, you are liable to pay interest as well payable for every month after the due date till the date of filing the return.

Frequently Asked Questions

An ITR is a form through which taxpayers declare their income, expenses, deductions and tax payments to the department. This procedure is called as income tax return filing. If you've paid more taxes or extra TDS gets deducted than needed, the department will refund the extra money to your bank account with the filing of your ITR only. If you have paid less tax for the year, you have to pay the taxes and then can file your return. Tax form ranges from ITR 1 to ITR 7, which are used for different types of incomes and for different persons. Each form demands different information, some forms require more info and some need less and some need additional information such as a complete balance sheet and profit and loss statement also.

Normal time is up to 2 working days subject to site working.

Yes. If the NGO wants to have Government Grants, then it is must to have NITI Ayog Registration.

Please refer the Documents section above.

No. Our Compliance Manger will be doing it for you in the complete procedure of NITI Ayog Registration which is online process.

An NGO is allowed receive foreign donations only when NITI AYOG (Foreign Contribution Regulation Act 1976) registration has been obtained from Ministry of Home Affairs. NITI AYOG license is normally applied when the Society is minimum 3 years older (in exceptional cases can be allowed-T&C.)

The NGO-PS helps NGOs to:

  • Get details of existing VOs / NGOs across India
  • Get details of the schemes of the participating Ministries/Departments/Government Bodies (mentioned at home page) offering grants to VOs / NGOs
  • Apply on - line for NGO grants
  • Track status of your applications for grants

To apply for grants under NITI Ayog, Get your NGO registered under Dapan. NGO Representatives can approach Nodal Officers for the concerned scheme, from the website. Any queries regarding schemes or about how to proceed for schemes and grants will be clarified by the respective Nodal Officers.

Not to worry at all! Someone from our experienced team will resolve all your queries. Our Compliance Manager will help you to give you the best advice without any fees. Get in touch Write to us at or WhatsApp/Call us +91 99 88 42 42 11.