ITR-5 Filing (Partnership / LLP / AOP)

ITR-5 is filed by partnership firms, LLPs, AOPs and BOIs. Companies file ITR-6, trusts and charitable institutions file ITR-7, and individuals file ITR-1 to ITR-4 depending on their income. ITR-5 cannot be used for any of these other categories.

A partnership firm, LLP, AOP or BOI is taxed at a flat rate of 30% on its total income, plus applicable surcharge and health & education cess. The share of profit credited to partners is exempt in the hands of each partner. Interest and salary paid to partners are allowed as deductions subject to the limits prescribed under the Income-tax Act.

Yes, if the firm's turnover or gross receipts exceed ₹1 crore in a year (extended to ₹2 crore where at least 95% of receipts are digital) or opted under the presumptive scheme provisions apply, a tax audit under section 44AB with report in Form 3CB/3CD is required. The audit report must be uploaded on the portal before the due date of filing.

For a firm requiring tax audit, ITR-5 is due by 31 October of the assessment year. For firms without an audit requirement, the due date is 31 August for the assessment year 2026-27 as per the staggered schedule notified by the Income Tax Department. Delayed filing attracts late fees under section 234F.

No. Changes in partners during the year are recorded in the books of the firm and disclosed in the partnership deed. ITR-5 reports the firm's income only. However, capital gains arising to a partner from retirement or from the firm transferring assets to a partner may need to be disclosed in that partner's individual return.

Our professional fee for ITR-5 filing is ₹1,768, all-inclusive with government fees where applicable. This covers preparation from your balance sheet, book profit computation, AIS / Form 26AS reconciliation and complete e-filing with e-verification.

You need the firm's PAN, audited or provisional balance sheet and Profit & Loss statement, tax audit report (if applicable), partner PAN/Aadhaar details, and AIS / Form 26AS statements. Share them on WhatsApp and our team prepares the return without any office visit.

ITR-5 filing typically completes in 2-3 working days once complete documents are received. For firms requiring reconciliation with audited statements the timeline may extend by a day or two. You receive the acknowledgement (ITR-V) immediately after e-verification.

Late filing attracts a fee of ₹5,000 (₹1,000 for income up to ₹5 lakh) under section 234F, and interest under sections 234A/234B may apply on tax due. You can still file a belated return, or an updated return (ITR-U) within 24 months of the end of the assessment year to disclose additional income voluntarily.

Yes, a revised ITR-5 can be filed before the end of the relevant assessment year or before the completion of assessment, whichever is earlier, to correct genuine errors or omissions. We assist with revised filing when a discrepancy is identified after submission.