Every Partnership Firm and Limited Liability Partnership (LLP) is compulsorily required to file Income Tax Returns every year. Income Tax Return Filing is mandatory even in case of no business activity. The due date to file Income Tax Returns of a Partnership Firm and an LLP who are not covered under Income Tax audit is 31 st July. If the audit becomes applicable then the due date is 30th September.
It is advisable to file Income Tax Returns within the due date to avoid late filing fees and penalties. If you want to carry forward your losses it is necessary to file the Income Tax within the due date. Income Tax Return for a particular assessment year cannot be filed after the end of the assessment year. The partners of the Partnership firm / LLP are separately required to file their personal Income Tax Returns.
For the purpose of the term loan, working capital loan, etc. banks and other financial institutions require copies of ITR filing.
Income Tax Returns shall be filed within the due date to avoid late filing fees and penalties.
It is always advisable and beneficial to be in compliance with the law. Income Tax Department gets to know about your Income and Tax liability once you file your ITR.
The first step is the collection of all the necessary information you will need to file your ITR.
After the information is collected, we will compute your total taxable income and tax liability.
We shall send the draft computation for your review.
Your
return is filed.
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