Firms / LLPs ITR
ITR Filing for LLPs and Partnership Firms in India | Casela Advisors
Simplified ITR Filing Services for LLPs and Firms by Chartered Accountants
Are you a Partner or Designated Partner in a Firm or LLP? Filing Income Tax Returns (ITR) is your legal obligation under the Income Tax Act, 1961. At Casela Advisors, we simplify the ITR filing process for LLPs and Firms, offering expert guidance on tax compliance, capital gains, tax audits, refunds, and more.
Why Choose Casela Advisors for ITR Filing of LLPs/Firms?
Our team of experienced Chartered Accountants offers end-to-end assistance for:
- ITR Filing for Partnership Firms
- ITR Filing for LLPs
- Tax audit compliance
- Handling tax notices and refunds
- Maximizing tax savings
Overview of ITR Filing for LLPs and Firms
Income Tax Return is a mandatory form through which LLPs and Firms disclose their income, expenses, and taxes paid or payable during a financial year. Regardless of income or losses, filing ITR is mandatory for all Firms and LLPs.
- ITR-5: Applicable to LLPs and Firms, including BOIs, AOPs, local authorities, co-operative societies, etc.
- ITR-4 (Sugam): Applicable only for Partnership Firms (excluding LLPs) that opt for presumptive income under Sections 44AD, 44ADA, or 44AE.
Documents Required for LLP/Firm ITR Filing
To ensure accurate and timely filing, provide the following:
- Statement of Account of the Firm/LLP
- Form 26AS for tax credits
- Bank Account Details (IFSC codes included)
- Invoices and TDS Certificates
Procedure for Filing Income Tax Returns for LLPs and Firms
- Submit your documents online via email or secure portal
- Our expert CA will assess your LLP/Firm’s tax position over a call
- We prepare your tax return based on current laws and exemptions
- File your ITR electronically with or without DSC (if audit applicable)
- Receive ITR-V and computation of income for your records
- E-verify through Aadhaar OTP, EVC, or send signed ITR-V to CPC Bangalore
Tax Audit under Section 44AB
If your gross receipts exceed ₹1 crore, a tax audit is mandatory. For professionals, the limit is ₹50 lakhs. Casela Advisors ensures full audit compliance with certified documentation.
Benefits of Filing ITR for LLPs and Firms
- Legal Compliance: Avoid penalties and stay compliant with Indian tax laws
- Loan Applications: ITRs help in securing business loans, CC limits, or overdraft facilities
- Claim Tax Refunds: Recover TDS or excess tax paid by filing ITR
- Carry Forward Losses: Declare losses in ITR to carry forward and set off against future profits
- Avoid Interest & Penalties: Timely filing helps prevent late fees and penal interest under Sections 234A, 234B, and 234C
Common Tax Provisions Applicable to LLPs and Firms
- Section 44AD/44ADA/44AE for presumptive taxation (only for Partnership Firms)
- Section 44AB for audit applicability
- Tax Deducted at Source (TDS) on payments exceeding prescribed limits
- MAT not applicable, but LLPs must comply with AMT (Alternative Minimum Tax)
Start Your LLP/Firm ITR Filing with Casela Advisors Today
Let our tax experts handle your firm’s tax return filing. Whether you run a consulting firm, legal practice, or business entity as a partnership or LLP, we provide the best tax solutions tailored to your business type.
Faqs
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. For Firm/ LLP ITR-5 has been prescribed. For Partnership Firm with presumptive income can go for ITR-4 but LLPs are not covered under ITR-4. 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.
Many of us think that filing of Income tax returns is optional and therefore do not file it regularly and find it unnecessary and burdensome. If you are running a Firm/ LLP, you have to file it once a year because it is mandatory irrespective of your Firm Profit or Loss. Income Tax Return is most important document as it shows your Firm/ LLP capacity to repay a loan or your financial health. Detailed benefits of filing of ITR are given in CCL’s “Features & Benefits of filing ITR” tab.
Under the Income tax Law, different forms of returns are prescribed for different classes of taxpayers. The return forms are known as ITR forms (Income Tax Return Forms). The forms of return prescribed under the Income-tax Law for filing of return of income are as follows:
| Return Form | Brief Description |
| ITR – 1 | Also known as SAHAJ is applicable to an individual having salary or pension income or income from one house property (not a case of brought forward loss) or income from other sources (not being lottery winnings and income from race horses, income taxable under section 115BBDA or income referred in section 115BBDA or income referred in section 115BBE). |
| ITR – 2 | It is applicable to an individual or an Hindu Undivided Family not having income chargeable to income-tax under the head “Profits or gains of business or profession” |
| ITR – 3 | It is applicable to an individual or a Hindu Undivided Family who has any income chargeable to tax under the head business or profession. |
| ITR – 4 | Also known as SUGAM is applicable to individuals or Hindu Undivided Family or partnership firm who has opted for the presumptive taxation scheme of section 44AD/ 44ADA/44AE.​ |
| ITR – 5 | This Form can be used by a person being a firm, LLP, AOP, BOI, artificial juridical person referred to in section 2(31)(vii), cooperative society and local authority. However, a person who is required to file the return of income under section 139(4A) or 139(4B) or 139(4C) or 139(4D) shall not use this form (i.e., trusts, political parties, institutions, colleges) |
| ITR – 6 | It is applicable to a company, other than a company claiming exemption under section 11 (exemption under section 11 can be claimed by charitable/religious trust). |
| ITR – 7 | It is applicable to a person including companies who are required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D) (i.e., trusts, political parties, institutions, colleges). |
You can file your Firm/ LLP income tax returns online, by your own on the income tax department’s website or in easy way with us. Income Tax filing is made easy on http://caselaadvisors.com
- Show basic information such as PAN and Statement of Account of Firm/ LLP.
- Details about all the bank accounts your Firm/ LLP made transactions with in the given financial year.
- Information about all the investments Firm/ LLP made in the given financial year.
- Information about TDS and Advance tax payments, if any.
You do not have to worry about that at all. Your Firm/ LLP data is 100% safe with us. We value your data so much and follow the highest standards in data security to keep it safe as we are Professionally managed firm.
There are total seven forms – ITR 1, 2, 3, 4, 5, 6 and 7 for different types of persons or nature of incomes. In your case, ITR Form 5 is applicable.
Your Firm/ LLP can pay tax to the government directly on the Income Tax Department website using your Net-banking details. We will assist you step-by-step, if you are unable to process on your own.
If calculated tax shows fewer amounts than the deducted TDS then the tax deducted in excess can be claimed as refund by filing your ITR only. It will be directly paid to you in your Firm/ LLP bank account through ECS transfer. And with us at CCL talking to the Chartered Accountant, you can check status of your Firm/ LLP refund without any hassles.
Filing of ITR-5 Form is mandatory. If your Firm/ LLP have occurred losses in a particular financial year, then your Firm/ LLP can carry forward it to next financial years and can adjust it against subsequent year’s positive income.
Yes, someone else can file your Firm/ LLP ITR on your behalf. But it will be a good practice to not allow any random unprofessional person to have access to your Firm/ LLP PAN and password in order to prevent any kind of fraud. With CCL, you get an experienced Chartered Accountant to calculate the income and your tax liability and e-file return on your behalf with highest standards of security.
Since you have a Partnership firm having income from business. Therefore, you can claim all your business expenses and losses by filing ITR 5. You may also choose presumptive scheme of tax where you can offer only 6 or 8% of your business turnover as your taxable income by filing ITR-4 (only for partnership Firm and not LLPs).
At the time of filing our return, we take the utmost care not to make any mistakes. However, at times it may happen that we make a mistake while filing our return at the last minute. These could include mentioning the wrong bank account number, forgetting to declare any income or loss. However, do not worry if you have made any mistakes as the income tax laws allow you to correct it by filing revised return for any number of times. Income Tax Law states that if after filing the return discovers any mistake or wrong statement, then the Firm/ LLP can furnish a revised return within the stipulated time as mentioned in law. Our Chartered Accountant can help you in this. Get in touch with us.
The last step in filing your ITR is to verify it. If you do not verify your tax return, then it will not be considered valid in income tax laws. Once you have filed your ITR on the e-filing website, you get 120 days to verify your return. There are 5 ways to verify your ITR. Out of these, four are electronic methods and one is a physical method.
There are the five ways you can verify your ITR:
- Via Aadhar-based OTP
- Generating EVC via Net-Banking
- Generating EVC via Bank Account
- Verifying Tax Return through Demat Account
- Sending signed ITR-V/Acknowledgement Receipt
