Income Tax
ITR-5 Filing
File ITR-5 for partnership firms, LLPs, AOPs, BOIs and other eligible entities with proper financial statement preparation.
Overview
ITR-5 is for firms, LLPs, AOPs (Association of Persons), BOIs (Body of Individuals), local authorities, co-operative societies and other entities that are not required to file ITR-7. It covers business income, capital gains, income from other sources and all applicable schedules.
Who Should File?
- Partnership firms
- Limited Liability Partnerships (LLPs)
- Association of Persons (AOPs)
- Body of Individuals (BOIs)
- Artificial Juridical Persons
Why Choose VSB Consultants?
We prepare the financial statements, compute partner remuneration and interest within Section 40(b) limits, and file ITR-5 with proper schedules and disclosures.
Requirements, documents, government fees, professional fees and timelines may vary depending on the applicant, jurisdiction, portal status and applicable law. The final scope will be confirmed after reviewing the specific case.
FAQ
Frequently Asked Questions
Partnership firms and LLPs are taxed at a flat rate of 30% on total income, plus applicable surcharge and health & education cess (4%).
Yes, partners can receive salary/remuneration from the firm as specified in the partnership/LLP deed, subject to limits under Section 40(b) of the Income Tax Act.
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