Partnership Firm Tax Return Filing In Bilaspur

Under the Income Tax Act,1961 a Partnership firm has to do the Partnership tax return filing in Bilaspur. The partnership is liable to pay income tax at the rate of 30% of the total income. The Partnership has to pay an additional surcharge of the 12 % in case the total income is exceeding Rs.1 crore. Apart from the income tax and the surcharge a partnership firm has to also pay the education cess and the higher education cess.

Education cess is applicable on the amount of the income tax and the applicable surcharge at a 2 % rate. Secondary and higher education cess is applicable on the amount of the income tax and the applicable surcharge at the rate of 1%

What is an alternative minimum tax?

Similar to the Private Limited Company or the Limited liability Partnership the partnership firms are also required to pay the alternative minimum tax at an 18.5% rate. Alternative minimum tax would be increased by the applicable surcharge, education cess, and secondary and higher education cess.

Is audit necessary while Partnership return filing in Bilaspur?

The Partnership firms satisfying any of the conditions below need to get the accounts audited while Partners return filing in Bilaspur.

The Partnership firms satisfying any of the conditions below need to get the accounts audited while Partners return filing in Bilaspur.

When the business is carried and the total sales are exceeding Rs.1 crore in the previous year.

In the case of a profession, the gross receipts are exceeding Rs.50 Lakhs in the previous year.

Besides, there are other conditions applicable that make audit mandatory for a partnership firm while Partnership firm returns filing in Bilaspur.

In case the Partnership firm has entered into international transactions or specified domestic transactions it is necessary to furnish a report in Form No. 3CEB under section 92E. The Partnership firms are required to furnish Form 3CEB before filing the Partnership firm returns in Bilaspur that is 30th November.

What are the major compliances of a Partnership firm?

The major compliances to be met while Partnership firm return filing in Bilaspur are:

GST Filing - Partnership firms that have a GST registration need to file monthly, quarterly and annual GST returns.

Income Tax Filing - Income Tax filing is to be done by all the partnership firms. The partnership firms having more than Rs.100 lakh of annual turnover are needed to carry a tax audit.

TDS Filing - Partnership firms having a TAN are required to deduct tax at source according to the TDS rules quarterly.

ESI Filing - ESI returns need to be filed by all the partnership firms that have an ESI registration. ESI registration is necessary once the partnership firm has more than 10 employees.

Partnership Firm Tax Return Filing In Bilaspur FAQ's

How much Income tax surcharge is to be paid by the Partnership firm while Partnership annual filing in Bilaspur?

Partnership firms are liable to pay the income tax surcharge at 12% if the total income is exceeding Rs.1 crore while filing Partnership annual filing in Bilaspur.

Is alternative minimum tax to be paid by the partnership firms while annual filing in Bilaspur?

Just like the Private limited companies, LLPs, the partnership firms are also required to pay the alternative minimum tax at the rate of 18.5% while partnership annual filing in Bilaspur.

Which Form is used for Partnership annual filing in Bilaspur?

For filing annual returns for a partnership firm in Bilaspur ITR Form V is to be filed.

How to file ITR V while Partnership annual filing in Bilaspur?

While filing Partnership annual returns in Bilaspur ITR 5 is filed Online on the income tax Department and attach all the necessary documents.

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Last updated: Apr 18, 2023

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