A partnership firm is a type of entity where two or more two people are carrying out business under one entity. Registering a Partnership in Punjab is the right choice for the small and medium-size enterprises as the formation is very easy and there are very few regulatory compliances. Partnerships are one of the oldest types of entities, a partnership can be registered even after it is formed.
How Partnership firms file tax returns in Punjab?
Partnership return filing in Punjab should be done through Form ITR 5. Form ITR 5 is used for Partnership firm income tax returns not the tax returns for the Partners. ITR 5 is an attachment-less form and there is no requirement to submit any of the documents or the statements along with the Partnership firm tax returns. The taxpayer needs to save the records about the business and produce the same before the tax authorities when requested.
ITR 5 can be file online with the Income-tax department's online portal. You need to submit the documents only when you are asked to submit them. While filing the partnership firm tax returns in Punjab the partners must have class 2 digital signatures for verification.
What are the deductibles allowed for Partnerships while return filing in Punjab?
When an individual is calculating the payable income tax he should check the available deductible income. The allowed deductibles for Partnership tax return filing in Punjab are:
What are the due dates for Partnership firm tax return filing in Punjab?
The Due date for Partnership Firm Tax return filing is dependent on whether the firm is required to carry audit or not. When the Partnership firm does not need auditing then the Partnership tax return filing in Punjab should be done by 31st July. Whereas when the Partnership firm needs to get auditing done then the Partnership firm tax return filing in Punjab is to be done before 30th September.
There are lesser compliances in Partnership firms as compared to the Private Limited Companies. Unlike the Companies, the Partnership firms are not required to conduct any meetings or maintain any register. It is also to be noted that non-compliance can be costlier so it is necessary to meet all the compliances in time.
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