Income tax return filing deadline for partnership firms whose accounts are not required to be audited under section 44AB is 31st July. For the previous year 2023-24, the due date was 31st July 2024. For the financial year 2024-25 (assessment year 2025-26), the due date will be 31st July 2025.
In case books of accounts are required to be audited by a chartered accountant in practice, then the due date of filing is 31st October. For the financial year 2023-24 (assessment year 2024-25), the due date of filing is 31st October 2024.
In case you have missed above due date of filing, then you can file your income tax return on or before 31st December of the relevant assessment year.
Which means, for the financial year 2023-24 (assessment year 2024-25), the last date of filing is 31st December 2024. For the financial year 2024-25 (assessment year 2025-26), the last date of filing is 31st December 2025.
Whatever is the due date, partnership firms are required to file their income tax return in form ITR-5.
A limited liability partnership (LLP) should use form ITR-5 to file their income tax return.
Frequently asked questions – FAQs
Who cannot use ITR-5 to file an income tax return?
Income tax return form ITR-5 can not be used by individuals, Hindu Undivided Families (HUF) and companies.
Are we required to attach any documents to ITR-5?
No, a partnership firm is not required to attach any document to ITR-5. However, in case asked by the assessing officer, the partnership firm needs to submit it before the AO for enquiry.
What is the last date to file ITR-5?
If partnership firm’s accounts are required to be audited under section 44AB, then the due date of filing is 31st October 2024 for the previous year 2023-24 (Assessment year 2024-25).
In all other cases, the partnership firm is required to file their income tax return on or before 31st July 2024 for the financial year 2023-24 (Assessment year 2024-25).
In case these due dates are missed, then the last date of filing is 31st December 2024. However, in this case you need to pay a late fee based on your total income.
What is the basic exemption limit for partnership firms?
We don’t have any basic exemption limit for partnership firms. In the case of individuals the maximum amount which is not chargeable to tax is considered as the basic exemption limit.
Can a LLP file ITR-5?
Yes, ITR-5 can be filed by a limited liability partnership firm (LLP).
Can a Partnership firm file tax return in ITR-6?
No, ITR-6 can not be filed by a partnership firm. ITR-6 is filed by a private limited, public limited and one person company.
Can I revise my partnership firm’s IT return?
Yes, you can revise your partnership firm’s return by filing a revised return under section 139(5). You are required to have the acknowledgment number and the date of filing.
Who else can file income tax return form ITR-5?
Following persons can use ITR-5 for filing their income tax return;
- Association of Persons (AOP)
- Body of Individuals (BOI)
- Artificial juridical person referred to in section 2(31)(vii)
- Estate of deceased
- Estate of insolvent
- Business trust and investment fund
- Cooperative society
- Local authority
A person who is required to file the income tax return under section 139(4A) or 139(4B) or 139(4C) or 139(4D) shall not use form ITR-5.
