Chennai · Expert Advocates
LLP & Partnership Firm ITR Filing in Chennai (ITR-5)
Annual income tax return for LLPs and partnership firms — ITR-5 filed with computation, audit (if required) and partner remuneration.
Why Velan Law
- Filed before deadline every year
- Partner remuneration optimised
- Audit liaison if applicable
Every LLP and partnership firm in India must file ITR-5 every year, regardless of profit or loss. The return includes the firm's profit & loss, partner remuneration, interest on capital, and audit report (if turnover exceeds ₹1 crore for business or ₹50 lakh for profession). Velan Law Associates handles end-to-end LLP / partnership ITR filing with tax planning.
Key Benefits
- Mandatory for all LLPs and firms — even with nil income
- Optimise partner remuneration & interest within Section 40(b) limits
- Carry forward business losses for 8 years
- Avoid late fee of ₹5,000–₹10,000
- Required for LLP Form 11 and Form 8 compliance
Documents Required
- PAN of firm and all partners
- Audited / unaudited financials
- Partnership deed / LLP agreement
- Bank statements and Form 26AS
- TDS certificates and challans
How We Work
Books Finalisation
Finalise P&L and balance sheet with depreciation and adjustments.
Partner Remuneration
Compute allowable remuneration and interest under section 40(b).
Tax Computation
Tax at 30% + surcharge + cess; AMT u/s 115JC if applicable.
ITR-5 Filing
Return filed online with DSC of designated partner.
Annual Compliance
Coordinate with LLP Form 8 / Form 11 (annual MCA filings).
Frequently Asked Questions
Is ITR-5 mandatory for nil-income LLP?
Yes. Every LLP and partnership firm must file ITR-5 each year, irrespective of income or activity.
What tax rate applies to LLP and partnership firms?
Flat 30% on taxable income, plus 12% surcharge (above ₹1 crore) and 4% health & education cess.
When is tax audit mandatory for LLP?
If turnover exceeds ₹1 crore (business) or gross receipts exceed ₹50 lakh (profession).
What is the due date for LLP ITR?
31 July if no audit, 31 October if audit is applicable. LLPs whose accounts are audited under any law follow the 31 October deadline.
Can partner remuneration be claimed as expense?
Yes, within the limits prescribed under Section 40(b) — based on book profit and as authorised by the partnership deed.
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