The Classic Partners LLP
ITR-5 Return Filing
ITR-5 filing for partnership firms, LLPs, AOPs, and BOIs. We compute taxable profit, apply partner remuneration and interest correctly, and file in full compliance.
File ITR-5What is ITR-5?
ITR-5 is the income tax return form for firms, Limited Liability Partnerships (LLPs), Associations of Persons (AOPs), Bodies of Individuals (BOIs), and certain other entities that are not individuals, HUFs, or companies.
These entities are taxed at a flat rate, with deductions for partner remuneration and interest within prescribed limits. We prepare the financials, compute taxable income, and file ITR-5 accurately.
Who Should File?
- Partnership firms.
- Limited Liability Partnerships (LLPs).
- Associations of Persons (AOPs) and Bodies of Individuals (BOIs).
- Other entities required to file ITR-5.
What We Handle
Profit Computation
Taxable income after allowable partner payments.
Remuneration & Interest
Applying limits on remuneration and interest.
Tax Audit Coordination
Filing aligned with audit where applicable.
MCA Alignment
Coordinating with LLP Form 8 and Form 11.
Advance Tax
Planning the entity's advance tax.
E-Filing & Verification
Filing and e-verifying ITR-5.
Why Choose The Classic Partners
- Qualified Chartered Accountants who pick the right form and file accurately.
- Maximum lawful savings — every eligible deduction and exemption claimed.
- Notice & scrutiny support if the department raises a query.
- Transparent fees and a single point of contact for your filing.
Frequently Asked Questions
Who files ITR-5?
Firms, LLPs, AOPs, BOIs, and certain other non-individual, non-company entities file ITR-5. Individuals, HUFs, and companies use other forms.
How are firms and LLPs taxed?
They are taxed at a flat rate as separate entities, with deductions allowed for partner remuneration and interest on capital within the prescribed limits.
Does an LLP file both ITR-5 and MCA forms?
Yes. An LLP files ITR-5 for income tax and Form 8 and Form 11 with the MCA. We can handle both together.
Is a tax audit required before ITR-5?
A tax audit is required when turnover or receipts exceed the prescribed thresholds. We assess applicability and coordinate the audit with the return.
Are there limits on partner remuneration?
Yes. Deductible partner remuneration is capped based on book profit, and interest on capital is allowed up to a specified rate; excess amounts are disallowed.
Need to file ITR-5?
Get compliant ITR-5 filing for your firm, LLP, AOP, or BOI.
Contact Us