ITR-5 Return Filing for Partnership Firms, LLPs, AOPs & BOIs
End-to-end ITR-5 filing for firms and LLPs — financial statements, partner remuneration within Section 40(b), AMT, tax audit coordination and partner-level alignment, all handled by CAs.
ITR-5 is the return form for partnership firms, LLPs, AOPs, BOIs, business trusts, investment funds, cooperative societies, local authorities and estates of deceased or insolvent persons — essentially every taxable entity that isn't an individual or HUF (ITR-1 to ITR-4), a company (ITR-6) or an institution covered by ITR-7. Firms and LLPs are taxed at a flat 30% plus surcharge and cess, partner remuneration and interest are deductible within Section 40(b) limits, and AMT u/s 115JC can apply. Due dates: 31 July (non-audit), 31 October (audit cases, with the audit report by 30 September) and 30 November where transfer pricing applies.
ITR-5 eligibility and who must use it
ITR-5 is the entity return. If your business is structured as anything other than a proprietorship or a company, this is almost certainly your form — with full financial statements, partner details and entity-level tax computations.
The firm's return is only half the compliance: partners separately report their remuneration, interest and exempt profit share in their own ITR-3. We file both sides so the numbers agree, because mismatches between firm and partner returns are an easy notice trigger.
- Partnership firms — registered or unregistered
- Limited Liability Partnerships (LLPs)
- Associations of Persons (AOPs) and Bodies of Individuals (BOIs)
- Cooperative societies
- Business trusts and investment funds
- Local authorities and artificial juridical persons
- Estates of deceased or insolvent persons
What we prepare inside ITR-5
Entity-level financials and the computations that surround them.
P&L & Balance Sheet
Complete financial statement schedules for the firm or LLP, presented the way the income tax return expects them.
Partner Payments — 40(b) & 194T
Remuneration and interest kept within Section 40(b) deductible limits, with the new Section 194T TDS on partner payments applied from FY 2025-26.
Depreciation Schedules
Block-of-assets depreciation at income tax rates with additions, deletions and WDV tracked year on year.
AMT — Section 115JC
Alternate Minimum Tax computed where specified deductions are claimed, with AMT credit tracked for future set-off.
Capital Gains & Other Income
Entity-level capital gains, interest and other income reported alongside business profits in the same return.
Audit & GST Reconciliation
Section 44AB linkage, Form 3CA/3CB-3CD references, and turnover reconciled with GST filings and AIS before submission.
ITR-5 deadlines for firms and LLPs
Income tax dates plus the MCA calendar LLPs must run in parallel.
31 July — Non-Audit Cases
Firms and LLPs not liable to tax audit file by 31 July of the assessment year (unless extended).
30 Sep / 31 Oct — Audit Cases
Tax audit report by 30 September, ITR-5 by 31 October. Transfer pricing cases get time until 30 November.
LLP Act Filings — MCA
LLPs separately file Form 11 (annual return) by 30 May and Form 8 (statement of accounts) by 30 October with the MCA.
Advance Tax Instalments
15 June, 15 September, 15 December and 15 March — shortfalls attract interest u/s 234B and 234C.
Our ITR-5 filing process
Firm-level filing aligned with every partner's return.
Financials & Deed
Financial statements, partnership or LLP deed and partner details collected — the deed decides what remuneration is deductible.
Computation
Taxable income computed with 40(b) limits, depreciation, disallowances and AMT applied where relevant.
Audit Coordination
Tax audit and LLP Act audit coordinated where applicable, with reports filed before the return.
File & Align Partners
ITR-5 filed and e-verified, and each partner's ITR-3 aligned with the firm's figures.
Firm and partner filings that agree with each other
Entity tax is a system, not a single form.
40(b) optimisation
Partner remuneration structured within the deductible limits — and supported by the deed — so the deduction survives scrutiny.
194T ready
From FY 2025-26, firms must deduct TDS on partner payments — we set up the deduction, deposit and reporting cycle correctly.
Dual-audit handling
Tax audit u/s 44AB and LLP Act audit are different obligations with different thresholds — we track and satisfy both.
AMT foresight
Alternate Minimum Tax computed before decisions are locked, and AMT credit carried so it is never lost.
CA-reviewed filing
Every ITR-5 is reviewed by a Chartered Accountant with the firm's deed and financials open alongside.
Full-stack compliance
ITR-5 coordinated with TDS returns, business tax filing and partners' ITR-3 returns.
ITR-5 filing questions answered
What firms, LLPs and their partners ask us most.
Ready to file your ITR-5?
Share your financials and deed. We'll compute the firm's tax, coordinate the audit, file the ITR-5 and align every partner's return with it.
