ITR-5 Return Filing — firms, LLPs, and AOPs — filed with expertise.
ITR-5 preparation and e-filing for partnership firms, LLPs, AOPs, BOIs, and co-operative societies — full financial statements, partner schedule, and tax audit by Chartered Accountants in Mumbai.
Contact UsITR-5 is the income tax return form for entities that are neither individuals, HUFs, companies, nor trusts claiming Section 11 exemption. This covers traditional partnership firms, Limited Liability Partnerships, associations of persons, bodies of individuals, co-operative societies, and local authorities. Each carries its own compliance requirements, and ITR-5 is the vehicle through which all of them meet their annual tax filing obligation.
For partnership firms and LLPs, the return involves partner schedules, remuneration and interest deductibility under Section 40(b), profit-sharing ratios, and — where applicable — the full audit report in Form 3CB-3CD. The flat 30% tax rate with no basic exemption makes tax planning at the entity level important. LLPs are also subject to Alternate Minimum Tax under Section 115JC.
NDS Advisors handles ITR-5 filing for partnership firms and LLPs across Mumbai — from professional services and trading firms to manufacturing partnerships. We prepare the financial statements, manage the tax audit where required, ensure partner schedules are correctly populated, and file the return with all mandatory schedules on time.
Our ITR-5 Return Filing Services
P&L & Balance Sheet Preparation
Firm-level financial statements — Trading Account, Profit and Loss, and Balance Sheet — prepared in ITR-5 format for the relevant assessment year.
Partner Schedule (Schedule PS)
Correct reporting of partner names, capital accounts, profit-sharing ratios, and remuneration/interest paid within Section 40(b) limits.
Section 40(b) Remuneration Analysis
Verification that partner salary and interest claims fall within the allowable limits of Section 40(b) — disallowance flagged and quantified.
Tax Audit — Form 3CB & 3CD
Mandatory audit under Section 44AB for firms crossing turnover/receipt thresholds — Form 3CD with all clauses filed before the ITR.
AMT Computation (Sec 115JC)
Alternate Minimum Tax calculation for LLPs and other eligible entities — AMT credit tracking across years.
Business Expenses & Depreciation
Allowable expense claims including partner remuneration, rent, salaries to employees, depreciation, and professional charges.
Capital Gains Reporting
Sale of firm assets, investment gains, and goodwill transfers reported in the capital gains schedule with correct indexation.
E-filing & DSC/EVC
Complete ITR-5 filing with digital signature (DSC) or EVC of authorised partner; acknowledgement and challan records maintained.
Our Process
Books & Partner Agreement Review
Collect books of accounts, partnership deed, LLP agreement, and bank statements; verify profit-sharing ratios and remuneration clauses.
Financial Statement Preparation
Prepare P&L, Balance Sheet, and supporting schedules; reconcile with books and identify disallowable expenses.
Tax Audit (where applicable)
Conduct audit under Section 44AB; prepare Form 3CB/3CD and upload on portal before return filing.
ITR Preparation & AMT
Build all ITR-5 schedules including BP, CG, PS; compute regular tax and AMT; determine final tax liability.
Filing & Verification
Submit with DSC/EVC; provide acknowledgement and file copy to partners; retain workings for any assessment.
Why It Matters
Frequently Asked Questions
Firm returns filed on time, every year.
From financial statements to tax audit to e-filing, our team handles your ITR-5 end-to-end with the accuracy firms require.
