Tax return filing due dates and deadline for a partnership firm

Like companies, a partnership firm must file it’s income tax return with the government every year irrespective of their income.

Due date for filing Partnership firm’s return of income is 30th July of the assessment year relevant to the previous year. This means on or before 30th July the managing partner has to file annual return of Income in ITR-5 with the government. If any other partner is authorized to file the ITR-5, then such partner can do it provided he/she is not a minor.

For instance, if you want to file your Partnership firm’s tax return in ITR-5 for the financial year 2018-19, then the due date of filing is 30th july 2019. You have to upload your partnership firm’s return of income on or before 30th July 2019.

If the due date of filing has been extended by CBDT then such extended date will be considered as the due date of filing.

You need not submit any documents or statements while filing partnership firm’s tax return. However, you should keep all records pertaining to your partnership business and produce the same in case its asked for by the tax authorities.

Can income tax return be filed after the due date of filing

Yes, you can file your Partnership firm’s return of income on or before 31st march of the assessment year relevant to the previous year for which ITR-5 is filed or before the completion of the assessment, whichever is earlier. In this case the ITR will be called as belated or late return.

For previous year 2018-19 (AY 2019-20), your last date or deadline for filing partnership firm’s return of income is 31st march 2020. After this date you can’t file your ITR on your own.

Late fee for default in furnishing return of income

If you missed the due date of filing ITR I.e. 30th July, then under section 234F, Rs. 5,000 towards fee for late filing or default in furnishing return of income has to be paid while filing.

In case you file the ITR-5 after 31st December of the assessment year relevant to the previous year, then the penalty is even more i.e. Rs. 10,000.

However, if the total income does not exceed Rs 5,00,000, the fee payable shall not exceed Rs 1,000.

Due date of filing when the Partnership firm is subject to tax audit u/s 44AB

However, in case your Partnership firm is required to be audited under section 44AB of income tax act,1961, the due date of filing income tax return is 30th September of the assessment year relevant to the previous year for which ITR is to be filed.

For instance, in our above case, the due date of filing for the financial year 2018-19 will be 30th September 2019 instead of 30th July 2019.

Similar to earlier case, if CBDT has extended the due date, then such extended date will be considered as due date of filing return of income.

Along with return of income, you are required to file audit report, statements of particular in form 3CD, balance sheet and profit and loss account with the tax department.

When digital signature certificate or DSC is required

You can file your partnership firm’s tax return in ITR-5 without using a digital signature certificate or DSC.

If you file it without DSC, then a copy of the ITR-V generated after filing, must be sent by ordinary post to Post Bag No. 1, Electronic City Office, Bengaluru–560100, Karnataka.

ITR-V has to be signed by the partnership firm’s managing partner or a partner who is duly authorized to sign.

It’s optional to sign with DSC. If you want, the form can also be signed with managing partner’s or any authorized partner’s digital signature certificate or DSC.

If you have used digital signature certificate, then its not required to send the acknowledgement copy to the above address. Uploading with DSC will generate a verified copy of acknowledgement.

However, if your partnership firm is subjected to tax audit under section 44AB of income tax act, 1961, then the managing partner is compulsorily required to obtain a digital signature certificate or DSC to use it for filing of audit report, statement of particulars and return of income.

is a fellow member of the Institute of Chartered Accountants of India. He lives in Bhubaneswar, India. He writes about personal finance, income tax, goods and services tax (GST), company law and other topics on finance. Follow him on facebook or instagram or twitter.