ITR Filing of Firm /LLP/Company


  • Income tax return: Like all the other business entities, Limited Liability partnership (LLP) are also obliged to file income tax return. LLP has to do this using form ITR-5. The due dates for filing income tax return by LLP may change according to its annual turnover. The dates are affected due to the amount of capital contributed by the partners in the LLP.
    • LLP with the annual turnover of less than rupees 40,00,000 with a capital contribution of rupees less than 25,00,000 by the partners have to file its ITR before 31st July every year.
    • LLP with the annual turnover of more than 40,00,000 and capital contribution by the partners is more than 25,00,000 have to undergo tax audit. Due to tax audits, the dates for filing ITR by LLP shifts to 30th September of the corresponding years.
  • Form 8 due dates: The other name for form 8 is statement for Accounts and Solvency. it contains the details regarding the financial transactions occurred during the previous financial year of the LLP. All the LLPs registered under India has to file this form with Ministry of Corporate Affairs (MCA). It is to be done before 30th October every year.


  • Income tax return: Income tax return (ITR) of business or a firm is also known as business tax. In simple words, it is just a statement of income and expenditure of the business. Any kind of the tax, paid by the business on its profits, are shown in this return by the business. This return also has the details about the financial assets of the business like fixed assets, debtors, cash, etc. and the financial liabilities like creditors, loans taken from various sources, etc.
    • Business firms with or above the sum money of rupees 1,00,00,000 (1 crore) or professionals with the annual turnover of rupees above 50,00,000 (50 lakhs) has to pay tax . For this purpose their accounts must undergo Tax audits for which they have to appoint a Chartered Accountant.
    • Tax audits are necessary for a business entity even if its profits are below 8% of the annual turnover. Tax audits are necessary even if their annual receipts are less than 50% In case of professionals.
  • Due dates for filing ITR:
    • The individuals that are not obliged by the Government laws or are exempted from taxation have to file the return before 31st July passed the financial year.
    • For the firms who are required to get audited under income tax act, liable to file their ITR before 30 September for the previous financial year.


  • Company tax returns: A company registered in India has to file its income tax before 30th September for the previous financial year of the company. Income tax filed in case of companies is divided into two categories: domestic company and foreign company.
    • Tax rates for companies which has an annual turnover up to rupees 4,00,00,00,000 in the FY 2017-18 (400 crores) is 25%
    • Whereas the companies with the annual turnover of more than rupees 4,00,00,00,000 (400 crores) is 30%.
  • Form ITR-6: Any profitable company registered in India has to file form ITR-6 to file its income tax.
  • Form ITR-7: This form is only filed by the companies which comes under section 8.

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