Gather firm and partner-specific documents to ensure accurate ITR-5 filing and compliance:
Partnership ITR-5 filing is complex—mistakes in partner allocations, TDS calculations, or firm accounting can trigger audits and penalties. EZTax ensures firm accounts reconcile, partner transactions are correct, TDS is properly handled, and every partner receives accurate profit & remuneration statements for their personal ITR filing.
Do partnerships have to file ITR-5?
Yes. All partnerships (general, limited, and LLPs) must file firm-level ITR-5 in addition to partner individual ITRs.
What's the deadline for ITR-5?
ITR-5 must be filed by July 31st of the following financial year (or November 30 if with Form 49)
How are partner profits calculated for ITR-5?
Based on profit-sharing ratio as per partnership deed. Remuneration is deducted first, then remaining profit is distributed per the ratio.
Do partners pay TDS on their share of firm profit?
No. Profit shares are not subject to TDS. Remuneration/salary is subject to TDS. Both are reported in ITR-5.
Can we amend ITR-5 after filing?
Yes, via Form 49A if filing is within 1 year, or Form 49 for revised returns. We can help with amended filings.